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Financial life hack: link your accounts!

There’s nothing we love more than simple, streamlined finances. And setting up a linked account is a hack to help you.

What are linked accounts?

Think of a linked account as a financial bridge between your UBank and external account(s) to help streamline your transfers.

Why should I set up a linked account?

Being able to easily transfer money between your USaver savings account (or Ultra transaction account) and an external account can be a big help if you have an account with another bank or are travelling overseas.

Why?

Because, if you do have a linked account, you can transfer up to $5,000 without needing a security code.

However, if your account isn’t linked, you’re going to need a security code, either from an SMS, which will require global roaming if you’re overseas or a push notification, which will require WiFi access. 

If you ever need to make a large transfer, you can move up to $100k to a linked account online with an SMS or push notification, instead of the standard $20k limit if an account isn’t linked.

 

Pro tip: Whether you go for global roaming, push notifications or linked accounts, just remember to set it up before leaving the country. Although we’d love to hear from you, holidays are for making memories, not phone calls to your bank.

So, how do you set up a linked account?

Setting up a linked account is easy, and can be done in a few simple steps:

  • Step 1: Register your linked account details by selecting Managing > Add Linked Account in Online Banking. Just make sure the account you’re linking is in your name, with a registered Australian bank and accepts direct debits and credits; too easy!

  • Step 2: We’ll send a 6-digit code attached to a small deposit (literally $0.01) to your new linked account. You’ll find this code in the transaction history of your external linked account within 24 hours of registering.

  • Step 3: Verify your account by entering the 6-digit code under Managing > Payees in Online Banking and start using your linked account

Because your linked account has been verified as secure, you no longer need any extra codes or verification when transferring amounts under $5,000 to that account, making your future transfers a breeze. Although, for your security we’ll continue to use two-factor authentication codes for 10 working days after your accounts have been linked.

Whether you’re jet-setting off on a fab holiday or looking to simplify your regular payments, linked accounts are here to help make life easier.


The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.