Good No Frills Account
I opened a USaver Reach account for my Mojo emergency money (or as I like to call it, my Rainy Day account). At the time of writing, the interest is 2.31% p.a. for accounts under $5,000 for people under thirty years old. There are no account keeping fees and no minimum deposit amount per month or any other nonsense.
The online banking site and mobile app interfaces aren’t glamourous, but they’re functional. I love that both include a graph of your saving progress. There’s also a savings calculator you can use to project your savings over time.
It’s a simple no frills account with decent interest.
Excellent Service, Simple system
Contrary to what many say on the internet, ubank products are so good. I looked for a home loan and spotted them due to the low rates. Although the initial contact on the web didn't qualify me to obtain a loan, calling the customer service staff helped me get the loan. I was advised by my mortgage broker that online loans are crap and donot provide service, I was in for surprise from my first interaction. I then went on to get a savings account also personally recommending the bank to my friends. Good bank with service and low rates.
Fantastic Interest Rate compared to other Financial Institutions!
I opened a Ubank account just over a year ago after researching online for some high interest rate savings accounts. I found that Ubank offered the highest variable rate (today it is 6.51%) in comparison to other banks at the time. I had considered putting my money into a term deposit but the highest interest rate I found for a term deposit was lower than the interest rate for a Ubank savings account. Rather than have your money locked into a fixed term deposit, I think it is much more convenient and advantageous to have it put into a savings account that attracts a higher interest rate and allows you access to it.
The site was a little strange to navigate at the start. I find the categories on the left hand side menu confusing when trying to make payments/transactions.
Initially, my transactions would take up to five or six working days to arrive into the accounts. Recently, the transactions have been much quicker.
Highest interest rate I found compared with other banks. Simple, easy to read layouts for accounts. I do like the visual graphs that plot how my savings are going.
I can't seem to make Bpay payments as you are required to enter bank details when making transactions between accounts. Being a shift worker, it can be inconvenient that any transactions I make later in the day will only be processed the following day.
This is the best of the online saving accounts as the interest rate is higher than any comparable accounts offered by the big banks.
Good interest rate, no fees which is good
I've had a USaver Reach account for 6 months and cannot find any negatives.
It's great for those starting out in the banking world and want to save for that rainy day and earn 6.51% (the highest interest rate at the time of writing this review)
It promotes saving, which is what the young folk need to learn to improve their skills rather than splurging out for non-essential items like the latest mobile, game console, entertainment system and teach them the building blocks to help them afford their future education.
Most comparable online savings accounts offer (CBA 3.00%), (NAB 4.25%) but note they don't have a $5000 limit.
UBANK TIP: If your worried $5000 isn't enough, set-up a USaver account (which allows unlimited funds at the same interest rate) and a Automatic Savings Plan. Link up the savings plan to your $5000 account to automatically withdraw $200 every month and each month you don't withdraw any funds from the Standard USaver account continue receiving 6.51% on all your funds.
High Interest Rate, Promotes Saving to the youth
none really, maybe the $5000 limit but who cares your young saving and you don't have to lock your funds up in a term deposit
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