Original ubank FAQs

Info on original ubank products

This FAQ is related to an original ubank product that new customers can no longer access. Head to our help centre if you want info about our current ubank products.

How do Sweeps work?

Sweeps helps ensure you have the money you need on hand in your transaction account, while the rest works hard in your savings account earning interest.

There are 2 types of Sweeps:

Overnight Sweeps move money from your savings to your transaction account automatically. All you need to do is set your minimum daily balance for your USpend transaction account (at least $100) and we’ll make sure that amount of money is ready to go the next day. It works the other way too. If you get paid into your USpend, and it’s above the maximum daily balance (at least $1,000) you’ve set for your USpend account, we’ll sweep that extra cash into your USave overnight, so it can start earning interest.
We’ll Sweep any extra amount above your maximum balance in your USpend transaction account (at least $1,000) into your USave overnight so it can start earning interest. Live Sweeps automatically move your money from your USave to your USpend account to make up the difference for your bills, direct debits and funds transfers.

Say you’ve set up your phone bill to be paid from your USpend account each month – Live Sweep will kick in when you’re charged and make up the difference from your USave to make sure it’s still paid. No manual transfer needed.

A Live Sweep will only happen in the following situations:

  • You select Savings for in-store purchases in Australia made using your Visa Debit Card;
  • You select Savings to withdraw funds and Select Savings from an ATM (up to $2,000 per day)
  • We receive a Direct Debit request on your USpend BSB and account number
  • You transfer funds out of your USpend using BPAY® or Money Out from Online Banking

In all other circumstances, if you don’t have sufficient cleared funds in your USpend account, the transaction will be declined and you can only transfer or spend up to your USpend available balance.;

Unfortunately, the Live Sweep function will not work if you are overseas.

Live Sweep is also not available when you select Credit at either an EFTPOS Terminal or ATM, or if you use Tap & Pay.

BPAY® is a registered trademark of BPAY Pty. Ltd. ABN 69 079 137 518

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