UniBank Savings Accounts
What savings accounts does UniBank offer?
At the time of writing, UniBank offers the following savings accounts:
Everyday savings accounts
Reward Saver Account
This account pays bonus interest each month if a minimum amount of $50 is deposited, no withdrawals are made and the account maintains a credit balance at all times. Otherwise, the standard interest rate will apply. There is also a limited amount of free withdrawals from the account before excess fees apply.
Online Savings Account
According to UniBank, this account provides the convenience of managing your savings online while earning a tiered interest rate which varies depending on your balance.The account requires no minimum deposit and interest is calculated daily and paid monthly.
Summer Stash Account
Unibank states that this account is designed for those who wish to save money for the summer period. It requires no minimum balance and allows unlimited withdrawals between 1 November and 1 January. However, withdrawals outside of that period result in the account being closed and the funds being transferred to a transaction account. New accounts can only be opened between the 1st of January and the 30th of June each year. Interest is calculated daily and paid monthly.
Cash Management Account
This account offers a tiered interest rate and has unlimited access via electronic banking, based on the account balance. There is no minimum amount to open an account and interest is calculated daily and paid monthly.
Over 50s savings accounts
Pension Advantage Account
According to Unibank, if you receive an eligible government pension or allowance, then you may be able to open a Pension Advantage account. From 1 July 2018, UniBank requires that all new accounts must have the eligible pension or allowance paid directly into the account. If this payment is not made, Unibank may transfer the account into an Online Savings account at its discretion. There is also a limited amount of free withdrawals from the account before excess fees apply. There is no minimum balance required to open an account and interest is calculated daily and paid monthly.
Edvest Cash Management account
This account is available to Edvest members only. The account earns a tiered interest rate and has unlimited access via electronic banking. There is no minimum amount to open an account and interest is calculated daily and paid monthly.
Teen and kids savings accounts
Mighty Saver Account
This account pays bonus interest each month a minimum amount of $10 is deposited, no withdrawals are made and the account maintains a credit balance at all times. Otherwise, the standard interest rate will apply. At the time of writing, you must be under 18 years of age to open a Mighty Saver Account. The account is automatically transferred to a standard Reward Saver Account when the account holder turns 18. It requires no minimum deposit and interest is calculated daily and paid monthly.
You can view the current interest rates of some UniBank savings accounts in Canstar’s comparison tables.
Do UniBank savings accounts require a linked transaction account?
UniBank does require you to have a linked account to make use of their savings accounts. UniBank allows you to nominate any Australian bank account as your linked account as long as your bank lets you transfer money to other bank accounts.
You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.
Does UniBank 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. At the time of writing, UniBank charges a $3 staff assist fee if you require staff assistance for enquiries or transactions.
Additionally, both the Reward Saver Account and Mighty Saver Account have a limit of one free transaction per month to another internal account and the Pension Advantage account has a limit of four per month. If the limit is exceeded, a fee of $1.50 per transaction is charged. This fee is debited in the last week of each month or when the account is closed.
Details of any further fees may be found in the disclosure documents on the UniBank website.
What does UniBank offer in terms of mobile banking for savings accounts?
UniBank offers electronic banking for all its saving products. UniBank states that electronic banking includes internet banking, mobile banking app and telephone banking.
UniBank’s mobile app is available for download from the Apple App Store and Google Play Store. Notable features of the app include the ability to:
- Log in using a passcode, face recognition or with Touch ID
- Display selected account balances without logging in
- Find your nearest free rediATM or UniBank branch
- Transfer money on the go
How do I apply for a UniBank savings account?
Before applying for a UniBank 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 UniBank savings account online, provided you have the correct documentation.
You must be a member of UniBank to open a UniBank savings account. UniBank says membership is open to current or retired employees, graduates and post-graduates and current students of an Australian university or family members of members of the bank. Additionally, you must also be an Australian citizen or permanent resident.
There are some additional requirements you must also meet to open a UniBank savings account. For example, to apply for the UniBank Reward Saver Account you may need to:
- Be over 18 years old and a resident of Australia
- Have a valid email and Australian residential address.
- Provide a Tax File Number (TFN)
- Provide details of the bank account you’d like to link your UniBank Online Saver to
- Only use the account as a personal account
UniBank originated at the University of Western Australia in 1964 as The University Staff Credit Society Limited. UniBank’s website states that the company’s original focus was to provide financial products and services to members of the university, however, they now offer banking to the wider community.