In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Ubank High Interest Save Account

  • Alison Banney's headshot
Ubank High Interest Save Account
Maximum variable rate
5.50% p.a.
Base interest rate
0%p.a.
Minimum deposit
$500

Our verdict

You'll earn bonus interest for making regular monthly deposits of $500, and you can make withdrawals at any time.

This account offers an ongoing bonus rate of 5.5% when you link it to a Ubank Spend transaction account and deposit $500 a month into either account.

The maximum bonus rate with this account is better than many others in the market right now, and the monthly deposit requirement is also lower than a lot of accounts. The Ubank High Interest Save has no withdrawal restrictions and there’s no monthly spending conditions to meet either, so it’s quite easy to earn the bonus interest.

Pros

  • $0 Account keeping fees
  • Earn up to 5.50% p.a. on your balance
  • Can setup savings targets

Cons

  • You earn no interest if you don't meet the bonus criteria each month

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Ubank High Interest Save Account
Maximum Variable Rate 5.50% p.a.
Standard Variable Rate 0.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 16

Special offer:

Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store.

Key features

Backed by NAB

Ubank is an online bank that has been backed by NAB, meaning you get the small bank customer service with the backing of a big bank.

No account keeping fees

You will not be charged any monthly fees with this account.

Maximum variable rate of 5.5% by meeting the account conditions

This account also offers a bonus interest rate of 5.5%, bringing the total variable rate to 5.5% each month you meet the account conditions.

To earn this bonus rate you need to link the account to a Ubank Spend account and transfer at least $500 per month into either account. Bonus interest is available on balances up to $100,000 per customer. You'll get a Spend account at the same time when you open a High Interest Save account.

You can get a rate of 5.00% on balances between $100,000 and $250,000.

You can make withdrawals at any time without affecting your bonus interest.

Standard variable rate of 0%

This ongoing, standard variable base rate offered with the account is 0%. This means if you don't save $500 a month you earn no interest.

Payments from the Save account

You can no longer make payments using this account, via BPAY, direct debits or other methods. You'll need to set up these payments via your Ubank Spend account.

Daily interest calculation

Your interest is calculated daily against your balance and paid into the account once a month.

No balance requirements

There are no minimum balance requirements and this account allows for you to invest up to $250,000. However, you must deposit at least $500 per month to be eligible for the bonus interest and bonus interest is available on balances up to $100,000 per customer.

Government guarantee

Although this is an online savings product, your deposits of up to $250,000 are still protected by the Australian Government Guarantee Scheme. Ubank is part of NAB, so your deposits with Ubank are guaranteed up to $250,000 per customer under the NAB banking licence.


Zoe Sharry's headshot

"I had my deposit for a home loan sitting in an account without earning high interest, which was going to waste. The Ubank setup process was easy, the app and savings targets are very user-friendly, and I can move money in and out of the account easily and without fees. It's an easy, low-risk way for me to earn interest."

Zoe Sharry
Finder crew member

How to apply

You can apply by starting an online application. There are certain eligibility requirements that you will have to meet and documents you'll need to provide before ubank can approve your application.

Eligibility

  • Minimum age. You have to be over the age of 16 in order to qualify for opening this account.
  • Residency requirements. Australian residents for tax purposes are welcome to apply provided that you have a verifiable Australian residential address. If you are a United States Citizen or taxpayer you will be asked to provide additional information such as your tax identification number (TIN).

Compare other savings accounts

1 - 13 of 186
Name Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
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4 months
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  • Welcome rate applies up to $500K
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Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
Rabobank High Interest Savings Account
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Maximum Variable Rate p.a.
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Ubank High Interest Save Account
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
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Monthly Max Rate Conditions
  • Deposit $500
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ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
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4 months
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  • Welcome rate applies up to $500K
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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4 months
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Suncorp Bank Growth Saver Account
Suncorp Bank logo
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
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Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
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Bank of Queensland Simple Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
  • Balances up to $5,000,000
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Newcastle Permanent Smart Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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  • Grow balance
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
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  • Deposit $1,000
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IMB Reward Saver Account
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Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
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  • Balances up to $1,000,000
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Earn up to 3.25% p.a. after the introductory period ends.
Bankwest Easy Saver
Bankwest logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
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Monthly Max Rate Conditions
  • Balances up to $250,000.99
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Rabobank PremiumSaver
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Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.45%
Intro/Ongoing
Ongoing
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Monthly Max Rate Conditions
  • Grow your balance by $200+ each month
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Bendigo Bank EasySaver Account
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Maximum Variable Rate p.a.
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Monthly Max Rate Conditions
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Avatar

Ben

October 27, 2024

If I deposit $500.00 every month, and may withdraw more than $500.00 every month, am I still be eligible to earn the 5.50% interest rate?


Any withdraw times or quantities limitation each month?


Avatar

Angus Kidman Finder

October 27, 2024

Hi Ben, There are no withdrawal restrictions to earn the bonus interest – as long as you deposit $500 each month, the balance will qualify for the bonus rate. That said, if you’re regularly withdrawing more than $500 each month the balance will still ultimately be shrinking.


Avatar

Jack

October 14, 2024

If I deposit $500 monthly but withdraw more or less than $500 monthly, will I still get the bonus interest rate of 5.5%?


Avatar

Angus Kidman Finder

October 15, 2024

Hi David, Yes, you’ll still get the bonus interest as long as you make the $500 deposit, even if you then make a withdrawal. That interest will be on the end-of-month balance (so if you make withdrawals you’ll get less).


Avatar

bob

September 16, 2024

If you have over $100,000 in the account, to receive the 5.0% is it required that you still deposit $500 per month? Does the $500.00 monthly deposit only apply to below savings below $100,000 to get the 5.5% rate?


Avatar

Richard Whitten Finder

September 17, 2024

Hi Bob, it looks to me like the $500 monthly deposit is a requirement to earn bonus interest at below and above $100K. So yes, you would need to deposit $500 a month even then.


Avatar

Jocelyn

August 16, 2024

Am I allowed to sign this up if I am an Australian tax resident but am not either citizen or PR?


Avatar

Thomas Stelzer Finder

September 16, 2024

Hi Jocelyn,


Unfortunately you need to be either an Australian citizen or permanent resident to open an account with Ubank.


Regards,


Tom


Avatar

Bill Hildebrand

July 17, 2024

Can accounts be joint accounts by husband and wife?


Avatar

Sarah Megginson Finder

July 17, 2024

Hi Bill,


Yes ubank offer joint accounts, they call them shared accounts.


Go to site