USaver – UBank Savings Account

USaver is the high interest savings account offered by UBank the self serve division of the National Australia Bank. The current standard interest rate is 6.01% pa. The main features of the account are:

  • High interest rates – calculated daily, paid monthly
  • No fees
  • You can create multiple accounts for each of your savings goals
  • It has an Automatic Savings Plan option which can take regular deposits from other Australian bank accounts.
  • If you set up a monthly Automatic Savings Plan for at least $200 you can qualify for a bonus interest of 0.20%p.a. (limited to balances up to $200,000)
  • It has a Goal Tracker online savings tool to help calculate how long or how much you need to reach your goal
  • You can transfer funds out to any Australian account
  • You can have alerts sent to you via email, SMS or secure mail
  • There are no minimums and it has a maximum balance of $1 million dollars per customer
  • It has an Australian call centre open 24/7

What’s good about USaver?

The interest rate has been at or near the top of the pile consistently since it was launched in 2009. The interest rate is variable like most high interest savings accounts but it is the same for new and existing customers as there is no bonus or special offer for new customers. This is a major point of difference as many of its competitors offer bonus rates as an enticement for a small period of time.

It’s has the same deposit protection as NAB as it operates under the same banking license.

There are no monthly fees.

You can transfer funds to and from any other Australian bank account.

If you set up an savings plan whereby you deposit $200 or more monthly into the account you will qualify for an additional 0.20% interest. [details correct as at 11 May 2010, please confirm before applying]

You can set up alerts to inform you when a certain account level is reached via SMS, email or mail.

You can start an account with a minimum of $1.

Their Australian call centre is staffed 24 hours a day.

You can apply online using electronic verification to substantiate the 100 point system which usually requires physically providing items of proof such as your Medicare card, copies of utilities or other bank cards.

This is a serious high interest savings account backed by one of Australia’s biggest banks. If you don’t need to consult customer service in person then this account may meet your needs.

UBank Products

Disclaimer: Interest rates and other features change without notice. Please check all details with the product provider prior to making any decision.