Have a look at current interest rates

We calculate interest on the daily closing credit balance of your UBank USaver, up to and including the last day of the month. Interest is credited to your account on the last business day of each month (or at account closure).

The interest rate applying to your UBank USaver is a variable rate and may change from time to time.

We will advertise the changes in a major newspaper or by post or email no later than the day the interest rate change takes affect.

Customers that have single or joint USaver accounts and have an ASP(s) depositing $200 or more per month AND a total account balance across all accounts per customer less than $200,000 (including joint accounts) receive the ASP Savings Bonus on all eligible accounts.

Joint Account holders will be eligible for ASP, as long as one individual in the Joint Account has an individual balance (including joint account) of less than $200,000. If the other Joint Account holder has an individual balance above $200,000 (including Joint Account), then they will still receive the ASP on the Joint Account, as the other individual has qualified, but not on their other personal accounts, as they have exceeded the $200,000 individual limit.

The new rate will be applied at the start of the next period. E.g. if the ASP Savings Bonus interest rate goes up in May and you continue to meet the eligibility criteria in May, you'll earn interest at the new rate for the June period.

Yes! By contributing $200 or more per month to your USaver accounts you can get the ASP bonus on each of your USaver accounts (up to a maximum of 10 per customer) as long as the combined balance of all of your accounts does not exceed $200,000.

Unfortunately, no. ASP Savings Bonus interest is earned the month following the month your account qualifies. (See examples below).

USaver accounts do not get the ASP Savings Bonus interest on any portion of their balance if the total account balance is above $200,000 (including joint accounts). Instead, they get the standard rate on their whole account balance. Remember, even if you have $199,999 at the end of the month when interest is credited, this will likely break the $200K limit and you won't qualify for the Savings Bonus rate the following month.

Qualifying accounts do not start to earn the ASP Savings Bonus interest until the following calendar month after the one in which their account qualifies.

Yes. Once the Savings Bonus rate has been applied, you'll see it in your Online Banking screen.

ASP transactions will generally appear in your USaver the following business day, but it can take an extra 1 or 2 business days for it to show up in your external account. This is because of the way USaver pulls funds from your external account (rather than the usual way of pushing funds from it).

When you initiate an ASP payment, the money will appear as "uncleared funds" both in your USaver Online Banking screen and customer balance chart. The funds will take 4 business days to clear and only then will you be able to transact with them.

There are two reasons:

• This is the time it takes to guarantee that the transaction can be honoured by the external account provider.
• It also protects you, as it provides 3 days notice to the owner of the external account that a withdrawal has been requested by the USaver account - allowing enough time for it to be stopped if it's a fraudulent request.

No. Some financial institutions may not allow direct debits on a range of accounts. Before setting up a direct debit, it's worth checking with your financial institution.

Example 1
Matt has a single USaver with a balance of $140,000. He sets up a monthly ASP on 10th August 2009 for $200, to start on 29 August 2009. Matt QUALIFIES for the ASP bonus in August as his qualifying ASP payment arrived in August. But his account doesn't start to earn ASP bonus interest until 1st September 2009.

Example 2
Matt's brother Chris has a single USaver, with a balance of $140,000. He also sets up an ASP on 10th August 2009 for $200, but this time to start on 1st September 2009. Chris's account won't qualify for the bonus until September. So he won't start to earn ASP bonus interest until 1st October 2009.

Example 3
Matt's sister Sarah also has a single USaver with $199,999 in it. She sets up an ASP on 10th August 2009 for $200, to go in on 11th August 2009. But Sarah doesn't qualify for the ASP bonus interest because the standard interest paid to her account at 31 August 2009 tips her account over the $200,000 ASP Savings Bonus limit. Remember, if your account goes over $200,000 at any time, no portion is eligible for the ASP bonus.

Example 4
Matt's parents, Gavin and Jenny have a joint USaver with $150,000 in it. Gavin also has a single USaver with $55K in it and Jenny has a single USaver with $40K in it. They both set up an ASP on 10th August 2009 for $200, to go in on 11th August 2009. But Gavin doesn't qualify for the ASP bonus interest on either of his accounts because his total account balance is $205K. Jenny does qualify for the ASP Savings Bonus Interest on both accounts as her total account balance at 31 August 2009 is under $200K. Remember, if your total account goes over $200,000 at any time, no portion is eligible for the ASP bonus.

