Melbourne, Nov 1: One Australian bank is going all out to help Aussies budget and make sure they don’t run out of money by the end of the month.
Digital bank ubank has just introduced an everyday banking account alongside new bills and budgeting features in its app, aiming to give customers more control over their finances as the festive season approaches.
Ubank’s customer insights show the biggest money management struggles involve saving money (66 percent), knowing what’s left after bills (37 percent), and ensuring bills are covered (33 percent). Additional research among Gen Z and Millennials revealed that 74 percent of young Australians already practice some form of budgeting, with top approaches being traditional budgeting (30 percent), pay-yourself-first budgeting (27 percent), and the 50/30/20 rule (24 percent).
Despite these efforts, one in four young Australians still report running out of money before payday.
Starting today, ubank is launching a competition for new and existing customers who set up a Bills account.
The promotion, which runs until January 5, 2025, includes two $10,000 cash prizes to help cover bills, with winners announced on January 28.
Andrew Morrison, ubank’s Chief Product and Growth Officer, emphasised the need for budgeting support, especially for young Australians.
He explained that the new Bills account and budgeting features are designed to help customers manage their cash flow, view their money in relation to their pay cycle, and feel secure knowing that money for bills has been set aside.
Ubank’s new Bills account, combined with its Spend and Save accounts, provides a dedicated place to handle bills.
A digital card enables direct bill payments from this account, giving customers a clear snapshot of what’s left to spend and save during the holiday season.
The Bills Planner offers a timeline for upcoming payments, with predictive suggestions for regular bills based on past payments.
The app’s Pay Cycle tool also shows customers how long they have until payday, ensuring users have visibility over their finances right when they need it.
For more information on the ubank ‘kill bills’ competition, including entry conditions, visit ubank’s website.
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