UBank USaver

2.31%(for $0 to $5,000,000)

 

UBank USaver Review

Rates and fees information correct as at 3 May 2016.

Review published: 18 March 2013

What's hot:

  • 2.31% standard interest rate

  • No fees

  • Mozo Experts Choice Awards Winner 2016

What's not:

  • No special rate on balances over $200,000

Mozo snapshot:

UBank is a multi-award winner of the Mozo Experts Choice Awards and it's easy to see why. The USaver has one of the highest base interest rates in the market at 2.31% and no fees and link it to the USaver Ultra Transaction Account and you'll get an ongoing bonus rate of 3.37% on your savings. That should be a good incentive to help you whip your savings into shape.

Key features:

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.

Any catches?

There are better interest rates available for conditional bonus savings accounts and some term deposits.

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

UBank

UBank USaver savings account review

Overall rating   9 / 10

Outstanding online banking services!

The customer service within the branch is fantastic. The staff who greet you are incredibly knowledgable and always know where to direct you and aim to get you served as soon as possible. The online banking portal "Netbank" is simple to use and...
Full review

The customer service within the branch is fantastic. The staff who greet you are incredibly knowledgable and always know where to direct you and aim to get you served as soon as possible. The online banking portal "Netbank" is simple to use and incredibly cohesive. I have multiple accounts and travel cards and they have made it so easy for funds to be transferred between each of these.

    Price   10 / 10

    Features   10 / 10

    Customer service   7 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

Jacqueline (NSW), reviewed 22 days ago

UBank

UBank USaver savings account review

Overall rating   8 / 10

Simple and useful

Great interest rate, no frills products which are simple to understand.
Full review

Great interest rate, no frills products which are simple to understand.

    Price   10 / 10

    Features   5 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Mitchell (NSW), reviewed 3 months ago

UBank

UBank USaver savings account review

Overall rating   10 / 10

Reliable

Highest interest rate notwithstanding any withdrawals during the month.
Full review

Highest interest rate notwithstanding any withdrawals during the month.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ms (NSW), reviewed 7 months ago

UBank

UBank USaver savings account review

Overall rating   9 / 10

Great online banking service plus great rates.

Great online banking service, plus great interest rates.
Full review

Great online banking service, plus great interest rates.

    Price   9 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   7 / 10

Less

Paul (NSW), reviewed 7 months ago

UBank

UBank USaver savings account review

Overall rating   8 / 10

High interest rates, slight inconvenience.

Overall they offer the most important thing - one of, if not the highest, interest rates for comparable products. They are lacking in some areas in comparison to the competition but for a high interest rate account where your money isn't locked...
Full review

Overall they offer the most important thing - one of, if not the highest, interest rates for comparable products. They are lacking in some areas in comparison to the competition but for a high interest rate account where your money isn't locked in (term deposit) - it's a good choice.

    Price   9 / 10

    Features   3 / 10

    Customer service   4 / 10

    Convenience   5 / 10

    Trust   8 / 10

Less

Daniel (QLD), reviewed 7 months ago

Rates

  • Balances from $0: 2.31%pa.
    Balances from $5,000,000: 0.00%pa

  • none

  • none

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

  • $0.00

  • $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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