A great rate and clever technology make saving easier and more effective.
No fees whatsoever
Interest calculated daily
Reach your savings goals faster
01
Why apply for a savings account with UBank?
No fees
UBank doesn’t eat into your savings with fees.
No minimum balance
No minimum balance is required to open and maintain your savings account.
Ease of use
Quick and easy online account opening process. Keep track of your progress with online savings tools.
Flexibility
Transfer funds to any eligible Australian bank account.
02
Decide which USaver account is best for you
Fees
Nil
Nil
Eligibility
Over 18 years old
18-29 years old
Max investment
$5,000,000
$5,000
Base variable rate
1.81% p.a.[01]
2.31% p.a.
[01] You can earn a Bonus Rate on your nominated USaver when you open a USaver Ultra account and meet the other eligibility criteria, including maximum account balance criteria. Visit USaver Ultra for all the information you need on opening an account and earning the Ultra Bonus Rate.
03
Enter in your savings target and the amount you will regularly contribute to find out when you can expect to reach your goal.
04
See how our rates stack up against our competitors
| Institution | Product | Maximum Interest rate p.a. | Standard Variable rate p.a. |
| UBank | USaver | 1.81% | 1.81% |
| UBank | USaver with Ultra | 2.87% | 1.81% |
| UBank | USaver Reach * | 2.31% | 2.31% |
| ANZ | Online Saver | 2.55% | 1.00% |
| Bankwest | Smart eSaver | 2.10% | 0.01% |
| Bankwest | TeleNet Saver | 2.75% | 1.50% |
| BOQ | WebSavings Account | 0.01% | 0.01% |
| Citi | Online Saver | 2.85% | 1.70% |
| Commonwealth Bank | NetBank Saver | 2.50% | 1.00% |
| ING | Savings Maximiser | 2.80% | 1.50% |
| NAB | iSaver | 1.90% | 1.20% |
| RaboDirect | High Interest Savings Account | 3.05% | 1.90% |
| Suncorp Bank | Everyday Options Sub-account | 2.80% | 1.65% |
| Westpac | eSaver | 2.51% | 1.00% |
Information accurate as at 19 August 2017. Source: CANSTAR
Note: Some rates displayed may include promotional/bonus rates. Competitor rates shown are as notified to CANSTAR during the previous business day.
Rates shown above are the nominal interest rates for amounts of $1,000. Interest is generally calculated daily and payable monthly, however, this may vary from institution to institution.
The USaver with Ultra maximum interest rate includes the Ultra Bonus rate. To be eligible to receive the bonus rate you must first hold an USaver account & Ultra account, have deposited at least $200 to your USaver or Ultra account from an external source in the previous month and maintain a total balance of not more than $200,000 across all of your USavers / USaver Ultra (inclusive of all joint accounts).
* To open a USaver Reach you must be between 18 and 29 years old. Interest is only earned on amounts up to $5,000. Any amount in excess of $5,000 does not earn interest.
The maximum interest rate of other financial institutions may include introductory rates that apply for a certain period of time and bonus rates (such as loyalty or savings bonuses) that apply after satisfying certain criteria. For terms and conditions of introductory and bonus rates, refer to each provider's websites.
Financial data provided by Canstar Research Pty. Ltd. AFSL and Australian Credit Licence 437917. See Canstar's FSG & Credit Guide
05
Here’s what our customers have to say.
I have been using Ubank for a quite a few years and the products have only improved. Have never had an issue with UBank and highly recommend to all my friends and family. No other bank seems to be able to match the rates.
In these times of minuscule interest rates from most institutions it is a revelation to find a product that offers an interest rate comfortably above inflation, a sign-up process that is easily executed from home, and an online account that is easy to navigate.
I have had a UBank account since they were first introduced. Now I have linked a new UBank Ultra to the first account. And am very impressed to be able to have ATM and Eftpos access as well, on top of receiving high interest rates. The person who thought up the idea of the Sweep system is brilliant.
UHomeLoan info: Govt charges may apply. The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given & may not include all fees & charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.