Example 5
Matt has two USavers with a balance of $20,000 (he's saving towards two different goals). He sets up a monthly ASP on 10th August 2009 for $150 to one account and another ASP for $100 to the other account, to start on 29 August 2009. Matt QUALIFIES for the ASP bonus in August on both his accounts as his qualifying ASP payments arrived in August. But his accounts don't start to earn ASP bonus interest until 1st September 2009.

There is no minimum balance. The maximum amount is $1 million per customer, this includes joint accounts. That means if you have 10 USaver accounts they all need to have a combined balance of $1 million or under.

One off or ad hoc transfers.

• BPAY® - lets you transfer funds electronically by using a simple BPAY® biller code and a unique customer reference number. Our biller code is 768374 and your customer reference number is your account number. Use these to make your deposit, and start earning interest immediately, all with no hassles and no paperwork.
• Funds Transfer - simply transfer funds from any Australian bank account. Your USaver BSB number is 082-991. You'll also need your account number to make the funds transfer, you can find this by logging into UBank. Both your BSB and account number are shown within the USaver Account summary.
  
  If you do not have a record of your account number, don't worry, just give us a call on 13 30 80 and we'll provide this to you.
• Cheque - simply write us a cheque made payable to UBank or the account holder(s). You'll need to write your full name, address, date of birth and your account number on the reverse side of the cheque. Please note we can't accept a third party cheque
  
  Send us your cheque to (no stamp required):
  
  UBank Reply Paid
  1466 North Sydney NSW 2059
• Linked account transfer - this is the most convenient method if you plan to make multiple deposits from one of your own accounts. To set up and verify a linked account, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
  
  Once you've provided your linked account details we'll send a micro-payment of $0.01 to your linked account with your Authentication Number in the transaction description. This will normally appear in your linked account within one business day. Once you have the Authentication Number, please return to ubank.com.au, log in and select 'Create linked account', from the Transfer Money menu. Finally, select the "Pending" link next to your new linked account and enter the Authentication number to complete the verification process.
  
  And just so you know there's no limit to the number of linked accounts you can set up but there is a daily transfer $10k limit from verified linked accounts.

Regular Payments.

• Automatic Savings Plan (Direct Debit) - an Automatic Savings Plan (ASP) regularly draws a fixed amount of money from your linked bank account at a set time (every week or month etc - it's your choice).
  
  To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
• Credit your Salary - choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.

There are several ways that you can pay money out of your account, including:

• Linked account transfer
• Pay anyone
• Transfer funds between your USaver accounts
• Pay another USaver account.

If there are accounts you make regular payments to, you should add them as a 'Payee' within a 'Payee Category'. To add a payee you must select or add the payee to a 'Payee category'. To add a Payee category select 'My Payees' from the 'Payments' menu.

Your payees are separated into categories, so you must first choose a name for the category. Here are a few examples to get you started: 'Friends and Family',' Colleagues' and 'My Accounts'. But you can call them whatever you like.

You'll then be able to 'Add Payee Details'. And then keep adding 'Payees' to the category as you see fit. By adding Payees you'll be able to transfer funds to accounts you frequently transfer money to. This way you won't have to enter in the payee details every time.

Ad hoc transfers.

• Linked Account Transfer
  You can transfer money to a verified linked account. The great thing about setting up a linked account and having it verified is if you that you can transfer more than 20K at a time. However, for security reasons, we can only allow you to transfer more than 20K if you call us on 13 30 80.
• Pay anyone
  Simply transfer funds to any Australian financial institution using the 'Pay anyone' facility. All you need is the account name, BSB and account number of the account you wish to transfer money to or make payment to. To transfer money to another a payment to another person(s) (or business) account simply follow the following steps;
  • Step 1 - Log in at ubank.com.au and select 'Manage my accounts'
  • Step 2 - Choose 'Pay anyone' from the 'Payments' menu
  • Step 3 - 'Select Payee Category' or 'Make a New Payment'
    • If you 'Select Payee Category' just make sure you've set up your payee details first. Once you choose the payee category they the payee it should pre-populate most of the payment details for you so you don't have to re-enter them in every time
    • If you select 'Make a New Payment' simply choose the UBank account you would like to transfer funds from and then enter in all the required details.
  • You can choose to make the payment now by selecting 'Pay Now', 'Pay Later' - just select the payment date, the date just has to be a date in the future.
  Transfers to accounts with other Australian financial institutions are generally processed overnight as long as you provide the Security Code sent by SMS.

Regular Payments.

