The USave from UBank has an ongoing base interest rate of 0.40% 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.
The UBank USave account is designed to make you save. There is a standard ongoing 0.40% 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.
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.
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 1.46% interest if you link and deposit $200 a month into the account.
Balances from $0: 0.40% p.a.
Balances from $5,000,000: 0.00% p.a.
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$0.00
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unlimited free transactions from phone and internet
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$0.00
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Monthly
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yes
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Easy sign up and website. I would like to be able to do more on the weekend.
Read full reviewEasy sign up and website. I would like to be able to do more on the weekend.
I don’t like that they are continuously dropping their interests rate, though it is still competitive.
Read full reviewI don’t like that they are continuously dropping their interests rate, though it is still competitive.
All electronic. No fees.
Read full reviewAll electronic. No fees.
Always had great experience with Ubank. Only con was when they added cards to accounts. I liked the fact it was purely an online bank originally. But apart from that, it's been great!
Read full reviewAlways had great experience with Ubank. Only con was when they added cards to accounts. I liked the fact it was purely an online bank originally. But apart from that, it's been great!
The customer service within the branch is fantastic. The staff who greet you are incredibly knowledgable and always know where to direct you and aim to get you served as soon as possible. The online banking portal "Netbank" is simple to use and incredibly cohesive. I have multiple accounts and travel cards and they have made it so easy for funds to be transferred between each of these.
Read full reviewThe customer service within the branch is fantastic. The staff who greet you are incredibly knowledgable and always know where to direct you and aim to get you served as soon as possible. The online banking portal "Netbank" is simple to use and incredibly cohesive. I have multiple accounts and travel cards and they have made it so easy for funds to be transferred between each of these.
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.
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