UBank

UBank - Backed by NAB.

Corporate Logo Corporate Logo
Company type	A division of National Australia Bank (ASX: NAB)
Industry	Financial services
Founded	1 October 2008
Headquarters	Sydney, Australia
Products	Banking, financial and related services
Website	UBank Home

UBank is a division of National Australia Bank (NAB), the largest financial institution and bank in Australia in terms of market capitalisation and customers. NAB is one of the world's top 30 financial services companies with total assets of A$457 billion as at 30 September 2006. It operates across 10 countries serving 6 million banking customers and over 2.3 million wealth management customers.

Launch Press Release 1 Oct 2008

NAB unveils UBank

National Australia Bank announced today it had taken a step to progress its development of new distribution channels, products and services with 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.

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.”

From today, UBank will offer Australian consumers a new term deposit product - the only term deposit in Australia to offer existing customers bonus interest upon rollover. In addition, UBank will also offer customers a limited launch special rate for its three-month term deposit of 8.50% p.a.

History

UBank was launched on 1 Oct 2008 with the highest rate for a 3-months term deposit in the market, 8.5%

Product Range

UBank currently offers 3,6,9 and 12 month term deposits.

External links

• UBank - Official UBank homepage
• National Australia Bank - Australia Region
• [1] - Herald Sun article
• [2] - NINEMSN article