UBank makes it easier to manage your money

Would you like to be better at money? In that case, UBank may have come to your rescue.

UBank said its customers can now get “an in-depth understanding of their finances and spending, in a simple click, through UBank’s in-app budget tool”.

This new feature comes after UBank became the first bank to form a partnership with Basiq, an Australian fintech whose investors include NAB Ventures and Westpac’s Reinventure. Basiq’s open banking platform helps customers understand their spending habits, and also suggests changes to their behaviour.

“Customers will be able to see their total spend and every transaction across 40 different categories as well as detailed spending by merchant,” according to UBank.

“Empowered by these insights, users can then easily create a budget by entering their expenses, and the app will provide them with a single, real-time number representing their daily spend allowance.”

The future is fintech

UBank isn’t the only lender to expand through fintech. Two years ago, Bankwest unveiled a range of wearable technology that let users pay for their groceries with rings. Last year Westpac created a line of designer wearables, including pins, bands and chains. They can be attached to objects like shirts or gym towels so users can pay with their clothing.

It’s not just wearables that are showing off how far financial technology can go. There are a range of educational apps that help to teach children about money by letting them check their balances, transaction history and set savings goals.

A range of fully licensed neobanks (digital banks controlled through apps) have also emerged in Australia.

It’s understandable when you consider that Roy Morgan research into digital payment solutions found that Gen Z and millennials are more likely to pay using fintech, whether through Android Pay, Apple Pay, Google Pay or another app.

There is a clear emerging market and banks, like UBank, are smart to step into this space.

UBank transaction and savings accounts

UBank has one transaction account, called Ultra:

• 0% standard interest rate
• 1.06% bonus interest rate available
• $0 monthly fee
• $0 overseas ATM fee
• $0 fee for online purchases with overseas merchants

UBank also offers three different savings account options:

Do your research

As with all financial products, it’s important to compare savings accounts before you sign up.

The UBank USaver + Ultra savings account has a very high interest rate by market standards. Here are some other savings accounts with some of the highest interest rates in Australia: 

Date accurate as of December 5. Youth accounts and accounts with short-term honeymoon rates have been excluded from the comparison table.

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