UBank

About UBank

Since its inception in the banking sector as Australia's first indigenous digital bank in 2008, UBank has assisted regular citizens in making the most of their banking. In 2022, UBank joined the forces of 86,400 by introducing its innovative banking platform. The idea was to offer an array of financial products to a large customer base and make every product and service accessible.

Australian direct bank UBank (stylised as UBank) is a part of the major Australian bank, i.e. National Australia Bank (NAB). It is renowned for offering savings products and mortgages via the internet and mobile banking. Customers can get everything from their home comfort by exploring their official website. It allows you to save while you spend through a combination of Save and Spend Accounts.

Utilising NAB's technology infrastructure, balance sheet, risk management system, and banking licence, UBank conducts business. Additionally, UBank participates in the deposit guarantee programme run by the Australian government.

Features & Benefits of UBank

Start your banking and investment journey with UBank, and unlock the following features and benefits:

• UBank is a digital bank owned by the National Australia Bank
• It offers home loans, term deposits and savings and transaction accounts through mobile and net banking
• It has no physical bank branches or ATMs
• Ubank offers customer service throughout the year via the Australian call centre 
• Account holders get the utmost customer convenience through mobile and net banking services.
• Deposits up to dollar 250,000 are protected under the dedicated Government Financial Claims Scheme.
• UBank offers competitive rates on savings accounts, i.e. up to 3.60%.
• You don't have to pay any associated fees to access UBank services and accounts.
• Terms and conditions associated with savings accounts are quite simple and can be met easily.
• UBank doesn't charge any sort of account-keeping fees from the account holders.
• Offers variable rate home loans with no application fees.
• Make payments without a card through Apple Pay and Google Pay.
• Flexible on repayments, i.e. weekly and monthly on the principal amount for early loan closure. 
• It offers attractive interest rates on term deposits and savings accounts.

Services Offered by UBank

UBank aims to offer a prominent banking experience to its versatile client base. To adhere to the same, UBank provides several types of accounts, internet banking, deposits, mobile banking and no card payment services.

Existing and new customers can apply for term deposits through mobile or official websites and transfer deposit amounts through BPAY. UBank was the first ever Australian bank to offer this service to the citizens.

It offers instant access to savings to make quick in and out transactions to cope with urgent fund requirements. UBank provides UHomeLoan at fixed and variable interest rates to make your home-owning journey hassle-free.

Get a USaver and USaver Ultra transaction account to make spending and saving more accessible than ever. Original UBank products such as UHomeLoan and term deposits are limited to existing account holders only.

In other words, we can say UBank offers the following services:

• Savings account through USaver and Save Account
• Transaction accounts through Spend Accounts
• Internet and Mobile banking
• 24/7 customer support through calls, chatbots, and message service.
• Terms deposits to meet long-term financial goals with quick access. 
• Fixed and variable rate home loans to make your home-buying journey easy.
• Fund transfers, bill payments, and availing of new cards through internet banking. 
• Offers applications to track your transactions while providing predictions so that you stay on track.

Types of Accounts in UBank

UBank accounts fall in the Spend and Save category. As the name says, these accounts allow you to save while you spend. UBank offers three types of accounts, i.e. Savings Accounts, Transaction Accounts and Shared Accounts.

All these accounts have distinct features to cater to versatile client requirements.

Spend Account or Transaction Account

Also known as Spend Account, you don't have to pay any monthly charges or overseas fees to enjoy the benefits of a UBank transaction account.

Features:

• You don't have to pay any monthly fees on any spend you make from your transaction account.
• No cost for online as well as international payments.
• You don't have to wait for a credit or debit card to make online payments. Just add your account to Apple and GooglePay. 
• Get spending insights and monthly predictions to manage your budget accordingly.

Savings Account

Set savings targets and achieve them through UBank Save Accounts. You can earn interest up to 3.60% by parking funds in your Save and USave Accounts.

Features:

• You don't have to pay any monthly charge to avail of the benefits of Save Accounts. 
• An applicant can open 10 UBank Save Accounts at maximum to stay on track with the financial objectives.
• The account holders can track their progress correlated to each save account.
• Guaranteed deposits of $250k at maximum per account holder.

Shared Account

Now get the perfect blend of spending and savings accounts through UBank Shared Account. You can consider it as your financial partner and save while you spend.

Features:

• Forget transferring funds from one account to another. 
• Through the dedicated mobile app, get clarity on your expenditure.
• Get access to the new purple card and see which account you use while paying.
• It is easy to save while you spend and manage your expenses accordingly.

UBank Opening Hours

Customers should get acquainted with the UBank opening hours so that their queries are answered as they dialled during non-working hours.

UBank working hours on Weekdays (Monday to Friday): 8 am to 8 pm

UBank working hours on Weekends (Saturday and Sunday): 8 am to 6 pm

UBank Contact Details and Customer Service

If you have any queries or need in-depth information about any specific financial product, get in touch with the executive by calling 13 30 80 (for Australian citizens) +61 2 9070 0202 (for the overseas customer).

Additionally, you can visit their website and write your query. The bank executive will process the same in the minimal possible time and will get back to you.