UBank bank account reviews

UBank
UBank's overall rating for bank accounts

(as rated by the Mozo community)

8.4 / 10

based on 21 reviews

Price

Features

Customer service

Convenience

Trust

Featured bank account from UBank

Recent UBank bank account reviews

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   8 / 10

Best account in town

Very convenient .

Full review

Very convenient .

    Price   8 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

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Say (VIC), reviewed about 2 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   10 / 10

One Of The Best

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...

Full review

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

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Donna (NSW), reviewed over 2 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   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 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...

Full review

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

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Kim (NSW), reviewed over 2 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   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 machine. When attached to your savings account it earns you more interest. No minimums and easy to use online.

Full review

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

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Roland (TAS), reviewed almost 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   10 / 10

Great features, interest rates and service

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.

Full review

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

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Paulette (QLD), reviewed almost 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   9 / 10

It's exclusively online and I love it

Totally unmatched interest rates, very reliable and useful automation features (ASP). Great flexibility with the debit card. Don't know why it took me so long.

Full review

Totally unmatched interest rates, very reliable and useful automation features (ASP). Great flexibility with the debit card. Don't know why it took me so long.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   7 / 10

    Trust   7 / 10

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Tom (QLD), reviewed almost 3 years ago

UBank

UBank bank account review

Overall rating   8 / 10

Always the best interest rates

Ubank are always competitive and have the best interest rate on the market. I always recommend to friends and family. Very happy.

Full review

Ubank are always competitive and have the best interest rate on the market. I always recommend to friends and family. Very happy.

    Price   8 / 10

    Features   6 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   7 / 10

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Elliot (QLD), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   7 / 10

Competitively good rates!

Great call centre experience. I was hesitant to go with UBank as they don't have any branches. But they proved themselves. I'd support them if they offered other products.

Full review

Great call centre experience. I was hesitant to go with UBank as they don't have any branches. But they proved themselves. I'd support them if they offered other products.

    Price   8 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

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Kevin (QLD), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   7 / 10

High interest rates but no longer the leader

Pretty good interest rate and the website and phone app work... Sort of. Can be buggy at times but my money is safe as it's NAB. Customer service can be quite difficult to get through to as calling them takes at least 15 min on hold. Interest rate...

Full review

Pretty good interest rate and the website and phone app work... Sort of. Can be buggy at times but my money is safe as it's NAB. Customer service can be quite difficult to get through to as calling them takes at least 15 min on hold. Interest rate used to be the highest in Australia but has since gone downhill. Nevertheless it's still one of the highest around. Debit card is a neat and handy feature and can access NAB/redi ATMs, BPay and direct debit. Unfortunately one drawback is that I can't deposit cash at NAB ATMs - not sure if this was deliberate.

    Price   10 / 10

    Features   10 / 10

    Customer service   4 / 10

    Convenience   5 / 10

    Trust   10 / 10

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Jon (QLD), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   9 / 10

No fees & great interest rates on savings & loans

A little messy opening your account over the phone, but persist as they have one of the best interest rates both for savings and loans. You can also "Bill Pay" direct from the account unlike competitor "Internet Saving Accounts." Secure as part of...

Full review

A little messy opening your account over the phone, but persist as they have one of the best interest rates both for savings and loans. You can also "Bill Pay" direct from the account unlike competitor "Internet Saving Accounts." Secure as part of National Bank Australia group.

    Price   10 / 10

    Features   7 / 10

    Customer service   6 / 10

    Convenience   5 / 10

    Trust   10 / 10

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Chris (WA), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   9 / 10

Best savings account but read the fine print

After getting married at the start of the year, my wife and I did some research on how to best consolidate our separate saving accounts and which products were the best on the market. For the purposes of newly-married, middle-class, young adult...

