UBank launches on-line savings account with unbeaten interest rate

6 August 2009

NAB Personal Banking’s dedicated direct banking business, UBank, today launched a high interest, on-line savings account with an opening interest rate unrivalled by others in the market today.

USaver, available to consumers from today, is offering all new and existing UBank customers an interest rate of 5.11% p.a. – the highest savings account interest rate currently offered in Australia1.

New accounts can be opened in just a few minutes. Previously, most on-line banking customers needed to visit a branch or complete cumbersome paperwork to open a savings account; a process that could take several days, potentially costing customers both time and lost interest earnings. With USaver, the majority of Australian adult customers can apply securely on-line and have their account open and ready for use in as little as five minutes.

With already 23% of Australians saying they use the internet to arrange their savings account2, Gerd Schenkel, General Manager of UBank, said USaver was developed for Australia’s rapidly growing direct banking market.

"Based on our research, we expect the direct banking market to grow at approximately 10% each year for the next 5 years," Mr Schenkel said.

"We’ve created USaver specifically for that market and expect it to set a new standard for online savings accounts in Australia."

In addition to the highly competitive 5.11% p.a. interest rate, USaver has a number of features to help customers make the most of their money:

  • No account or dishonour fees
  • No minimum balance requirement
  • Goal tracker – customers can graph their savings progress
  • Bonus Savings rate - following establishment of an Automated Savings Plan
  • Enhanced transaction security

"More and more customers are coming to UBank because of our easily accessible products, competitive returns and great service such as from our 24/7 Australian-based call centre. We make saving easier for Australians," said Mr Schenkel.

USaver is available from today, on-line at http://www.ubank.com.au or over the phone at any time on 13 30 80.

Media contacts:
Anthony Wheaton, NAB Personal Banking Corporate Affairs – M: 0448 818 528
Gillian Griffiths, NAB Personal Banking Corporate Affairs – M: 0419 667 783