How it works

USaver is UBank's online savings account. It comes with a standard rate of 3.96%, which is one of the highest among similar products. The main lure of USaver is its automatic savings plan (ASP), which lets you schedule the transfer of funds. If your ASP deposits at least $200 each month, you receive a bonus rate of 0.95% p.a. in addition to the standard rate. This all adds up to an impressive 4.91% p.a., which is one of the highest among online accounts—and it's not an introductory rate. Take note that the bonus rate is applied the month after setting up your ASP.

Product name USaver
Standard variable rate 3.96% p.a.
Bonus variable rate 0.95% p.a.
Monthly fee $0
Minimum opening deposit $0
Internet banking Yes
Internet transaction fee $0
Phone banking Yes
Phone transaction fee $0
Joint application Yes
Minimum age requirement 18
Maximum age requirement No maximum age


Here are the requirements to open a USaver account at UBank:

  • You must be a personal customer aged 18 years or older.
  • You must be an Australian resident for tax purposes.
  • You must have an Australian residential address.
  • You must provide personal details such as your e-mail address and mobile number. For joint accounts, both applicants must have a different e-mail address.

To complete your application, you'll need:

  • Your tax file number or exemption code. It's not mandatory, but if you don't provide it, UBank needs to deduct your tax at the highest marginal rate.
  • The details of any Australian bank account you plan to link with your USaver account.


UBank's USaver account comes with several benefits, including the following:

  • Flexibility
    Your USaver account isn't limited to one linked account; you can transfer your funds to any Australian bank account anytime you want.
  • Automatic savings plan
    Take the hard work out of saving by setting up an automatic savings plan, which lets you schedule the transfer of funds into your USaver account.
  • Bonus interest
    Deposit at least $200 every month through your automatic savings plan and you'll get a bonus rate of 0.95% p.a., in addition to the 3.96% p.a. standard rate.

Other Savings Accounts from UBank include: