This was posted 10 years 8 months 10 days ago, and might be an out-dated deal.

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UBank Ultra Everyday Account (No Account Fees, No ATM Fees, Linked to USaver Account)

204
UBank Ultra Everyday Account (No Account Fees, No ATM Fees, Linked to USaver Account)
Go to Deal
frostyboy on 16/08/2013 - 21:42 ubank.com.au (1549 clicks)
Last edited 04/10/2013 - 22:01 by 3 other users

It looks like a Everyday Account with a Visa debit that links to your Usaver bank account. So you can access your Ubank money straight from Ubank, instead of having to transfer it elsewhere. These are the terms I found:

USaver Ultra
Monthly Account Fee
$0 – No ongoing Account Keeping Fees
Overdrawn Fee
$0
ATM Withdrawal Fee
$0 at any NAB or RediATM operated ATM. Other operators may charge a fee for use of their operated ATM.
Foreign Exchange Fee
2% of the total transaction value
Overseas ATM Withdrawal Fee
$4
International Deposit Fee
Up to $20

https://www.ubank.com.au/ubank/ib/documents/usaver-ultra-ter…

Credit: Hamza

UBank Ultra Everyday account.

FIRST you must login to UBank on www.ubank.com.au

AFTER logging in then go to:
https://www.ubank.com.au/ubank/web/my-money/OpenANewAccount/…

Must have minimum $10,000 balance in USaver in order to sign up.

Terms and Conditions
https://www.ubank.com.au/ubank/ib/documents/usaver-ultra-ter…

Interest rate: 1.06% (6/9)

Referral Links

Referral: random (1156)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Financial

Related Stores

ubank
ubank

closed Comments

  • Moots on 16/08/2013 - 21:43
    +32

    Can you please define what the deal is here?

    • spendinghacker on 04/10/2013 - 21:21

      The deal is the following:

      "UBank has increased the USaver Ultra Bonus for a limited time. Simply meet the eligibility criteria in any calendar month from 1 August - 31 December 2013 and, for the following month, you'll get an amazing USaver Ultra Bonus rate 1.06%pa^ on your nominated USaver."

      Basically an extra bonus of 0.26% until the end of the year. This bonus is above and beyond the 'standard bonus' of 0.8% and together with it, it bring the total interest rate to 4.77% which is currently the highest available in Australia .

      Refer below for detailed calculation and T&Cs:
      https://www.ubank.com.au/ubank/web/products/transaction-acco…

      OP, please update expiry date to be 31/12/2013. This is when the extra bonus of 0.26% will cease.

  • Pandabargain on 16/08/2013 - 21:46
    +3

    Belongs in the forums

  • hamza23 on 16/08/2013 - 21:47
    +2

    It looks like a Everyday Account with a Visa debit that links to your Usaver bank account. So you can access your Ubank money straight from Ubank, instead of having to transfer it elsewhere. These are the terms I found:

    USaver Ultra
    Monthly Account Fee
    $0 – No ongoing Account Keeping Fees
    Overdrawn Fee
    $0
    ATM Withdrawal Fee
    $0 at any NAB or RediATM operated ATM. Other operators may charge a fee for use of their operated ATM.
    Foreign Exchange Fee
    2% of the total transaction value
    Overseas ATM Withdrawal Fee
    $4
    International Deposit Fee
    Up to $20

    https://www.ubank.com.au/ubank/ib/documents/usaver-ultra-ter…

  • bitcoinorbust on 16/08/2013 - 21:49
    -3

    ummm the USaver Ultra is available as an exclusive pilot offer to Products & Markets staff..

  • mily on 16/08/2013 - 21:50
    +21

    A good bank card now-a-day is defined as giving 5% or more cash back for using it.

    • dak52 on 17/08/2013 - 07:41

      I agree with you. I get 2% back on my ING, but what others do you know of? I would love to be getting more.

      • muncan on 17/08/2013 - 09:53
        +1

        You should be getting 5% off. Have you tried rebooting your account?

  • hamza23 on 16/08/2013 - 21:50
    +1

    I signed up since it has no fees and I already have the account, it opens instantly.

