4 epic changes to the UBank experience

Lots has been happening at UBank and we’re excited to share some updates with you! We love hearing your feedback about the features and tools you need to make your banking experience even better, which is why we’re introducing a range of changes from May 9th 2020.

#1 Introducing USpend and USave

Our two main accounts are getting new names! Your USaver account will now be called USave and your USaver Ultra transaction account will be called USpend. Simple, right? And there’s no need to lift a finger. You’ll see this change happen online and in your app.

#2 Earn interest across multiple accounts

Who doesn’t love earning extra interest? With this update, you’ll earn our bonus interest rate on multiple USave accounts. So, if you’ve got USave accounts for your home loan deposit, new car and wedding, you’ll soon be earning competitive interest on all three!

#3 Earn bonus interest on savings up to $250,000

You’ll soon be able to enjoy the top interest rate if the total combined balance of all USave and USpend accounts you hold is below the value of $250,000. The current limit is $200,000, but from May 9th, you could be earning extra interest on more of your money. Cha-ching!

#4 Turn Overnight Sweeps on, or off

There’s also some updates to our Sweep technology. We developed Sweeps so that our customers can make the most of their money and earn the maximum amount of interest. But if you’d prefer to switch Overnight Sweeps off, we’re introducing this feature just for you.

And don’t worry, we’ll still have Live Sweeps available. This comes in handy when you’re paying for something but don’t have the funds in your transaction account. When this happens, we’ll do an automatic transfer from your USave account to make up the difference and give you a bit of cash to keep you going.

We hope you’re as excited as we are for these awesome changes, designed to make your everyday banking even easier!