UBank USaver

1.04% p.a.(for $0 to $5,000,000)

No Current Offer

UBank USaver

1.04% p.a.(for $0 to $5,000,000)

No Current Offer

Mozo Review   UBank USaver Review

Last updated: 11 October 2019.

What's hot:
  • 2019 Mozo Savings Bank of the Year

  • No fees

  • 1.04% standard interest rate

  • 2019 Mozo Experts Choice Award

What's not:
  • No special rate on balances over $200,000

Mozo snapshot:

The USaver from 2019 Mozo Savings Bank of the Year, UBank, has one of the highest base interest rates in the market at 1.04%. Coupled with no ongoing fees, it's hardly a surprise that the account impressed the Mozo judges so much as a great no strings attached savings option that they awarded it a 2019 Mozo Experts Choice Award.

Key features:

The UBank USaver is designed to make you save. There is a standard ongoing 1.04% 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 such as the USaver with Ultra Transaction account that pays 2.10% interest if you link and deposit $200 a month into the account.

Details

Rates and fees information correct as at 18 November 2019. 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: 1.04% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • n/a

  • n/a

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
  • $0.00

  • $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

  • Overall
    10/10
    Great service and ease of use.

    Always had great experience with Ubank. Only con was when they added cards to accounts. I liked...

    Always had great experience with Ubank. Only con was when they added cards to accounts. I liked the fact it was purely an online bank originally. But apart from that, it's been great!

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Jennifer | Queensland

    reviewed 12 days ago

  • Overall
    9/10
    Outstanding online banking services!

    The customer service within the branch is fantastic. The staff who greet you are incredibly...

    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

    Jacqueline | New South Wales

    reviewed over 3 years ago

  • Overall
    8/10
    Simple and useful

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

    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

    Mitchell | New South Wales

    reviewed almost 4 years ago

  • Overall
    10/10
    Reliable

    Highest interest rate notwithstanding any withdrawals during the month.

    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

    Ms | New South Wales

    reviewed about 4 years ago

  • Overall
    9/10
    Great online banking service plus great rates.

    Great online banking service, plus great interest rates.

    Great online banking service, plus great interest rates.

    Price
    9/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    7/10

    Paul | New South Wales

    reviewed about 4 years 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.

See UBank savings accounts

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1.04% p.a.(for $0 to $5,000,000)

2.10% p.a. (for $0 to $200,000)

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UBank

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2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

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2.25% p.a. (for $0 to $150,000)

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2.50% p.a. (for $0 to $250,001)

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ANZ

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1.60% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

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2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

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CUA

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eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

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UBank

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USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

$0.00

Promoted

AMP

AMP

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2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

$0.00

Promoted

MyState Bank

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Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

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Growth Saver Account

1.95% p.a. (for $0 and over)

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

$0.00

Promoted

Rabobank

Rabobank

High Interest Savings Account

2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

$0.00

Promoted

ANZ

ANZ

Online Saver

1.60% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

$0.00

Promoted

Citi

Citi

Online Saver

2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

$0.00

Promoted

CUA

CUA

eSaver Flexi

No Current Offer

1.30% p.a.(for $0 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

2.10% p.a. (for $0 to $200,000)

1.04% p.a.(for $0 to $5,000,000)

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.25% p.a. (for $0 to $150,000)

0.55% p.a.(for $0 and over)

Promoted

AMP

AMP

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2.36% p.a. (for $0 to $250,000)

1.40% p.a.(for $0 to $5,000,000)

Promoted

Suncorp

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Growth Saver Account

1.95% p.a. (for $0 and over)

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

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Rabobank

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2.50% p.a. (for $0 to $250,001)

1.05% p.a.(for $0 to $250,001)

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Citi

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2.30% p.a. (for $0 to $500,000)

0.85% p.a.(for $0 and over)

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MyState Bank

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0.55% p.a.(for $0 and over)

2.25% p.a. (for $0 to $150,000)

Promoted

Suncorp

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

1.95% p.a. (for $0 and over)

Promoted

ANZ

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0.10% p.a.(for $0 and over)

1.60% p.a. (for $0 and over)

Promoted

Citi

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Online Saver

0.85% p.a.(for $0 and over)

2.30% p.a. (for $0 to $500,000)

Promoted

ANZ

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Progress Saver

0.01% p.a.(for $0 and over)

1.60% p.a. (for $0 and over)

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

2.30% p.a. (for $0 and over)

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0.40% p.a.(for $0 and over)

2.05% p.a. (for $0 and over)

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2.05% p.a. (for $0 and over)