UBank Term Deposit

UBank is a provider backed by the National Australia Bank, but UBank’s products and interest rates are entirely separate and managed almost entirely online and so you can find very competitive rates on term deposit accounts. UBank requires just a $1,000 minimum investment and offers terms up to 12 months and the UBank Term Deposit account may be just what you have been looking for if you want flexibility, choice and rewards for your investing efforts.

UBank Term Deposit Account

With a UBank Term Deposit Account you have the chance to invest what you thought was an insignificant amount and turn it into the beginnings of a blossoming investment portfolio.

• Maximum Rate: 5.41%
• Standard Variable Rate: 3.36%
• Bonus Rate: 2.05%
• Monthly Account Fees: $0
• Minimum Balance:
• Minimum Deposit: $1000

Read the UBank Term Deposits (online) terms and conditions

Features and Benefits of a UBank Term Deposit

While you may be able to negotiate a higher interest rate with a term deposit provider if you have done business with them before, UBank does not make you negotiate for a loyalty bonus interest rate and this is just one feature of the UBank Term Deposit which makes it intuitive and enjoyable to use.

Using a UBank Term Deposit account:

• Account can be opened with as little as $1,000. If you thought you were excluded from term deposit investments because you don’t have tens or hundreds of thousands of dollars to invest then UBank is here to prove you wrong. With a UBank Term Deposit you have the chance to invest what you thought was an insignifican’t amount and turn it into the beginnings of a blossoming investment portfolio. If you start with $1,000 and keep reinvesting your term deposit each time it matures you can grow your savings with very little effort because you have come to be able to live without your $1,000, but that initial investment keeps growing.
• You must be 18 years or older and be an Australian resident. You’ll also need an Australian bank account to transfer your initial invest from, and have your interest deposited to.
• You’ll need your email address and phone number. To save you time and make investing even easier, UBank will correspond with you via email so you don’t have to wait on hold and can respond in your own time. You can also receive SMS alerts about the status of your account and your interest earned. Plus the UBank call centre is open 24 hours, seven days a week if you do need to talk.
• You have the choice of a one, three, six, nine or 12 month investment. Also, if you choose to invest for 12 months you can have your interest paid monthly, quarterly, six monthly or at maturity, where terms less than 12 months receive all interest returns at maturity.
• You will receive a loyalty bonus interest rate if you rollover your investment. If you choose to rollover your whole investment at the end of the term, and if you choose to add more to your investment amount, you will receive the UBank Loyalty Bonus which is an additional 0.10% interest on your next term deposit interest rate.

Compare the UBank Term Deposit rates:

• On a one month investment you can earn 3.36% interest.
• On a six month investment you can earn 5.61% interest.
• On a 12 month investment you can earn 5.41% interest.

How to Apply for a UBank Term Deposit

You can complete an online application form in just minutes to apply for a UBank Term Deposit, plus you can choose the deposit method which best suits you to transfer you initial investment to your new UBank Term Deposit account.

Applying for a UBank Term Deposit account:

• Account can only be opened for personal use. You cannot apply for a UBank Term Deposit in a company or business name, but it can be opened by the trustee of a compliant self managed super fund.
• You will need your personal details and ID verification. When filling out the UBank online application form you will need to enter all of your personal details, your contact details, your Tax File Number, and choose a password for verification when you call. If you are already a UBank customer, all you will need to do is enter your customer number, but if you are new to UBank, your identity will be verified electronically if possible, but you may need to send in your identification documents.
• Your interest rate is held for five days. Once your application is received, it will be processed by UBank and during that time the interest rates offered may change. However, UBank will guarantee your interest rate for five calendar days after your application is submitted, while they wait for your investment deposit to arrive.
• You can turbo-charge your investment deposit. To make sure your investment arrives in your term deposit account as soon as possible, you can transfer it online. You can transfer funds from an existing USaver high interest savings account, an external savings account using BPAY or funds transfer, or you can send a cheque.

To compare the UBank Term Deposit account with other flexible short-term term deposit accounts, use the Savings Account Finder™ comparison tables here. You can then follow our secure links to find out more about your chosen term deposit account, or to start your application online.