  • hamza23 on 16/08/2013 - 21:51
    +1

    USaver Ultra Transaction Account
    Time to start saving on your spendings.

    Welcome to the account that's unlike any you've ever had before. All the savings potential of a high interest savings account. All the convenience of having money on hand whenever you like. USaver Ultra is unlike any account you’ve ever had before.
    What now?

    • Tonight we’ll be moving some money from your USaver into your transaction account to get you started. In your transaction history, this will be called "Sweep from".
    • You'll have your card & PIN in the next 5 to 10 working days.
    • Want to make changes? Easy. Just log in and click on Accounts>Manage USaver Ultra and follow the prompts. It's simple to change the minimum and maximum amounts in your transaction account.
    • And while you're there, why don't you take note of your new BSB and Account Number - remember if you deposit $2,000 a month you'll be earning our Ultra Bonus interest rate so make sure you give your new account details to your employer.
    • Once you get your PIN, you can change this at any time at a NAB ATM, so make sure it is something you can remember.
  • hamza23 on 16/08/2013 - 21:52
    +1

    I now have the ability to pay bills straight from my Ubank account, which is the main reason I thought this would be handy. Wouldn't use the everyday account or Visa debit, got ING for that.

  • fchis on 16/08/2013 - 21:53
    -2

    I thought they'll give us more money lol. The Ultra sounds a bit misleading.

  • BluBoy on 16/08/2013 - 21:55
    +4

    Welcome to the account that's unlike any you've ever had before. All the savings potential of a high interest savings account. All the convenience of having money on hand whenever you like. USaver Ultra is unlike any account you’ve ever had before.

    What now?

    Tonight we’ll be moving some money from your USaver into your transaction account to get you started. In your transaction history, this will be called "Sweep from".
    You'll have your card & PIN in the next 5 to 10 working days.
    Want to make changes? Easy. Just log in and click on Accounts>Manage USaver Ultra and follow the prompts. It's simple to change the minimum and maximum amounts in your transaction account.
    And while you're there, why don't you take note of your new BSB and Account Number - remember if you deposit $2,000 a month you'll be earning our Ultra Bonus interest rate so make sure you give your new account details to your employer.
    Once you get your PIN, you can change this at any time at a NAB ATM, so make sure it is something you can remember.

    … Wait what?!

    • hamza23 on 16/08/2013 - 21:58

      Lol I know! Will be interested to see where my money goes tonight!

      • Lazer on 16/08/2013 - 22:12

        how much will they move????

        • hamza23 on 16/08/2013 - 22:23

          Didn't say, will see what happens

        • BluBoy on 16/08/2013 - 22:26

          I think it'll be $1,000… A bit more notice/details would have been nice!

          The sweep thing actually looks pretty cool.

          It will basically keep the balance between X and Y.
          If it drops beneath X, it will 'sweep' money from your saver account. If it goes above Y, it will then push money back into your savings account. (You can set X and Y to whatever you want)

        • kylebb on 17/08/2013 - 01:11
          +1

          $500 is the minimum balance

        • hamza23 on 17/08/2013 - 01:29

          Very annoyed you can't turn the sweep off, and the minimum is $500, so it will keep sweeping $500 everyday, so doesn't look like this account is worth it, as that $500 you won't earn a cent of interest on. Will call them tomorrow to cancel.

        • NGPriest on 17/08/2013 - 04:10
          +1

          Try this? http://i.joeylau.me/2013/08/Manage_Sweeps_-_Google_Chrome_17…

          28 Days = $1.79
          29 Days = $1.85
          30 Days = $1.92
          31 Days = $1.98

          Only between $1.79-$1.98 loss if you remember to keep the min-balance at $500…

        • [Deactivated] on 17/08/2013 - 08:55

          o_O

        • wa01 on 03/09/2013 - 03:30

          Removed

  • xyann on 16/08/2013 - 21:55
    +1

    no $50?? no deal…

  • [Deactivated] on 16/08/2013 - 21:57

    Officially the most deal-less most of 2013.

  • ihuangyu on 16/08/2013 - 22:00

    uspend?

