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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
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.
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
- 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.
- 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.
- You're over 18 years old
- You're an Australian resident for tax purposes
- You have an Australian phone number and residential address
- 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
More guides on Finder
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.
Ubank Save Account
The Ubank Save is an online high interest savings account that could help you reach your financial goals faster.
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