USaver UBank – Application and Account Details

The USaver online savings account is a new product to the market, from a new direct bank, the first direct bank to be Australian owned and operated. The USaver also won the Money Magazine Best of the Best award for 2010, but how do you know if the USaver from UBank is the best product for you? you can only know the answer to this if you look at all the features of the USaver UBank account, the features which won them the award, and the features which are important to you and your needs.

USaver UBank

Want to make the most of your money? Then invest it in the UBank USaver. One of the highest rates on the market today, and backed by one of the Big Four. Your money will be safe and secure.

• Maximum Rate: 6.01%
• Standard Variable Rate: 5.41%
• Bonus Rate: 0.60%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the UBank USaver terms and conditions

Features of the Best Online Savings Account for 2010

At the end of every year, Money Magazine makes predictions and presents awards to financial products across a number of categories, to help Australians make choices about the products which they should consider to help them best manage their finances in the following year. The 2010 awards saw the UBank USaver account win the Best of the Bes Award, in the category of Best Online Savings Account. Here are the features which most impressed the experts from Money:

• The competitive interest rates. The Money Magazine judges noted that the interest rate offered on the USaver account was among the most competitive of all Australian online savings accounts. Not only that, when the Reserve Bank of Australia raised official interest rates, UBank regularly increased their interest rate more than the official increase. Another important feature of the USaver’s competitive interest rate is that UBank offers a Rate Assurance, that expired on 31 December 2009 but was extended to 31 March 2010, which states that if ING Direct, Bankwest, Commonwealth Bank, Westpac or ANZ increase their interest rates on their online savings accounts, UBank will too.
• The only online savings account with Any Pay. The Any Pay function is one you see on most transaction accounts and allows you to transfer funds to another one of your own accounts, or to the account of anyone who provides their account and BSB number. However, the USaver is the only online savings account to offer this feature, where all other online savings accounts allow you to link to only one account which must be in your name. Instead, with USaver and UBank you can transfer your savings to have them at call in any of your accounts in an emergency, or make an easy payment.
• Customer service is included. Often when the products shine, the service does not, but it was the customer service of UBank which helped the USaver be the Best of the Best for 2010. Not only does UBank have an Australian based call centre, but you can call 24 hours a day, seven days a week with a question, comment or if you need help with your account. Plus, the UBank website is filled with inclusive information and helpful articles and videos. UBank is also in constant contact with their customers as you can opt to receive SMS or secure email correspondence about your USaver account so you know when interest is paid, and how you are progressing towards your savings goals.

Features of the Best Online Savings Account for You

Being dazzled by awards, shinning products and sparkling service is not enough for you to base your decision about the best online savings account for you. Instead, you need to consider whether those inclusive and intuitive features are going to suit your savings habits and needs. Choose an online savings account which:

• Allows or restricts access for you. Choose an online savings account which will allow you to make deposits in a way and at a frequency which suits your wage cycle, but also restricts access sufficiently to ensure you don’t spend your savings on incidental or impulse purchases before you reach your goals. For some people, having their savings account entirely online is enough of a deterrent to avoid spending their savings. For others, even though there is no access card, simply being able to transfer their funds out at any time is enough to tempt those impulse buys.
• Gives you sufficient notice. Many online savings accounts don’t issue statements at all, others send out paper statements every three or six months, others will charge you for your statements. In choosing an online savings account make sure you’ll have all the information you need, when you need it. For example, if you’re always on the go, the SMS or email alerts about your account progress will suit you perfectly as you don’t have to always log into internet banking to check your savings. However, if you have open an online savings account for your child, you will need regular paper statements, so you can guide them through their contributions and interest earnings, and teach them the importance of monitoring their banking and transactions.

If you have considered your needs and think that the best online savings account may be the best one for you too, then follow our secure link here, to find out more, or sign up today and start saving today too.