UBank Transaction Accounts

UBANK is a provider of transaction accounts, as well as other banking solutions such as home loans, savings accounts, term deposits and SMSF accounts.

Compare Transaction Accounts

What transaction accounts does UBANK offer?

UBANK offers 1 transaction accounts at the time of writing:

USaver Ultra

An everyday account with no monthly fees, a bonus interest rate on linked savings accounts and 24/7 access to funds with internet banking and ATMs.

You can view the current Star Ratings and fees on UBANK transaction accounts in our comparison tables.

Does UBANK also offer savings accounts?

Yes, UBANK does offer savings accounts in addition to its transaction accounts – The USaver and the USaver Reach.

In order to get more out of a savings account with UBANK, you may need to link it with your transaction account. You do also need to have a savings account with UBANK in order to use its everyday transaction account.

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 in NSW with $10,000 in current savings.

Click here to compare more savings accounts based on your circumstances and preferences. To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here.

Does UBANK charge fees on its transaction accounts?

Transaction accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. UBANK does not charge any fees on its transaction account at the time of writing (21/8/18).

What does UBANK offer in terms of mobile banking for its transaction accounts?

UBANK offers both online and mobile banking for its transaction account products, with its app available in both the Apple and Google store. Notable 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
  • Your transactions now show extra detail
  • A handy interactive USaver graph showing interest and progress

How to apply for a UBANK transaction account

Before applying for a UBANK transaction account, try to first compare it against others on the market to ensure it is the right one for you. You can then apply for a UBANK 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

Once your account is opened, UBANK may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Related article: How to change bank accounts

Eligibility requirements

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

  • You need to have an active UBank USaver savings account with a balance of at least $1.
  • You must be 18 years of age or older
  • An Australian resident for tax purposes
  • Living at an Australian residential address

What other banking products does UBANK provide?

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

  • Home Loans
  • Term Deposits
  • Savings Accounts
  • SMSF Accounts

About UBANK

UBank was launched as a start-up division of NAB in 2007 and they opened Australia’s first online-only mortgage in 2011. As an online-only bank, UBank has no branches and therefore faces fewer costs than traditional banks. They pass these savings to customers in the form of better interest rates, and Australian-based customer support.

Written by: Maddie Clarey | Last updated: August 24, 2018

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