UBank Term Deposits

Term deposits have become something of a less serious investment than they once were, but that doesn’t mean that just because a term deposit account is easy to open and use, that you should rush out and open the first one you find. You still need to take due care to choose a term deposit account and provider which best suits you and your investment needs, what every they may be. Another important change in the term deposit market is also the fact that no matter who you are and what your needs look like, there’s sure to be a term deposit for you, and it could just be a UBank term deposit, but that’s what you’re here to find out right?

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

UBank Term Deposits Features and Benefits

To decide whether UBank term deposits are something you should be considering, you need to know a little more about UBank and their term deposit products:

• UBank is a direct bank, with no branches, but is backed by NAB. This means that all UBank term deposits are fee free because not having a branch allows UBank to save on fees, savings they pass onto their customers. However, you don’t have to worry about the security or the fly-by-night quality of a direct bank like UBank because it is actually the online arm of one of Australia’s biggest and oldest banks.
• UBank’s term deposits require a minimum investment of $1,000. This is a drop in the ocean of term deposit accounts as some providers ask for a $5,000, $10,000 and even a $25,000 minimum deposit before they’ll open a term deposit account for you, making UBank term deposits very accessible to young investors, those starting out or testing the waters of term deposits, or those with some extra savings they want to keep safe.
• Direct banking means higher interest rates on term deposits. Not only is your UBank term deposit account fee free, you’ll also earn an interest rate which is usually higher than any other on offer from direct and branch banks in Australia as UBank can and does work hard to remain competitive.
• UBank term deposits offer a Loyalty Bonus. If you choose to rollover all of your term deposit at maturity, your new term deposit will attract a Loyalty Bonus. This bonus is an interest rate which is 0.10% higher than UBank’s standard term deposit interest rate.

Are Term Deposits Right For You?

UBank term deposits offer inclusive features and some unique features you won’t find on other Australian term deposit products, but you first need to decide whether you are, or could comfortably become, a term deposit investor.

Term deposits suit:

• Investors with an emergency fund. While UBank term deposits have a maximum term of 12 months, a lot can happen in a year, in fact a lot can happen in a month too, and if you need access to your term deposit investment before the end of the term because you don’t have a separate emergency fund, then you’re not a term deposit investor because you will be penalised with fees and lower interest rates if you access your money early.
• Investors who don’t want to manage their investments. If you want the excitement and the suspense of managing your own investments and making those investment decisions on a day to day basis, then you are not a term deposit investor. Term deposit investors make the transfer of their chosen investment amount and their role in the investment process is over until maturity. Your term deposit provider worries about calculating your interest everyday and takes into account the compounding interest and whether you want your returns paid during the term. All you have to do as a term deposit investor is go about your day.
• Investors who can’t be trusted with their investments. If you know that an online savings account is not far enough removed from the temptation of spending, then you may be a term deposit investor. If you want to save and increase your savings but you don’t want to be tempted to spend those savings before you reach your goal, then having them locked away in a term deposit could be the answer as you don’t have to manage the investment and you don’t have access to the funds without penalty so practically all temptation has been removed.

If you’re convinced you’re a term deposit investor and that UBank term deposits may be the product for you, then follow our secure link to UBank.com.au where you can fill out an online application form and have your funds invested today.