The UBank USaver is designed to make you save. There is a standard ongoing 2.31% interest rate, with interest calculated daily and paid monthly into your USaver account.
There are no monthly fees and no minimum balance requirements but the USaver isn't for multimillionaires. Balances over $5 million don't earn any interest.
Like most high interest savings accounts, the UBank USaver is 100% online so you don't have branch or ATM access. But who needs it when you have a paperless application process and access to phone and online customer service 24/7? UBank is backed by NAB and deposits up to $250,000 are covered under the Government deposit guarantee.
One of the cool features of the USaver account is that if you have more than one savings goal you can split your savings into savings buckets. Say you have a short term goal for the end of the year holiday, and another long term goal of saving for a home deposit. You can separate nicknamed savings objectives to make it easy to focus on your goal and remember what you're saving for.
Who it's good for:
If you like the idea of paperless banking, this account is for you. The application process is quick and totally online and you can receive your statements direct into your inbox.
It also has a great account for anyone who likes to set savings goals and get rewarded for their hard work with a high ongoing interest rate.
There are better interest rates available for conditional bonus savings accounts and some term deposits.