UBank is a division of the National Australian Bank (NAB) that was launched in 2008. The new distribution channel for NAB is focused on providing savings type products to the self serve type customers. The limited initial product offering was term deposits with a high interest savings account (USaver) added in August 2009. More products are expected to be added in time.
According to Greg Sutherland (Executive General Manager, Star Direct & Marketing) “UBank will allow us to compete for the ‘self serve banking’ customer segment. Our aim is to attract a new set of retail customers while operating independently to NAB’s other retail brands,”.
UBank is focused on servicing customers directly via their online website and Australian call centre only with, at this stage, no physical branches.
UBank operates under NAB’s banking license and retains the same deposit protection available to other NAB customers.
The USaver product since being launched has consistently maintained a very high interest rate compared to other similar products. More often than not being the highest of its peers.