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.
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.