UBank wins Savings Bank of the Year 2019

Niko Iliakis

21 Feb 2019

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The Mozo Experts Choice Awards are back in full swing for 2019, and we’re excited to announce UBank has won our Savings Bank of the Year award, making this the second year in a row it’s taken home the honour.

Back-to-back wins shouldn’t surprise anyone familiar with the the digital bank. Since it doesn’t have to worry about costs that traditional banks face, it’s able to pass savings directly to customers, and the top-notch rates it offers are proof of this. Among the categories it ranked highly in were the No Strings Savings, Regular Saver, Short Term Deposit, and Exceptional Everyday Account categories.

UBank is also very innovation driven. For example, Peter Marshall, Mozo’s Data Manager and Mozo Experts Choice Award judge, said its USaver Ultra Transaction Account, which was recognised in the Exceptional Everyday Account category, offered some impressive features.

“The USaver Ultra Transaction Account works constantly in the background to help you save. Its built-in Sweep feature automatically moves funds across your accounts, ensuring that you’re receiving maximum interest and that you have enough in your everyday account at the same time.”

Read on for a selection of other UBank products that took out wins across various Mozo Experts Choice Deposit Award categories.

No Strings Savings - USaver

Promoted

UBank USave
  • 1.81% standard interest rate

  • No account keeping fees

  • Unlimited free transactions

Sometimes all the bells and whistles just amount to extra hoops you have to jump through, so each year we compile the best no strings savings accounts for Aussies who prefer simple, high value savings accounts that don’t come with any extra conditions. This year, the UBank USaver impressed us with its stellar 1.81% p.a. interest rate, zero account keeping fees and zero minimum balances.

Read our full review of the UBank USaver.

Regular Saver - USaver with Ultra Transaction Account

Promoted

UBank USave with USpend Transaction Account
  • 2.87% special interest rate

  • Innovative Sweep technology

  • Free overseas transactions

For savers that don’t mind meeting certain conditions in exchange for bumper interest on their savings, the USaver with Ultra Transaction Account is sure to appeal. This one takes a top-tier savings account and makes it better, rewarding customers with a whopping 2.87% interest rate in months where they deposit at least $200. On top of that, it doesn’t charge any fees for overseas transactions, which is something that not many bank accounts offer, making this a obvious pick for our Regular Saver Award.

Read our full review of the UBank USaver with Ultra Transaction Account.

Short Term Deposit - UBank Term Deposit

Promoted

UBank Term Deposit
  • 2.75% p.a. for a 6 month term

  • 0.10% loyalty bonus at renewal

  • No account keeping fees

Whether you want to lock away your cash for 3 months or a year, you can be sure you’ll be getting one of the more competitive rates around with UBank. This year its term deposits were recognised in our Short Term Deposits category for their excellent value. The 6 month option already offers a high 2.75% interest rate, but if you renew the full amount for another term, you’ll be treated to a 0.10% loyalty bonus.

Read our full review of the UBank Term Deposit.

The Mozo Experts Choice Awards shine a spotlight on the best products across a range of categories, including home loans, savings accounts, term deposits and more. Our in-house team of experts track thousands of products and identify the ones which stand out thanks to their excellent rates and useful features. Check out the full list of Mozo Experts Choice Awards winners here.

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