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UBank USave

UBank USave

2.2 from 169 reviews · View Statistics
See the Best Savings Accounts in 2022 as rated by Australians on ProductReview.com.au.
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Reviews

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    5.0 (3)
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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.

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5/5
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UBank
Adi R.UBank
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Adam G.
Adam G.Sydney Surrounds, NSW

I haven't had any issues yet

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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.

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5/5
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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.

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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

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5/5
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Art Hurwitz
Art HurwitzSydney, NSW
  • 34 reviews
  • 23 likes
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Works Perfectly and Pays the Best Interest

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

Brilliant!

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Never had a problem after 7 years

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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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  • Verified

For a Simple Savings Building Bank - UBank is perfect!

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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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Savings Accounts

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Royce D
Royce DAdelaide

Happy Customer

published

I have been banking with Ubank for some years, having a Usaver account plus a number of completed term deposits. I must bank with a different Ubank to the majority of the forum as I have been able to call them on Skype and on the Voip phone without any difficulty. The only bank I know who allow both methods for ease and costs saving. I have found the staff helpful on most occasions. From my experience I recommend them to family and friends, with my grandson to start a term deposit shortly. They do take a few days to clear deposits however they pay interest from the day of receipt. They need to be conservative in these matters to enable them to pay the great rates available.

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Ven
VenAU
  • 10 reviews
  • 16 likes

Good product

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Leon
LeonNorth Western Region, NSW
  • 15 reviews
  • 13 likes

Was once perfect, and still up there around the top

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rastus
rastus

I call that a paid review - nice company to work for ?

Leon
Leon

Not a paid review mate and I certainly don't work for them and never have. Just tell it the way I see it, is all. Really sad if your experience wasn't as pleasant as mine is.

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Savings Accounts

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BSF
BSFAU
  • 55 reviews
  • 18 likes

it just works

published

I have found that this account performs as promised - a low cost online high interest savings account backed by a major bank. Its rates are the near the top, the website works very well and their telephone bankers are pleasant enough. It also covers SMSF but not companies or trusts.
Does what it promises to do, cool looking website
Customer support over the telephone is always going to be difficult, doesnt cover trusts

BSF
BSF

No problems with this account after so many years. It is a budget service and I dont ask anything from them.

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christie07
christie07Hunter Valley, NSW
  • 32 reviews
  • 39 likes

Best interest rates for on-call savings accounts

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It's worked for me

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I wanted to have a bank that gave me the best interest rate on no-notice savings. I sent them my ID and the account was opened. I now have an account that has the best interest rate on no-notice savings. (Well, it was the best when I opened it). It was that easy. People who are having problems probably didn't do as they were asked. Don't forget- there are lots of people out there with low intelligence haha.
Easy opening. Good interest rate.

onicaris
onicaris

Yes and you are a good example of that. To belittle others valid complaints with such an arrogant remark suggests low intelligence or perhaps employment with ubank?

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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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