USaver High Interest Savings Account – Application and Account Details

The UBank USaver account is the highest high interest savings account on the market at the moment, and the interest rate is just one reason you may want to consider opening a USaver high interest savings account. Other reasons to open a USaver high interest savings account include:

• A competitive interest rate guarantee from UBank.
• The opportunity to earn bonus interest for a regular savings plan.
• Does not require a linked account as the USaver has an Any Pay function.
• The ability to save for more than one goal.
• Direct notifications via SMS or secure email, of your account activity.

USaver High Interest Savings Account

The UBank USaver is currently taking the Australian market by storm. Backed by NAB, and with one of the highest interest rates on the market, your money is safe, and earning you the maximum it can!

• 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

Benefits of a USaver Account

The features of the USaver high interest savings account may sound quite good, but they don’t mean much unless they are right for you, right? Well following are some of the benefits offered by UBank with a USaver account, so see whether you think they could be of benefit to your situation:

• An interest rate guarantee. The common downfall of high interest savings accounts, as compared to locked in term deposits for example, is that the interest rate may go down, as it is variable. However, with the USaver account, the 5.51% interest rate is covered by UBank’s Rate Assurance, which means that if any major competitors such as ING Direct, Bankwest, Commonwealth Bank, Westpac or ANZ raise the interest rates on their online high interest savings accounts, UBank will raise the USaver interest rate too. This offer currently expires on 31 March 2010.
• Could you benefit from bonus interest and regular savings contributions? If you set up a regular savings plan and contribute $100 or more to your USaver in any month, you will earn a bonus 0.10% interest on your savings. So not only are you benefiting from bonus interest, but also from a steadily growing savings fund too.
• You don’t need a linked account. Unlike other high interest savings accounts which require you to open a linked transaction account from the same provider, your USaver does not need a linked account. You can set up a linked account if you plan to make regular transfers from a particular account and don’t want to enter all the account details each time, but your USaver account also has an Any Pay function so you can transfer to any bank account you choose; you can also make payments by sending a cheque to UBank.

How to Apply for a USaver High Interest Savings Account

You can open a USaver savings account entirely online and it can take less than 10 minutes if you are eligible, and have all the necessary information ready to go and at hand when the application asks for it. Firstly, you must be:

• Over 18 years old.
• An Australian resident.
• Have an Australian residential address.
• Have email access
• Agree to correspond via email.

If you meet those conditions, you’ll need to start gathering the following information for your online USaver account application, for joint applications, you’ll need this information for both people:

• If you are already a UBank customer you can enter your email address and password to speed up the application.
• Your mobile number and email address for password notification and account verification. In joint applications, each applican’t needs to enter a different email address.
• Your driver’s license number, if you have one.
• Your tax file number so you’re not taxed at the wrong rate and have to pay back your interest.

The final step is to complete the application and you are now just minutes away from earning one of the highest interest rates on your savings:

• Follow our secure link to the UBank online application form to avoid fraudulent pop-ups and the possibility of identity theft.
• Choose the UBank account you want to open, in this case the USaver high interest savings account.
• You can open this account in single or joint names, but you’ll need all the personal and ID information about both account holders before you proceed.
• If you’re an existing UBank customer you can login and speed up the process even more.
• Enter your driver’s licence details. If you don’t have a driver’s license you can use your passport information.
• You’ll be asked to enter your employment details.
• You can choose how UBank contact you about your USaver account. This can be by SMS, post, phone or email and you can choose more than one option, or none. You will still have to enter your email address as it is used as your login username.
• You can choose a security question and enter a unique answer and this is all you will need to identify yourself when you call UBank.
• You’ll need to enter your address details and if you’ve been at your current address for less than three years, you’ll also need to enter your old address.
• Now you can give your account a name. The name can reflect your savings goal, it could be your name or you can give the account its own name…
• You will then be able to review and edit your information before you finally submit your application and you’re almost there.
• You then wait for approval confirmation while you copy down the reference number of your application or print the page. You’ll also be sent an SMS with a temporary password while you wait.
• If your application is approved at this stage, you’ll then need to verify your identity. This can be done online, or in person at the post office. If you choose to verify your identity in person, the details from your application form will be generated into a PDF form which you then download, print out and take to the post office.
• If you want to verify your identity right there online, you’ll need to provide the information from two of these six options: your Australian passport, Medicare card, tax file number, employment visa, your listing in the phone book or the Australian electoral role.
• Once your identity is verified your account is opened and you can login. The first time you login you will be asked to choose a new password and you can then start transferring money in electronically, by setting up an automatic savings plan, or sending in a cheque deposit.
• You’ll also be sent a welcome email, and you can call UBank 24 hours a day, seven days a week to request a welcome pack be posted if you’d prefer.