UBank introduces Free2Spend, the real-time budgeting tool we all need

By Ben Tosi · · 3 min read
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Have you ever been down at the bar enjoying a few post-work drinks but at the same time desperately trying to do the math on whether the next round is going to be the one that breaks your budget? Erm yeah, me neither.

Fortunately, recognising that local pubs are definitely not the place for complicated mathematical equations, UBank has today unveiled Free2Spend, an in-app tool that gives Australians a daily spend allowance, that is updated in real-time and designed to keep you on track to hit your savings goals.

It’s an initiative based off cold-hard research by UBank, which showed that almost 1 in 5 Australians still don’t have the tools to accurately monitor their expenses and 1 in 4 don’t feel like they have time to keep track, anyway.

“Australians have become confused by hundreds of numbers in their lives, from apps to bills to bank statements to even the money in their back pocket,” said UBank CEO, Lee Hatton.

“Free2Spend will change that forever, designed to take the stress and guesswork out of personal finance.”

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How does Free2Spend work?

The Free2Spend initiative - available with a Usaver Ultra transaction account- begins when a customer logs in through the UBank mobile banking app and sets a goal to save a certain amount of cash by a certain date.

You’re then required to set your monthly income (or your preferred time frame) and monthly expenses which the app uses to calculate a daily spend allowance that you’re free to splurge with, guilt-free.

The beautiful thing is, if you do decide to grab that extra round, the Free2Spend initiative will automatically adjust your daily spend allowance for the rest of the month, keeping you on track to that new car or holiday.

“By giving our customers one simple number, we’re helping them make in the moment decisions and change their spending habits for the better. If you’re having a busy month or want an extra few cheat days to splurge on take-away, go for it,” said Hatton.

“Free2Spend will adapt accordingly so you can have your takeaway and still be able to put money aside for your next holiday.”

Although it’s all about living in the moment, UBank’s newest innovation will also allow customers to view their spending habits, showing how far over or under their daily allowance goal they’ve gone.

Cool technology, competitive rates

It might have RoboChat bankers for home loan customers, sweep technology for account holders and now a real-time budgeting app, but UBank also stacks up pretty well when it comes to savings rates.

In fact, after a raft of individual triumphs in our recently released Mozo Experts Choice Awards, UBank took out our top gong of Savings Bank of the Year for 2018.

“The fact that it won awards in key categories including Term Deposit and Regular Saver, and also ranked highly for other important factors, like offering a fee-free bank account,” said Mozo Product Data Manager, Peter Marshall.

At the time of writing, UBank’s Ultra Saver account (the one that features the Free2Spend feature) has the third most competitive ongoing bonus rate (2.87% p.a.) in the Mozo database but with AMP set to slash interest rates on its savings accounts next month, it’ll move into second.

You can check out some of the best-value rates going around below but also head to our savings account comparison tables to check out a range of other popular options on the market right now.

Top 5 ongoing savings rates on offer, right now

  • 3.00% - AMP Bett3r (although will be cut to 2.25% on 1 May 2018) - When you deposit $2,000 per month into Bett3r Pay Account.
  • 3.00% - RAMS Saver - When you deposit $200 per month and make no withdrawals.
  • 2.87% - UBank USaver with Ultra- When you deposit $200 per month.
  • 2.85% - ME Online Savings Account - When you make a Tap n Go purchase via your linked ME everyday account.
  • 2.80% - Australian Unity Active Saver - When you deposit $250 per month from your linked Australian Unity transaction account and make no withdrawals.
  • 2.80% - ING Savings Maximiser - When you have a linked Orange Everyday Account, deposit at least $1,000 from an external source and make 5 purchases on your debit or credit card each month.