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Compare UBank Transaction and Savings Accounts

Earn more money on your savings with UBank.

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Choose from a range of products to help you manage your money with UBank. With award-winning accounts and innovative ways to earn maximum interest, you may be able to give your savings the kickstart they need.

Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
UBank USpend
Visa
$0
$0
Earn up to 1.46% p.a. interest on your linked savings account. No foreign ATM or transaction fees.
$0 monthly account fee.
You must open the UBank USave savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign transaction fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set. Make contactless payments with Apple Pay and Google Pay.
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Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
UBank USave
1.46%
0.4%
1.06%
$0
Ongoing, variable 1.46% p.a. when you link your USave account to a UBank USpend transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $250,000.
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Data indicated here is updated regularly
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
UBank Term Deposit Account
0.70%
0.70%
0.70%
0.70%
0.70%
0.75%
Customers who reinvest their term deposit upon maturity receive a 0.10% loyalty bonus.
The 5 and 7 month terms are UBank's Green Term Deposits, where your money will be matched to a portfolio of renewable energy projects.
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Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
UBank USpend
Visa
$0
$0
Earn up to 1.46% p.a. interest on your linked savings account. No foreign ATM or transaction fees.
$0 monthly account fee.
You must open the UBank USave savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign transaction fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set. Make contactless payments with Apple Pay and Google Pay.
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Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
UBank USave
1.46%
0.4%
1.06%
$0
Ongoing, variable 1.46% p.a. when you link your USave account to a UBank USpend transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $250,000.
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Data indicated here is updated regularly
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
UBank Term Deposit Account
0.70%
0.70%
0.70%
0.70%
0.70%
0.75%
Customers who reinvest their term deposit upon maturity receive a 0.10% loyalty bonus.
The 5 and 7 month terms are UBank's Green Term Deposits, where your money will be matched to a portfolio of renewable energy projects.
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Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.4%
2.6%
$0
Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
0.75%
0.4%
0.35%
$0
Under 30? You can earn an ongoing, variable 0.75% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 0.75% p.a. is available on balances up to $30,000 for customers aged 18-29.
MyState Bank Bonus Saver Account
1.5%
0.15%
1.35%
$0
Ongoing, variable 1.5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
Bankwest Hero Saver
1.15%
0.01%
1.14%
$0
Ongoing, variable 1.15% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
0.75%
0.4%
0.35%
$0
Ongoing, variable 0.75% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Rates accurate as at: October 21st, 2020 Learn about our information service

Who is UBank?

UBank is an online bank and is backed by the financial strength of NAB. While they don’t have any branches, they do have a 24/7 Australian call centre so if you have any problems or need assistance, UBank is always contactable. Deposits are guaranteed free of charge under the Government Financial Claims Scheme of up to $250,000 per customer per institution.

  • UBank's SWIFT code: NATAAU3303M

What’s internet banking like for UBank?

When you sign up to use the UBank online banking platform you can look forward to receiving free SMS and email alerts. These include alerts about account balances, alerts when transactions over a certain amount take place, and alerts to remind you about scheduled transfers. You can transfer money between UBank accounts, you can transfer funds to saved payees, and you can make bill payments via BPAY.

UBank online services make use of multiple security measures to offer customers a secure banking environment.

Notable features include:

  • Money tools to help you with aspects like budgeting and determining saving goals
  • Use this platform to view your account and interest statements, which you can print as well

Help! The UBank mobile app isn’t working – what should I do?

  • If you cannot perform the transaction you need online, contact UBank directly for more information.

What about the mobile app?

Image Source: App Store
LoginAccountsTransaction History

What are the types of bank accounts offered by UBank?

  • Term deposits.Choose from various terms for a fixed interest rate, meaning that you get guaranteed returns. You also rollover your original term deposit for a bonus interest rate and add in more funds.
  • Transaction accounts. Get access to an everyday account and have a UBank Visa Debit card linked to your account. You could also enjoy a bonus interest rate (terms and conditions apply).
  • Savings accounts. UBank have two high interest online savings accounts that reward you for saving.

Can you tell me more information about the USaver Ultra sweep?

The sweep function works by automatically transferring money between your savings and transaction accounts. So if for example you set the parameters to always have at least $500 in your transaction account but a recent purchase brings it down to $450, $50 is transferred from the savings account to the transaction account. You can also set an upper limit so that any excess funds are swept into your savings balance.

What accounts are offered by UBank?

  • UBank USave. This high interest savings account gives a competitive interest rate, 24/7 easy access to your money and rewards you for saving.
  • UBank USpend. This account is not available as a stand-alone account, but can be combined with the UBank USave Savings Account to earn bonus interest on your savings.
  • UBank Term Deposit. Enjoy the security of a fixed rate and choose from the various terms. All applications are carried out online so you can start earning interest straight away.
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How do I compare UBank bank accounts?

