A rebranded ubank revealed from June 1 that rates for existing “USave” savings accounts and new “Save” savings accounts will increase by 30 basis points.
Newly merged with neobank 86,400, this increase will result in:
- Savings account base rate increased from 0.05% per annum to 0.10% per annum
- Bonus savings account rate increased from 1.00% per annum to 1.25% per annum
Despite absorbing all 86,400 products, this rate is higher than the previous 86,400 offering of a base savings account rate of 0.10% and a bonus savings account rate 1.20%.
ubank’s new savings rate means that existing eligible “USave” customers can enjoy a savings rate of 1.35% per annum, while its new “Save” account customers after the rebranding will receive also the same rate.
How can I benefit from the new savings rate?
Applying this increase to its USave product, to receive the full rate of 1.35% per annum, you will need to be an existing customer with a USave account linked to a USpend account.
If you are an existing customer with both a USave and USpend account, you must deposit at least $200 per month into either account from a non-bank account.
Comparing this product to the Bank of Queensland’s recently announced 3.00% per annum savings account, ubank’s offer does not require existing customers to make a minimum number of transactions to achieve the bonus rate. .
It is important to note that the USave and USpend accounts are no longer available to new customers, but are instead moving to new products named “Save” and “Spend”.
The same requirements apply to new customers, requiring a minimum deposit amount of $200 into a savings or spending account from a non-bank account.
No minimum number of transactions is required for new ubank customers.
Ubank’s bonus variable interest rates are calculated and paid monthly, up to a combined USave or Save balance of $250,000.
Balances over $250,000 benefit from the base variable rate of 0.10% per annum
Need a place to store cash and earn interest? The table below shows savings accounts with some of the highest interest rates on the market.
Rates based on a savings balance of $10,000. Sorted by total interest rates. Check the providers’ websites for terms of bonus rates and applicable fees and charges. Rates correct as of May 31, 2022. See disclaimer.
Image by Pawan Kawan via Unsplash