Australian financial service provider National Australia Bank (NAB) launches UBank, the first brand in the bank’s Star Direct & Marketing division, which aims to offer customers a direct channel offering centred on savings term deposit products.

UBank’s initial offer is to include a term deposit which offers existing NAB customers a bonus interest upon rollover in addition to a limited launch special rate of 8.50% p.a. for its three-month term deposit. No application or overdrawing fees are to be charged.

UBank thus aims to operate as an independent subsidiary of NAB’s retail brands, targeting its own client segment; however, the new service operates under NAB’s banking licence and provides the same degree of depositor protection as that available to all NAB customers. UBank aims to cater for those individuals who prefer to use telephone and online banking channels by offering them an online banking website as well as a Direct Banking Centre available on a 24-hour basis.