We’re making changes to some of our savings rates.

We regularly review our interest rates to make sure we’re offering competitive rates to our customers. It’s important we strike the right balance between delivering great value to our customers, responding to changing market conditions and managing our business sustainably.

What are the changes?

Effective Friday 9 October, we’re making the following changes to our USave, USaver SMSF and Term Deposit accounts:

For Savings customers:

  • Our variable base interest rate for USave will reduce by 0.14% p.a.
  • Our variable base interest rate for USaver SMSF will reduce by 0.10% p.a.

We continue to offer bonus interest of 1.00% p.a. to eligible USave customers and 0.40% p.a. to eligible USaver SMSF customers when they meet the monthly eligibility requirements.

For Term Deposits customers:

  • Our 1-11 month Term Deposit rates will decrease by 0.10% p.a.
  • Our 12-month Term Deposit rates will decrease by 0.15% p.a.

We continue to offer bonus interest of 0.10% p.a. on our Term Deposits when the full deposit amount is rolled over for a new term.

What date will the new rates be effective from?

Friday, 9 October 2020

Who do these changes apply to?

All USave and USaver SMSF customers. 

For Term Deposits, the new rate applies to all new Personal and SMSF customers and those who are rolling over an existing Term Deposit. Please note that the SMSF rates apply to customers with existing SMSF Term Deposits.

Consider if these products are right for you by reading the relevant product terms and conditions, available here, before deciding. The product issuer is UBank, a division of National Australia Bank Ltd ABN 12 004 044 937.