In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Ubank High Interest Save Account

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Ubank High Interest Save Account
Maximum variable rate
5.10% p.a.
Base interest rate
Minimum deposit

Our verdict

You'll earn bonus interest for making regular monthly deposits of $200, and you can make withdrawals at any time.

This account offers an ongoing bonus rate of 5.1% when you link it to a Ubank Spend transaction account and deposit $200 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.

The linked Spend account charges no account keeping fees, no overdrawn fees, no ATM withdrawal fees and no foreign transaction fees.

You can open multiple Save accounts, but keep in mind the bonus interest is only available on balances up to $250,000 per customer.


  • $0 Account keeping fees
  • Earn up to 5.10% p.a. on your balance
  • Can setup savings targets
  • Can connect accounts from 180+ other financial institutions


  • Must link to a ubank Spend Account to earn bonus interest

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

The Ubank High Interest Save Account is a flexible online high interest savings account that comes with a linked Spend account. You can earn up to 5.1% on your balance by transferring at least $200 per month into either account. The bonus rate is available on balances up to $250,000 per customer.


Key details

Product Name Ubank High Interest Save Account
Maximum Variable Rate 5.10% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 16

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.

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.


  • 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).

Your reviews

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December 14, 2023

My mother is in aged care and receives a pension. She is an Australian citizen and is 91. I have power of attorney and would like to put some of her money into a high interest account as long as I can still pay some aged care and pharmacy bills and not be penalised then I would be interested in opening an account with ubank or ING

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Jason Loewenthal Finder

January 08, 2024

Hi Simon,

To activate the bonus interest rate on a Save account, you must have a Spend account and put at least $200 each month into any of your Spend or Save accounts. You don’t need to grow the balance.

I hope that helps.



December 08, 2023

Is the interest paid monthly?


Sarah Megginson Finder

December 11, 2023

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



November 25, 2023

Can I open a high interest savings account at 5% in my family trust business name


Jason Loewenthal Finder

January 05, 2024

Hi Tony,

You can’t open a ubank account in a business name or a trust capacity.

I hope that helps.



November 18, 2023

Is it possible to open the Ubank High Interest Save Account and Spend Account as joint accounts? Thanks.


Jason Loewenthal Finder

December 11, 2023

Hi Stephen,

Both can be opened as joint accounts. Ubank calls them shared accounts, so look for that section Ubank’s website.

I hope that helps.



October 02, 2023

What does up to 5% maximum variable rate mean?

What are the conditions for getting the full 5%?


Shubham Pandey Finder

October 23, 2023

Hi there,

Thank you for your question.

The up to 5% maximum variable rate for the Ubank High Interest Save Account means that you have the potential to earn a variable interest rate of up to 5% on your savings balance.

To get the full 5%, you typically need to meet certain conditions, which in the case of this account, include the following:

Linking to a Ubank Spend Account: You must link your Ubank High Interest Save Account to a Ubank Spend Account. Both accounts work together, and the linked Spend Account is where your everyday transactions take place.

Monthly Deposits: You are required to make regular monthly deposits of at least $200 into either the Ubank High Interest Save Account or the linked Ubank Spend Account.

By meeting these conditions, you can earn the full 5% variable interest rate on your savings balance.

Keep in mind that this high interest rate applies to balances up to $250,000 per customer. If you have a higher balance, the portion above $250,000 will earn the standard variable rate, which is typically lower.

I hope this helps.

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