USpend account

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.

We calculate interest on the daily closing balance of your account using the following formula:

Daily closing balance x (applicable interest rate / 365) = Interest accrued on that day

Interest is paid monthly and 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.

Daily transfer limits apply per customer to selected transactions (including BPAY® ) performed in Mobile / Online Banking and Telephone Banking for USave, USaver SMSF and USpend.

Please note:

• Regular transfers and future dated transfers need to meet the below criteria on the date you have selected for your transfer to occur.
• BPAY® can only be completed from a USpend transaction account
• For details on Linked Account requirements and how to set up, click here

*Customers with Self-Managed Super Fund accounts: please be aware that future dated transfers are restricted to $20,000 per customer per day.

Sweeps helps ensure you have the money you need on hand in your transaction account, while the rest works hard in your savings account earning interest.

There are 2 types of Sweeps:

• Overnight Sweeps move money from your savings to your transaction account automatically. All you need to do is set your minimum daily balance for your USpend transaction account (at least $100) and we’ll make sure that amount of money is ready to go the next day. It works the other way too. If you get paid into your USpend, and it’s above the maximum daily balance (at least $1,000) you’ve set for your USpend account, we’ll sweep that extra cash into your USave overnight, so it can start earning interest.
• We’ll Sweep any extra amount above your maximum balance in your USpend transaction account (at least $1,000) into your USave overnight so it can start earning interest. Live Sweeps automatically move your money from your USave to your USpend account to make up the difference for your bills, direct debits and funds transfers.

Say you’ve set up your phone bill to be paid from your USpend account each month – Live Sweep will kick in when you’re charged and make up the difference from your USave to make sure it’s still paid. No manual transfer needed. A Live Sweep will only happen in the following situations:

• You select Savings for in-store purchases in Australia made using your Visa Debit card;
• You select Savings to withdraw funds and Select Savings from an ATM (up to $2,000 per day)
• We receive a Direct Debit request on your USpend BSB and account number
• You transfer funds out of your USpend using BPAY® or Money Out from Online Banking

In all other circumstances, if you don’t have sufficient cleared funds in your USpend account, the transaction will be declined and you can only transfer or spend up to your USpend available balance.

Unfortunately, the Live Sweep function will not work if you are overseas.

Live Sweep is also not available when you select Credit at either an EFTPOS Terminal or ATM, or if you use Tap & Pay.

ubank has no restrictions on the amount of money you can transfer in when using Electronic Funds Transfer or Fast Payments into eligible deposit accounts.

When transferring money into your USave account with BPAY®, there’s a limit of $10,000 per transaction.

Please consider that your external bank may have limits on the amount you can transfer daily. You’d need to get in touch with them to confirm what these limits are or to change them.