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.
The UBank Green Term Deposit rewards savers with competitive rates as high as 0.70% 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 0.70% p.a. interest rate for 5 month terms and turns it into an even more generous 0.80% 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.
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.
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.