Following the RBA’s decision to reduce the cash rate, we’re making changes to our savings and term deposit rates.
We regularly review our interest rates to make sure we’re always offering highly competitive rates to both our home loans and savings customers. It’s important we strike the right balance between delivering great value to our customers, responding to changing marketing conditions and managing our business sustainably.
Savings Rate Changes
What changes are you making?
We’re reducing the base variable interest rate for USave, USaver Reach and USaver SMSF by 0.25% p.a. for new and existing customers from Monday March 9, 2020.
Have you reduced the USave Savings Bonus interest rate?
No, the USave Savings Bonus variable rate remains at 1.06% p.a. for eligible customers who link their account to a USpend transaction account and meet the bonus criteria. However, given the reduction in the base variable rate for USave, the total interest rate for eligible customers will reduce to 1.85% p.a. You can find out more about our bonus rate here.
Term Deposit changes
What changes are you making?
- Our 6-month term deposit, for personal and SMSF customers, will reduce by 0.15%.
- All other terms, for personal and SMSF customers, will reduce by 0.10%.
These changes, for new and existing customers, are effective from March 9, 2020.
Why are you changing your rates?
We regularly review our products and pricing to support our customers and respond to market changes. Recently, the RBA cash rate has been cut by 0.25% to 0.50% and the rates that UBank receives for deposits have also continued to decline due to market movements. We’ve adjusted our rates accordingly while still ensuring they are competitive for customers.
When are these changes effective?
Our savings and term deposit rate changes will be effective, for new and existing customers, from Monday March 9, 2020.
Did you make any changes to your home loan rates?
Yes. We passed on the full 0.25% p.a. RBA rate cut, for the fourth consecutive time, to all variable UHomeLoan customers, effective from Friday April 3, 2020. More information on these changes can be found here: www.ubank.com.au/ratechange
Why are the effective dates for savings, term deposit and home loan rate changes different?
Our effective dates for variable home loan rates take into account a range of factors individual communication with our customers around repayments for our customers.
The difference in timing is due to the tailored nature of a home loan and the communication required, as opposed to the standard offering of our savings account. We’re committed to continuing to offer competitive rates in the market and balancing the needs of all our customers as we make those decisions.
Information and rates are correct as at March 9, 2020 and are subject to change.
Applications for credit are subject to UBank’s credit approval criteria. Any advice is general in nature only and does not take into account your objectives, financial situation or needs. Please read the relevant product Terms and Conditions available at ubank.com.au and consider if our products are right for you. Fees and charges are payable for our home loan products. Home loan and savings products are issued by UBank, a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.