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UBank Green Term Deposit

Best rate (up to 1 year)
1.00% p.a.10 months
Interest paid to another bank?
Yes

Mozo editorial review UBank Green Term Deposit

Last updated: 3 July 2020.

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What's hot
  • 0.95% p.a. 5 month rate
  • 0.10% loyalty bonus
  • Balances matched and invested in climate-friendly initiatives
What's not
  • 31 days’ notice required before withdrawing funds
Mozo snapshot

The UBank Green Term Deposit will come as a breath of fresh air for the more ethically-minded savers among us. Not only does it offer competitive rates on a number of terms, when you lock away your savings the bank will allocate amounts of at least as much to invest in projects which promote environmental sustainability.

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Key features

The UBank Green Term Deposit rewards savers with competitive rates as high as 0.95% p.a. for five month terms, but that’s only a small part of its appeal. When you stash your savings in a UBank Green Term Deposit, NAB (UBank's parent company) sets an equal amount aside for projects which advance climate sustainability. That means your savings are matched to a portfolio of renewable energy projects like wind and solar energy, low carbon transport, and low carbon buildings.

The UBank Green Term Deposit is certified by the Climate Bonds Initiative (CBI), which means it meets the Climate Bond Standards - letting you know your savings are contributing to tackling climate change.

What’s more, loyal customers are rewarded when they renew their term deposit with an added 0.10% p.a. That takes a respectable 0.95% p.a. interest rate for 5 month terms and turns it into an even more generous 1.05% p.a. The minimum deposit is $1,000 and interest can easily be paid to another bank. Just keep in mind that rollover is automatic, so if the maturity date is approaching you’ll have to let UBank know if you don’t plan to reinvest.


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Who is it good for

If you like your banks to take a more active role when it comes to promoting environmental sustainability - or if you’re just looking for a term deposit that offers quality returns - you’ll be quite pleased by the UBank Green Term Deposit.

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Any catches

There’s a minimum deposit of $1,000. And if you want to withdraw your funds before the maturity date, you’ll have to provide 31 days’ notice.

Details

Rates and fees information correct as at 11 August 2020. 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
  • 0.65% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 0.95% p.a. ($1,000 to $2,000,000)

  • 1.00% p.a. ($1,000 to $2,000,000)

  • 1.00% p.a. ($1,000 to $2,000,000)

Other financial bits
  • $1,000.00

  • $2,000,000.00

Features
  • direct credit

  • Yes

  • Yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • Green Term Deposit savings will be matched to a portfolio of renewable energy projects like wind and solar energy and low carbon buildings. If you reinvest at the end of your term, UBank adds a 0.10% loyalty bonus to the new interest rate.

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are UBank term deposits rated by the Mozo community?

Overall customer rating
8.3/10
Price
8.9/10
Features
7.7/10
Customer service
8.0/10
Convenience
8.2/10
Trust
8.1/10
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.

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