UBank term deposits launched by NAB

The National Australia Bank (NAB) has just launched a framework for products under a new brand, called UBank. Focused primarily on the trusty savings workhorse, the term deposit, UBank's plan is to roll out a portfolio of transaction, savings and investment products over time.

First up for UBank: Term deposits

The UBank term deposit has a fairly high minimum investment, albeit with decent rates across various period options. The hefty opening investment is a primary talking point; UBank's term deposit won't be for everyone. However, if you do have a fairly large sum of money stagnating in an account with only average interest return, UBank's attractive rates will surely appeal. Click here for UBank term deposit product details.

Who needs UBank?: NAB's customer service pledge

Not just a pretty rate, it could be UBank's little extras that draw the most praise from consumers; perhaps a financial institution is listening to what people actually want for once. Aimed at improving the quality of the digital banking experience, UBank hopes to bring online and telephone banking (heretofore the poor relation) up to speed. Doing away with the traditional 9-5 telephone customer service, UBank boasts 24/7 assistance. The bank's focus on customer service seems sincere; UBank even offers a suggestion box for future products and services on its website. Clearly encouraging widespread adoption of this new self service banking distribution channel, NAB also offers existing customers who rollover to the UBank service bonus interest.

General Manager of UBank, Gerd Schenkel, confirms that UBank's focus is on providing supreme customer service and allowing Australians the chance to maximise their money's performance, saying that UBank is, "founded...on simplicity and with a pure customer focus - giving special attention to communicating with our customers in plain English."

Who is UBank?

Developed under the vision to improve digital banking, in a nutshell UBank is a part of NAB. However, whilst clear to state that it benefits from NAB's financial muscle and global capailities, UBank also stresses an innovative angle, claiming to be a brand new type of bank, steeped in a "genuine passion" for improving digital banking customer service.

As the first brand to be launched by NAB's new Star Direct & Marketing division, UBank will no doubt be watched closely by financial analysts. Given a relatively low key marketing campaign for UBank, it's unlikely that the brand will be absorbed comprehensively by consumers beyond its target focus.

What's next for UBank: Investment solutions

UBank is yet to announce specific outlines for its next line of products, but it promises a focus on transaction and investment. Whatever those products turn out to be, UBank affirms that its focus will remain on offering highly competitive rates and no application or overdrawing fees - and, of course, superior customer service.

For more information view the UBank term deposit product details.

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