Ubank Save is increasing its bonus rate up to 5.35% p.a.
Ubank is about to lift its savings rates even higher - here's how to get the new market-leading bonus rates on offer.
Following news that the RBA is increasing the cash rate, we've been expecting to see some banks announce rate increases on their savings accounts.
Ubank is one of the first banks to confirm it will increase its savings rates, with the bank announcing it will soon be offering a marketing-leading 5.35% p.a.
This is the highest bonus interest rate in the market (by quite a lot). But, it's not available to everyone.
What's changing with Ubank Save's rates?
Ubank has confirmed it will be raising its welcome bonus rate from 5.10% p.a. up to 5.35% p.a. on 10 February 2026.
Ubank's current welcome bonus rate is already one of the highest in the market, with the new rate placing it firmly at the top.
This rate is available for the first 4 months after opening the account, before dropping to the everyday bonus rate.
Ubank will also increase its ongoing everyday bonus rate from 4.35% p.a. to 4.60% p.a. on the same date.
How to get bonus interest with Ubank Save
The new welcome bonus rate of 5.35% p.a. is only available to new customers who open an account after 11 November 2025.
If you've held a Ubank Save account in your name within the last 2 years, you're not eligible for the welcome bonus rate (but you're still eligible for the everyday bonus rate).
As well as being a new customer, you need to grow your Save balance by at least $1 by the end of the month to be eligible.
After the 4 month welcome period ends the rate will drop down to an ongoing bonus rate of 4.60% p.a. (this is up from the current 4.35% p.a.)
Again, you still need to grow your balance by at least $1 over the month to earn this ongoing bonus rate.
Other than the monthly balance growth requirement, there are no other conditions to meet.
Both bonus rates are available on balances up to $1 million.
How does Ubank Save compare?
While Ubank certainly has the top welcome bonus rate on offer, there are a couple of accounts that have higher ongoing bonus rates.
However, these do come with more conditions than Ubank, and are also only available on smaller balances.
1. Westpac Life - 5.00% p.a.
Earn an ongoing bonus rate of 5.00% p.a. for customers aged 18-34, on balances up to $30,000. To earn the bonus interest rate you need to make a deposit each month, grow your balance and make 20 transactions from the linked Westpac Choice account.
2. ING Savings Maximiser - 4.75% p.a.
Earn an ongoing bonus rate of 4.75% p.a. on balances up to $100,000 when you deposit $1,000 a month, grow your balance and make 5 transactions from the ING Orange Everyday account each month.
3. Bank of Queensland Future Saver account - 4.85% p.a.
Earn an ongoing bonus rate of 4.75% p.a. on balances up to $50,000 for customers aged 14-35. You need to deposit $1,000 a month and make 5 transactions from the Bank of Queensland bank account.
If these accounts aren't right for you, you can compare 100+ savings accounts to find one that suits.
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