Home News UBank overhauls digital bank accounts

UBank overhauls digital bank accounts

One of Australia's most prominent digital banks has significantly overhauled its bank account products today.

on 11 May 2020

NAB-owned UBank has today announced a major simplification of its digital product offerings, to "increase flexibility and ease for Australians wanting to take control of their finances in the current economic climate."

UBank is making the following changes:

Bonus interest spread across accounts: UBank joins a growing list of banks to allow the bonus interest rate to be earned on multiple accounts, with UBank customers now able to earn the maximum interest rate (currently 1.60% p.a.) on up to 10 different accounts
Simplified names: The USaver Ultra account is now called USpend, making it easier for people to recognise their transaction account. The USaver account meanwhile is now called USave, making it easier to identify the savings account.
An increased maximum deposit limit for bonus interest: The total combined balance of all USave and USpend accounts can now be up to $250,000 to be eligible to earn bonus interest – a $50,000 increase from the earlier $200,000 cap. This means the maximum interest rate can now be earned on a greater amount.

UBank is also allowing savings customers to toggle off certain features that don't work for their needs, such as the Sweep Technology that enables automatic transfers between a USave and USpend account.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 21, 2024

	4.40^%_p.a.	Intro rate for 4 monthsthen 4.40% p.a. 5.75^%_p.a.	^$533	4	^$0	^$250,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
FEATURED High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.35^%_p.a.	^$518	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
FEATURED Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace More details
	–	5.50^%_p.a.	^$556		^$0	^$100,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Rate varies on savings amount	Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)
FEATURED*Rate varies on savings amount Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) More details
	2.85^%_p.a.	Intro rate for 4 monthsthen 2.85% p.a. 3.55^%_p.a.	^$333	4	^$0	^$49,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply.
FEATURED Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply. More details
	Bonus rate of 4.95%Conditions apply. 0.55^%_p.a.	5.50^%_p.a.	^$556		^$0	^$100,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Maximiser (<$100k) Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions Grow your savings balance each month
Savings Maximiser (<$100k) Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions Grow your savings balance each month More details
	Bonus rate of 4.85%Conditions apply. 0.50^%_p.a.	5.35^%_p.a.	^$541		^$1	^$50,000	0	500	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Goal Saver
Goal Saver More details
	Bonus rate of 4.95%Conditions apply. 0.10^%_p.a.	5.05^%_p.a.	^$510		^$1	^$99,999,999	0	5	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Young Saver Account
Young Saver Account More details
	Bonus rate of 4.95%Conditions apply. 0.05^%_p.a.	5.00^%_p.a.	^$505		^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Smart Saver Account (Under 25)
Smart Saver Account (Under 25) More details
	Bonus rate of 4.70%Conditions apply. 0.30^%_p.a.	5.00^%_p.a.	^$505		^$0	^$100,000	0	0.01	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Reward Saver Account($0-$100k)
Reward Saver Account($0-$100k) More details
	Bonus rate of 4.00%Conditions apply. 1.00^%_p.a.	5.00^%_p.a.	^$505		^$1	^$99,999,999	0	50	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Save up
Save up More details
	Bonus rate of 4.94%Conditions apply. 0.01^%_p.a.	4.95^%_p.a.	^$500		^$0	^$1,000,000	0	200	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver (<$1 Million)
Bonus Saver (<$1 Million) More details
	4.90^%_p.a.	4.90^%_p.a.	^$495		^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	ANZ Save
ANZ Save More details
	Bonus rate of 5.24%Conditions apply. 0.01^%_p.a.	5.25^%_p.a.	^$531		^$0	^$99,999	0	100	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account (Amounts < $100k)
Bonus Saver Account (Amounts < $100k) More details
	2.35^%_p.a.	Intro rate for 5 monthsthen 2.35% p.a. 5.10^%_p.a.	^$468	5	^$0	^$5,000,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	NetBank Saver
NetBank Saver More details
	Bonus rate of 3.20%Conditions apply. 2.00^%_p.a.	5.20^%_p.a.	^$526		^$0	^$30,000	0	0.01	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Life (< 30 years) (Monthly deposit)
Life (< 30 years) (Monthly deposit) More details
	Bonus rate of 5.30%Conditions apply. 0.05^%_p.a.	5.35^%_p.a.	^$541		^$0	^$250,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Boost Saver
Boost Saver More details
	Bonus rate of 5.00%Conditions apply. 0.55^%_p.a.	5.55^%_p.a.	^$561		^$0	^$100,000	0	2000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	HomeME Savings Account ($0 - $100,000)
HomeME Savings Account ($0 - $100,000) More details
	Bonus rate of 5.40%Conditions apply. 0.10^%_p.a.	5.50^%_p.a.	^$556		^$1	^$25,000	0	200	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Growth Saver ($1 - $25k)
Growth Saver ($1 - $25k) More details
	Bonus rate of 5.45%Conditions apply. 0.05^%_p.a.	5.50^%_p.a.	^$556		^$0	^$50,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
For customers aged 14-35 years	Future Saver Account ( < $50k)
For customers aged 14-35 years Future Saver Account ( < $50k) More details
	–	5.25^%_p.a.	^$531		^$0	^$1,000,000	0	20	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Reward Saver Kick Start (Amounts ≤ $1m)
Reward Saver Kick Start (Amounts ≤ $1m) More details
	Bonus rate of 4.20%Conditions apply. 1.20^%_p.a.	5.40^%_p.a.	^$546		^$0	^$250,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Saver Account (<$250k)
Saver Account (<$250k) More details

