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UBank USpend Transaction Account

Advertiser disclosure
Account fee
$0.00
Payment options
Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit
Interest rate
0% p.a.

Mozo editorial review UBank USpend Transaction Account

Last updated: 1 December 2020.

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What's hot
  • Revolutionary Sweep function
  • Multiple Mozo Experts Choice Award winner - 2019 and 2020
  • 1.25% special interest rate
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 USpend 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 2020 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 2019 Mozo Experts Choice Travel Money Awards

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Key features

Coupled with an existing high interest regular USave account, the UBank USpend 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 USave is 0.25%, any Ultra customer who deposits $200 in one month will earn a bonus 1.00% interest. That takes the total interest on the accounts to 1.25% - a pretty good deal by anyone's standards.

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

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Who is it good for

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

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Any catches

Be sure to deposit the $200 minimum, otherwise you will only earn 0.25% interest on your savings account balance.

Details

Rates and fees information correct as at 3 December 2020. 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.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

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

  • $0.00

  • NAB

  • $0.00

  • n/a

  • n/a

  • $0.00

  • n/a

  • $0.00

  • n/a

  • $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 USave account, plus $1 deposited in a USpend transaction account or a settled UBank UHomeLoan.

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

Atm card
  • none

  • none

  • none

Debit card
  • $0.00

  • $0.00

  • 0%

Payment options

Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit

Customer Reviews

How are UBank bank accounts rated by the Mozo community?

Overall
8.6/10
Price
8.8/10
Features
7.4/10
Customer service
7.8/10
Convenience
7.5/10
Trust
8.4/10

Latest reviews of UBank USpend Transaction Account

  • Overall 10/10
    They make it easier for me to save

    They make it easy for me to save.

    Read full review

    They make it easy for me to save.

    Price
    10/10
    Features
    10/10
    Customer service
    -1/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Susannah, Australian Capital Territory reviewed 2 months ago
  • Overall 10/10
    Quick, easy, best interest rates.

    uBank is a subsidiary of NAB and is an online only bank. They've consistently offered the best interest rates and are really great at communicating changes/eligibility requirements for bonus interest etc. Very happy with them!

    Read full review

    uBank is a subsidiary of NAB and is an online only bank. They've consistently offered the best interest rates and are really great at communicating changes/eligibility requirements for bonus interest etc. Very happy with them!

    Price
    10/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Chris, Victoria reviewed 5 months ago
  • Overall 9/10
    Great no-frills everyday banking account

    I like this no frills bank that charge no fees and extras of clients. It does not provide physical services (atm or branch and hence my rating of 7 for convenience) but in this day and age, that's slowly phasing out anyway and a lot more is required of credit cards and online payment. It does what I need it to do.

    Read full review

    I like this no frills bank that charge no fees and extras of clients. It does not provide physical services (atm or branch and hence my rating of 7 for convenience) but in this day and age, that's slowly phasing out anyway and a lot more is required of credit cards and online payment. It does what I need it to do.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Nip, New South Wales reviewed 7 months ago
  • Overall 7/10
    Easy to save money, easy to spend money though.

    No branches is difficult for some tasks.

    Read full review

    No branches is difficult for some tasks.

    Price
    10/10
    Features
    10/10
    Customer service
    2/10
    Convenience
    2/10
    Trust
    5/10
    Less
    Richard, Victoria reviewed 7 months ago
  • Overall 9/10
    Awesome product with a fabulous earning capacity.

    Easy to use with a great interest rate, who wouldn’t get this savings account.

    Read full review

    Easy to use with a great interest rate, who wouldn’t get this savings account.

    Price
    8/10
    Features
    8/10
    Customer service
    6/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Leonie, Victoria reviewed 12 months 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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