  • ujwols on 16/08/2013 - 22:02

    So what's the ultra interest rate?

    • hamza23 on 16/08/2013 - 22:03

      I couldn't find that anywhere.

      • frostyboy on 16/08/2013 - 22:06
        +4

        It's in the terms and conditions ;)

        2 Interest, Fees and Charges
        a. What interest will I receive on my USaver Ultra?
        You will not earn interest on your USaver Ultra

        • hamza23 on 16/08/2013 - 22:24

          It says if you deposit more than 2k you get an ultra bonus rate, so I guess it adds that to your saver account

    • wa01 on 03/09/2013 - 03:33

      Ultra account interest is 0%

      But Usaver bonus has gone up again (early Sept) to 1.06%, so interest on linked Usaver is 4.77% until Dec 31st 2013.

      Rams @ 4.51% ongoing is next best afaik.

  • Ruprect on 16/08/2013 - 22:04
    +3

    Not for me. I like the distance that Usaver is from my transaction account. This effectively makes the two one.

  • [Deactivated] on 16/08/2013 - 22:07

    Useful to get the relatively high interest rate of USaver but quicker access to the funds without waiting for it to transfer back to your everyday account at another bank. I would get this if only to keep it as a backup and to schedule transfer of bills/direct debits.

  • Joey4 on 16/08/2013 - 22:09

    Bpay and debit card linked to my usaver will come in very handy, no more need to transfer to withdraw. Thanks op

  • linkii on 16/08/2013 - 22:13
    +2

    Not really a bargain. But it's nice to know. Belongs in forums.

    • Joey4 on 16/08/2013 - 22:33

      I would have missed it if it was in the forums. For me its a time saving and less hassle bargain.

    • Folly on 16/08/2013 - 22:33
      +1

      I second ko0l's point.

  • aft on 16/08/2013 - 22:31
    +4

    Note: If a USaver Ultra Savings Bonus is payable, it is payable on the linked USaver account on top of the USaver base variable rate: it is not payable on your USaver Ultra. In addition, you will not be eligible for the Automatic Savings Plan (ASP) Savings Bonus on your linked USaver if you are eligible for the USaver Ultra Savings Bonus.

    • CyberMurning on 16/08/2013 - 22:44
      +1

      wtf.. seems less and less attractive.
      might cancel it on monday

    • Joey4 on 16/08/2013 - 22:52
      +1

      At a guess the USaver Ultra Savings Bonus will be the same rate as the Savings Plan (ASP) Savings Bonus making it no different. Worth checking out though.
      If it is a lower rate just make sure not to deposit over 1999.99 into your Ultra account in one month.

    • cycleri3 on 16/08/2013 - 22:54

      Can someone explain what this is? I am interested in this account because I don't like how it takes 24 hours to transfer my money into everyday bank to pay bills like monthly rent.

      If I transfer say $2000 from my USaver saving account into this Ultra account? Do I lose my savings bonus?

      • aft on 16/08/2013 - 23:47
        +1

        You will probably lose your savings bonus if you're eligible for the USaver Ultra Savings Bonus (you can't get two bonuses at the same time).

        To be eligible for bonus interest (the USaver Ultra Savings Bonus, I guess) on your linked USaver account in any calendar month:
        — You must maintain a credit balance in your USaver Ultra throughout the entire previous calendar month;
        — You must deposit a minimum of $2,000 or more into your USaver Ultra during the previous calendar month (the deposit must be made by the last business day of the month); and
        — The total Daily Closing Balance of all of your USaver accounts (including any USaver/s held by you jointly with another person) must not be more than $200,000 at any point during the previous calendar month. If your USaver Ultra is held in joint names, only one of you need meet this eligibility criteria.
        (from Terms and conditions)

  • c64 on 16/08/2013 - 22:45

    this isn't a deal. more a forum topic

  • mikeInside on 16/08/2013 - 22:46
    +1

    I'm having trouble understanding the benefits of this account, could someone help me out?

    To be specific, I have a debit card which is linked to my everyday account, and my savings account is earning somewhere between 4 and 5 percent… would a USaver account offer any advantages over that?

