UBank Saver – Account and Application Details

You may naturally be a spender, however, regardless of your natural inclination, it is important to listen to your inner saver, no matter how faint that voice may be sometimes, and have a solid savings plan. To do that, you need to work out what type of saver you are, and find a savings product which will suit you, and here you can decide whether you are a UBank saver and whether a UBank savings or term deposit account will help you satisfy the voice of your inner saver.

UBank Saver

The most popular UBank savings account is called the UBank USaver. It is arguably the best savings account on the market, with one of the highest interest rates in Australia!

• 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

Could You be a UBank Saver?

UBank is relatively new on the Australian banking market and is the first Australian owned and operated direct bank to be launched. This means there are no UBank branches, and as a direct result, no UBank fees. This is just one benefit of using a direct bank like UBank for your savings goals and plans, but there are many more, and they could help you decide whether you are a UBank saver.

The UBank USaver high interest savings account may suit your savings needs if:

• You can make regular monthly deposits of $100 or more. If you deposit at least $100 into your USaver high interest savings account, you will earn a bonus 0.10% interest on top of the already high rate. The USaver interest rate is currently a very competitive 6.01% and UBank even offers a Rate Assurance to keep that rate competitive, and increase it in line with their competitors.
• You are saving for a number of goals. The USaver online savings account allows you to set up Savings Buckets which you can name after each of your savings goals. You can name one bucket ‚ÄòEmergency Fund’ another might be called ‚ÄòWedding’ and another ‚ÄòHome Loan Deposit’ and you can set a savings goals and a deadline for each bucket. These goals are then tracked by UBank in internet banking, so when you log in, you can see an easy to read and use graph of each Savings Bucket so you can measure your progress, and see where you need to increase or redirect your savings efforts.
• You are an ongoing, online saver. You may be a UBank saver if you are always on the move, and have wages, plans, emergencies, expenses and must-haves coming from every angle. This is because, with an online savings account, you can direct your technological savvy towards your savings goals by applying for a USaver account online and setting up a regular transfer to your account. Your savings will then continue to grow, while they are out of sight and out of mind, and therefore out of danger of being spent on an impulse purchase or a big night out. At the same time, your savings are at call and can be transferred to a linked bank account, or transferred using the Any Pay function, unique to the UBank online savings account, and be available in a matter of days if you have an emergency expense.

The UBank term deposit accounts may suit your savings needs if:

• You are an organised, safe and well-planned saver. If you like to know the exact returns, risks and variables of your savings plan, then you may be a term deposit saver, and UBank can help you there too. A UBank term deposit account will have a guaranteed interest rate from the time you open the account, right until the end of your term, so from the very beginning you will know how much interest your investment will earn and you can begin to plan how you will reinvest that amount, either with UBank, or to achieve a longer term savings goal at the end of the term.
• You want to continue investing in term deposit accounts, and be rewarded for it. you are a UBank saver if the idea of bonus interest on your term deposit account appeals to you because when you roll over all of your term deposit at maturity into a new UBank term deposit, you will earn a bonus 0.10% interest.
• You’re a saver who should be parted from their money. If having your savings hidden away in an online savings account is not out of mind enough, you may be the type of saver who need their savings locked away in a term deposit where they really are inaccessible. The funds in your UBank term deposit are not at call and can’t easily be transferred out, and if you do access your term deposit investment, you will be penalised in fees and sometimes even lost interest.
• You’re interested in interest right now. When you apply online for a UBank term deposit account, you can use the BPAY reference number you are given to make an immediate payment to your term deposit account, so you can be earning interest the very next day. This means no waiting around for paperwork or processed application forms and internet transfers, your term deposit can start almost immediately and have you on your way to being a responsible saver.

To find out more about UBank and the products available to savers of all shapes and sizes, follow our secure link here, to the UBank website and online application forms, because if you start your application today, you could be saving and accruing interest by tomorrow.