USaver High Interest Savings Account

The USaver account is offered by one of Australia’s entirely online banks and so you know you will be able to avoid monthly fees and transaction costs because the bank is already saving from not having to staff and run a branch, savings they pass onto you.

Other features of the USaver include:

• A high, standard, ongoing interest rate of 6.01%.
• Interest calculated daily and paid monthly.
• Ability to save for more than one goal.
• Ability to set up a regular savings plan, and be rewarded for it.
• Fluid communication between you, your account and UBank via SMS, online banking, secure online mail or email.

Features of a USaver High Interest Savings Account

The UBank USaver online savings account has all of the features you want, need and expect from an online savings account, as well as some clever sweeteners to make it easier, faster and more secure for you to save.

Features and benefits of a USaver account:

• Interest calculated daily and paid monthly. Where interest is calculated daily, you will be able to earn more interest in a month, especially if you make regular deposits, rather than just one big deposit right before the end of the month. This is because when interest is calculated daily, it is calculated as compounding interest, so you are able to earn interest on your interest every day of the month.
• No UBank fees. This means the funds you have worked hard for, and cleverly saved, won’t be eaten away by fees so your savings will only go forwards.
  You can save for more than one thing, all in one place. Most of us have more than one thing on our wish list, and some are bigger than others. Therefore, instead of being discouraged from saving because the goals seem insurmountable, when you break up your savings goals using UBank’s Savings Buckets you can direct your savings to each of your goals so you know you’ll get there in the end.
• You’ll be rewarded with bonus interest if you save regularly. If you set up a regular deposit into your USaver account, of $200 or more per month, UBank will give you an extra 0.50% interest on top of the normal interest rate.
• Interactive and intuitive online banking system. When you log into your USaver account you can see a graph of your savings and see how much further you have to go to reach your savings goals, you can see where you earned more interest and where you may have let your savings slide a little and this can act as motivation to get back on the wagon.
• You’ll be notified directly about your account. Rather than waiting for mail in the post to tell you about your account or your savings, when anything happens with your account you’ll be notified immediately either via SMS, email or secure online mail.
• Easy access to your funds. The USaver account has an function which allows you to transfer your funds out of your high interest savings account quickly and easily when you are ready to realise your savings goal, or just when you need to cover an emergency expense.
• To apply just spend a few minutes online to see the rewards. The online application process for a USaver account is just four short steps and by gathering your personal details and tax file number together before you start the application you can begin saving as early as tomorrow.

Is the USaver the High Interest Account 4 U?

While the USaver is a flexible and feature-packed online account, if these features don’t marry up to your savings goals, habits and needs then you won’t be reaping all the benefits you can from an online savings account.

The USaver is for:

• Short or long term savings goals as it offers a high standard rate, rather than a high promotional rate and a much lower ongoing rate.
• Is for the internet savvy who want to take advantage of the technology. If you love online banking and can’t remember the last time you saw the inside of a bank branch then the USaver online savings account is perfect for you. You will be rewarded for using your account online and an online savings account not only saves you money in fees, but also time in travelling, lines and any distractions in between.
• Those who like to be rewarded for their hard work. A high interest savings account is a great reward in itself, however, when you are able to make relatively small monthly deposits of just $100 you can earn bonus interest on your savings to reach your goals faster.
• If you like your savings to be as flexible as you are. The USaver account will not penalise you with discounted interest or fees if you dip into your savings, and even the best of us can run into an emergency so it is comforting to know that your savings will be there for you when and if you need them.

Read the official terms and conditions

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Top High Interest Savings Accounts

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	High ongoing rate of 5.41% p.a. Deposit $200 monthly to receive a bonus 0.60% p.a, taking this up to 6.01% p.a. Open online.	6.01%	5.41%	0.60%	$0	$0 / $0
Virgin Saver Account	High introductory rate for 4 months to grow savings faster.	5.85%	4.65%	1.20%	$0	$0 / $0
ANZ Online Saver	No min balance and earn up to 6.00% p.a. until 30 June 2012. Online exclusive offer. Apply online by 29 February 2012.	6.00%	4.25%	1.75%	$0	$0 / $0