Savings Account (Amounts < $250k)

Product Features

A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
No withdrawal notice periods or interest rate penalties
Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Total interest earned$518

4.75 % Base interest rate

5.35 % Max interest rate

Intro rate for

then

4.75%

More details

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Acting UBank CEO Glen Aiton said these changes have been made in response to customer feedback.

“We’ve always had a simple suite of products that we offer without any ongoing account keeping fees,” Mr Aiton said.

“But in response to customer feedback, we’re making some of our biggest product changes in several years, to make their experience even better.

"And, in this current environment, we think these improvements will really help Australians closely manage and maximise their finances.

"These are four of the key areas our customers have spoken up about and we’re thrilled to introduce them, particularly at a time when taking control of your finances is so critical."

According to research by YouGov, 46% of Australians are reporting heightened stress when it comes to paying their bills, and 46% also say their financial outlook for the next 5-10 years is more negative.

Source: UBank

While a whole host of banks have cut interest rates lately, including UBank, there are some that have announced certain support measures for savings account customers, like UBank has.

ING for example recently announced it was easing the restrictions on its bonus interest rate over the coming months on its Savings Maximiser account, allowing any customer who has met the bonus interest criteria in the previous three months to earn it in the coming three months, no matter what.

Savings account interest rates are quite low at the moment, but you can compare some of the highest here.

William Jolly

William Jolly joined Savings.com.au as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

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UBank overhauls digital bank accounts

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

Savings Maximiser (<$100k)

Savings Maximiser (<$100k)

Goal Saver

Goal Saver

Young Saver Account

Young Saver Account

Smart Saver Account (Under 25)

Smart Saver Account (Under 25)

Reward Saver Account($0-$100k)

Reward Saver Account($0-$100k)

Save up

Save up

Bonus Saver (<$1 Million)

Bonus Saver (<$1 Million)

ANZ Save

ANZ Save

Bonus Saver Account (Amounts < $100k)

Bonus Saver Account (Amounts < $100k)

NetBank Saver

NetBank Saver

Life (< 30 years) (Monthly deposit)

Life (< 30 years) (Monthly deposit)

Boost Saver

Boost Saver

HomeME Savings Account ($0 - $100,000)

HomeME Savings Account ($0 - $100,000)

Growth Saver ($1 - $25k)

Growth Saver ($1 - $25k)

Future Saver Account ( < $50k)

Future Saver Account ( < $50k)

Reward Saver Kick Start (Amounts ≤ $1m)

Reward Saver Kick Start (Amounts ≤ $1m)

Saver Account (<$250k)

Saver Account (<$250k)

William Jolly

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Related Brands

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