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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: 24 March 2021.

binocular icon
What's hot
  • Mozo Experts Choice Award 2021
  • Sweep function
  • Travel-friendly features
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 Transaction Account: a smart account that actively works to help you save with the unique 'Sweep' function. The account doesn't come with a monthly fee attached and it could make a cost-friendly companion for international travellers. 

In fact, Mozo's judges thought the USpend stood out enough that they named it a 2021 Mozo Experts Choice Award winner in the Exceptional Everyday Account category.


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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 USpend account between $500 and $2500, and every night, the automated Sweep function will rollover funds from the normal USaver to the USpend to keep that balance on target. Similarly, if the balance in the USpend exceeds the selected maximum amount, Sweep will transfer the excess back into the USaver to help you keep saving. Finally, if the USpend 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 0.10%, any USpend customer who deposits $200 in one month will earn a bonus 1.00% interest. That takes the total interest on the accounts to 1.10% - a pretty good deal by anyone's standards.

The UBank USpend also scores well on accessibility, as it also comes with a UBank Visa Debit Card for ATM access in Australia and overseas. Speaking of which, UBank won't charge customers any international ATM withdrawal fees (though the ATM provider might) and neither does it charge any foreign exchange commission for purchases.  

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Who is it good for

The UBank USpend could be a great fit 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 into your USpend each month, otherwise you will only earn 0.10% interest on your USave savings account balance.

Details

Rates and fees information correct as at 23 April 2021. 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
8.7/10
Price
8.7/10
Features
7.0/10
Customer service
7.9/10
Convenience
7.6/10
Trust
8.6/10

Latest reviews of UBank USpend Transaction Account

Thumbnail icon for 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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