To make a regular payment follow steps 1 - 3 above then chose 'Regular Payment'. You can select how often you'd like the payment to be made - weekly, monthly or fortnightly. Then simply choose the dates you'd like the payments to begin and end.

The default 'Pay Anyone' access daily limit is $20,000 per customer per business day. You can increase this limit by setting up a linked account and having the account verified or by calling us on 13 30 80. You can set up a linked account by logging in at ubank.com.au and then selecting 'Manage my accounts' then 'Linked accounts' from the 'Accounts' menu, and follow the prompts.

• Transferring funds between your own USaver accounts
  Log in at ubank.com.au and choose 'Manage My Accounts' then 'Between My Accounts' from the payments menu. There are no transfer limits to the amount you can transfer between your accounts.
• Pay another USaver account
  Transferring funds to USaver accounts that aren't your own, for example a USaver account owned by a family member. Generally the transfer occurs immediately - as long as you provide the Security Code that we send you by SMS. Log in at ubank.com.au and choose 'Manage My Accounts' then 'Pay UBank Account'.

Yes, when you open your account we'll give you a UBank USaver BSB and account number. You can then transfer funds from any Australian bank to your USaver account. Please check with your bank as restrictions may apply.

Yes we can - you can take the hard work out of saving by setting up an Automatic Savings Plan (ASP). You can set up an amount to regularly contribute (every week or month etc - it's your choice). Then you can just sit back and watch your money grow, automatically.

To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this log in at ubank.com.au and select 'Manage my account', from there, select 'Linked accounts' from the 'Accounts' menu, and follow the prompts.

View UBank's Direct Debit Agreement here

Sorry, not right now. Here's how you can deposit money into your USaver.

• BPAY® - lets you transfer funds electronically by using a simple BPAY® biller code and a unique customer reference number. Our biller code is 768374 and your customer reference number is your account number. Use these to make your deposit, and start earning interest immediately, all with no hassles and no paperwork.
• Funds Transfer - take advantage of UBank Turbo by sending your deposit via Electronic Funds Transfer (EFT). Simply transfer funds from any Australian bank account using the UBank USaver BSB number (082991) and your account number.
• Automatic Savings Plan (Direct Debit) - an Automatic Savings Plan (ASP) regularly draws a fixed amount of money from your linked bank account at a set time (every week or month etc - it's your choice).
  
  To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
• Credit your Salary - choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account, to manage your money. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.
• Cheque - simply write us a cheque made payable to UBank or the account holder(s). You'll need to write your full name, address, date of birth and your account number on the reverse side of the cheque. Please note we can't accept a third party cheque for term deposits.
  
  Send us your cheque to (no stamp required):
  
  UBank Reply Paid
  1466 North Sydney NSW 2059

Yes, you can send it here please (no stamp required):

UBank Reply Paid
1466 North Sydney NSW 2059

Please be sure to:

• Make the cheque payable to UBank or the account holder(s).
• Write your name and account number on the back of the cheque. We can't accept a third party cheque so your cheque needs to be in the same name as the account holder(s).

Send it to us at the following address (no stamp required):

UBank Reply Paid
1466 North Sydney NSW 2059

Please be sure to:

• Make the cheque payable to UBank or the account holder(s).
• Write your name and account number on the back of the cheque. We can't accept a third party cheque so your cheque needs to be in the same name as the account holder(s).

Yes! Here's how;

BPAY® - lets you transfer funds electronically by using a simple BPAY® biller code and a unique customer reference number. Our biller code is 768374 and your customer reference number is your account number. Use these to make your deposit, and start earning interest immediately, all with no hassles and no paperwork.

You can also deposit money into your USaver account via;

• Funds Transfer - take advantage of UBank Turbo by sending your deposit via Electronic Funds Transfer (EFT). Simply transfer funds from any Australian bank account using the UBank USaver BSB number (082991) and your account number.
• Automatic Savings Plan (Direct Debit) - an Automatic Savings Plan (ASP) regularly draws a fixed amount of money from your linked bank account at a set time (every week or month etc - it's your choice).
  
  To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
• Credit your Salary - choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account, to manage your money. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.
• Cheque - simply write us a cheque made payable to UBank or the account holder(s). You'll need to write your full name, address, date of birth and your account number on the reverse side of the cheque. Please note we can't accept a third party cheque for term deposits.
  
