UBank offers rate assurance on the USaver

UBank has committed to raising the USaver rate to at least match certain competitor deposit products until 31 December 2009.

Each Friday, UBank will search relevant competitor websites as a source of comparing prices to determine if a product has a higher rate than the USaver.

The rate assurance only covers advertised products, including products with “introductory” rates.

The products which fall under this rate assurance are:
* ING Direct Savings Maximiser
* Bankwest TeleNet Saver
* Commonwealth Bank NetBank Saver
* Westpac eSaver
* ANZ Online Saver

Currently the UBank USaver offers a market leading 5.11%, with a savings bonus of 0.10% for customers who set up a monthly Automatic Savings Plan of $100 or more on balances up to $150,000, to boost the rate to 5.21%.

Source: UBank