UBANK Savings Accounts

UBank is a provider of savings accounts, as well as other banking solutions such as loans, term deposits and superannuation.

Compare UBank savings accounts

Considering a savings account from UBank? The table below displays a snapshot of UBank savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

Compare Savings Accounts

What savings accounts does UBank offer?

UBank offers the following savings accounts at the time of writing:

USaver

A standard savings account with a base variable interest rate. 

USaver with Ultra

A higher interest savings account with a bonus interest rate and a lower base variable interest rate. This account requires a linked transaction account. 

Usaver Reach

A savings account for 18-29 year olds with a maximum investment of $5,000 and a higher base variable interest rate.

You can view the current interest rates on UBank savings accounts in our comparison tables.

Do UBank savings accounts require a linked transaction account?

UBank requires a linked transaction account to its Ultra savings account in order to earn the higher advertised interest rate. 

You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.

Does UBank charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. UBank advertises that it charges no fees on its savings accounts at the time of writing.

For current information on fees and how they apply, please check the Product Disclosure Statement.

What does UBank offer in terms of mobile banking for 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
  • Track and reach your savings goal
  • Temporarily block, reorder or replace your Ultra card
  • View an interactive USaver graph showing interest and progress

How to apply for a UBank savings account

Before applying for a UBank savings account, consider comparing it against other savings accounts on the market to 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 states that it does not require you to make a deposit before activating your account. 

Related article: How to change bank accounts

Eligibility requirements

Before applying for a UBank savings account, you will also have to meet the following eligibility requirements:

  • Be over 18 years of age
  • Be an Australian resident for tax purposes
  • Live at an Australian residential address

What other banking products does UBank provide?

UBank provides a variety of different products to consumers, including:

About UBank

UBank was launched as a start-up division of NAB in 2007 and opened Australia’s first online-only mortgage in 2011. UBank has no branches, something it claims results in lower costs than those faced by traditional banks. 

UBank USaver with Ultra

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Written by: Maddie Clarey | Last updated: August 27, 2018