UBank Savings Accounts

UBank is an internet-based financial service provider that is mainly known for it’s competitive interest rates on saving accounts.

While most banks now have a higher-interest online saving account option, UBank goes one step further by offering two high interest savings accounts and no fees for the service.

Backed by NAB, UBank aims to combine the security, experience and resources of NAB, with direct banking options and committed customer service solutions.

The UBank website also features a number of money tools such as rate comparison charts and a goal-tracking service that can be used by anyone to help keep savings on track.

It is a good idea for someone looking at online savings accounts to compare both of the options from UBank so that they know exactly what rates, services and conditions come with them before they sign up.

To help you compare UBank to other bank saving accounts, here is a look at the features for both USaver and USaver Reach.

USaver

Winner of Money Magazine’s Best Savings Account award for two years in a row, USaver is definitely the savings account most people associate with UBank.

USaver account holders can also set up an automatic savings plan through linked accounts, making it easier to get the maximum interest rate every month.

The only downside to using the automatic savings plan feature is that it takes four days for the money to clear, so someone who wants to get the most out of this option and the bonus would need to factor that into their plan.

USaver Reach

USaver Reach is an account designed to kick-start savings for people aged 18 to 29 years old.

But to be eligible for interest accounts must have less than $5000 worth of funds, so once that amount has been reached people may want to switch to the USaver account so that they are still earning interest on their money.

UBank gives people the opportunity to maximise savings through high interest rates and saving incentives that these two accounts offer.

It also provides a number of other competitive options for term deposit accounts, self-managed super funds and home loans, making it one of the most competitive online banks around.

Comparing different saving options is an important part of personal finance management, so when it comes to options online UBank should definitely be on the comparison list.