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UBank USave with USpend Transaction Account

Advertiser disclosure
Interest rate
0.10% p.a.(for $0 to $5,000,000)
Maximum rate
1.10% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review UBank USave with USpend Transaction Account

Last updated: 11 February 2021.

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What's hot
  • 1.10% p.a. special interest rate
  • $0 account keeping fees
  • Innovative sweep technology
  • 2021 Mozo Experts Choice Award
What's not
  • Special rate only available to amounts under $250,000
Mozo snapshot

The UBank USpend transaction account works hand in hand with the UBank USave account, helping you get the most out of your savings. You'll receive a generous 1.10% p.a. ongoing bonus rate when you deposit at least $200 into either account each month. On top of that, you'll also have use of UBank's innovative sweep technology, which automatically moves money between your accounts to put you on track to reaching your savings goals. 

These features and more saw UBank receive a 2021 Mozo Experts Choice Award in the Regular Saver category!

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Key features

Let's start off with some of the features that really make this duo stand out from the pack. Linking your USave with the USpend account will not only reward you with a competitive 1.10% p.a. special interest rate (when you deposit at least $200 into either account each month) but the revolutionary sweep functionality will make saving a breeze.

Wondering how sweeping works? Well, all you need to do is set a maximum limit for your USpend account, and the excess will be automatically rolled over to your USave account, so you can earn interest on that amount. You can also set a minimum limit, so when your account balance dips below that amount, UBank will sweep money from your USave right back into the transaction account, to ensure you don't go into minus. Pretty innovative, right?  

On top of these savings features, you'll also be free of the bite of any ongoing account keeping fees on both the USpend account and USave and receive a UBank Visa Debit card with payWave functionality for everyday purchases. Plus you'll also enjoy fee-free withdrawals within the NAB and rediATM networks and have access to BPay and direct debit for bill payments.

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Who is it good for

The UBank USave with USpend account is perfect if you're looking for a two-in-one bank account and savings account which work together to help you reach your savings goals sooner.

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Any catches

Keep in mind, you don't earn any interest on the balance kept in your USpend account, as the 1.10% p.a. rate only applies to cash stashed in your USave.

Details

Rates and fees information correct as at 18 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.10% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 1.10% p.a.
    Balances from $250,000: 0.10% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $250,000.

Fees
  • $0.00

  • n/a

  • unlimited free transactions from phone and internet

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • yes

  • $2,000.00

  • yes

  • no

  • yes

  • no

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

Customer Reviews

How are UBank savings accounts rated by the Mozo community?

Overall
8.5/10
Price
9.1/10
Features
7.6/10
Customer service
7.9/10
Convenience
7.8/10
Trust
8.3/10

Latest reviews of UBank USave with USpend Transaction Account

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About UBank

UBank is a new direct bank which is backed by NAB, one of Australia's big four banks. UBank launched in 2008 with a competitive term deposit product, which customers can apply for and manage online. As a direct bank, UBank doesn't have a branch network but it does have a 24-hour, seven day a week 'person to person' phone banking centre for those wanting to speak to a real person. Cost savings are passed onto customers in the form of higher rates and lower fees. UBank now has a range of competitive term deposits, super and savings accounts. In 2011, it launched UHomeloan for refinancing its first home loan product.

See UBank savings accounts