Original ubank FAQs

Info on original ubank products

This FAQ is related to an original ubank product that new customers can no longer access. Head to our help centre if you want info about our current ubank products.

How do I qualify for the USave Bonus Interest Rate?

To qualify for the USave Bonus variable interest rate on eligible balances in your USave account, you need to:

  • Hold a USpend transaction account and link it to your USave account, and
  • Deposit at least $200 during the month (e.g. your salary) into your USpend account or its linked USave account from a non-ubank account.

Please note:

The bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave savings accounts, including joint accounts. Any remaining balance greater than $250,000 will earn the USave base variable rate.

Balances held in your USpend transaction account are not eligible for the USave bonus interest rate.

If you meet the bonus interest criteria in the current calendar month, you will earn the USave Bonus variable rate on eligible balances that same month.

From now on interest payments will appear as two credits in your USave account(s):

  • The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month.
  • The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.

Prior to March 1st 2021, this was paid as a single payment calculated at the combined base and bonus interest rate.

You can make withdrawals from either the USave savings account or its linked USpend transaction account without affecting your eligibility for the bonus rate.