UBank’s USaver, already quite the consumer champion, raised its rate by 0.35% today (effective next Tuesday), lifting it once again head and shoulders above the competition. Having sat out the last Reserve Bank rate rise, eyes were firmly aimed at the NAB-backed upstart to see whether it had perhaps conceded in its revolutionary push towards top spot in the savings account market. Alas for ING Direct and co., UBank had no such ideas, and have once again set themselves at the head of the pack.
Also of great news to existing account holders, was UBank’s rate assurance last night, declaring that until the end of the year at least, that USaver interest rate will not fall below that of their chief rivals (including introductory promotional rates), directly labelling accounts by ANZ, BankWest, Westpac, ING Direct and Commonwealth Bank as their chief competition (though surprisingly no Raboplus…).
So the time’s never been better to snap up a USaver account, once again a good 0.2% or more above its rivals. Get in quick while the rate assurances are hot I say!