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USaver with Ultra

*Deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account to earn up to 2.87%p.a. This offer is available on balances up to $200,000.

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Pros and Cons

  • Has no overseas ATM fees
  • Has no international transaction fees
  • Has no ongoing fees
  • Has no minimum balances
  • Must satisfy conditions



You can get three different savings accounts with uBank – USaver, USaver Reach and USaver with Ultra. You can earn a bonus rate with USaver when you open a USaver Ultra account and make monthly deposits of at least $200. To open a USaver Reach, you must be between 18 and 29 years old. Interest is only earned on amounts up to $5,000. Any amount in excess of $5,000 does not earn interest. An online-only bank, uBank also offers term deposits, home loans and SMSF accounts. It was founded in 2007 and is owned by NAB.


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.

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