Full review

After getting married at the start of the year, my wife and I did some research on how to best consolidate our separate saving accounts and which products were the best on the market. For the purposes of newly-married, middle-class, young adult workers wanting to save from somewhat scratch (i.e. you don’t have close to $200K in savings!), UBank’s USaver with Ultra was hands down the best option we came across, with the highest interest rate of 4.37% (with at least $2000 deposited into a linked USaver account from an external source) and no account keeping fees. The Ultra account is technically a transaction account that comes with a Visa Debit Card which gives you free access for your money from a rediATM or NAB ATM. You can access your savings directly with no reservations as there is no bonus interest rate based on a “can’t touch this” money policy. You just need to deposit the minimum $2000 per month. The UBank smartphone app also makes for easy online banking. There are just a couple of fine print details that should be clarified. First of all, any money in the Ultra account DOES NOT EARN ANY INTEREST! When you first read the account description and see the high interest rate, you’d assume that you need to transfer all your savings into the Ultra account. But the interest is actually applied to the linked USaver account! Therefore, in order to earn the most amount of interest, you need to keep your savings in the USaver (which is a separate account) and minimise the amount in the actual Ultra account. UBank has introduced a ‘sweeping’ mechanism that rolls over money into your Ultra (transaction) account from its linked USaver when there is less than a certain amount of money in the Ultra. This minimum balance is preset to $500. Below this, your Ultra gets topped up to $500. Vice versa, your excess Ultra money trickles down into the USaver when there is more than a certain amount, which is preset to $2500. The thought here is to make savings money available to you, with the help of a Visa Debit Card which makes cash withdrawals free from certain ATMs. But I think this also helps to encourage spending. If your intention with UBank is just to save as much as you can, don’t use the Visa Debit Card (in fact, you can even cut it up like my wife and I did). In order to maximise interest in your USaver, go to the Accounts settings and lower the sweeps limits of your Ultra account to the lowest possible range of $100-$1000 (cf. preset range of $500-$2500). Secondly, it should be clarified that the Ultra bonus interest rate does not accumulate with the USaver Savings Bonus of 0.70%. If you qualify for the Ultra Bonus, you do not receive the USaver Savings Bonus. This means that if you already have at least $2000/month coming into your Ultra or linked USaver, it is redundant for you to also set up scheduled Automatic Savings Plan (ASP) transfers of $200/month into your USaver thinking that you’ll get the additional USaver Savings Bonus. You won’t!

    Price   10 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

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James (NSW), reviewed over 3 years ago

UBank

UBank bank account review

Overall rating   7 / 10

Very competitive

Easy application online, great investment incentives!

Full review

Easy application online, great investment incentives!

    Price   7 / 10

    Features   8 / 10

    Customer service   5 / 10

    Convenience   8 / 10

    Trust   7 / 10

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Carrie (VIC), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   10 / 10

Great rates, easy start up

Great savings interest rates - the best around. Despite having an online only presence, getting in touch with them, and setting up an account is a breeze. Having the backing from NAB adds that extra bit of confidence too.

Full review

Great savings interest rates - the best around. Despite having an online only presence, getting in touch with them, and setting up an account is a breeze. Having the backing from NAB adds that extra bit of confidence too.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   7 / 10

    Trust   10 / 10

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Aksheet (WA), reviewed over 3 years ago

UBank

UBank USaver Ultra Transaction Account bank account review

Overall rating   10 / 10

Meet current banking needs, no hype or hassle

Relevant, convenient, good intereste rates, accessible.

Full review

Relevant, convenient, good intereste rates, accessible.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Julie (VIC), reviewed about 4 years ago

UBank

UBank bank account review

Overall rating   10 / 10

Best interest in Australia

Why wouldn't you bank with Ubank? Make your money work for you. You all need to bank with this mob and reap the benefits.

Full review

Why wouldn't you bank with Ubank? Make your money work for you. You all need to bank with this mob and reap the benefits.

    Price   10 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Harvey (VIC), reviewed about 4 years ago

UBank

UBank bank account review

Overall rating   7 / 10

Different

Different from big four banks.

Full review

Different from big four banks.

    Price   7 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   6 / 10

    Trust   7 / 10

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Mozo reviewer (VIC), reviewed about 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Bank account comparisons on Mozo - rates updated daily

  • ING Orange Everyday

    ING Orange Everyday

    • $75 cash bonus
    • Free ATMs in Aus, when you deposit $1k per month (& from Mar 2018, 5+ card purchases in the month)
    • No everyday fees, which means more of your money is where it belongs, in your pocket

    account fee

    $0.00

    salary direct credit facility

    yes

    interest rate

    0% p.a.

