UBank Term Deposit

2.80% p.a.6 months

Yes

 

UBank Term Deposit Review

Rates and fees information correct as at 25 April 2018.

Review published: 28 February 2018

What's hot:

  • 2018 Mozo Experts Choice Winner

  • 2.80% p.a. for a 6 month term

  • 0.10% loyalty bonus at renewal

  • No fees

What's not:

  • 31 days notice needed to access deposit prior to maturity

Mozo snapshot:

With no fees, competitive interest rates and a loyalty bonus at renewal, the UBank Term Deposit really does deliver value for Aussies looking to stash away their cash for a year or less. A Mozo Experts Choice Winner in the Short Term Deposit category, savers can make the most of a lofty 2.80% p.a. interest rate by locking away their cash for six months, but also have a wide-ranging suite of options with rates ranging from 1.90-2.80% for terms as short as one month, or as long as 12.

Key features:

Brought to you by the Mozo Experts Choice Savings Bank of the Year for 2018, you can be sure you’re getting a good deal on your savings stash with UBank’s Term Deposit. Arguably its most distinguishing feature, the 0.10% loyalty bonus that is added onto your deposit at renewal means you have the chance to build your interest rate over the long term.

You’ll have the option to have the interest, which is paid at maturity, paid into another bank at no additional cost and if you’re happy with the rate you’re earning, simply sit back and let the automatic renewal feature do its thing.

If you want to get started you’ll need an initial sum of at least $1,000 to kick things off, but serious savers will be able to deposit as much as $2 million.

Who it's good for:

Aussie savers on the lookout for a competitive set of fixed interest rates without having to commit their money for years on end can benefit from UBank’s Short Term Deposit. It’s a particularly good option for digital dwellers who are comfortable managing their money online or over the phone because UBank is an online only, branchless bank.

Any catches?

Aside from the maximum investment of $2 million, just be aware that you’ll need to give UBank a months notice if you want to access your cash before your deposit matures.

How are UBank term deposits rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.7

Based on 18
UBank term deposits reviews

7.8 6.8 7.1 7.7 7.8

Read UBank term deposit reviews by the Mozo community

Latest reviews of UBank Term Deposit

UBank

UBank Term Deposit term deposit review

Overall rating   5 / 10

Other institutions offer better rates!

Had term deposit mature in August. Two further term deposits maturing in September and October suffered from two separate interest rate decreases whilst there was no movement in the cash rate. Wrote - but no reply! Very disappointed after four years.

Full review

Had term deposit mature in August. Two further term deposits maturing in September and October suffered from two separate interest rate decreases whilst there was no movement in the cash rate. Wrote - but no reply! Very disappointed after four years.

    Price   4 / 10

    Features   6 / 10

    Customer service   3 / 10

    Convenience   8 / 10

    Trust   5 / 10

Less

Ian (NSW), reviewed over 4 years ago

UBank

UBank Term Deposit term deposit review

Overall rating   8 / 10

Great rate and very flexible

Great interest rate with the flexibility to receive interest monthly as opposed to at the end of the term which was really important to me.

Full review

Great interest rate with the flexibility to receive interest monthly as opposed to at the end of the term which was really important to me.

    Price   8 / 10

    Features   9 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Mozo reviewer (NSW), reviewed over 4 years ago

UBank

UBank Term Deposit term deposit review

Overall rating   10 / 10

Great interest rates and ease of use

Love the ease of the website. They have a higher interest rate than the other banks I was checking out.

Full review

Love the ease of the website. They have a higher interest rate than the other banks I was checking out.

    Price   9 / 10

    Features   9 / 10

    Customer service   6 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Mozo reviewer (VIC), reviewed over 4 years ago

UBank

UBank Term Deposit term deposit review

Overall rating   10 / 10

High interest = high returns

Absolutely the best term deposit I've found. I've told many of my mates, even my financial advisor and they have all signed up! It's so easy to navigate & understand and best of all, high interest rates!

Full review

Absolutely the best term deposit I've found. I've told many of my mates, even my financial advisor and they have all signed up! It's so easy to navigate & understand and best of all, high interest rates!

    Price   10 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   3 / 10

    Trust   7 / 10

Less

Mozo reviewer (VIC), reviewed over 4 years ago

UBank

UBank Term Deposit term deposit review

Overall rating   7 / 10

Only online, the best rates, the only way to go

You get the best term deposit rates with this bank every time without worrying. Due to only being online there are no fees. This reduces costs. This concerned me at first but having been with them several years now they are trustworthy and very...

Full review

You get the best term deposit rates with this bank every time without worrying. Due to only being online there are no fees. This reduces costs. This concerned me at first but having been with them several years now they are trustworthy and very reliable to deal with. However, if you couldn't access a computer for some reason this could be cause for concern. This way of banking is not for everyone.

    Price   9 / 10

    Features   -1 / 10

    Customer service   9 / 10

    Convenience   -1 / 10

    Trust   6 / 10

Less

Mozo reviewer (ACT), reviewed over 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • 1.90% p.a. ($1,000 to $2,000,000)

  • 2.60% p.a. ($1,000 to $2,000,000)

  • 2.55% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.66% p.a. ($1,000 to $2,000,000)

  • 2.64% p.a. ($1,000 to $2,000,000)

  • Yes

  • Yes

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

  • If you reinvest at the end of your term, UBank adds a 0.10% loyalty bonus to the new interest rate.

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.

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

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