UBank USaver Reach (18 to 29 year-olds only)

0% p.a.(for $5,000 and over)

No Current Offer

UBank USaver Reach (18 to 29 year-olds only)

0% p.a.(for $5,000 and over)

No Current Offer

Mozo Review   UBank USaver Reach (18 to 29 year-olds only) Review

Last updated: 8 January 2020.

What's hot:
  • 1.55% p.a. variable interest rate

  • No ongoing fees

  • Unlimited free transactions from phone and internet

What's not:
  • Only available to Australians between the ages of 18 and 29

Mozo snapshot:

Are you an Aussie between the ages of 18 and 29 that’s on the hunt for a nifty new savings account to stash your cash in? Well, with a solid 1.55% p.a. variable interest rate, unlimited free transactions from phone and internet, and no account fees, the UBank USaver Reach could do the trick!

Key features:

The UBank USaver Reach offers a competitive 1.55% p.a. variable rate ($5,000 maximum balance), to help you score the most bang for your buck in interest without any pesky requirements, like a minimum balance or opening deposit amounts.

The UBank USaver Reach is available to 18 to 29-year-old Australians, so if you fit this eligibility criterion then you’ve come to the right place!

On top of all this, this top-notch savings account has no regular account fees or other fee charges, plus, it gives you the freedom to make free unlimited transactions over the phone and online via the internet.

Who it's good for:

The UBank USaver Reach could be a great, low-cost savings account option for Aussies between the ages of 18 and 29.

Any catches?

Keep in mind that the 1.55% p.a. variable interest rate is only available on balances up to $5,000. The interest rate for balances over $5,000 is 0.00% p.a. so if you're planning to grow your savings beyond that then it might be worth looking for at an account with a higher maximum balance, such as the UBank USaver with Ultra Transaction Account.

Details

Rates and fees information correct as at 18 January 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: 1.55% p.a.
    Balances from $5,000: 0.00% p.a.

  • n/a

  • n/a

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
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Only available to those aged between 18 and 29 years.

  • USaver Reach: if you are aged 18-29 years you do not need to have regular deposits to earn the special rate for balances up to $5000.

  • none

Customer Reviews

How are UBank savings accounts rated by the Mozo community?

Overall customer rating
8.5/10
Price
9.1/10
Features
7.7/10
Customer service
8.0/10
Convenience
7.8/10
Trust
8.3/10

Latest reviews of UBank USaver Reach (18 to 29 year-olds only)

  • Overall 10/10
    Does just what it says on the tin

    I've been looking for a savings account that would work for my circumstances for a while and the UBank Usaver Reach seems to be the best option around. The interest rate seems competitive and I like that there's no hidden catches attached to receiving it - as long as you're in the right age bracket and don't have more than $5,000 in the account you'll get that rate. The lack of monthly fees is also another big drawcard. However, the trade-off for the good interest rates is that it's an online-only account; yes, it's backed by NAB but you can't deposit funds via their branch or set up the account through them. I've found the website to sometimes be slightly counter-intuitive to navigate and it's occasionally given me error messages. They also do not have a mobile app (which is a shame as it would be nice to be able to check how much money I've saved without having to go through the rigmarole of logging into their site). In my opinion, these are all small quibbles in the face of the interest you can earn. Transferring money out of the account can also be quite slow - you certainly wouldn't want to use this as a place to keep your emergency funds. However, I personally think this is closer to a feature than a disadvantage as it's an easy way to prevent impulse shopping!

    Read full review

    I've been looking for a savings account that would work for my circumstances for a while and the UBank Usaver Reach seems to be the best option around. The interest rate seems competitive and I like that there's no hidden catches attached to receiving it - as long as you're in the right age bracket and don't have more than $5,000 in the account you'll get that rate. The lack of monthly fees is also another big drawcard. However, the trade-off for the good interest rates is that it's an online-only account; yes, it's backed by NAB but you can't deposit funds via their branch or set up the account through them. I've found the website to sometimes be slightly counter-intuitive to navigate and it's occasionally given me error messages. They also do not have a mobile app (which is a shame as it would be nice to be able to check how much money I've saved without having to go through the rigmarole of logging into their site). In my opinion, these are all small quibbles in the face of the interest you can earn. Transferring money out of the account can also be quite slow - you certainly wouldn't want to use this as a place to keep your emergency funds. However, I personally think this is closer to a feature than a disadvantage as it's an easy way to prevent impulse shopping!

    Price
    10/10
    Features
    0/10
    Customer service
    5/10
    Convenience
    3/10
    Trust
    10/10
    Less
    Chloe, South Australia reviewed almost 5 years ago
  • Overall 10/10
    Great customer service & easy internet banking

    Always easy to call up and speak to someone. The website is extremely user friendly with heaps of helpful tips. Its internet banking made easy

    Read full review

    Always easy to call up and speak to someone. The website is extremely user friendly with heaps of helpful tips. Its internet banking made easy

    Price
    10/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Tom, New South Wales reviewed almost 5 years ago
  • Overall 10/10
    best interest

    great interest

    Read full review

    great interest

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Cassie, New South Wales reviewed about 5 years ago
  • Overall 9/10
    Great interest Rates

    The best standard interest I could find for any bank currently at 3.71% compared to other banks usually offering 2.71%. Good bank could improve access to transaction when overseas as it is currently difficult to transfer when you need a text message code which you don't have access to over seas.

    Read full review

    The best standard interest I could find for any bank currently at 3.71% compared to other banks usually offering 2.71%. Good bank could improve access to transaction when overseas as it is currently difficult to transfer when you need a text message code which you don't have access to over seas.

    Price
    10/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    4/10
    Trust
    8/10
    Less
    Phillip, Victoria reviewed over 5 years ago
  • Overall 10/10
    Helping Gen Y Save

    I like Ubank because they have a good interest rate and make it hard to transfer funds because it takes a couple of days which is good for my savings goals.

    Read full review

    I like Ubank because they have a good interest rate and make it hard to transfer funds because it takes a couple of days which is good for my savings goals.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rebecca, Western Australia reviewed over 5 years 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

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1.04% p.a.(for $0 to $5,000,000)

No Current Offer

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1.04% p.a.(for $0 to $5,000,000)

2.10% p.a. (for $0 to $200,000)

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2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

$0.00

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1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

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2.00% p.a. (for $0 to $100,000)

0.05% p.a.(for $0 and over)

$0.00

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USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

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Hero Saver

1.85% p.a. (for $0 to $250,000)

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

$0.00

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Rabobank

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High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

$0.00

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HSBC

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Serious Saver

2.35% p.a. (for $0 to $1,000,000)

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

$0.00

Promoted

CUA

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eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

UBank

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USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

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Bankwest

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Hero Saver

1.85% p.a. (for $0 to $250,000)

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

$0.00

Promoted

Suncorp

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Growth Saver Account

1.95% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

Citi

Citi

Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

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IMB Bank

IMB Bank

Reward Saver Account

2.00% p.a. (for $5,000 and over)

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

$0.00

Promoted

CUA

CUA

eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

HSBC

HSBC

Serious Saver

2.35% p.a. (for $0 to $1,000,000)

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

$0.00

Promoted

CUA

CUA

eSaver Reward

2.00% p.a. (for $0 to $100,000)

0.05% p.a.(for $0 and over)

$0.00