Find and Compare UBank Savings Accounts

Before you decide you don’t need to know about yet another Australian bank or financial institution, consider why there are so many, it’s for the same reason there are so many different savings accounts or transaction accounts or credit cards, because each Australian is different, and each one of us uses and accesses our money differently.

Featured UBank Savings Account

Arguably the number one savings account on the market. The UBank USaver either has the best or very near the best interest rates. And do not worry that you may not have heard of them, they are backed by the NAB, so your money is secure.

• Maximum Rate: 6.01%
• Standard Variable Rate: 5.41%
• Bonus Rate: 0.60%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the UBank USaver terms and conditions

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	Try the new UBank USaver out for yourself.	6.01%	5.41%	0.60%	$0	$0 / $0

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
UBank Term Deposit	3.36%	5.61%	5.71%	5.81%	5.41%				$1000

UBank is all about what the name implies. You. This is a whole new approach to banking, all online and open all of the time. By removing the cost associated with maintaining branch locations they are able to pass that saving on to their customers in the form of better interest rates and lower fees. They know that sometimes banking requires you to talk to a real person so they also maintain a high quality, Australia based call centre that is open all year long, 24 hours a day and 7 days a week. These representatives are based in Sydney, ready to answer your questions and help you with any and all of your banking needs.

UBank is a part of NAB (National Australia Bank), one of the most established banks in Australia so you can count on them being around for the long term. NAB is a secure and profitable company that is highly regulated and financially stable. They are one of only four banks in Australia that have an AA rating for their high level of financial security. Under Australia Prudential Regulatory Authority regulations they have enough money to cover customer deposits. Deposits up to $1 Million are guaranteed free of charge by the Australian Government. As a division of NAB, UBank deposits are also covered under this guarantee.

Even though they are part of NAB the philosophy of UBank is unique. Their focus is not just on luring new customers, but on keeping them by providing top notch services and fair rates. Online customers now have the advantage of the security of a big bank like NAB and of a dedicated, online direct banking service at UBank. Customer service at UBank is a huge priority. They do not just treat you well when you open your account, but all the time in every single interaction. This service is provided by people who understand that you deserve to be treated with respect, to have a say in how your bank operates, and to friendly service every time you contact them.

UBank Customer Expectations

• Competitive rates that have no hidden agendas.
• Fair and equitable fees that are kept low as much as possible.
• Warnings about fees.
• Transparency, UBank will even show you their competitor rates so you can decide with whom you want to do business.
• An easy application process. Apply by phone 24 hours a day or print out the application form from the website, fill it out, and mail it to UBank.
• You will always get a real person on the line when you telephone them, not a machine.
• UBank customers will always be treated like real people and not just account numbers.

The UBank philosophy centers around online banking. They provide secure access to customer accounts from any computer with an Internet connection, allowing customers to do their banking where and when it is convenient for them.

UBank Online Banking

• Bank anywhere and anytime by logging in to the UBank website with your email and password.
• If you do not have a login email and password or a telephone PIN you can call UBank 24/7 to apply for one.
• Only UBank, not other NAB accounts, are viewable with UBank online banking.
• No one else can access your accounts.
• Your telephone banking PIN can not be the same as your online password. This is a security feature, your PIN is only numbers while your password must have both numbers and letters.
• For security and privacy purposes your online application has a time limit of 20 minutes.
• Applications can not be saved and returned to at a later time however, it only takes 3-5 minutes to complete the application.
• UBank automatically times out after 20 minutes of inactivity to protect your financial information.

Online banking allows you to view

• Account summaries
• Transaction history
• Account information
• Balance chart
• Savings progress

Actions you can take online include

• Opening a term deposit
• Opening a USaver account
• Changing your contact information
• Send secure messages to UBank
• Start and automatic savings plan
• Set up regular transfers
• Withdraw and transfer funds

Important UBank numbers

• ABN 12 004 044 937
• AFSL 230686
• BSB 082991

One of the other features of UBank is Money Box. This feature makes the complex world of finance easier for customers to understand. UBank customers have access to financial articles, news talk, and webisodes that show you how to make the most of your money. Money Box provides financial tips, money management, and banking news to you in a way that makes sense even if you do not have a degree in banking. If you want financial news and tips delivered to you even further UBank is on Twitter and Facebook providing loads of insights into banking strategies.

One of the biggest concerns most people have with online banking is security. At UBank they understand this concerns and have made keeping your identity and your finances safe their top priority. To ensure that all communication and transactions are secure they enlisted the help of data security experts. They use an industry standard 128 bit SSL encryption technology. While that may sound like highly technical jargon it is the security standard that almost all Australian banks currently use. They have also implemented advanced firewall technology to protect their internal systems from any Internet intrusion.

