UBank USaver with Ultra Transaction Account

0.79% p.a.(for $0 to $5,000,000)

1.85% p.a. (for $0 to $200,000)

UBank USaver with Ultra Transaction Account

0.79% p.a.(for $0 to $5,000,000)

1.85% p.a. (for $0 to $200,000)

Mozo Review   UBank USaver with Ultra Transaction Account Review

Last updated: 9 March 2020.

What's hot:
  • 1.85% p.a. special interest rate

  • $0 account keeping fees

  • Innovative sweep technology

  • 2020 Mozo Experts Choice Award

What's not:
  • Special rate only available to amounts under $200,000

Mozo snapshot:

The UBank Ultra Transaction Account works hand in hand with the UBank USaver account, helping you get the most out of your savings. You'll receive a generous 1.85% p.a. 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 best Regular Saver gong in the 2020 Mozo Experts Choice Awards!

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 1.85% p.a. special interest rate (when you deposit at least $200 into either account each month) 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 two-in-one bank account and savings account which 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 1.85% p.a. rate only applies to cash stashed in your USaver.

Details

Rates and fees information correct as at 3 April 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: 0.79% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 1.85% p.a.
    Balances from $200,000: 0.79% 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
8.0/10
Convenience
7.8/10
Trust
8.3/10

Latest reviews of UBank USaver with Ultra Transaction Account

  • Overall 4/10
    Lacks efficiencies offered by other online banks.

    UBank has not implemented New Payments Platform (NPP). For an online bank to not offer the facilitation of faster, more convenient banking is a real negative. No real-time transfers, no PayID, no Osko. I encourage UBank to make this happen as soon as possible.

    Read full review

    UBank has not implemented New Payments Platform (NPP). For an online bank to not offer the facilitation of faster, more convenient banking is a real negative. No real-time transfers, no PayID, no Osko. I encourage UBank to make this happen as soon as possible.

    Price
    8/10
    Features
    0/10
    Customer service
    7/10
    Convenience
    2/10
    Trust
    6/10
    Less
    Craig, New South Wales reviewed about 2 months ago
  • Overall 8/10
    Great account with high interest rates

    Excellent account with one of the higher interest rates I've encountered. Being able to set savings goals through the app is helpful, and the fact that UBank is backed by one of the big banks is very reassuring. The Sweep function is useful but it would be good if there were was an option to turn it off.

    Read full review

    Excellent account with one of the higher interest rates I've encountered. Being able to set savings goals through the app is helpful, and the fact that UBank is backed by one of the big banks is very reassuring. The Sweep function is useful but it would be good if there were was an option to turn it off.

    Price
    9/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Matt, New South Wales reviewed 2 months ago
  • Overall 10/10
    Good interest rates and money available on call.

    UBank offer a good interest rate and your money is available on call.

    Read full review

    UBank offer a good interest rate and your money is available on call.

    Price
    10/10
    Features
    10/10
    Customer service
    -1/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Maria, New South Wales reviewed 4 months ago
  • Overall 9/10
    Best interest rate online savings account.

    Best interest rate savings account, very convenient and easy to use.

    Read full review

    Best interest rate savings account, very convenient and easy to use.

    Price
    7/10
    Features
    8/10
    Customer service
    5/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Agnieszka, Queensland reviewed 4 months ago
  • Overall 9/10
    Better than the major banks.

    UBank offers the highest interest for savings account but sometimes it's hard to get customer service without having a physical branch.

    Read full review

    UBank offers the highest interest for savings account but sometimes it's hard to get customer service without having a physical branch.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Reginald, Western Australia reviewed 5 months 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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0.20% p.a.(for $1 and over)

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

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0.80% p.a.(for $1 to $250,000)

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1.85% p.a. (for $0 to $1,000,000)

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0.35% p.a.(for $0 and over)

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

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