    • hamza23 on 16/08/2013 - 23:03

      No you won't lose it

  • clandestino on 16/08/2013 - 22:51
    +5

    I'm having trouble understanding where the bargain is here….?

    Because the ultra everyday account certainly isn't one.

    • Joey4 on 16/08/2013 - 22:54

      It pretty much makes a usaver account an everyday account which is a very popular account for savers

      • c64 on 16/08/2013 - 23:17
        -1

        pfft, most banks already offer a visa/mc debit card

        • dmc900 on 16/08/2013 - 23:46

          don't most other banks charge a fee for Visa or MasterCard. I know mine does unless your a student. Don't forget the bonus that it's linked to your USaver account so you don't have to wait up to three days for it to transfer from another bank.

        • tomsco on 17/08/2013 - 00:06
          +3

          Not NAB

        • c64 on 17/08/2013 - 00:17
          +1

          don't most other banks charge a fee for Visa or MasterCard

          no. you are confusing a debit card with a credit card

        • frostyboy on 17/08/2013 - 00:40
          -1

          nope Bank of Sydney charges $12 per annum for a Visa Debit card

        • Ryk on 17/08/2013 - 09:41
          +1

          You seriously need to be changing your banking arrangements.

        • tdw on 17/08/2013 - 12:20

          not ING or ME Bank

  • shazfx on 16/08/2013 - 23:21

    How many everyday account does one need? I don't see a point of opening more and more accounts unless this one is giving me $50!

    • muncan on 16/08/2013 - 23:41
      +3

      Meanwhile, folks in the ING thread got their $50 bonuses today :-P

    • Ryk on 17/08/2013 - 09:39

      Good question, I have four everyday transaction accounts, al for different deals and purposes.
      The competitive market for deposits and customer attention is great news after years of banks charging obscene fees.

  • ricee007 on 16/08/2013 - 23:42
    +5

    I can't believe how much negativity is in here.

    Currently, I BPAY off my credit card using my main bank account… which means transferring from UBank to my main account 2 days beforehand.

    Going forward, I can BPAY straight from my Ubank account! This is great.

    Oh, and having ATM access will also be nice… means I can keep less money in my main bank account. This could even become my main bank account, I suppose

    • viper8548 on 16/08/2013 - 23:49
      -1

      Doesn't all net banking have BPAY function to pay your bills? lol

      • hamza23 on 16/08/2013 - 23:54

        No a Ubank account is an on line saver only, with no bpay function, thus why this account is useful. Bpay, atm access etc

  • Dave1988 on 16/08/2013 - 23:54

    not sure if it's recent….
    http://forums.whirlpool.net.au/archive/2014395

  • dmc900 on 17/08/2013 - 00:09

    I'm getting the error message.
    Account Status is not regular (NAB_FC_NAB_DDA_FTC_001)

    Has this deal ended, it says it goes until 23:59 August 16th. Which just past 10 minutes ago.

    • muncan on 17/08/2013 - 00:14
      +2

      Farewell UBank, I hardly knew you!

      • dmc900 on 17/08/2013 - 00:21

        Dam, which I didn't umm.. and rrr.. about this. Wished the OP put the expiry date on the listing. Oh well…

        For a debit card I also liked that it's international transaction fee was 2% compared to CBA 3.5%. I know there is is a credit card with 0% and maybe there could be a debit card for 0% I forgot. But it's handy to have a card & a savings account with the same bank.

        • iSamurai on 17/08/2013 - 11:19
          +1

          The debit card with 0% foreign currency conversion fee is CitiBank Plus. The site interface is terrible and the card doesn't even have the chip and paywave. Upside is that if you do the once in a blue moon international money transfer, they don't charge a transfer fee.

          If you can or want to, get the 28 degrees card instead.

    • c64 on 17/08/2013 - 00:20

      nvm. seems to be working

    • frostyboy on 17/08/2013 - 00:25
      +1

      Do you have the $1000 minimum in your USaver?

      • dmc900 on 17/08/2013 - 01:18

        yes I do!
        and I'm still getting the error message in both Firefox and Google Chrome.

