National Australia Bank’s (NAB) direct banking business subsidiary, UBank, has launched new on-line savings account ‘Usaver’. The bank said that it is offering all new and existing UBank customers with an interest rate of 5.11% p.a.
Reportedly, the new accounts can be opened online in just a few minutes, without visiting the branch for the paper work. In addition to the 5.11% p.a. interest rate, USaver has other features that include: 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.
Gerd Schenkel, general manager of Ubank, said: “Based on our research, we expect the direct banking market to grow at approximately 10% each year for the next 5 years. 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.
