UBank cuts savings rates, still offers some of the best value around

By Niko Iliakis · · 3 min read
Fact Checked
Advertiser disclosure

The UBank USaver with Ultra Transaction Account, a favourite among serious savers, will see reductions today as UBank takes the axe to its range of savings accounts and term deposits.

The decision sees UBank joining a long list of lenders, which includes ING, that have lowered rates on deposits following this month's RBA cut. Thankfully, the rates on offer still represent excellent value.

While rates for the UBank Ultra Transaction Account remain unchanged, the NAB subsidiary made cuts of 0.19% to its USaver Account, bringing it down from 1.54% p.a. to 1.35% p.a.

That takes the bonus interest rate savers could earn when pairing the USaver with a UBank Ultra Transaction Account to 2.41% p.a., assuming they satisfy the bonus rate criteria by depositing at least $200 a month into either account.

Cuts were also made to the USaver Reach account and the USaver SMSF. 18 to 29 year olds who sign up for a USaver Reach account will now be looking at rates of 1.86% p.a., down from 2.05% p.a.

Ever since UBank announced it will be cutting rates for variable home loans by 0.25%, putting it among only a handful of lenders that passed on the full RBA cut in consecutive months, many savers have been bracing for deposits to be cut in kind.

A cut of only 0.19% should put some of that anxiety to rest. The new bonus rate of 2.41% p.a. still sees the USaver with Ultra Transaction Account among the top 10 bonus interest rates in our database on accounts without age restrictions.

Savings account comparisons on Mozo - last updated 9 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Mozo Expert Choice Badge
    Savings Account

    5.50% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

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    Bonus rate for the first 4 months from account opening

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  • Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

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    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

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What about term deposits?

UBank has also made cuts to term deposit rates, including its Green Term Deposit, though not as large as those levelled against savings rates. All terms, save for the five-month Green option, will be reduced by 0.10%.

TermRateChangeNew rate
11.50% p.a.0.10% p.a.1.40% p.a.
2 (Green)1.70% p.a.0.10% p.a.1.60% p.a.
32.10% p.a.0.10% p.a.2.05% p.a.
42.10% p.a.0.10% p.a.2.05% p.a.
5 (Green)2.10% p.a.

N/A2.10% p.a.
62.15% p.a.0.10% p.a.2.05% p.a.
7 (Green)2.15% p.a.0.10% p.a.2.05% p.a.
8 (Green)2.15% p.a.0.10% p.a.2.05% p.a.
92.15% p.a.0.10% p.a.2.05% p.a.
10 (Green)2.15% p.a.0.10% p.a.2.05% p.a.
11 (Green)2.15% p.a.0.10% p.a.2.05% p.a.
122.15% p.a.0.10% p.a.2.05% p.a.

To see how these rates stack up against those on offer from other providers, head over to our term deposit comparison page. And if you’d like to see where the USaver with Ultra Transaction Account sits when compared to other savings accounts, check out our high interest savings accounts page.

^See information about the Mozo Experts Choice Savings Account Awards

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