  • mp386 on 17/08/2013 - 00:29

    I tried at 12.15pm Brisbane time and it went through fine. No error message.

  • freakthe on 17/08/2013 - 00:30

    It's still working at 00:29 AEST ~ just make sure that you have logged into ubank, then paste the link to your browser

  • hamza23 on 17/08/2013 - 00:45
    +2

    My sweep just went through, it transferred $500 into the new Ubank Ultra account:

    16/08/2013
    Sweep from xxxxxxxxx

    • $500.00
      16/08/2013
      Sweep out to xxxxxxxxx Real Time

    I just transferred it back.

    I went to account > manage Usaver Ultra and tried to turn the $500 threshold for sweeps off, so it won't do it again, however it seems $500 is the minimum.

    I will close the account tomorrow then as I don't want $500 sitting there not earning interest.

  • ctemby on 17/08/2013 - 01:48

    USaver Ultra account successfully opened at 1.30am EST, and $500 is indeed the minimum sweep requirement - i.e. $500 must be maintained in the USaver Ultra each day/all the time.

    If you already have a USaver account, then note that USaver Ultra has this facility:

    "If your USaver Ultra would not otherwise have the funds required
    to complete one of the following transactions:

    -making a purchase at a store – other than an online store –
    in Australia (assuming you don’t select ‘credit’);

    -the withdrawal of cash from an ATM in Australia, or
    requesting Cash Out in store in Australia;

    -making a BPAY Payment, or a Funds Transfer – To another
    account from your USaver Ultra using UBank Online or
    Telephone Services; or

    -a Direct Debit payment;

    but the required funds are available in your USaver, Sweep will
    automatically transfer the necessary amount from your USaver
    into your USaver Ultra so that the transaction can proceed."

    It's having your cake and eating it too!

  • [Deactivated] on 17/08/2013 - 08:46

    Any chance of a cheque book?

    Bleh, there isn't one…

    Anyway, why don't they set the minimum at zero?

    Afterall.

    Helping you make purchases
    If your USaver Ultra would not otherwise have the funds required
    to complete one of the following transactions:
    making a purchase at a store – other than an online store –
    in Australia (assuming you don’t select ‘credit’);
    the withdrawal of cash from an ATM in Australia, or
    requesting Cash Out in store in Australia;
    making a BPAY Payment, or a Funds Transfer – To another
    account from your USaver Ultra using UBank Online or
    Telephone Services; or
    a Direct Debit payment;
    but the required funds are available in your USaver, Sweep will
    automatically transfer the necessary amount from your USaver
    into your USaver Ultra so that the transaction can proceed.

    There are also risks with losing your card as you will automatically sweep whatever amount is available in your Usaver account into the Ultra account.

    Important: A UBank Visa Debit card transaction cannot be
    changed. It is an unchangeable order by you to UBank to process
    the transaction. Neither you nor any other accountholder can
    request UBank to alter or stop payment on the transaction.

    That includes fraudulent transactions. X_x

  • Ryk on 17/08/2013 - 09:27
    +1

    Nab $500 tax, umm, no thanks.

  • Xetrok on 17/08/2013 - 10:58

    Tried to login today, sites gone spastic.

  • iSamurai on 17/08/2013 - 11:17

    Would've signed up but based on the comments:

    • $1000 opening balance
    • $500 minimum balance
    • Lose ASP bonus if balance >$2000

    You can still get around the third point if you deposit into your usaver instead of the ultra account, but I don't really like having $500 sitting in there all the time. I think this is still "beta" so hopefully when they go public with this they'll remove these rules.

  • AssociatedSally UBank @ ubank on 17/08/2013 - 11:22
    +5

    Hi all, Sally from the UBank team here. Just wanted to give some clarification on the questions you’re raising regarding the USaver Ultra account.

    USaver Ulta is a new account from UBank that offers high interest on your savings combined with everyday access to your money and a Visa Debit Card.

    This product is still in the trial phase and has been launched to staff only, prior to any public announcement.

    The great news is that we will be launching this product more broadly very soon, however some of the details may change from what you have seen today. For example, it is likely the minimum USaver balance will be higher.

