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

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

No Current Offer

 

Rates

  • Balances from $0: 2.31% p.a.
    Balances from $5,000: 0.00% p.a.

  • none

  • n/a

Fees

  • $0.00

  • none

  • unlimited free transactions from phone and internet

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

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

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.

How are UBank savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.5

Based on 670
UBank savings accounts reviews

9.1 7.7 7.9 7.8 8.3

Read UBank savings account reviews by the Mozo community

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

UBank

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

Overall rating   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...

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 over 3 years ago

UBank

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

Overall rating   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

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 over 3 years ago

UBank

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

Overall rating   10 / 10

best interest

great interest

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 over 3 years ago

UBank

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

Overall rating   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...

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 almost 4 years ago

UBank

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

Overall rating   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.

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 almost 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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