What is USaver?
The name says it all, USaver is our savings account. If you’re in the market to save, whether it be for a holiday or your first house, USaver could help get you there. There’s no-strings, no sign up or monthly fees and no minimum deposit required. You can feel confident knowing the money you’re diligently putting aside is getting a healthy dose of interest, calculated daily.
What is Ultra?
If you want a little more out of your USaver, as well as the ease of making daily transactions, adding an Ultra transaction account is the way to go. Ultra has no monthly fees, and a cheeky bonus rate. What’s not to love?
USaver and Ultra go together like vegemite and toast. They’re linked together, so the Ultra works hand in hand with your USaver to boost your savings.
Again, there’s no fees whatsoever. And when you chuck in just $200 a month to either account (your salary for example), you’ll unlock our 1.06% p.a. bonus interest rate earning you a whopping 2.87% p.a. total interest rate on your USaver savings*.
We also use Sweep technology so you can have most of your money earning maximum interest in your USaver, with your spending money automatically swept (transferred) into your Ultra account ready for when you need it. Pretty cool, right?
Unleash your saving potential with access to Free2Spend
Here’s where having an Ultra account gets even better: you automatically get access to Free2Spend, our fab in-app tool that helps you keep on top of your savings goals, while comfortably knowing exactly how much you have to spend every day.
With one simple tool, you can input your savings goal (with a time-frame, like 12 months) and tag in all your bills and fixed expenses like rent, groceries and transport. Free2Spend will automatically send the right amount of savings into your USaver each pay cycle, and the rest? You’ll get a daily Free2Spend number, so you know exactly how much you can play with each day. Which means, when you want to splurge on that long lunch or reward yourself with a takeaway after a busy day, you can do so knowing your holiday is still within sight.
Be fee-free, overseas!
When you’re done saving for that European vaycay, we want your money to go towards creating amazing memories, and always having room for dessert. That’s why we don’t charge ATM withdrawal and foreign exchange fees when accessing your Ultra account overseas.
Make sure you let us know about your travel plans, though. We use two-factor authentication with your registered Aussie mobile, so if you’re trying to pay a travel buddy for your share of dinner, having global roaming (rather than a pre-paid overseas SIM) will be our first recommendation. If that’s not an option, you can nominate a linked account to transfer to, without having to go through two-factor authentication.
The PINs-and-outs of our accounts
A couple of things to note when it comes to PIN numbers and your Ultra VISA debit card:
- Your card will be sent to you first
- Next, you’ll receive your 4-digit PIN. Memorise this (we then recommend destroying the paper copy)
- Your card comes with contactless payment tech of course, but you’ll need to make an initial purchase using your PIN before you can start tapping
- When your card expires, you’ll be sent a new one. Your old PIN will work with your new card.
If you do need a new PIN reissued at any stage, you can easily request one to be sent out from your UBank app. Your new PIN will be mailed out to you within 3 - 5 business days, so make sure you’re factoring that in when it comes to your cash needs during that period. PINs can’t be reissued online or over the phone.
Don’t let these perks pass you by. Sign up to your very own high-interest earning USaver & Ultra accounts, today.
* Interest earned on nominated Savings account only. Rate includes 1.06% p.a. bonus rate. Conditions apply.
 To get the bonus rate, you must deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account (for example, your salary). Also, the total balance of all your accounts must not exceed $200,000.
Provided you meet the criteria in the current month, you’ll start earning the bonus interest on your linked USaver savings account from the 1st of the following month.