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UBank USaver

UBank USaver

2.3 from 146 reviews

Great savings product

Competitive interest rates
Stylish debit card
Lots of finance management tools in the online banking platform.
Sleek iOS app experience with an intuitive design.
Needed to call them once to set up Apple Pay. No wait time, issue solved on first call in ~10 mins.

Occasional tech hiccups, e.g. online banking didn’t work on Safari for a while due to an OS update, but was fixed as promised.

Absolutely no problem

I have been with UBank for about 3 years – absolutely no problem.
I have a linked Westpac account that auto deposits $300 monthly to retain the Ultra Account bonus.
I have a Macquarie Bank account linked for most other transactions.
Money transfers overnight.
My deposit sits around $120,000 and at the moment getting 2.87%.
I will add approx another $40,000 EOFY.
Debit visa cards function in other banks ATMS and at Merchants.
Regards Dennis


Ubank statements for 2017 wont work

The Ubank interface for bank statements is so clumsy, and just doesn't work. No matter what date range you enter in (one month, two months, six months, 12 months), it just comes back with a message that No statements are available. Even if you select Transaction History as an alternative, that doesn't work either.

Awful software for an online-only bank, no ability to turn off features

I have a Ubank Saver with a linked Ultra account (for the 2.87% interest rate) Website is very difficult, sweep function is permanent and can be set to a minimum of $100. I only use the account as a long term account (I.e. I don't use it everyday) and even then the whole system is so user-unfriendly that I intend to cancel my accounts. in short, it Ubank doesn't pay you enough in bonus interest to justify the difficulty of dealing with them

Tech problems

I just set up a UBank savings account and wanted to add on the Ultra account also. Upon joining I was unable to access my banking page due to problems with Ubanks system and safari compatibility (I rang the call centre and I own a MacBook Air)
I was informed I cannot set up an ultra account via my hand held device- need to do it via computer. Ok... you’re an online bank, why not make your banking accessible via All search engines? I was then informed that the call staff can’t set up the account for me, I needed to download google chrome to access my account and set up ultra account.
Let’s see if this shemozzle continues... rabobank might be getting my business after all..

Works Perfectly and Pays the Best Interest

As a retired chartered accountant, with decades of experience with many different kinds of financial products, I am baffled as to why nearly ⅔ of the reviews here are negative. I can only assume that the problems are with the reviewers, rather than the bank, because throughout the 10 years that I have been a Ubank customer, I have never experienced a problem with them. During this time, I’ve held a Usaver account, a linked transaction account (since that rule was introduced a few years ago) and various term deposit accounts. I am completely satisfied with every aspect of the service from Ubank. Most members of my family are also satisfied Ubank customers.

The reasons that I recommend, in particular, the online Usaver account, are as follows:

- They consistently pay the highest interest rate. As of this review, 02 Nov 2018, they pay 2.87%, (including a bonus 1.06%) subject to three simple conditions to get the bonus interest:

1. Deposit at least $200 a month from an external source
2. Keep your balance under $200K and
3. Have a linked transaction account called a “Usaver Ultra”

These requirements are pretty straightforward. I rarely use the linked transaction account, but as long as it’s “operational” so to speak, with a few dollars in it, that satisfies the requirement. Depositing at least $200 each month, and keeping the bal under $200K shouldn’t be too difficult!

- It’s simple and easy to use, either with the full program on your computer, or the app on your mobile phone

- There are no fees or minimum balance requirements

-Before you can withdraw funds, a numeric 6-digit code is sent to your mobile phone, which you need to enter in order to complete the transaction. I appreciate this extra layer of security

- You can make as many withdrawals as you like in any given month, without affecting the interest rate.

- The bonus interest rate (currently 2.87% at 02/11/18) is paid consistently every month, as long as you abide by the rules, which I’ve mentioned above. This is not one of those special four-month “teaser” rates, which some banks offer, in order to entice you to open an account, but which they then drop down to virtually nothing after the intro period has expired

- Just about all transactions; eg withdrawing funds to an external account, transferring between different accounts at Ubank, setting up a term deposit, giving term deposit maturity instructions or changing personal details can be quickly and easily done online. I rarely need to call Ubank customer service, but when I do, I always find the call centre staff to be helpful, polite and efficient.