    Go to site

    More info

    • $75 cash bonus
    • Free ATMs in Aus, when you deposit $1k per month (& from Mar 2018, 5+ card purchases in the month)
    • No everyday fees, which means more of your money is where it belongs, in your pocket
    • Atm networks: None
    • What kind of card?: Visa Debit
    • Interest rate: Balances from $0: 0.00% p.a.
    • Fee free transactions: Free ATM use in Australia and overseas and free international transactions when you deposit at least $1,000 from an external bank account each month, free EFTPOS withdrawals.
    Overall rating

    9.2

    Based on 206 ING bank account reviews

    Need more information?
    Go to site

    More info

  • NAB Classic Banking Account

    NAB Classic Banking Account

    • No monthly account fees ever, with no conditions.
    • Free use at over 10,000 ATMs around Australia
    • 24/7 Mobile Banking, including Quick Balance and Tap & Pay for Android

    account fee

    $0.00

    salary direct credit facility

    yes

    interest rate

    0.01% p.a.

    Go to site

    More info

    • No monthly account fees ever, with no conditions.
    • Free use at over 10,000 ATMs around Australia
    • 24/7 Mobile Banking, including Quick Balance and Tap & Pay for Android
    • Atm networks: NAB, rediATM
    • What kind of card?: Visa Debit or
      EFTPOS
    • Interest rate: Balances from $0: 0.01% p.a.
    • Fee free transactions: Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
    Overall rating

    8.1

    Based on 1377 NAB bank account reviews

    Need more information?
    Go to site

    More info

  • ANZ Access Advantage

    ANZ Access Advantage

    • $0 monthly account service fee if you deposit at least $2,000 a month
    • Now with Apple Pay
    • Consider if right for you. T&C’s, eligibility criteria apply

    account fee

    $5.00$0 monthly account fee if you deposit min. $2,000 per month

    salary direct credit facility

    yes

    interest rate

    0% p.a.

    Go to site

    More info

    • $0 monthly account service fee if you deposit at least $2,000 a month
    • Now with Apple Pay
    • Consider if right for you. T&C’s, eligibility criteria apply
    • Atm networks: ANZ
    • What kind of card?: Visa Debit or
      EFTPOS
    • Interest rate: Balances from $0: 0.00% p.a.
      Balances from $50,000: 0.01% p.a.
      Balances from $100,000: 0.02% p.a.
    • Fee free transactions: Unlimited free transactions from own-bank ATM, EFTPOS, cheque, counter withdrawals, counter deposits, phone and internet
    Overall rating

    7.6

    Based on 1579 ANZ bank account reviews

    Need more information?
    Go to site

    More info

  • Bankwest Qantas Transaction Account

    Bankwest Qantas Transaction Account

    • Earn Qantas Points on your account balance 365 days a year
    • No ATM fees at Bankwest and CommBank ATMs Australia wide
    • No monthly account fees when you deposit $2,000 each month

    account fee

    $6.00$0 monthly account fee if you deposit min. $2,000 per month

    salary direct credit facility

    yes

    interest rate

    0.01% p.a.

    Go to site

    More info

    • Earn Qantas Points on your account balance 365 days a year
    • No ATM fees at Bankwest and CommBank ATMs Australia wide
    • No monthly account fees when you deposit $2,000 each month
    • Atm networks: Bankwest, Commonwealth
    • What kind of card?: Debit Mastercard
    • Interest rate: Balances from $0: 0.01% p.a.
    • Fee free transactions: Unlimited free domestic transactions from network ATMs, EFTPOS, cheque, counter withdrawals, phone, internet and Debit MasterCard purchases
    Overall rating

    8.2

    Based on 400 Bankwest bank account reviews

    Need more information?
    Go to site

    More info

  • Bankwest Easy Transaction Account

    Bankwest Easy Transaction Account

    • Pay $0 ATM fees at over 10,000 major bank ATMs in Aus. Fees, T&Cs apply
    • No monthly account keeping fees when you deposit at least $2,000 per month
    • 24/7 access to your money via phone

    account fee

    $6.00$0 monthly account fee if you deposit min. $2,000 per month

    salary direct credit facility

    yes

    interest rate

    0% p.a.

    Go to site

    More info

    • Pay $0 ATM fees at over 10,000 major bank ATMs in Aus. Fees, T&Cs apply
    • No monthly account keeping fees when you deposit at least $2,000 per month
    • 24/7 access to your money via phone
    • Atm networks: Bankwest, ANZ, Commonwealth, NAB, Westpac, St.George, BankSA, Bank of Melbourne
    • What kind of card?: Debit Mastercard
    • Interest rate: Balances from $0: 0.00% p.a.
    • Fee free transactions: Unlimited domestic transactions from network ATMs, EFTPOS, cheque and counter withdrawals
    Overall rating

    8.2

    Based on 400 Bankwest bank account reviews

    Need more information?
    Go to site

    More info

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