UBank USaver – Account and Application Details

When you choose an online savings account, making the right choice is really about finding what is best for you and your needs, so the UBank USaver high interest may seem like it has you written all over it. However, before you make any decisions about savings products, you need to consider all of the features and whether those fancy features really match up with what you’re looking for in a savings account.

UBank USaver

You have found the right savings account! Arguably the best on the market, a high base interest rate gets pumped up with the savings bonus maximiser to make this savings account unstoppable.

• Maximum Rate: 5.51%
• Standard Variable Rate: 4.91%
• Bonus Rate: 0.60%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the UBank USaver terms and conditions

Fancy Features of a UBank USaver

The UBank USaver high interest savings account is a feature packed product, and those features include both your standard operations, plus those intuitive features you didn’t even know you wanted, but won’t be able to live without. The UBank USaver even knocked out the Bankwest high interest savings account product which had won the Money Magazine Best of the Best award for 10 years running, and the USaver was awarded the Best Online Savings Account for 2010, in the same year it was released. But don’t take the word of strangers when you can make up your own mind:

A high interest rate of 5.51%, increased in line with its competitors. The UBank USaver high interest savings account currently offers the highest interest rate of any of the major or Big Four Banks in Australia. Not only is the USaver interest rate the highest right now, but UBank also offers a Rate Assurance with its USaver account, that until 31 March 2010, if ING Direct, Bankwest, Commonwealth Bank, Westpac or ANZ raise the interest rate on their online savings accounts, UBank will too.
Bonus interest for regular deposits. If you make deposits of at least $100 a month to your USaver account, UBank will pay you an extra 0.10% interest on top of their already high interest rate for that month. When you think about it, $100 a month is a comfortable savings plan and if you are saving for a goal anyway, which is why you opened the account – $100 a month is a good place to start your regular contributions.
Doesn’t have to be linked to a NAB or UBank transaction account. Though UBank is backed by the strength of NAB, they are not forcing you into other UBank or NAB products when you open a USaver account. Unlike many online savings accounts which must be linked to a transaction account from the same provider, you can link your USaver account to any existing personal transaction account already open in your name.
The only online savings account with an Any Pay function. While you can link your USaver account to a designated transaction account to set up regular deposits, your USaver account also allows you to transfer funds to any Australian bank account with the Any Pay function. Any Pay is a function you are probably familiar with from your existing transaction accounts and allows you to make a payment to one of your own accounts with another provider, or to an account held by someone else. This can allow you to lend money to your friends or family if they need it, pay a bill to a small business, or simply give you the freedom to access your savings from any of your existing accounts.
Break up your savings goals into Saving Buckets. To keep your savings on track, even if you’re saving for more than one thing, UBank lets you create Savings Buckets, one for each goal. You can then direct your contributions towards whichever Bucket you choose, topping up a Bucket for that approaching summer holiday while directing just the minimum to your emergency fund this month.
Seeing your savings progress. Rather than looking at stagnant numbers and account balances, your USaver account shows you your savings contributions, goals and progress in easy to read and understand graphs each time you log into UBank’s internet banking system. These graphs will show you in days and weeks how far you have to go to reach each Bucket’s savings goal and you can see how much interest you have earned and whether your contributions have been hitting the mark each month.
Modern notifications of your account status. Other intuitive and modern features UBank have employed with their USaver account include SMS or email notification of your account activity. You don’t have to wait for a statement or log into internet banking every day to find out how much interest your savings are earning and whether you’re nearing your savings goal.
Online application form, fee free and daily interest calculations. As well as all the extra features UBank offers on their USaver account, you can also be sure you’re still getting the standard features you would expect from any high interest online savings account too. This means you can apply in less than 10 minutes for a USaver account, and as your contributions grow, so too does you interest as it is calculated daily, plus those savings won’t be eaten away by fees from UBank.

For more information about the conditions of the UBank USaver account, or to start an online application today, follow our secure link here and start saving for your future, with the online account of the future.