Interest rate
0.05% p.a.(for $0 to $5,000,000)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review UBank USave - last updated: 11 October 2021

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What's hot
  • No fees
  • 1.05% maximum interest rate when linked with USpend account
What's not
  • No special rate on balances over $250,000
Mozo snapshot

The USave from UBank has an ongoing base interest rate of 0.05% which doesn't require savers to jump through any hoops to achieve, plus it has zero fees, which could make it a great 'no strings savings attached' option for Aussie savers.

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Key features

The UBank USave account comes with a standard ongoing 0.05% interest rate, with interest calculated daily and paid monthly into your USave account.

There are no monthly fees and no minimum balance requirements but the USave isn't for multimillionaires. Balances over $5 million don't earn any interest.

Like most high interest savings accounts, the UBank USave is 100% online so you don't have branch or ATM access. But who needs it when you have a paperless application process and access to phone and online customer service 24/7? UBank is backed by NAB and deposits up to $250,000 are covered under the Government deposit guarantee.

One of the cool features of the USave account is that if you have more than one savings goal you can split your savings into savings buckets. Say you have a short term goal for the end of the year holiday, and another long term goal of saving for a home deposit. You can separate nicknamed savings objectives to make it easy to focus on your goal and remember what you're saving for.

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Who is it good for

If you like the idea of paperless banking, this account is for you. The application process is quick and totally online and you can receive your statements direct into your inbox.

It also has a great account for anyone who likes to set savings goals and get rewarded for their hard work with a high ongoing interest rate.

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Any catches

There are better interest rates available for conditional bonus savings accounts and some term deposits such as the USave with USpend Transaction account that pays 1.05% interest if you link and deposit $200 a month into the account.

Details

Rates and fees information correct as at 18 October 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: 0.05% p.a.
Balances from $5,000,000: 0.00% p.a.

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Fees

$0.00

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unlimited free transactions from phone and internet

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$0.00

$0.00

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Other financial bits

$0.00

$0.00

Monthly

Features

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none

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no

no

no

no

yes

yes

no

no

none

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