Ubank savings and transaction accounts
Ubank is an online bank that offers a bonus savings account and linked fee-free transaction account.
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Ubank accounts
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Rates accurate as at: June 29th, 2022 Learn about our information service
Quick facts about Ubank
- Ubank is an online-only bank with no branches or ATMs.
- Ubank is owned by NAB, one of the biggest banks in Australia.
- Ubank has an Australian call centre that's available 24/7, plus Internet and mobile banking options.
- Deposits up to $250,000 in a ubank account are protected under the Government Financial Claims Scheme.
- As it's a digital bank, ubank is known for having competitive savings rates and low fees.
- In 2022 digital bank 86 400 merged with ubank, to become NAB's sole digital bank offering.
Accounts offered by Ubank
Ubank Spend
This account goes alongside a Ubank Save Account savings account. This bank account charges no account keeping fees, no overseas ATM fees and no foreign transaction fees.
Read our full review of the Ubank Spend Account.
Ubank Save
When you open a Spend account you'll also get a Save account too. You'll earn up to 1.35% when you transfer at least $200 per month into either account.
Read our full review of the Ubank Save Account.
Different ways to bank with Ubank
Ubank is an online-only bank with no bank branches and no ATMs in Australia, but it does offer a few different ways to do your banking online.
Internet and mobile banking
You can do your day-to-day banking online with ubank's Internet Banking platform, for example, to track account balances, pay bills and other direct debits, make BPAY payments, transfer funds between accounts, activate new cards or place existing ones on hold and to schedule payments.
The ubank app has a "Sweep" tool which 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.
Contactless payment options
Ubank offers Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay to customers with a ubank debit card.
Pros and cons of banking with Ubank
Pros
- Simple bonus interest conditions. The account conditions to earn bonus interest with the ubank Save with Spend Bonus account are simple and easier to meet than many other bonus saver accounts.
- No account keeping fees. Ubank doesn't charge account keeping fees.
- No international ATM fees. There are no international ATM fees and also no international transaction fees.
Cons
- No branches. Ubank does not have branch banking and operates entirely online.
How to apply for a Ubank account online
You can apply for a new ubank account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
- You're over 18 years old
- You're an Australian resident for tax purposes
- You have an Australian phone number and residential address
Documentation
- Personal details like your name, date of birth, residential address, phone number and email address
- ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
More guides on Finder
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Ubank Spend Account
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.
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Ubank Save Account
The Ubank Save is an online high interest savings account that could help you reach your financial goals faster.
Ask an Expert
UBank does not offer Bank@Post
So use Nab ATM instead to deposit.
Here is the list that tells you what Banks can deposit.
https://auspost.com.au/money-insurance/banking-and-payments/bank-at-post#participating
Hi Takeo,
Thanks for letting us know about this. We’ve updated our pages to reflect the correct information regarding UBank.
Regards,
Alison
Can I manage my UBank account on my MacBook laptop as well as the phone app?
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
How do you transfer the money into the term deposit as there are no branches?
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
If I have a Term Deposit account will I be penalised should I need to withdraw some funds before maturity? What kind of penalty?
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 read through this page.
For more options, please feel free to check the list of term deposit accounts featured on our website.
Cheers,
Anndy
What is the best interest rate on offer at present
Hi SSC,
Thanks for your question.
You can sort through interests on our comparison of savings accounts to see rates offered as of this time. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley