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.
*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