- Your money is safe, because Ubank is owned by National Aust. Bank, one of Australia’s Big 4 banks. N.A.B. is a listed company on the Aust Stock Exchange with a market cap currently of around $69 billion. But if that’s not enough for you, as a bank in its own right, all deposits in Ubank are covered by the government guarantee of up to $250K per customer

My only complaint about this account is that the upper limit of $200K is a tad on the low side, although I guess most people wouldn’t be bothered by this.

Ignore all the negativity that you will read here, because Ubank’s Usaver account is a reliable, simple and easy-to-use product on your computer or your smartphone. It’s backed by a reputable Australian bank, and covered by the govt guarantee. You can safely deposit your money here, and enjoy the best interest rate on offer.


Don't know how it can be a full online bank! Can’t even verify my account - Drivers license, Passport and Medicare card all failed. Still waiting for a reply of my email sent six months ago! Extremely poor customer service! Funnily you can transfer money 'in' without verifying your account but cannot transfer 'out' without verification! Stay away!

USAVER, beware they won't allow you to withdraw money or update your details

Online bank with antiquated practices. I spent 50 minutes on the phone being told I can not access my money without a confirmation letter arriving VIA POST.... What?!
No customer service what so ever! The only word in their vocabulary is "can't"

Terrible customer support

Don’t waste your time with this pathetic excuse for a bank. Can’t even verify my account Drivers license, Passport and Medicare card all failed, print out a form and drop into Auspost days ago and I need the money for a homeloan yesterday!!! Get your $#!+ together!

One of the highest savings interest rates around

There is two account types Usaver - internet banking only

ultra Usaver savings account - allows you to use bpay and you are sent an atm card to use at any nab atm's and any business that accepts Visa

The website is bare bones and customer service is lackluster. you can only change your cards pin at a nab atm not on their website which can be a pain in the backside. also they don't allow overseas Transfers using swift codes, only local bank transfers.

The good news they have one of the highest interest rates around. There are other banks that offer similar interest rates however you have to jump through hoops with loads of rules and restrictions. With Ubanks all I need to do is add 200 dollars every month and keep my savings under 200,000

Terrible service, ask for a Manager dont waste your time

I was told my mortgage can be paid with excess funds in a redraw facility. This was false, they took my funds then expected me to make the monthly payment and blocked my redraw facility. This happened with back to back months, I was expected to fill in a form to release what was due (insist not to pay the $45 fee!)... a complaint to the financial ombudsman still not resolved, escalated the matter beyond the call centre operators and still another form had to be completed - to access over $30,000 in my redraw facility! Meanwhile dishonoured letters in the mail and on my statements... Setting up direct debit is fine but to change it is a nightmare! There collections department Advantage is the only way to resolve issues and that's who I had to speak too. UBank is a budget bank with a budget operation clearly they have no idea, just expect to do the basic payments but I will be looking elsewhere and so should you. This is why people stay with the big banks so they don't have to deal with incompetence! Time to refinance and end this nightmare!

Fantastic Interest Rates. Fast Twitter Support.

I left Ubank for CUA because ubank did not offer POLi payments online which i needed for some online Australian sites. Other than that Ubank is a self sufficient online banking service with expense income graphs online.


I have had a USaver account connected to a transactions account (which I don't use). I pay no fees whatsoever and as long as I add $200 a month, I get a huge interest rate of 2.87% every month (2016-1017).
This is way better than any other savings accounts and better than most term deposits and I can pull the cash out any time without loosing any money or interest already earned. The website is user friendly and it is easy to transfer money out to my accounts with other banks.
I honestly think this is the best safe savings option in Australia at the moment. If was going to give anyone financial advice, I would say put 40-50% of your savings in a USaver and be sure it will be safe and steadily growing. A risk free, hassle free savings option.

Can't access my own money!

Avoid this so called bank at all costs! Can't update address or new phone number over the phone which means you have to print out a form, fill it out and then take it to a post office with 100 points of id then wait for ubank to receive it and update your details before you can access your own money. I am with two other banks that updated my details over the phone with no problems at all. It has been 2 weeks I have not been able to transfer money from my account and I can't wait to be able to close my account even though I'm sure that will be a whole new drama!

