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UBank USave with USpend Transaction Account

Advertiser disclosure
Interest rate
0.40% p.a.(for $0 to $5,000,000)
Maximum rate
1.46% 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: 9 October 2020.

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What's hot
  • 1.46% p.a. special interest rate
  • $0 account keeping fees
  • Innovative sweep technology
  • 2020 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 1.46% 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 best Regular Saver gong in the 2020 Mozo Experts Choice Awards!

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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 1.46% 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 1.46% p.a. rate only applies to cash stashed in your USave.

Details

Rates and fees information correct as at 29 October 2020. 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: 0.40% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 1.46% p.a.
    Balances from $250,000: 0.40% 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

  • Overall 1/10
    Unable to access my funds.

    I’ve been trying to access my money since last week without success. After waiting a long time to speak with them on the phone, they said I should verify my I.D., which in my opinion should’ve been done before they accept my money deposits. I tried online and didn’t worked. They told me to go on a Aus Post to verify there and after they receive the verification I would get access. I went one week ago and sent the verification through express post which is incredible fast and after calling them twice this week they said it didn’t arrived there yet. I really need MY money to pay my bills and they’re locking my account. Ombudsman is being contacted now to take legal actions.

    Read full review

    I’ve been trying to access my money since last week without success. After waiting a long time to speak with them on the phone, they said I should verify my I.D., which in my opinion should’ve been done before they accept my money deposits. I tried online and didn’t worked. They told me to go on a Aus Post to verify there and after they receive the verification I would get access. I went one week ago and sent the verification through express post which is incredible fast and after calling them twice this week they said it didn’t arrived there yet. I really need MY money to pay my bills and they’re locking my account. Ombudsman is being contacted now to take legal actions.

    Price
    1/10
    Features
    1/10
    Customer service
    2/10
    Convenience
    1/10
    Trust
    1/10
    Less
    Igor, Victoria reviewed 2 months ago
  • Overall 9/10
    Perfectly efficient, great interest rates!

    I am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.

    Read full review

    I am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.

    Price
    8/10
    Features
    6/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Jess, Queensland reviewed 3 months ago
  • Overall 10/10
    Great for that emergency savings accounts

    Great for my emergency savings account. Online setup and easy access is very convenient. Great interest rates.

    Read full review

    Great for my emergency savings account. Online setup and easy access is very convenient. Great interest rates.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Natasha, Victoria reviewed 3 months ago
  • Overall 10/10
    UBank? UBeaut!

    Long-term customer here, and not looking elsewhere. No need to. Supremely satisfied with my customer experience over the years. UBank has only a digital platform. No ATMs. None needed, as you can conveniently link your UBank account/s with a third party's physical branch. Money may be transferred at your discretion. The linked VISA debit card is convenient. Money sweeps can be configured so you don't need to worry about available balance on the no interest debit account linked to the card and its use. Customers who are mindful of their qualifying monthly savings are rewarded with a high, competitive interest rate. The default interest rate is competitively placed too. Thinking of UBank? All I can say is, "UBeaut!"

    Read full review

    Long-term customer here, and not looking elsewhere. No need to. Supremely satisfied with my customer experience over the years. UBank has only a digital platform. No ATMs. None needed, as you can conveniently link your UBank account/s with a third party's physical branch. Money may be transferred at your discretion. The linked VISA debit card is convenient. Money sweeps can be configured so you don't need to worry about available balance on the no interest debit account linked to the card and its use. Customers who are mindful of their qualifying monthly savings are rewarded with a high, competitive interest rate. The default interest rate is competitively placed too. Thinking of UBank? All I can say is, "UBeaut!"

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Christopher, Victoria reviewed 4 months ago
  • Overall 10/10
    Best rates, simple accounts, online simplicity

    I really like this product. I guess the only con is no branches but I quite like that it's all online. Intereste rates for saving accounts aren't great at the moment but uBank always comes out on top.

    Read full review

    I really like this product. I guess the only con is no branches but I quite like that it's all online. Intereste rates for saving accounts aren't great at the moment but uBank always comes out on top.

    Price
    10/10
    Features
    10/10
    Customer service
    -1/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Amy, New South Wales reviewed 4 months ago
UBank

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

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

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Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Citi

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1.35% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Up

Up

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1.60% p.a. (for $0 to $50,000)

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

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

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Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

Saver Account

1.60% p.a. (for $0 to $50,000)

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

Yes up to $250,000

Citi

Citi

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1.35% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

0.15% p.a.(for $0 and over)

1.50% p.a. (for $0 to $250,000)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

1.15% p.a. (for $0 to $250,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.20% p.a.(for $1 and over)

1.20% p.a. (for $1 to $250,000)

Yes up to $250,000

Citi

Citi

Online Saver

0.35% p.a.(for $0 and over)

1.35% p.a. (for $0 to $500,000)

Yes up to $250,000

Up

Up

Saver Account

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

1.60% p.a. (for $0 to $50,000)

Yes up to $250,000

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.70% p.a. (for $0 and over)

Yes up to $250,000

Newcastle Permanent

Newcastle Permanent

Smart Saver

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

1.80% p.a. (for $0 and over)

Yes up to $250,000

UniBank

UniBank

Mighty Saver Account

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

1.55% p.a. (for $0 and over)

Yes up to $250,000