UBank USaver with Ultra Transaction Account

1.81% p.a.(for $0 to $5,000,000)

2.87% p.a. (for $0 to $200,000)

 

UBank USaver with Ultra Transaction Account Review

Rates and fees information correct as at 26 April 2018.

Review published: 14 June 2016

What's hot:

  • Mozo Experts Choice Awards - Savings Bank of the Year

  • 2.87% special interest rate

  • Innovative sweep technology

  • $0 account keeping fees

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 2.87% 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 2018

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 high 2.87% 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 2.87% rate only applies to cash stashed in your USaver. 

How are UBank savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.2

Based on 151
UBank savings accounts reviews

8.7 7.7 7.5 7.5 8.2

Read UBank savings account reviews by the Mozo community

Latest reviews of UBank USaver with Ultra Transaction Account

UBank

UBank USaver with Ultra Transaction Account savings account review

Overall rating   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 competitive at the moment. Nonetheless, they give better returns than the big 4, and the online interface is pretty easy to use.

Full review

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

Less

Joanna (SA), reviewed about 2 years ago

UBank

UBank USaver with Ultra Transaction Account savings account review

Overall rating   8 / 10

High interest rates, but online only

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

Full review

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

Less

Charn (NSW), reviewed about 2 years ago

UBank

UBank USaver with Ultra Transaction Account savings account review

Overall rating   7 / 10

Competitive, friendly and ease of use.

Good interest rates comparatively. Easy to use.

Full review

Good interest rates comparatively. Easy to use.

    Price   8 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Deb (VIC), reviewed over 2 years ago

UBank

UBank USaver with Ultra Transaction Account savings account review

Overall rating   9 / 10

Best ongoing long-term rate.

They have the best ongoing rate (unlike other providers where the rate drops after 3-6 months), all you need to do is transfer $200 a month into the account (just set up a direct monthly transfer). Backed by a big 4 bank. Easy way to earn good...

Full review

They have the best ongoing rate (unlike other providers where the rate drops after 3-6 months), all you need to do is transfer $200 a month into the account (just set up a direct monthly transfer). Backed by a big 4 bank. Easy way to earn good interest.

    Price   10 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Sasha (NSW), reviewed over 2 years ago

UBank

UBank USaver with Ultra Transaction Account savings account review

Overall rating   7 / 10

Competitive online savings account.

USaver online account offers a higher deposit rate than the big banks, even though UBank is backed by NAB.

Full review

USaver online account offers a higher deposit rate than the big banks, even though UBank is backed by NAB.

    Price   8 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   3 / 10

    Trust   6 / 10

Less

Song (VIC), reviewed over 2 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.

Rates

  • Balances from $0: 1.81% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • Balances from $0: 2.87% p.a.
    Balances from $200,000: 1.81% 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

  • none

  • unlimited free transactions from phone and internet

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $1.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • 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.

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