NAB launches UBank brand

National Australia Bank announced the establishment of UBank, a new direct channel offering, focused on savings products. As the first brand in NAB's Star Direct & Marketing division, UBank will launch with term deposits and over time, will add a range of additional savings, transaction and investment products. UBank products will have highly competitive rates and no application or overdrawing fees said NAB. Greg Sutherland, Executive General Manager, Star Direct & Marketing, said UBank would be the first brand in NAB's Star Direct & Marketing division.

“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,” Mr Sutherland said.

UBank has been designed for customers wanting an easy-to-use online and telephone banking service. Customers will be offered a new website and a 24-hour ‘person-to-person' Direct Banking Centre. UBank will operate under NAB's banking licence, offering the same depositor protection as that provided to existing NAB customers. Gerd Schenkel, General Manager, UBank said the new savings proposition was designed to help Australian consumers make the most of their money.

“We have founded UBank on simplicity and with a pure customer focus – giving special attention to communicating with our customers in plain English. We are also committed to providing a high level of service through our 24/7, Australian-based direct banking centre.”

Source: NAB