History and Details of UBank Australia

The direct banking market in Australia has previously been dominated by international players like ING Direct and HSBC. However, UBank is the first foray into direct banking from any of the Big Four Banks yet and has made for successful and award winning products and competitive interest rates, inclusions and services.

Featured UBank Australia Savings Account

UBank Australia is actually part of the NAB, one of Australias largest banks, so you know your money will be secure. There will be plenty of money as well, with currently the highest interest rate on the market!

• 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

Features of UBank Australia

Before you choose a savings account or term deposit provider to trust your funds to, you need to know more about the choices you are making. Therefore, find out what sets UBank apart from other Australian providers and direct banks operating in Australia:

UBank is an Australian direct bank. UBank is backed by NAB and while that doesn’t mean you can access your UBank account at a NAB branch or in the NAB internet banking system, it does mean that your savings and investments are secured by one of Australia’s Big Four Banks. What this also means is you are dealing with an Australian company, while still being able to make great savings on fees and earn great returns with the higher interest rates offered by UBank, because it is a direct bank.
Banking with an online bank saves you time and money. As a direct bank, UBank doesn’t have any branches anywhere in Australia and this means less staffing costs and overheads for them to worry about. While UBank makes savings on their running costs, they pass those savings onto their customers by offering fee free online savings and term deposit accounts, as well as higher interest rates and returns than other providers with branches and tellers can offer.
UBank is a modern bank with modern features. UBank is one of the newest savings account and term deposit providers on the block, and as such they’re up with all the must-haves the cool kids are clamouring for. For example, UBank is the only provider to offer an online high interest savings account with an Any Pay feature to easily transfer your funds out in an emergency, or when you’ve reached your goal, to any bank account, not just your previously nominated linked account. Plus, UBank offers you the opportunity to earn bonus interest on your savings if you make a designated deposit amount in a month and will pay you a bonus interest rate on your term deposit if you automatically roll over your investment at the end of the term. Also, instead of making you logon or check your statement to see if your account is doing something you should know about, UBank can set up SMS or secure email alerts when interest is paid or a savings goal or maturity date is approaching.

How to Compare Australian Banking Providers

While UBank may seem to have all the funky features you could ever want from a savings account or term deposit provider, these features mean nothing if they are not suited to your needs. Therefore, instead of choosing an Australian banking provider based on which one seems to have the most extras, you’ll be better off comparing providers by:

Determine your saving needs. Being able to earn a higher interest rate and pay low or no fees on your online savings account is an attractive prospect, but make sure that you are already comfortable, or willing to get comfortable, with online banking before you make the switch to an online savings account from a direct Australian bank such as UBank. If you look back at your savings habits and find that you need to be able to make cash deposits to your savings account, or you’d prefer to withdraw your savings as a bank cheque rather than electronically, decide whether an online account really has the features you want and need.
Consider your saving needs for the future. At the same time, you should also weigh in your decision making the fact that having a savings account which is not as easily accessible means less temptation to spend. Plus consider the fact that not only can an online savings account save you money in fees, it can also save you time an if you can make instant electronic deposits to your savings account and see your balance growing before you on your computer screen, this may be just the motivation you need to keep your long term or future savings goals on track. Therefore, compare the online savings accounts which the features which are best for you, do you want to be able to call the bank 24 hours a day, seven days a week, do you want ATM access to your funds, do you want paper statements or electronic notifications?
Clarify your investment options. If you are comparing direct banks for their term deposit offers, remember that the bank with the best five year term deposit interest rate is not always the one with the best six month deposit rate and you need to make your comparisons based on the term of investment which suits your needs, there is nothing to be gained by investing for a longer term to attract a higher interest rate if you need to access your funds before the end of the term to cover emergency expenses.

UBank offers Australians intuitive features with their savings and investment accounts which are sure to become the norm in Australian banking in the future. However, to take advantage of the best modern banking features now, visit the UBank website or fill in an online application form today.