UBank has entered the bank account market with a bang, this week releasing its revolutionary USaver Ultra transaction account.
Available in conjunction with an existing high interest USaver account, the Ultra takes the thinking out of banking with its automated Sweep function. Customers can set an Ultra maximum account balance anywhere between $500 and $2500, and each night, Sweep will transfer funds from the regular USaver account to to the Ultra to keep that balance on target. If the Ultra balance exceeds the nominated maximum, Sweep will transfer the excess funds back into the USaver to boost your savings. And if the Ultra balance dips below $500, Sweep will automatically rollover funds from the USaver to make sure you’re never caught short of cash.
Additionally, UBank has decided to generously reward big savers. The standard interest rate of the USaver account is 3.61% but any customer who makes monthly deposits of over $2000 into their Ultra will score a bonus 1.06% interest rate until 31 December 2013. That means Ultra customers will earn 4.67% interest on the USaver portion of their balance compared with 4.31% of the standalone USaver.“Update”: The USaver Ultra (Ultra and linked USaver) now offers a 4.02% ongoing interest rate when you deposit $200 each month and until January 31, 2015 you only need $1 to open the account.
There’s no interest paid on funds in the Ultra itself, but the clever sweep function does the job of balancing between having enough in the interest-earning USaver and having enough spending money in the Ultra.
Ultra comes with a Visa Debit Card, no account keeping fees and unlimited free access through internet banking, Redi and NAB ATMs. The one downside to this account is that you need to have a minimum balance of $10,000 in the USaver to open an Ultra account – but what better incentive to save?
With all this on offer, there’s no doubt that the USaver Ultra will make a big splash on the transaction account scene, challenging the way you balance your cash between your everyday bank account and your savings account. We look forward to reading your Ultra reviews in the coming months and seeing how you rate it!