UBank USaver with Ultra Transaction Account

1.35% p.a.(for $0 to $5,000,000)

2.41% p.a. (for $0 to $200,000)

UBank USaver with Ultra Transaction Account

1.35% p.a.(for $0 to $5,000,000)

2.41% p.a. (for $0 to $200,000)

Mozo Review   UBank USaver with Ultra Transaction Account Review

Last updated: 13 September 2019.

What's hot:
  • 2019 Mozo Savings Bank of the Year

  • 2.41% special interest rate

  • $0 account keeping fees

  • Innovative sweep technology

What's not:
  • Special rate only available to amounts under $200k

Mozo snapshot:

The UBank Ultra Transaction Account works hand in hand with the USaver, helping you get more out of your savings. You'll receive a generous 2.41% 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 Regular Saver gong in the Mozo Experts Choice Awards 2019, on top of taking out the major 2019 Mozo Savings Bank of the Year title. 

Key features:

Let's start off with some of the features that really make this duo stand out from the pack. Linking your USaver with the Ultra Transaction Account will not only reward you with a competitive 2.41% special interest rate (when you deposit over $200 each month into either account) 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 Ultra Transaction Account, and the excess will be automatically rolled over to your USaver, 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 USaver 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 Ultra Transaction Account and USaver and receive a 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. 

Who it's good for:

The UBank USaver with Ultra is perfect if you're looking for a bank account and savings account that work together to help you reach your savings goals sooner. 

Any catches?

Keep in mind, you don't earn any interest on the balance kept in your Ultra Transaction Account, as the 2.41% rate only applies to cash stashed in your USaver. 

Details

Rates and fees information correct as at 16 September 2019. 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: 1.35% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 2.41% p.a.
    Balances from $200,000: 1.35% 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 $200,000.

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
  • $1.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • 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
7.9/10
Convenience
7.8/10
Trust
8.3/10

Latest reviews of UBank USaver with Ultra Transaction Account

  • Overall
    7/10
    Competitive rates of return and easy to use

    They have had brilliant rates (when interest rates were high) but they aren't quite as...

    They have had brilliant rates (when interest rates were high) but they aren't quite as competitive at the moment. Nonetheless, they give better returns than the big 4, and the online interface is pretty easy to use.

    Price
    6/10
    Features
    2/10
    Customer service
    6/10
    Convenience
    3/10
    Trust
    8/10

    Joanna | South Australia

    reviewed over 3 years ago

  • Overall
    8/10
    High interest rates, but online only

    Best savings account with high interest rates and no frills service.

    Best savings account with high interest rates and no frills service.

    Price
    10/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    8/10

    Charn | New South Wales

    reviewed over 3 years ago

  • Overall
    10/10
    High interest rates on a transaction account

    Superlative product. Ongoing development. High interest rates on a savings/transaction account....

    Superlative product. Ongoing development. High interest rates on a savings/transaction account. Most people don't believe it.

    Price
    10/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10

    Colin | Victoria

    reviewed over 3 years ago

  • Overall
    6/10
    Ubank guaranteed by NAB is a good online bank

    Ubank Saver with a transactional debit card, kind of defeats the purpose of saving for something...

    Ubank Saver with a transactional debit card, kind of defeats the purpose of saving for something by forcing customers to have a debit card. Mine is cut up and will never be used.

    Price
    5/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    10/10

    Barbs | New South Wales

    reviewed almost 4 years ago

  • Overall
    7/10
    Competitive, friendly and ease of use.

    Good interest rates comparatively. Easy to use.

    Good interest rates comparatively. Easy to use.

    Price
    8/10
    Features
    6/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10

    Deb | Victoria

    reviewed almost 4 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.

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