UBank Term Deposit

Term deposit accounts are easy to use investments which can give you a guaranteed return and UBank term deposits are feature packed accounts with competitive interest rates and a low minimum deposit requirement. Before you choose from the range of UBank term deposits, find out more about how a term deposit account works and whether it can work for you, then you’ll know exactly which of the UBank term deposits is right for you.

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
UBank Term Deposits (online)	3.36%	5.21%	5.21%	5.61%	5.41%				$1000

What is a Term Deposit?

A term deposit account is a way for you to easily invest and grow your money, and involves almost no risk. This makes term deposits a popular option for savvy investors, but also means that even if you have little or no investment experience, you can still reap the rewards of a term deposit account.

Why use a term deposit account:

• Your return and interest rate are guaranteed for the term. When you have decided on the term you want to invest for, how much you want to invest and how you want your returns paid, your term deposit provider will calculate an interest rate for your term deposit based on these factors. This interest rate is then guaranteed as the rate your investment will earn every single day of your term, no matter what, and so you can also calculate your expected return at the end of the term because it is guaranteed.
• Your investment will never go down. With other forms of investment there is always a risk that your investment will go down and no matter how slight that risk, if that’s not one you’re willing to take, a term deposit may be right for you. A term deposit account is very similar to an ordinary bank account and you deposit your investment with the bank or financial institution of your choice and they hold onto it for the term, calculating interest and paying you returns if you choose. Therefore, there is no chance your investment will be lost in a poor decision or a bad day for the market because it is safe and secure with the bank.
• You’re not tempted to spend your savings. Once a term deposit has begun, you won’t have access to your funds again until the end of the term. Well, you can access your money, but you’ll be penalised with lost interest and early access fees, so there are very strong barriers between you and your savings. This makes a term deposit account perfect for those people who have trouble keeping their hands off their savings, but still want to see a high interest return.
• They are very flexible, not to mention fee free. A term deposit account can usually be opened or initiated online and so the entire process of term deposit investing, from deposit to return, is fee free. You also have a range of flexible options, including, terms of one month to five years, interest payment options either monthly, quarterly, six monthly or yearly, and your choice of investment amount.

USaver Term Deposits Interest Rates

• 1 Month Term Deposit Earns 3.36% per annum
• 3 Month Term Deposit Earns 5.21% per annum
• 6 Month Term Deposit Earns 5.61% per annum
• 9 Month Term Deposit Earns 5.24% per annum
• 12 Month Term Deposit Earns 5.41% per annum

These high interest rates can make your savings explode. In cash terms if you take $10,000 and put it in a six month term deposit you will earn $312. But, USaver does not stop there. Customers who roll their term deposit over at the end of the term will be rewarded with a 0.10% loyalty bonus. But the perks of having a USaver Term Deposit do not stop there.

USaver Term Deposit Perks

• No Fees. That means absolutely $0 in fees, ever.
• Your choice of the length of the term either 1, 3, 6, 9, or 12 months
• A Self Managed Super Fund option
• Use the Turbo Deposit account opening process and earn instant interest.
• Guarantee by the Australian Government on deposits up to $1 million (total funds deposited at NAB).
• Anytime access to real people at their Sydney based call centre.
• Remember that with a USaver Term Deposit your interest rate is locked in. If the market rate drops you still earn the same rate that you locked it in at the beginning of your term.
• You do not have to wait for paperwork to be processed anymore. When you apply for your term deposit you will be given a BPAY reference number, use it to make your deposit and start earning interest the very next day.
• You can send a cheque or make a deposit instead of using the BPAY option.

USaver Term Deposit Frequently Asked Questions

1. What do I need to open a UBank term deposit? A USaver Term Deposit is open to anyone over the age of 18 who is an Australian resident, has an Australian bank account and $1,000 dollars to invest. It is really that simple. You do not even have to bank at UBank, you can simply open your term deposit there by transferring funds to and from another Australian bank. Once your account is open you can sit back and start watching your money grow. You will also need an email address and mobile phone number for UBank to send you notifications.
2. Can I only open a term deposit on a personal account? Term deposits can be opened by a trustee of a self managed super fund or a personal account. Business names and trusts are not eligible for this account.
3. How will I be paid interest on my account? Interest is calculated on the closing balance each day. It will be credited to your account on the date of maturity. If you have a 12 month term you can set it up to be credited monthly, quarterly, at the six month mark, or at the maturity date.
4. Is there a minimum deposit? Yes, the minimum USaver Term Deposit amount is $1,000.
5. Is there a maximum deposit amount? Yes, the maximum amount is $2 million for each account.
6. How much are the fees associated with this account? Zero. There are no fees and no charges payable with the UBank Term Deposit.
7. After I apply how long do I have to make my deposit before the interest rate changes? Interest rates are guaranteed for five calendar days after your application is received. It is important that you make your deposit quickly so as not to miss out on your rate.
8. How can I open a term deposit account? You can go online to the UBank website and fill out the application or phone them 24 hours a day 7 days a week. You may also download the application form from their website and mail it to UBank
9. Do I need to provide a lot of personal information when I open my account? In order to make the process easier you should have the following things in hand when you make your application.
   1. Your Australian residential address (not a PO Box)
   2. Driver licence number if you have one
   3. Passport number if you have one
   4. Mobile phone number
   5. Email address (a separate one for each applicant if you are opening a joint account)
   6. Information on the bank account you want to link to your term deposit.
   7. Tax File Number or Exemption Code for taxes. (You may provide this later but UBank is required to deduct withholding tax at the highest marginal rate until they receive it)
   8. A secret question and answer for security purposes.
10. May I open more then one term deposit? Yes, you can open as many term deposits as you wish as long as you meet the minimum balance of $1,000.
11. How long will it take to process my application? Most of the time your account will be set up immediately. You will be able to access it at the UBank website or by calling their Sydney based call centre. They will send you a letter as soon as it has been set up.
12. How can I view my account balance? One of the best features of a UBank account is the ability to view your account online. All you will need is your login email and password. If you are away from your computer you can call them anytime to get details of your account.