In addition to these security measures UBank offers another layer of security to all of its online and telephone banking customers through SMS security. If you instruct them to make ‘high risk’ detail changes and any payments they will send a security code via SMS to your mobile phone. The code is randomly generated each time a transfer is made to an account outside of your own. You must key it in online or provide it over the telephone in order to verify your transaction. This way if your account is accessed by someone other then you, even if they have your password or telephone PIN they can not transfer funds without this SMS security code. This service is free and compulsory for all UBank online and telephone banking. It is just one more way that you can feel secure with UBank.

Like many people you probably never step foot into a bank branch. If you are doing all of your banking online or over the phone you should not pay for services, like branch overheads, that you do not use. You can bank smarter at UBank. They give their customers all of the benefits of a traditional bank with better rates because they do not have all the costs of those traditional banks. Quality customer service, dynamic security features, great rates, and low fees add up to a bank that meets all of your needs. As a part of NAB you know that UBank is in Australia for the long haul, making the most of your money all 24 hours a day, 7 days a week. Don’t spend anymore of your money paying for services you will not use. Go with the bank that is tailored to the online banking generation.

Therefore, UBank might just be for you:

• UBank is secure as it is a division of the National Australia Bank, which is one of the Big Four Banks.
• UBank doesn’t have any branches so you can save time and money by doing all of your banking online.
• As a UBank customer you have access to the 24 hour, seven day a week call centre, and even if you just have a question about a product, the UBank Sydney-based call centre will be there.
• UBank is backed by NAB but operates independently and benefits from the security of a big bank’s backing, while maintaining their own customer service principles and products.

UBank Savings Account

A great account to be managed online is a savings account because if your savings are out of sight, they are out of mind, and therefore outside of your ability to spend them before you’ve reached your goal.

The UBank online savings account offers:

• Fee free banking.
• Online application and online banking to manage your account.
• Access to a 24/7 Australian call centre.
• A high interest rate which is regularly reviewed and raised to remain competitive with other high interest savings products from other banks.
• The ability to open more than one high interest savings account if you have more than one savings goal.
• Plenty of online tools and calculators to keep track of your savings and meet your goals.
• Find out more about the USaver high interest savings account in Saving Account Finder’s product review.

UBank Long Term Savings

UBank also offers term deposit accounts for larger or longer term investments and a UBank term deposit includes:

• A fee free term deposit account.
• Competitive interest rates, which vary depending on whether you choose the one month, three month, six month, nine month or 12 month term.
• The option to use your term deposit as a self-managed super fund.
• A bonus if you rollover your investment at the end of the term.

Benefits of UBank Bank Accounts

UBank offers many of the features you would expect with online accounts and some additional bonuses and features to make your savings grow faster, or sooner, or more easily.

Other features of UBank:

• Online calculators. These calculators are easy to use and allow you to manipulate all the options of a term deposit or high interest savings account so you can see how the term and the investment you choose affect your end savings result. Then you can make choices about the features which are important to you, based on your calculations, do you need access to your term deposit in six months, or can you wait nine months and earn an extra couple of hundred dollars? Use the calculators to see the difference just a few months or a few hundred dollars can make.
• Webinars to explain the Australian and global financial markets and how their changes affect you. UBank has uploaded a series of two minute webinars to their website to help you understand what is going on in the world and local financial markets, and what you need to do about it. You can find out a little more about the share market, find out why we had a GFC in the first place and be inspired to save in just a two minute snippet of web video.
• UBank is an online bank. Most banks will allow you to operate your accounts with them online but they will still have branches and staff. However, with a completely online bank, the bank saves money on staffing and branch costs which they pass onto you, meaning all of your accounts with UBank can be operated fee free, but you still have 24 hour access, seven days a week to a banking representative in Sydney.

If you are looking for the new way to do your banking, UBank can offer you online management of your accounts and great interest rates on your savings, so compare UBank to our other providers, or compare the UBank investment and savings accounts to those of other Australian banks and see if the features suit your needs, and decide whether you’ll really miss not having a branch to go to…thought not.

Related Resources

• Details on the UBank NAB Partnership
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• UBank Money Box Details and Information
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• UBank Saver - Account and Application Details
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• UBank Twitter
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• UBank USaver - Account and Application Details
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• USaver UBank - Application and Account Details
  As one of Money Magazine's Best of the Best for 2010, the USaver from UBank is feature packed and ready to help you save. Your USaver online savings account will also take your savings into the future with dedicated, competitive interest rates from UBank, and modern, intuitive features to help you secure your finances.

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