    • Purpose of the account. If you’re opening an account to save money, then you may need one that has a debit card linked to it, and you may want a higher interest rate. If you want an account for everyday spending, then a transaction account may be appropriate.
    • Accessibility. Since UBank is an online bank, you’ll always have access to your money unless the website is under maintenance. If more than one person needs to access the bank account, then you also need an account that allows for an additional cardholder and joint accounts.
    • Rates and fees. Most accounts from UBank don’t have monthly fees, but it’s good to lookout for charges like dishonour fees or transaction-specific fees. The interest rate also needs to be competitive so you know you’re getting a good deal on your money.
    • Flexibility. The amount of flexibility you need is important when choosing a bank account because if you need an account for everyday use, then a transaction account with a linked debit card will give you the flexibility to spend your money however you want. Accessing your money from a term deposit is difficult and you may have penalties incurred if you access it before it matures.
  • How do I apply for a UBank bank account?

    Most UBank products require the following to be eligible:

    • You’re 18 years old or over
    • You’re an Australian resident for tax purposes
    • You have an Australian residential address
    • You accept UBank’s terms and conditions as listed on their application page
  • Read more on this topic

    • UBank USpend

      Pay no account keeping fees, no overseas ATM fees and no foreign transaction fees plus earn bonus interest on your savings. Read our review to find out more.

    • UBank Term Deposit SMSF

      The UBank Term Deposit SMSF is no longer available to new customers. This information is for existing customers only.

    • UBank USave High Interest Savings Account

      The UBank USave is an online high interest savings account that could help you reach your financial goals faster.

    Ask an Expert

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    14 Responses

    1. Default Gravatar
      AlainMay 4, 2019

      Can I manage my UBank account on my MacBook laptop as well as the phone app?

      • Avatarfinder Customer Care
        JoshuaMay 5, 2019Staff

        Hi Alain,

        Thanks for getting in touch with Finder. I hope all is well with you. 😃

        Yes, you can manage your UBank account on your MacBook and phone. You can go to the website of UBank and log into your account. From there, you should be able to manage your account. On your phone, you can download their UBank app from the App Store of Apple.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    2. Default Gravatar
      DeniseApril 8, 2018

      How do you transfer the money into the term deposit as there are no branches?

      • Avatarfinder Customer Care
        JoshuaApril 8, 2018Staff

        Hi Denise,

        Thanks for getting in touch with finder.

        You can transfer using Electronic Funds Transfer or BPay. You may want to take note that UBank has no restrictions on how much money you can transfer. Please consider as well that your external bank may impose limits on the amount you can withdraw daily. You’d need to get in touch with them to confirm what these limits are.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    3. Default Gravatar
      BobJanuary 31, 2017

      If I have a Term Deposit account will I be penalised should I need to withdraw some funds before maturity? What kind of penalty?

      • Avatarfinder Customer Care
        DeeFebruary 1, 2017Staff

        Hi Bob,

        Thanks for your question.

        If you need to make an early withdrawal of your funds, you must let UBank know no less than 31 days prior. Interest will be adjusted by an amount that is deemed reasonable by UBank to cover its cost in maintaining your account. The amount requested to be withdrawn must be in increments of $500, and if a partial withdrawal results in a balance of less than $1,000 the account will be closed and all money transferred into your linked bank account.

        There is no other penalty for withdrawing your money before maturity.

        For more details about UBank Term Deposit account, please check here.
        You can also visit this page to compare other term deposit accounts.

        Cheers,
        Anndy

    4. Default Gravatar
      SSCSeptember 10, 2015

      What is the best interest rate on offer at present

    5. Default Gravatar
      victorJune 30, 2014

      Is Ubank has business account?

      • Avatarfinder Customer Care
        ShirleyJuly 1, 2014Staff

        Hi Victor,

        Thanks for your question.

        At the moment UBank currently do not offer business products.

        Cheers,
        Shirley

    6. Default Gravatar
      AnnetteMay 30, 2014

      I would like to open a joint account with my sister. Although she is an Australian citizen, she is currently not living in Australia. She has an active NAB account and she has a tax file number. Can you please give me some advice if this is possible

      • Avatarfinder Customer Care
        ShirleyJune 2, 2014Staff

        Hi Annette,

        Thanks for your question.

        You can still open a joint account with your sister. It may be handy to have a few of her details ready during the application process because you’ll be required to enter her residential address, TFN etc.

        Cheers,
        Shirley

      • Default Gravatar
        AnnetteJune 2, 2014

        Hi Shirley

        Just a little confused. No matter which type of joint savings account I try to open, it clearly states that the account holder must be living at an Australian residential address. Can you please advise therefore, which particular savings account I could open in joint names.

        REgards
        Annette

      • Avatarfinder Customer Care
        ShirleyJune 2, 2014Staff

        Hi Annette,

        Thanks for your question.

        You can use your Australian residential address for both names for the account. If you’re unhappy with this, please speak to the customer service team at UBank to see what other options they could provide you.

        On the UBank website it states that a “Second Applicant can be added to a joint application by selecting RETRIEVE APPLICATION from any product application page. To be added to a joint account you will need: The application reference number given to the First Applicant (person who submitted the application); The First Applicant’s last name; The Second Applicant’s email address.”

        Cheers,
        Shirley

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