Ubank Save Account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 0.00% 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.
You can earn a welcome bonus rate of 5% p.a. for the first 4 months when the monthly deposit condition is met - but this rate is available for new Ubank Save customers only.
After the 4 month introductory period (or for existing customers), this account offers an ongoing bonus rate of 4.6% when you link it to a Ubank Spend transaction account and deposit $500 a month into either account.
The ongoing bonus rate with this account is a bit lower than some others in the market right now, but it's available on large balances up to $1 million. The monthly deposit requirement is also lower than a lot of accounts, and there are no withdrawal restrictions or monthly spending conditions to meet either, so it’s quite easy to earn the bonus interest.
Pros
-
$0 Account keeping fees
-
Ongoing bonus rate of 4.60% p.a.
-
Can setup savings targets
Cons
-
You earn no interest if you don't meet the bonus criteria each month
Details
Key details
| Product Name | Ubank Save Account |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Key features
Special offer:
Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store.
Welcome bonus rate of 5% p.a.
New customers can earn a welcome variable bonus rate of 5% p.a. for the first 4 months when the account criteria is met. This welcome bonus rate is available on balances up to $1 million and only available if you haven't held a Ubank Save account in your name in the last 24 months.
Ongoing bonus variable rate of 4.6% by meeting the account conditions
This account also offers an ongoing bonus interest rate of 4.6% 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 $1 million per customer. You'll get a Spend account at the same time when you open a Save account.
You can make withdrawals at any time without affecting your bonus interest.
Standard variable rate of 0%
This ongoing, standard variable base rate is 0%. This means if you don't deposit $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 $1,000,000. 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.
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.
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.
"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."
Congratulations, Ubank!
The Ubank Save Account won Best Savings Account in the 2025 Finder Awards.
Full list of 2025 winnersHow 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 18 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).
- Depository requirements. There is no minimum deposit requirement needed when opening this account. However in order to earn the bonus interest you need to deposit at least $500 a month.
Documentation needed
- Tax file number. As this is an interest earning account, providing your tax file number (TFN) or TFN exemption code will ensure that the tax being withheld on your earned interest is at the correct rate for your circumstance.
- Identification. Ubank will electronically verify your identity online using information from your Australian driver’s license or passport.
- Account information. In order to be able to use the features of this account, you will need to provide an account name and number that it can be linked to.
What happens after I submit my application?
After your application has been submitted it will be reviewed by the bank and an account will be opened in your name. The details will be sent to you through email and you will be able to begin moving money into the account to start building your savings.
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editorial Manager, Money
Hi there, looking for more information? Ask us a question.
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Alison Banney Finder
May 28, 2025
Hi Robert,
Yes this acconut can be opened as a joint account. You can have up to 10 Save accounts opened in your name. But keep in mind the bonus rate applies to the first $100,000 of your combined balance across all accounts in your name.
Thanks,
Alison
Josh N
February 22, 2025
If I have less than $50K in the account and deposit monthly $500 without any withdrawal. Do I still get 5.5% or is withdrawal also a criteria.
Richard Whitten Finder
February 24, 2025
Hi Josh,
That’s right. Withdrawals don’t affect the bonus rate with this account, so it wouldn’t matter if you withdrew money or not.
Brian
December 14, 2024
THREE QUESTIONS
(1) Are there restrictions on the usage of the linked account.
(2) Is interest paid on the linked account.
(3) Are transfer and Bpay facilities available on the accounts.
Richard Whitten Finder
December 18, 2024
Hi Brian,
1. You can use the linked transaction account like any other transaction account.
2. You don’t earn interest on any money in the transaction account.
3. You can transfer money out of the Save account or spend if you need it, and the transaction account offers BPAY and other facilities like that.
Show more Show less
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?
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.
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%?
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).
Robert
May 28, 2025
Can you open a joint account with UBank, even if both parties have an individual account?