Details on the UBank NAB Partnership

The last thing you probably want to hear in your search for a new savings account or investment option is that there is yet another provider you should consider. However, having such a wide range of Australian financial services providers means you have a wide choice of products and a competitive market to choose from. One of the newest banks on the block to consider is UBank, a direct bank, backed by the National Australia Bank, and offering some of the most competitive and easy to use products. Read on to find out what that all means to you.

Featured UBank NAB Savings Account

UBank and NAB team up to provide you with an incredible savings account. Arguably the best savings account in Australia at the moment, get one of the highest interest rates on the market. Ensure your money is safe with the backing of NAB.

• 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

Who is UBank and What Do They Have To Do With NAB?

UBank is the direct banking arm of the National Australia Bank and was launched in 2008 to offer Australians more online and phone banking-based services, without resorting to an overseas call centre situation. The key facts you need to know about UBank when choosing an Australian financial provider include:

UBank has the strength of one of the Big Four Banks. The National Australia Bank is one of Australia’s Big Four and so NAB lends that strength, security and banking knowledge to UBank to ensure you feel safe in depositing your savings and investments. With Australia and world-wide banking experience, NAB also gives UBank all the resources necessary to ensure high levels of customer service and intuitive and cutting edge products.
UBank is not NAB. If the strength and security of a big bank appeals to you but the fees, the paperwork and the bustle don’t then you can enjoy the best of both world with UBank from NAB. This is because while UBank is backed by the power of NAB, their internet banking systems, call centres, websites, products, staff, fee structures and interest rates are their own; UBank instead focuses on helping you save money as you save money, and making it easy and even fun to manage your investments in a way which suits you.
UBank is an Authorised Deposit Taking Institution. This means that all your savings and term deposits with UBank up to $1 million are guaranteed under the Australian Government’s Deposit Scheme until 2011.

What is Direct Banking and How Can You Benefit?

So UBank is Australia’s newest direct bank, but what is a direct bank and what does it mean for your money? Here are the basics of direct banking, so you can decide for yourself whether the benefits and features are ones you’re looking for:

A direct bank doesn’t have any branches. This may seem like a major flaw in the banking system, how can a bank operate without branches? However, when you think about how you currently do your banking, especially how you manage your savings and investments, which are UBank’s focus, how often do you visit a branch anyway? That’s right, not very often because you can use phone and internet banking and access your money at ATMs. Plus, a direct bank will compensate for not having branches in other ways and where you may normally have to visit a branch to change your PIN, you can do that online or over the phone.
UBank has a 24/7 Australian call centre. Another way direct banks compensate for not having branches is by having accessible call centres and you can call UBank at any time of the day or night and talk to an Australian UBank staff member.
Direct banking is cheaper for UBank and for U. Where UBank is able to save money by not having the overhead costs of a branch to worry about, they can pass those savings onto you. They do this by offering fee free accounts and higher interest rates on their savings and term deposit accounts than other Australian banks which do have branches.
Direct banking is the way of the future. When UBank was launched in 2008, 23% of Australians were already managing their savings accounts online. According to the research of UBank’s General Manager Gerd Schenkel, that number is expected to grow by 10% every year, for the next five years. Therefore, UBank from NAB is allowing you the opportunity to be a part of the future now, and even if not all Australians have realised the benefits of online banking yet, it doesn’t mean you can’t reap the rewards now.

If you feel confident in opening your accounts and managing your funds online, or even if you’d like to give the process a try, UBank makes it easy and safe, not to mention affordable, to take advantage of the benefits of direct banking, while feeling secure with the backing of NAB, so find out more right now.