USave account

To qualify for the USave Bonus variable interest rate on eligible balances in your USave account, you need to:

• Hold a USpend transaction account and link it to your USave account, and
• Deposit at least $200 during the month (e.g. your salary) into your USpend account or its linked USave account from a non-ubank account.

Please note:

The bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave savings accounts, including joint accounts. Any remaining balance greater than $250,000 will earn the USave base variable rate.

Balances held in your USpend transaction account are not eligible for the USave bonus interest rate.

If you meet the bonus interest criteria in the current calendar month, you will earn the USave Bonus variable rate on eligible balances that same month.

From now on interest payments will appear as two credits in your USave account(s):

• The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month.
• The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.

Prior to March 1st 2021, this was paid as a single payment calculated at the combined base and bonus interest rate.

You can make withdrawals from either the USave savings account or its linked USpend transaction account without affecting your eligibility for the bonus rate.

We calculate interest on the daily closing balance of your account using the following formula:

Daily closing balance x (applicable interest rate / 365) = Interest accrued on that day

Interest is paid monthly and interest payments will appear as two credits in your USave account(s):

• The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month.
• The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.

You can transfer money (up to your daily transfer limit) using the:

ubank app:

• Select Transfer from the Tab bar or the More menu
• Tap Transfer if you want to transfer money between accounts, or tap Pay Anyone to transfer money to an external account
• Select From and tap the relevant account
• Select To and choose the relevant account or payee
• Enter the amount and description
• Choose to pay Now, Later or set up a regular payment, then tap Next
• Enter the security code that’s sent to your registered mobile, then tap Next

You can choose to share or save your transaction as a favourite.

Online Banking (computer/laptop):

• Select Move Money and then Money Out

Please note:

You won’t be able to transfer money out until all parties on the account have completed their identity verification. BPAY® payments are only available from the USpend transaction account.

Yes, you can earn bonus interest on up to 10 USave accounts and on up to 10 USaver SMSF accounts, providing you meet the bonus rate eligibility criteria.

For USaver SMSF accounts, please refer to “How do I qualify for the bonus interest on my ubank USaver SMSF account?”.

For the USpend, please refer to “How do I qualify for the USave Bonus Interest Rate?” for the full bonus conditions.

You’d need to select Statements > Interest Statements in your Online Banking.

You can view and download the interest accrued on any open USave or USpend account or Term deposits.

To get the interest earned on closed accounts, you would need to refer to Account Closing Statements or Maturity Letters you’ve previously received.

If you’ve misplaced these letters, you can reorder them:

• For USave & USpend accounts How can I view or request a statement for a USave or a USpend account?
• For Term deposits How can I order a Term deposit statement?