NAB steps up UBank offer
(11 August 2009 – Australia) NAB have launched into a competitive position with its version of the direct retail bank, UBank, with the offering of a high interest savings account.
UBank, has launched a high interest, on-line savings account with an opening interest rate that the bank has declared is unrivalled and higher than any other rate in Australia.
With the retail deposits space becoming increasingly important for the Big Four to gain extra funding in the current environment, NAB has followed the other Big Four banks to a new online savings service.
While Westpac and CBA have gained deposits through their St George and BankWest acquisitions respectively, ANZ has gone down a similar path to NAB; ANZs onedirect offering is a similar high interest savings account to NAB’s UBank.
These Big Four re-brands rival the likes of BankWest and ING Direct, which have previously challenged the Big Four with an aggressive high interest online deposit strategy.
Gerd Schenkel, general manager of UBank, said that 23 percent of Australians already use the internet to arrange their savings account. UBank’s new product, USaver, was developed for Australia’s rapidly growing direct banking market.
Based on our research, the bank expects the direct banking market to grow at approximately 10 percent each year for the next 5 years, Schenkel said.
With the retail deposits space becoming increasingly important for the Big Four to gain extra funding in the current environment, NAB has followed the other Big Four banks to a new online savings service.
While Westpac and CBA have gained deposits through their St George and BankWest acquisitions respectively, ANZ has gone down a similar path to NAB; ANZs onedirect offering is a similar high interest savings account to NAB’s UBank.
These Big Four re-brands rival the likes of BankWest and ING Direct, which have previously challenged the Big Four with an aggressive high interest online deposit strategy.
Gerd Schenkel, general manager of UBank, said that 23 percent of Australians already use the internet to arrange their savings account. UBank’s new product, USaver, was developed for Australia’s rapidly growing direct banking market.
Based on our research, the bank expects the direct banking market to grow at approximately 10 percent each year for the next 5 years, Schenkel said.
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