UBank USaver Ultra Transaction Account

$0.00

NAB

Visa Debit

UBank USaver Ultra Transaction Account

$0.00

NAB

Visa Debit

Mozo Review   UBank USaver Ultra Transaction Account Review

Last updated: 21 February 2019.

What's hot:
  • Revolutionary Sweep function

  • 2.87% special interest rate

  • Multiple Mozo Experts Choice Award winner

What's not:
  • Need to deposit at least $200 per month to earn special rate

Mozo snapshot:

UBank have created something a little bit special in the USaver Ultra: a smart account that actively works to help you save. In fact, Mozo's judges thought it was pretty special too when they awarded it a 2019 Mozo Experts Choice Award in the Exceptional Everyday Account category.

It's also a good option for those looking for a great value travel debit card as it took out a win in this year's 2018 Mozo Experts Choice Travel Money Awards. 

Key features:

Coupled with an existing high interest regular USaver account, the UBank USaver Ultra is a revolutionary new transaction account that takes the hard work out of saving. Customers set a maximum balance for their Ultra account between $500 and $2500, and every night, the automated Sweep function will rollover funds from the normal USaver to the Ultra to keep that balance on target. Similarly, if the balance in the Ultra exceeds the selected maximum amount, Sweep will transfer the excess back into the USaver to help you keep saving. Finally, if the Ultra balance falls below $500, Sweep will automatically top it up with funds from the USaver, so you're never caught short. 

Although the standard interest rate of the USaver is 1.81%, any Ultra customer who deposits $200 in one month will earn a bonus 1.06% interest. That takes the total interest on the accounts to 2.87% - a pretty good deal by anyone's standards.

The UBank USaver Ultra scores well on accessibility, as it also comes with a Visa Debit Card for ATM access.

Who it's good for:

The UBank USaver Ultra is perfect for anyone who is looking for a smart and intuitive banking experience.

Any catches?

Be sure to deposit the $200 minimum, otherwise you will only earn 1.81% interest on your savings account balance.

Details

Rates and fees information correct as at 22 February 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.00% p.a.

  • none

  • n/a

Fees
  • $0.00

  • none

  • Unlimited free transactions from own-bank ATM, internet, Visa debit and international purchases.

  • $0.00

  • NAB

  • $0.00

  • none

  • none

  • $0.00

  • none

  • $0.00

  • none

  • $0.00

  • 0%

  • $0.00 monthly

Other financial bits
  • $1.00

  • $0.00

Features
  • $2,000.00

  • no

  • no

  • yes

  • no

  • no

  • yes

  • no

  • To be eligible for this account you must have an active USaver account, plus $1 deposited in a UBank account or a settled UBank UHomeLoan.

  • Sweep function keeps up to $2,500 in Ultra account and any excess funds automatically transferred to USaver. If a top-up required to meet expenses funds also swept back from USaver account.

Atm card
  • none

  • none

  • none

Debit card
  • $0.00

  • $0.00

  • 0%

Customer Reviews

How are UBank bank accounts rated by the Mozo community?

Overall customer rating
8.4/10
Price
8.4/10
Features
7.4/10
Customer service
7.9/10
Convenience
7.2/10
Trust
8.3/10

Latest reviews of UBank USaver Ultra Transaction Account

  • Overall
    8/10
    Best account in town

    Very convenient .

    Very convenient .

    Price
    8/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10

    Say | Victoria

    reviewed over 3 years ago

  • Overall
    10/10
    One Of The Best

    I like the interest rates which include a bonus saver account. I can also access my account...

    I like the interest rates which include a bonus saver account. I can also access my account whenever I need to. I do not have to wait for my money to be transferred out of Ubank and into another account, which can take up to 2 days. Almost everything can be done online which makes it very convenient, no waiting in cues. Very helpful Staff.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    5/10
    Trust
    10/10

    Donna | New South Wales

    reviewed almost 4 years ago

  • Overall
    8/10
    Ease of computer access

    I've been very happy with ubank after a friend recommended it to me. I trust they are looking...

    I've been very happy with ubank after a friend recommended it to me. I trust they are looking after my money, of course that's incredibly important to me. I wouldn't mind a bit more contact with them through email from time to time, I think its good for people to be at ease with their financial institution. Would like to see some sort of loyalty program that is obtainable, I think they had an offer once and it was too hard to achieve.

    Price
    6/10
    Features
    3/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    8/10

    Kim | New South Wales

    reviewed almost 4 years ago

  • Overall
    10/10
    Easy to use, hassle free account.

    Great everyday account, no fees, they send you a card if you want to withdraw money from an ATM...

    Great everyday account, no fees, they send you a card if you want to withdraw money from an ATM machine. When attached to your savings account it earns you more interest. No minimums and easy to use online.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Roland | Tasmania

    reviewed almost 4 years ago

  • Overall
    10/10
    Great features, interest rates and service

    Ubank has very competitive interest rates. I am very happy with the service overall and what...

    Ubank has very competitive interest rates. I am very happy with the service overall and what there is on offer. I have consistently received the best rates from them and do most of my banking with them.

    Price
    7/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10

    Paulette | Queensland

    reviewed about 4 years ago

UBank

About UBank

UBank is a new direct bank which is backed by NAB, one of Australia's big four banks. UBank launched in 2008 with a competitive term deposit product, which customers can apply for and manage online. As a direct bank, UBank doesn't have a branch network but it does have a 24-hour, seven day a week 'person to person' phone banking centre for those wanting to speak to a real person. Cost savings are passed onto customers in the form of higher rates and lower fees. UBank now has a range of competitive term deposits, super and savings accounts. In 2011, it launched UHomeloan for refinancing its first home loan product.

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