UBank Term Deposit Self Managed Super Fund

UBank Term Deposit Self Managed Super Fund

Min. Opening Deposit

1,000

Account Keeping Fee

0

If you're managing your own super fund then a UBank SMSF term deposit account could be the ideal way to boost your funds for retirement.

  • Grow your SMSF savings
  • No fees to eat into your interest
  • High competitive interest rates

Product details

Offering a competitive interest rate with a choice of a 1, 3, 6, 9 or 12 month term, the UBank self managed super fund (SMSF) term deposit could give the flexibility that you need for your investment. With no application or ongoing fees, you get the security of a fixed interest rate with the financial strength of National Australia Bank (NAB).

You'll need to make sure that you SMSF is compliant with no more than two individual trustees and a maximum of two directors.

Product Name
UBank Term Deposit Self Managed Super Fund
1 month interest rate
2.20%
3 month interest rate
2.76%
4 month interest rate
2.76%
6 month interest rate
2.86%
12 month interest rate
2.95%
Minimum Deposit
$1,000
Maximum Deposit
$5,000,000
Joint application?
Yes
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

Features and benefits of the UBank SMSF term deposit

  • Flexible terms. The UBank self-managed super fund term deposit accounts are available for terms of 1 month, 3 months, 6 months, 9 months, 12 months or 24 months. This can give you plenty of options as far as earning a good return on your superannuation savings, without the need to tie up your money for years at a time. In most cases, your interest is paid at the end of the term directly to the linked account you nominated.
  • Application process. All applications are done online.
  • Minimum deposit. A minimum of $1,000 with a maximum of $2 million per account.
  • Bonus interest. To be eligible for the 0.10% p.a. loyalty bonus on top of your current rate, you need to rollover 100% of your initial term deposit amount or more.
  • Third party access. At this current point in time UBank doesn't have this feature available.

Pros
  • High competitive interest rate
  • No transaction fees
  • Up to a maximum deposit of $5,000,000
Cons
  • $1,000 minimum deposit

How to open an account

If you would like to open an account or find out more information about this product, click follow the secure links on this page to be taken to UBank's enquiry page.

Eligibility
  • In order to open your UBank Self-Managed Super Fund term deposit account, you will need to verify that you have a complying SMSF where either you have trustees that are two individuals or a corporate trustee in which the company has two directors.
  • You should be able to link your UBank account to any other Australian bank account that is in the same name as your self-managed super fund, or in the same name of the trustees. This linked account is where your interest payments will be paid to.
Information you'll need to provide
  • Your full name and address
  • Date of birth
  • Driver's Licence Number
  • Australian phone number and email address
  • Details of your linked bank account
  • Tax File Number
  • A security question and answer
How does UBank verify my SMSF?

You will need to provide evidence of the details of your self-managed super fund to qualify for this type of high interest account. UBank may require a certified copy of your SMSF trust deed, showing the name of the trust and naming the trustees and members of the fund.

When you nominate your linked Australian bank account, you will also need to provide a statement from that bank, showing that the account is either in the name of your SMSF or in the name of the trustees of the fund.

So if you want to boost your retirement savings, but not tie your money up for years at a time, the UBank Self-Managed Super Fund term deposit account could offer you the ideal way to get your super money working for you.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

4 Responses to UBank Term Deposit SMSF

  1. Default Gravatar
    sue | October 13, 2012

    Hi
    Do you have some sort of allocated super account

    • Staff
      Adrian | October 16, 2012

      Hi Sue. The UBank SMSF account seems to be just a SMSF cash account and not a mixed class super account. You may want to look at ANZ which has an SMSF allocation product.
      Hope this helps.

  2. Default Gravatar
    Belinda | September 19, 2012

    Please advise in order to open a self managed super fund Ubank account, do you need the original deed plus any subsequent variations or just the most recent deed of variation?
    Many thanks
    Belinda

    • Staff
      Adrian | September 24, 2012

      Hi Belinda,
      Here are the details to verify your SMSF from UBank:
      ‘To verify the details of your fund we need:

      • Certified pages of the parts of your trust deed (for example,
        the schedule) that display the name of the fund; who the
        trustee(s) are; and who the member(s) of the fund are; OR
      • A certified copy of a notice issued by the ATO that verifies
        the name of the fund and the trustee(s) of the fund.

      The following certification requirements must appear on each page
      of the copy:

      • Full printed name and address of the Approved Certifier
        Registration number (if applicable)
      • Date that the document was certified
      • The following text: ‘This is to certify that this is a true copy
        of the original which I have sighted’
      • Signature of the Approved Certifier
      • The capacity in which they have certified the document
        e.g. a police officer etc


      Thanks for your question

Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Rates last updated July 3rd, 2015
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
ING DIRECT Savings Maximiser
Earn 3.50% p.a. when you open an Orange Everyday bank account and deposit $1,000+ into it each month e.g your salary.
3.50% 2.25% 1.25% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn 3.25% p.a. every month when you deposit $200 (excludes interest) and make no withdrawals each month on balances up to $250,000. Available on balances up to $250,000.
3.25% 0.01% 3.24% $0 $0 / $0 Open More
ANZ Online Saver
Earn a great interest rate of up to 3.10% p.a. for 3 months with the ANZ Online Saver. Interest is calculated daily and paid monthly.
3.10% 2.00% 1.10% $0 $0 / $0 Open More
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal for balances of up to $1,000,000.
2.75% 2.10% 0.65% $0 $0 / $0 Open More
Ask a question
feedback