*Deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account to earn bonus rate. This offer is available on balances up to $200,000.
2.10%*
1.04%
USaver with Ultra
Total interest earned
$56
Total amount
$6,256
Product | Maximum rate | Base rate | Maximum monthly interest | Total interest earned | Go to site | |
|---|---|---|---|---|---|---|
0.80% | 0.80% | $3.4 | $44.6 | More details | ||
0.40% | 0.40% | $1.7 | $22.2 | More details |
A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.
If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.
It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.
Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.