Founded in 2008 as one of Australia’s first digital banks, ubank today operates under the guise of NAB, one of Australia’s four major banks. In 2022, ubank joined forces with another NAB-backed digital lender in 86 400 to leverage its smart banking technology platform and enhance its product range.
What savings accounts does ubank offer?
With simplicity in mind, ubank offers a singular savings account product ‘Save’. ubank’s ‘Save’ account comes paired with an everyday transaction or ‘Spend’ account when an account is opened. ubank customers are charged no monthly fees on either account, with access to a number of features to set savings goals and track savings progress.
Chief Product and Growth Officer at ubank, Andrew Morrison, said ubank strives to be more than a bank and act as a real money companion.
“We’re proud to offer a vibrant customer experience, smart technology, and innovation capabilities,” Mr Morrison told Savings.com.au
“We’re here to help Australians gain momentum with their money, and we do this by helping them hit savings targets and give unparalleled visibility into spending and savings behaviours.”
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| FEATURED*Rate varies on savings amount | Save Account (<$100,000)
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Save Account (<$100,000)
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Features of the ubank ‘Save’ account
Bonus interest rate
The bonus interest rate is a rate that some savings accounts offer on top of their base rate if certain conditions are met each month.
“Customers who deposit $200+ per month into any of their Spend or Save accounts (not including internal transfers) will get the bonus interest rate,” Mr Morrison said.
Fee-free
ubank customers are charged no monthly or annual fees for opening or maintaining a Save account.
“No monthly or everyday fees are associated with our Save or Spend accounts, and there aren’t any international fees associated with our Spend account,” he said.
Open multiple save accounts
ubank customers can create up to 10 Save accounts and set targets on any of them.
Instant access
ubank provides customers with instant access to savings accounts, meaning customers can take money out at any time without affecting the ability to receive the bonus interest rate.
NPP payments
ubank customers can complete transfers in and out of Save accounts instantaneously via PayID and Osko.
Financial Claims Scheme guarantee
ubank customer deposits are guaranteed up to $250,000 per customer under the NAB banking licence by the Australian Government’s Financial Claims Scheme (FCS).
Nudges
Being a digital bank, ubank has the power to utilise everyday technology through the use of push notifications or ‘nudges’ to help achieve saving goals.
Spending Footprint
ubank’s ‘Spending Footprint’ sorts all spending into simple categories so customers can see what they’ve really spent on certain categories.
Connect to other bank accounts
Customers can connect their ubank accounts and app to more than 190 financial institutions across Australia, meaning they can all be seen in one app.
ubank savings account eligibility
To open a ubank savings account, customers need to be:
- Aged 16 years old or over;
- An Australian citizen or permanent resident with an Australian residential address.
ubank accounts cannot be opened in a company or business name (including sole traders) or in a trust capacity.
Required documents
To open a ubank savings account, you’ll need to provide an Australian mobile number and at least one of the following types of Australian-issued forms of identification:
- Driver’s license
- Passport
- Medicare card
- Birth certificate
- Tax File Number.
You will also need to provide personal details including your name, date of birth, residential address, phone number and email address.
Image by Simaon Maage via Unsplash
Aaron Bell