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UBank USave

UBank USave

2.3 from 170 reviews · View Statistics
See the Best Savings Accounts in 2022 as rated by Australians on ProductReview.com.au.
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Reviews

  • Transparency
    5.0 (5)
  • Rates and Fees
    4.0 (2)
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TERESA R.
TERESA R.Central Queensland, QLD

Best Savings Account

published

I have been with UBank for over 10 years and have always received the bonus interest each month as per their conditions. The only disappointment is that interest rates have been going down for quite some time. I also note that the maximum of $250k is the most you can hold in the savings account to benefit from the bonus interest. Is this going to increase in time?

Transparency
5/5
Rates and Fees
5/5
Incentivised Review No
UBank
Adi R.UBankSend a private message
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UBank offers the best and the fairest option for money at call

published

They consistently pay on money at call (USave account) interest, which is above any secure term deposit rate that is available at the moment. It is also very easy to be qualified for. UBank is the best thing in banking that happened to me during my 35 years in Australia. I was unpleasantly surprised to see so many negative reviews on this Bank and this particular product and decided to write my own review, for the first time in my life.
Good work, guys! Hope to have you around and be your customer for a long time.

Transparency
5/5
Incentivised Review No
UBank
Adi R.UBankSend a private message
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Adam G.
Adam G.Sydney Surrounds, NSW

I haven't had any issues yet

published

I was directed to UBank by the Barefoot Investor and the highest interest rate going. I didn't quite understand at first how to receive the bonus rate and how the automatic "swing" worked from your everyday transaction account, but once I did (after a brief phone call with an operator) it's actually pretty neat. The interface does feel a little bit ancient, but the tech is pretty cool.

Transparency
5/5
Incentivised Review No
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sarah
sarahGreater Melbourne (Metropolitan), VIC
  • 15 reviews
  • 1 like

Highest rate ALWAYS!

published

I have been with Ubank Usaver since it started and it ALWAYS offers the best savings rate consistently. Part of NAB Bank so very safe and secure. All transactions can be actioned on line even opening an account. Very simple, straightforward and easy to understand and operate. I would highly recommend as the best available rate on the market.

Transparency
5/5
Incentivised Review No
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jwhero
jwheroNSW, 2118
  • 10 reviews
  • 5 likes

Great savings product

published

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.

Incentivised Review No
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Dennis
DennisPerth, WA
  • 2 reviews

Absolutely no problem

published

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

Transparency
5/5
Incentivised Review No
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Art Hurwitz
Art HurwitzSydney, NSW
  • 34 reviews
  • 24 likes
  • Verified

Works Perfectly and Pays the Best Interest

published
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Ric
RicSydney, nsw
  • 63 reviews
  • 50 likes

One of the highest savings interest rates around

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Edmond
Edmond
  • 9 reviews
  • 3 likes

Fantastic Interest Rates. Fast Twitter Support.

published

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.

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Savings Accounts

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Shop For Safety
Shop For SafetySydney
  • 2 reviews
  • 1 like

Brilliant!

published
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Never had a problem after 7 years

published

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.

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Sherry
SherryMelbourne
  • 6 reviews
  • 3 likes

Excellent service and quick process

published

Very happy with my refinance application. Their process was very quick and some one look into my application every day and accepted all my documents very same day. My loan got approved in 7 days and got settled in 30 days. Delayed happened only due to my current lender. I have read so many negative comments about ubank process. But in my case everything went very fast and smooth. I liked their instant chat feature. I would recommend ubank to everyone and dont ignore this bank due to negative comments by others. Their process is very fast and easy.

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Savings Accounts

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3 rounds with ubank; bumpy but not bad

published
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Theo S
Theo SMetropolitan Adelaide, SA
  • 6 reviews
  • 2 likes
  • Verified

Good bank

published

Good bank for saving accounts. Everything is easy and done online. They respond to all query within a reasonable amount of time. Overall a good bank and recommend them to anyone.

Incentivised Review No
UBank
Adi R.UBankSend a private message

Hi Theo, we're glad to hear this and thank you for sharing this awesome review. I'll be sure to share this with our team.

If you have any further questions or queries, please let us know. Have a great day! :) ^Adi

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  • Verified

For a Simple Savings Building Bank - UBank is perfect!

published

UBank provides awesome interest rates for savings accounts with features built around building your savings account — works best as a separate bank account from your main Bank to keep your savings safe from easily accessible bank with temptation!

Incredible helpful and professional support staff – instantly picked up when called at 12am. Peak time may be more busy, but expected. Like I said, this bank is best for a purely online bank where you don't really need to interact with the bank that much. For transactional (lots of in and out) bank services, definitely go with a bank with branches etc.

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Questions & Answers

Gopi
Gopiasked

I was thinking of changing my mortgage loan from CBA to u bank because it has low interest rate.
After seeing all the reviews Which are not very positive, I am bit confused.
If any one in the same situation please share your thoughts.

No answers
binalongbay
binalongbayasked

I have read reviews...a little disappointing. i was thinking of re mortgaging an investment loan with U bank.
As the reviews are a little old ..has the situation improved ad how easy is it to deposit money each fortnight to pay back an investment loan

No answers
GPC
GPCasked

Hi
Whats the story with designating my Linked account as a Payee account? Of course its my linked account- Thats where the money came from. I send you a secure email to request information but no answer from YOU. I ring up and wait, and wait on the phone to talk to someone. Only to be told your Linked account is a payee account with a 20k withdrawl limit. I have to wait 10 Days for verification WTF. You make it so difficult to use this account with all your hidden tricks and inability to communicate with your customer. Worst bank Ive ever delt with and the online reviews confirm it.

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Details

CategorySavings Accounts
Bonus Interest PeriodOngoing
Maximum Balance Interest Paid $250,000.00
Interest Rate
Standard Variable Rate 0.05% p.a.
Bonus Variable Rate 1% p.a.
Total Interest Rate 1.05% p.a.
Release dateNov 2009
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