Ubank
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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

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
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Showing 1 of 1 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Ubank Spend Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
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Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
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Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
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ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
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ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
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Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
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Rates accurate as at: April 21st, 2024 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 High Interest 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 High Interest Save

When you open a Spend account you'll also get a Save account too. You'll earn up to 5.1% when you transfer at least $200 per month into either account.

Read our full review of the Ubank High Interest 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 High Interest 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

  • 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 High Interest Save Account

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

Ask a Question

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20 Responses

    Default Gravatar
    LeighJuly 19, 2023

    I live in NZ. We have been approached by someone in the USA who suggested we deposit $’s into an Australian UBank account presumably in their name.
    Is it possible to ask if a particular agency has an Account with UBank in the USA, just a yes or no please? And if so is there any protection for us in NZ if the other party is fraudulent?

      AvatarFinder
      AlisonAugust 1, 2023Finder

      Hi Leigh, we’d suggest you ask the bank directly about this.

    Default Gravatar
    samFebruary 1, 2023

    Can a cash deposit be made in perth at NAB branch?

      AvatarFinder
      AlisonFebruary 22, 2023Finder

      Hi Sam,
      You can deposit cash into your Ubank account at an Australia Post office.
      Thanks,
      Alison

    Default Gravatar
    TakeoJanuary 22, 2022

    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

      AvatarFinder
      AlisonJanuary 29, 2022Finder

      Hi Takeo,

      Thanks for letting us know about this. We’ve updated our pages to reflect the correct information regarding UBank.

      Regards,
      Alison

    Default Gravatar
    AlainMay 4, 2019

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

      AvatarFinder
      JoshuaMay 5, 2019Finder

      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

    Default Gravatar
    DeniseApril 8, 2018

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

      AvatarFinder
      JoshuaApril 8, 2018Finder

      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

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