With many Aussies facing reduced income and tighter budgets, UBank is offering customers an opportunity to get more out of their savings.
From today, the NAB-backed online provider will allow eligible customers to earn the special interest rate of 1.60% on up to ten accounts. This will be a welcome edition for savers who like to keep track of different goals in separate accounts.
Customers will still need to deposit at least $200 into their UBank transaction or savings account each month to receive the bonus 1.06% interest. The standard interest rate if conditions aren’t met is 0.54%. The maximum balance on all accounts has also been increased by $50,000 to $250,000.
Account names will also be getting a revamp for functional clarity. The USaver Ultra account is now called USpend (so it’s more clearly the transaction account), and the USaver is now simply called USave. Customers will also be able to turn off the automated Sweep function giving them greater budgeting control in the current climate.
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How UBank savings compare
Across all savings accounts, including those with ongoing bonus interest, the average ongoing rate is currently 0.75% according to the Mozo database.
The current front runner is Bank of Queensland’s Fast Track Saver Account, which offers a 2.00% ongoing bonus interest rate. However, customers must deposit a minimum of $1,000 and make five eligible transactions through the linked Day2Day Plus Account in the previous month, though the second criteria has been paused until August 31 due to COVID-19.