If you are new to the online banking industry you might be weary of making transactions into your account without a local branch to visit. UBank wants to help you make your money grow so they have made fast and easy options for you to deposit money into your USaver Term Deposit account. These choices, are probably faster then you could walk down to any local bank and make a physical deposit.

The first option is to transfer funds from any other UBank USaver account using the UBank BSB number and your term deposit number. You can also set up BPAY which lets you transfer funds electronically. This is the fastest choice to get money into your account and start earning interest on it straight away.

You can also do a funds transfer from any other Australian bank account. The final option is to simply write a cheque to the account holder or UBank with your application. Be sure to include all of your pertinent information on the back for the cheque, full name, address, date of birth, and account number for processing.

USaver and Self Managed Super Funds

As you look down the road to retirement you should also look at how a USaver Term Deposit can build up your retirement account. You have the option of investing money from your self managed Superfund with UBank. You get to take advantage of the great rates and still have flexibility in managing your money. All without spending even one dollar on fees. The terms are the same as regular USaver Term Deposit Accounts with the additional choice of putting your money in an account for 12 months at 5.41% per annum. These accounts even get the loyalty reward of .10% over the current rate when you roll over at least 100% of your initial term deposit.

Requirements for a Self Managed Superfund USaver Term Deposit.

• Trustees must be two individual persons or a corporate trustee with no more then two directors. These term deposit accounts are not open to funds with more then two directors.A minimum deposit of $10,000
• An Australian bank account that has the same name as the fund or the trustees. UBank will use this account to transfer your interest and money.

The USaver Term Deposit is a secure way to earn big returns on your money. In the unfortunate circumstance that you have to withdraw your deposit before the maturity date the interest payable will be reduced. This is called a pre-payment cost and is an estimate of the cost to UBank for your early withdrawal.

The amount is calculated by the difference between the interest rate when you made your initial deposit and the interest rates when you withdraw the funds. If interest rates have gone up then so will the cost to UBank to replace that money. They calculate the cost of replacing the money withdrawn and deduct it from the interest your account has earned. This amount could total the amount of interest your account has earned but it will not go over that amount. So, no matter what happens your initial investment is always protected.

The USaver Term Deposit is a different kind of product from a different kind of bank. At UBank the focus is on customer satisfaction. On making sure that each customer is completely satisfied by giving them the highest rate of return on their money. They cut out the overhead in order to make this happen. This modern bank strives to make you earn more money because they know that is the key to customer satisfaction. The term deposit products are simply the best in the business, if you are not banking with them yet today is the day to start.

Bonus Features of UBank Term Deposits

As well as all the benefits and options of a regular term deposit account, when you choose from the UBank term deposits range you can also enjoy bonuses and extras to help your investment really bloom:

• UBank is as secure as a Big Four Bank. When it comes to choosing a term deposit provider, you want to be sure you are locking your funds away with a bank which will be there at the end of the term. UBank is backed by NAB and NAB is not only one of Australia’s Big Four Banks, but one of Australia’s oldest and most established banks too.
• You only need $1,000 to invest in UBank term deposits. This makes a UBank term deposit account a very accessible investment option if you are starting out in investments, or want to test the term deposit waters before diving right in. Plus, you can invest in a term deposit account for a little as one month to get a taste, before taking advantage of UBank’s longest term deposit of 12 months.
• Roll over your term deposit and enjoy a Loyalty Bonus. When you roll over 100% of a UBank term deposit, you will earn a bonus 0.10% interest on your new term deposit as a reward from UBank for your loyalty. This put’s UBank’s already competitive term deposit interest rates streaks ahead of its competitors.

To find out more about the current rates on UBank term deposits or to start an online application now, follow our secure link to UBank.com.au.