Never had a problem after 7 years

put money in, took money out, took out a home loan, read and understood their procedures and never had a problem after 7 years. Always given appropriate advice on phone help.

it can ruin your purchase

I was trying to use Ubank to buy a house. After I submitted all the documents they wanted, they kept asking new documents. After I submitted all the extra documents, the processing stops there .. so I went to CBA and got my mortgage done in 2 hours, then I deleted the application there, then they called me and said my mortgage paper is done.... what a time waster, I m not going to use them anymore.

Find another bank

App is rubbish & keeps logging me off, can't transfer money so what's the point of having the app? their customer service is of no help & just read off a sympathy sheet.

They watch your spending habits & lock your account if it's outside what they consider normal. EG they have locked me out multiple times due to me travelling to different state & making a purchase at 10pm, no email/SMS to warn me as I only find out the next day when I'm declined when making a purchase.

Can only withdraw max $1000 cash as they have no physical branches.

Customer service are trained like robots to try sympathise with you but are of little help when fixing a problem & are quick to refer you to the technical department who rarely follow up more than once & then that takes days anyway. I've had 3 issues now where I could not use my card due to tech issues, worst one was on a Friday evening, customer service said they wouldn't look at it until Monday & then made out it's my fault for not having another bank account, lucky I had $200 cash to see me through the weekend.

As much as I dislike the big 4 I will be closing my Ubank accounts & going with ANZ or westpac as I have business accounts with them.

UForUnco-operative Bank

After 8 years of not been with this bank they still send me emails. Even the customer service could not close the account. I even tried to unsubscribe. I even rang up customer service and gave all my personal details. No wonder I took my money out of that bank. The service is terrible!! Be warned, don't go with this bank or they will never leave you. Just like a bad smell.

Transaction takes forever

It used to have good rates but now other banks are catching up, closing the gaps therefore there only competitive advantage are vastly diminished. It is really not worth it if you need to transfer money in and out especially running a business.

Worst Bank Ever!

I answered all the security questions correctly in an effort to transfer some money but they have blocked my account because I don't sound my age??? I now have to take time off work to go to the post office so I can verify who I am even though I have already done this. Do not open an account with this bank if you want access to your money! I have given one star because you have to but it deserves -5 stars!

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Questions & Answers

Hi, I am thinking of opening a USaver and Ultra accounts. Are there any atms that you can use for free? What ATMS charge to use them? Thanks, Mariana
No answers

I have been with UBank for about an year now & my experience has been quite OK, considering the mixed reviews that I found here. The interest rates also have been quite competitive so far. I must qualify my statement by stating that so far, I have only deposited the money but not withdrawn and I know very well, the real experience with a bank is when you withdraw funds, just like when you see the real face of a insurance company when you lodge a claim. That's why, I am keen to know whether anybody has experienced any difficulty in withdrawing funds. Before further entrenching my relationship with the bank, I would like to know what I am getting into?
7 answers
I have been keeping between $150,000-200,000 in my USaver account for a couple of years, and on numerous occasions have withdrawn sums of between $1000 to $20,000 without any problems. Once you try to withdraw more than $2000 you cannot do so totally on-line, and have to speak to someone on the phone to answer some security questions. I suppose this is a reasonable safeguard. I have always moved the money to my linked account at another bank, and it generally turned up the next day. It might take longer if you're trying to make transfers into non-linked accounts. Just be careful not to try to withdraw on Friday evening or weekends, because it will then take them up to 3 days to move the money across. Why it should take so long when these days all transfers are made electronically is something that really annoys me, but it seems that most banks are much the same.I have been depositing and withdrawing funds from UBank for a number of years now and have never experienced the slightest problem. Money always appears in my linked account the next banking day. Have withdrawn amounts up to $20,000 without having any difficulty. Bank always sends SMS message to my mobile before acting on the withdrawal request thereby confirming that the withdrawal request is correctly authorized. I have regularly transferred money out of my USaver account and not run into issues. I think the largest amount I've transferred at one time is around $3000.

Can I nominate a second mobile phone number
1 answer
I do not know I am just another dis-satisfied U bank customer You can ask that on the "secure message" tab on the U bank online page


Release dateNov 2009
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