    Regardless of the changes to the account what I do know is that the bonus interest rate will be great, so well worth keeping an eye out for.

    Stay tuned, I will post here when we launch so you can be among the first to get access to the new account.

    • muncan on 17/08/2013 - 11:59
      +2

      Can we have a $50 bonus when signing up? Thanks Sally!

    • dy4me on 17/08/2013 - 12:05
      +1

      @sally, So those that sign up to this wont get the bonus offer later?

      Also any plans to make this account an Offset account also?

    • seanbaussie on 17/08/2013 - 15:05

      So you're offering a job to everyone that signed up here? Wow!

  • Hiphopopotamus on 17/08/2013 - 12:48
    +1

    i would be careful with the minimum sweep amount/account balance.

    if the interest lost starts getting close to what other banks charge for similar accounts it may well be easier for people to have such an account with another bank since they need one for the asp bonus anyway.

  • Bargain4U on 17/08/2013 - 14:10

    The minimum has now changed to $10,000!

    • SBOB on 17/08/2013 - 15:48

      minimum in the uSaver or in the Ultra account?
      if its the uSaver thats not to bad, as long as it then comes with a ridiculously high bonus interest rate (higher than the normal asp bonus)

      • c64 on 17/08/2013 - 17:53

        .

  • glados on 17/08/2013 - 17:33
    +2

    Cant see the point. ING with paywave bonus is far far better. If i run out of money in the ING spending account, 2 mins on the smartphone and its back in again.

    The interest lost on the $500 (higher possibly if this is a trial) would negate the benefit of linking to a Ubank saver. This actually looks like a strategy Ubank is taking to reduce the amount they pay customers in interest.

    Down voted due to not being a deal/bargain.

  • kampua on 17/08/2013 - 23:41

    Not there anymore, removed?

  • SummerMan on 18/08/2013 - 11:49

    glados

    The interest lost on the $500 (higher possibly if this is a trial) would negate the benefit of linking to a Ubank saver. This actually looks like a strategy Ubank is taking to reduce the amount they pay customers in interest.

    nice summary!

    • muncan on 18/08/2013 - 11:54

      $100 set aside for the ING bonus loop will offset any lost interest nicely :-P

  • sideshow on 20/08/2013 - 23:00

    hilariously, they uploaded a video about it months ago: http://www.youtube.com/watch?v=lCIvzT0_P04 . can anyone see an advantage to leaking so much so far in advance of the product even existing?

  • frostyboy on 20/08/2013 - 23:16

    The bonus interest will apply from 1 September and will be 0.8% per annum

    • SBOB on 21/08/2013 - 08:14

      so 0.1% better than the normal ASP…

  • frostyboy on 21/08/2013 - 17:33

    It is now officially available

    https://www.ubank.com.au/ubank/web/products/transaction-acco…

    • SBOB on 21/08/2013 - 18:11

      and 0.9% bonus (instead of 0.7% ASP) until end of december if you meet the requirments

      • c64 on 21/08/2013 - 19:58
        +2

        so is that 3.71 + 0.9 = 4.61%?

        i currently get 4.5% (post-drop) from mebank

        if i leave $500 in an the ultra account at 0% interest, i lose ~ 500*4.5%/12 = $1.875/month

        if i leave $10k in the usaver account, i gain ~ 10000*(4.61%-4.5%)/12 = $0.825/month

        so i'm behind ~$1/month. i need at least $20k in the usaver account to be ahead

  • tdw on 21/08/2013 - 18:26

    ubank have dropped their usaver rates once more so to hell with them

    • SBOB on 21/08/2013 - 19:17

      along with every one else inline with RBA interest rate drop…
      mind suggesting an alternative that has the same flexibility as the uSaver account and isnt an 'intro' rate..

      • tdw on 21/08/2013 - 19:41

        except that ubank dropped their rates more frequently than, say, ME Bank.
        intro rates aren't an issue if you're prepared to move your money around (and you should always try to get the best rate)

        i'm currently getting 4.50% with ME bank. ING are offering 4.50%/4 months. rabo are 4.76%. rams are 4.76% as well but i don't really count that as they have a withdrawal limit more like a term deposit.

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