Comparison of UBank Term Deposit Rates

UBank is a direct Australian bank and this allows them to offer higher interest rates on term deposit because they have fewer running costs. A direct bank is one which is operated entirely online and doesn’t have any branches, so without branches and with fewer staffing costs, UBank can offer very competitive term deposit rates. UBank is also backed by NAB who is one of Australia’s Big Four Banks so if you are looking for an online term deposit account with high interest and easy access, consider the features of a UBank account, and whether the UBank term deposit rates will be able to help you meet your savings or financial goals.

Features of a UBank Term Deposit Account

An online term deposit account is not as strange as it sound when you think about it, after all, how often do you go into the branch to do your everyday banking? When you are able to make online transfers, pay bills with internet banking and check your balance at any time, there is little need for branch access, and with a term deposit account which needs no management during the term, there is even less need to visit a branch, so why pay for a bank with branches when you don’t need them?

Other features of UBank’s term deposit and rates include:

• A low minimum opening balance of $1000. You can open a UBank term deposit account with as little as $1000 so you can get your term deposit investing off the ground with just a small initial investment. Once you have started using term deposit accounts and understand the ways you can best take advantage of a fixed investment then you can watch your $1000 grow into thousands and thousands of dollars without you having to do a thing.
• An online term deposit needs you to do your online banking. To open a UBank term deposit account you’ll need to have an Australian bank account from which you can transfer your deposit investment, and where your interest returns can be deposited to. As such to be eligible for a UBank term deposit you’ll need to be an Australian resident, plus you’ll also need to be 18 years or older.
• Electronic communications and verifications. As a direct bank term deposit you’ll need to conduct all your business with UBank online. Therefore, you need an email address and mobile phone number so you can be sent a temporary password when your account is activated, and you will receive notification of your account approval via email. Once your account is set up you can also have regular SMS alerts sent to your mobile to let you know how much interest has been calculated and when your scheduled interest returns have been paid to your nominated bank account. If you do still want to speak to a UBank staff member, they do exist, they’re just not in a branch, instead they’re on the end of a 24/7 call centre line, based in Australia.
• UBank term deposits are best for short to medium term investments. You can choose a UBank term deposit for three, six, nine or 12 months so you are not locked into a long investment and you’ll have access to your funds before you know it. If you choose the 12 month term, you can also choose to have your returns paid monthly, quarterly, six monthly or at maturity.
• UBank term deposit rates increase if you roll over your investment. If you choose to reinvest the entire amount of your term deposit account at maturity, your new UBank term deposit rates will be 0.10% higher than the standard rates. The UBank Loyalty Bonus allows you to grow your funds over time, and with exclusive high interest rates.

Current UBank Term Deposit Rates

To see how the UBank term deposit rates compare, here is an overview of the rates on some popular terms. UBank also doesn’t use a tiered interest rate system where you can earn a higher interest rate for a higher investment amount, and you can earn the same high rates whether you are investing savings ofone thousand or one million dollars, for example:

• A 3 month UBank term deposit rate is currently 5.61%.
• A 12 month UBank term deposit rate is currently 5.41%.
• With the Loyalty Bonus you can earn an extra 0.10% interest on any term.

For more information about term deposit rates, compare UBank’s term deposit rates to other top Australian providers here. If you are happy that the UBank term deposit rates compare to others on offer, follow our secure link to the UBank term deposit application form and sign up today.

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