  Send us your cheque to (no stamp required):
  
  UBank Reply Paid
  1466 North Sydney NSW 2059

When considering a new account (savings account, term deposit or other investment), it is important to consider how many days it will take to set up the account and to transfer your money. If your money has to sit in a non interest bearing transaction account for, say 5 days to wait for paperwork to clear, then this can have a dramatic effect on the effective interest rate you are getting.

When you're keen to see your money grow, the last thing you want is to wait around for paperwork to be processed. That's why we created UBank Turbo - so you can start earning interest on your money even sooner.

You can transfer your money immediately after application and start earning interest sooner.

Most banks will allow you to increase the daily withdrawal limit. Just give them a call to arrange - most will do so on the spot. If you still experience difficulties give us a call anytime on 13 30 80 and speak to a real person.

Of course, you could always send us a personal or bank cheque.

Sorry, not right now. Here's how you can deposit money into your USaver.

• BPAY® - lets you transfer funds electronically by using a simple BPAY® biller code and a unique customer reference number. Our biller code is 768374 and your customer reference number is your account number. Use these to make your deposit, and start earning interest immediately, all with no hassles and no paperwork.
• Funds Transfer - take advantage of UBank Turbo by sending your deposit via Electronic Funds Transfer (EFT). Simply transfer funds from any Australian bank account using the UBank USaver BSB number (082991) and your account number.
• Automatic Savings Plan (Direct Debit) - an Automatic Savings Plan (ASP) regularly draws a fixed amount of money from your linked bank account at a set time (every week or month etc - it's your choice).
  
  To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
• Credit your Salary - choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account, to manage your money. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.
• Cheque - simply write us a cheque made payable to UBank or the account holder(s). You'll need to write your full name, address, date of birth and your account number on the reverse side of the cheque. Please note we can't accept a third party cheque for term deposits.
  
  Send us your cheque to (no stamp required):
  
  UBank Reply Paid
  1466 North Sydney NSW 2059

Sorry, not right now. Here's how you can deposit money into your USaver.

• BPAY® - lets you transfer funds electronically by using a simple BPAY® biller code and a unique customer reference number. Our biller code is 768374 and your customer reference number is your account number. Use these to make your deposit, and start earning interest immediately, all with no hassles and no paperwork.
• Funds Transfer - take advantage of UBank Turbo by sending your deposit via Electronic Funds Transfer (EFT). Simply transfer funds from any Australian bank account using the UBank USaver BSB number (082991) and your account number.
• Automatic Savings Plan (Direct Debit) - an Automatic Savings Plan (ASP) regularly draws a fixed amount of money from your linked bank account at a set time (every week or month etc - it's your choice).
  
  To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this, simply log in at ubank.com.au and select 'Create linked account', from the Transfer Money menu and follow the prompts.
• Credit your Salary - choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account, to manage your money. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.
• Cheque - simply write us a cheque made payable to UBank or the account holder(s). You'll need to write your full name, address, date of birth and your account number on the reverse side of the cheque. Please note we can't accept a third party cheque for term deposits.
  
  Send us your cheque to (no stamp required):
  
  UBank Reply Paid
  1466 North Sydney NSW 2059

You cannot deposit money into your USaver in cash, travellers cheques, international drafts or RTGS. For current allowable deposit methods please refer to How do I deposit money into my USaver?

Yes, you can take the hard work out of saving by setting up an Automatic Savings Plan (ASP). You can set up an amount to regularly contribute (every week or month etc - it's your choice). Then you can just sit back and watch your money grow, automatically.

To set up an ASP, you'll first need to link your USaver account with the account you'd like to draw funds from. To do this log in at ubank.com.au and select 'Manage my account', from there, select 'Linked accounts' from the 'Accounts' menu, and follow the prompts.

To verify your linked account you'll need to log in at ubank.com.au and enter the Authentication Number. You'll find an Authentication Number (located within the asterisk) in your linked bank account transaction description field. And below, is a step-by-step explanation of how to add your linked account and complete your Automatic Savings Plan set up.

Next steps.
You've been sent a new micro-payment ($0.01) to your linked bank account. All you have to do now is:

• Retrieve the Authentication Number. This number is appended to the micro-payment we sent to your linked bank account.
• Log in at ubank.com.au
• Once you're logged in, select 'Linked Accounts' from the 'Accounts' menu. Then click on the 'Pending' link, enter the Authentication Number and hit 'enter'.
• Now all you need to do is click on the 'Add Savings Plan' button and set up your Automatic Savings Plan.

