UBank is one of the newest direct banks launched in Australia. A direct bank is one without branches, i.e., it conducts the transactions and registrations online on the web. It is part of the NAB Group, which is one of the largest banking establishments in Australia.
How to Save Money
UBank enables customers to maximise their savings through the USaver account. The USaver account offers high interest rates and rewards customers who ensure regular flow of funds to their account. The USaver savings account offers valuable features and guidance on how to save money. It includes the Automated Savings Plan. Customers can save money by making regular deposits into the USaver account. The bank provides customers with a Savings Bonus of 0.50% p.a., apart from the standard variable rate on a monthly deposit of $200.
This Savings Bonus gets credited into the customer’s account, a month following the setting up of an Automated Savings Plan. The Savings Bonus will be credited to the account, on the condition that the account balance does not exceed $200,000.
The Goal Tracker online saving tool guides customers in setting savings goals and tracks the progress made by the customer. Customers can update the target amount they wish to save, or a target date or a fixed amount to be contributed on a regular basis. The goal tracker provides reminders and creates savings graphs to help customers keep tab of the progress made. Customers can open multiple savings accounts to achieve specific savings goals through the Savings Buckets. A simple process makes it easy to open and operate multiple accounts. Customers can give nicknames to the different accounts created, for easy reference and to keep sight of the goal.
The video below is a short intro on how to save money through this high interest savings account.

The bank pays interest on a monthly basis on the savings account. The interest is calculated on a daily basis for the USaver account. Customers can transfer funds to any Australian account through the ‘Pay Anyone’ feature.
Regular updates on account activity are through various channels including email, SMS or secure mail. This high interest savings account does not require a minimum amount for setting up and operating the savings account. However, a customer can maintain a maximum balance of $1 million dollars in the account.
High interest savings account
The USaver Rate assurance offered by the bank seeks to protect customers’ interests by ensuring a sustained competitive rate. Every Friday, UBank reviews the USaver standard variable rate and compares it to the standard variable rate offered for similar specific products by select banks. If any of the other banks are found to have a higher rate of interest, UBank increases the standard variable rate for the USaver accounts to be on a par with the competitors. It ensures customers enjoy a consistent high interest on their savings account through this mechanism.
Customers can speak to a bank representative on 13 30 80 anytime, i.e., 24/7.
Other Contact Details;
Web: www.ubank.com.au
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