UBank Savings Accounts
What savings accounts does UBank offer?
At the time of writing, UBank offers the following savings accounts:
USave
USave is a standard savings account with a base variable interest rate.
- Interest rate: 0.05% p.a. variable rate
- Fees: No monthly account fees. Other fees and charges may apply, please see the terms and conditions on UBank’s website for more information.
- Maximum balance (and maximum balance to receive bonus interest if these are different): There is no minimum balance. A maximum balance applies of $5 million per UBank customer.
- Eligibility: Must be over 18 years old.
USave + USpend
By combining a USave with a USpend transaction account, you may be eligible to receive a bonus interest rate. At the time of writing, you can earn bonus interest if you link a USpend account and deposit at least $200 per month.
- Interest rate: Earn up to 1.05% p.a. (variable rate includes 1.00% p.a. bonus interest for eligible customers)
- To be eligible, you must have or open a USave savings account which is linked to a USpend transaction account. At least $200 (from a non-UBank account) must be deposited into the USpend account each month.
- The criteria has to be met each month for the bonus interest eligibility to be upheld.
- Fees: No monthly account fees. Other fees and charges may apply, please see the terms and conditions on UBank’s website for more information.
- Maximum balance (and maximum balance to receive bonus interest if these are different): There is no minimum balance. A maximum balance applies of $5 million per UBank customer.
- Eligibility: Must be over 18 years old.
You can view the current interest rates on UBank savings accounts in our comparison tables.
UBank Savings Accounts FAQs
Do UBank savings accounts require a linked transaction account?
UBank requires a linked transaction account to its USave account in order to earn the variable bonus interest rate.
You can compare transaction accounts with Canstar to potentially find one that suits your requirements.
What online and mobile banking services does UBank offer with its savings accounts?
UBank offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable advertised features of UBank’s mobile banking include the ability to:
- Focus your finances into one simple daily number
- Set and track savings goals
- Easily and quickly access your accounts, including the past 500 transactions and overview of your interest earned over the past year.
How to apply for a UBank savings account
Before applying for a UBank savings account, consider comparing it against other savings accounts on Canstar’s database to help ensure it is the right one for you. You can then apply for a UBank savings account online, provided you have the correct documentation:
- At least one form of ID, such as your driver’s license or passport
- Accurate personal information, such as your name, date of birth, address and phone number
- A current Australian Tax File Number
UBank was launched in 2008 and is a division of the National Australia Bank. UBank has no branches, something it claims results in lower costs than those faced by traditional banks.