You can also view a demo video

Yes, choose to have your salary paid into your USaver and you'll attract higher interest than you would in an everyday transaction account, to manage your money. It means that all the time you're working hard, you know your salary is too! All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you.

Yes, you can turn your one USaver account into several - one for each of your savings goals. It's easy, and you don't have to go through the application process again. Simply log into 'MyMoney' at ubank.com.au and select 'Open USaver Account' from the 'Account' menu.

You can also view a demo video

While you can link your UBank USaver to PayPal, unfortunately you're not able to make payments to it from your USaver.

While you can link your UBank USaver to PayPal, unfortunately you're not able to make payments to it from your USaver.

A daily transfer limit per customer per business day applies to selected transactions performed in UBank Online Banking and Telephone Banking. These are:

The 'daily transfer limit' does not apply to:

• Funds Transfers between your accounts at UBank.
• Funds Transfers, performed by UBank Telephone Banking, to your nominated linked bank account held with another Australian financial institution (including NAB).

Provided you are transferring cleared funds:

• Transferring funds between your own USaver accounts generally occurs immediately.
• Transferring funds to USaver accounts not within your own profile (3rd party accounts) generally occurs immediately provided that you provide the Security Code that we send you by SMS.
• Transfers to accounts with other Australian financial institutions are generally processed overnight as long as you provide the Security Code that we send you by SMS. The transfer must generally be completed before the cut-off time of 4:00 pm Australian Eastern Standard Time. Funds should generally be available at the other institution the next business day (depending on the institution).

Should funds be sent after 4:00 pm Australian Eastern Standard Time the availability of these funds will be available at the other institution generally within the next 2 business days (depending on the institution).

When you submit a transfer the funds are deducted from your UBank available balance in Internet Banking so you know exactly how much you have available. The funds are held ready for delivery to the Bank that holds your external account. Banks do not deliver funds to each other on non banking days such as a Saturday, Sunday or national public holiday such as Christmas, Australia Day or GoodFriday. The funds remain in queue until the next banking day when they can be sent to the other financial institution. Although the funds do not appear in your available balance they continue to earn interest.

When you submit a transfer the funds are deducted from your external account balance in Internet Banking so you know exactly how much you have available. The funds are held by your external bank ready for delivery to UBank. Banks do not deliver funds to each other on non banking days such as a Saturday, Sunday or national public holiday such as Christmas, Australia Day or Good Friday.The funds remain with your external bank until the next banking day when they can be sent to UBank.

Yes. You are only able to cancel future dated transfer, up until the day before the transfer is due (i.e. transfers not due for payment today).

Once a payment or transfer is made we are unable to stop that transaction.

Yes. You can modify funds transfers that have a status of periodic or future dated up until the day before the transfer is due (i.e. transfers not due for payment today).

Once a payment or transfer is made we are unable to stop that transaction.

Yes. You can create a regular transfer at anytime via UBank Online Banking.

Sorry, not right now. You can only transfer money to an Australian bank account.

UBank Online is available 24 hours a day, seven days a week.

You will need the following information to make a payment to another person(s) (or business) account at UBank or another financial institution in Australia:

• BSB number (this identifies the bank and outlet of the person you wish to pay and must be exactly six digits in length),
• account number of the person you wish to pay (this must be numeric), and
• account name of the person you wish to pay.

Yes. UBank Online Banking allows 'Pay Anyone' access which enables you to transfer funds to any other UBank account(s) and any other Australian financial institution.

The default 'Pay Anyone' access daily limit is $20,000 per customer per business day. You can increase this limit by setting up a linked account and having the account verified or by calling us on 13 30 80.

You can set up a linked account by logging in at ubank.com.au and then select "Manage my accounts" from there, select 'Linked accounts' from the 'Accounts' menu, and follow the prompts.

Setting up a linked account can take up to 48 hours. Once your linked account has been set up, please call us on 13 30 80 to transfer funds.

The default 'Pay Anyone' daily limit is $20,000 per customer per business day. You can increase this limit. You can increase this limit by setting up a linked account and having the account verified or by calling us on 13 30 80.

You can set up a linked account by logging in at ubank.com.au and then select "Manage my account" from there, select 'Linked accounts' from the 'Accounts' menu, and follow the prompts. Setting up a linked account can take up to 48 hours. Once your linked account has been set up, please call us on 13 30 80 to transfer funds.

As far as UBank USaver accounts go, there are no fees or charges payable.