Ubank vs Up: Savings accounts compared

Compare the Ubank Save and Up Saver accounts side by side to see which is best to grow your savings.

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By

Alison Banney

Updated

Fact checked

Key takeaways

  • Up Saver has a higher ongoing bonus rate than the Ubank Save account.
  • Up Saver restricts withdrawals in order to earn the higher ongoing bonus rate, while Ubank doesn't.
  • Ubank has a monthly deposit condition to meet, while Up has a monthly spend requirement.

Ubank Save Account vs Up Bank Saver Account

Up SaverUbank Save Account
Account structureEarn an ongoing variable bonus rate each month the account conditions are met. There are 2 variable bonus rates avaiable, one with more restrictions.Earn an introductory, variable bonus rate for 4 months, followed by an ongoing variable bonus rate each month the account conditions are met.
Introductory bonus rateNoYes: 5.1% p.a. for 4 months on your first account.
Ongoing variable rate
  • Up to 4.6% p.a. (with conditions), or
  • 0% p.a. (when conditions aren't met).
  • 4.35% p.a. (with conditions), or
  • 0% p.a. (when conditions aren’t met).
Conditions to earn interestIn order to be eligible for interest you need to:
  • Hold an Up everyday account, and
  • Make 5+ transactions with your Up debit card per month.

If the conditions aren't met one month, you'll earn no interest that month.

Once eligible for interest, your Saver account/s will either earn the 'Grow' variable bonus rate, or the 'Flow' variable bonus rate.

The 'Grow' rate of 4.6% applies to any Saver accounts that you haven't made a withdrawal or transfer from through the month.

The 'Flow' rate of 1.25% applies to any Saver account/s that you have made a withdrawal from through the month.

To earn both the introductory variable bonus rate of 5.1% p.a. and then the ongoing variable bonus rate of 4.35% p.a. you need to:
  • Hold a Ubank Spend account, and
  • Grow your combined Save balance by at least $1 (excluding interest) each month.

If the conditions aren’t met one month, you’ll earn no interest that month.

WithdrawalsAny Saver account/s you make a withdrawal from will earn the 'Flow' variable interest rate that month, meaning you can make withdrawals and still earn a bit of interest. There is no requirement to grow your balance.You can make withdrawals, but you need to replace the money (and at least $1 more) by the end of the month to meet the growth condition.
Balance limitsYou can earn the 'Grow' rate of 4.6% p.a. on balances up to $250,000, combined across all your Up Saver accounts. Balances above this will earn the 'Flow' rate.Earn the 5.1% p.a. introductory variable rate and then 4.35% p.a. ongoing variable bonus rate on balances up to $1 million.
Multiple accountsYou can open 50 Saver accounts, and you can earn the 'Grow' bonus rate on your combined balance up to $250,000.You can open up to 10 Save accounts, and bonus interest will be paid on your combined balance up to $1 million.
Linked bank accountYou need to hold an Up everyday transaction account.You need to hold a Ubank Spend Account.
Government GuaranteeYes - your deposit up to $250,000 is covered under the Australian Government Guarantee.Yes - your deposit up to $250,000 is covered under the Australian Government Guarantee.
Finder Score9.859.05

So, which account is right for you?

Here are some questions to ask yourself to help you decide which savings account might suit you better.

Is the interest rate my top priority?

If your main priority is earning as much interest as possible, the Up Saver account might suit you better.

Up's 'Grow' variable bonus rate of 4.6% is higher than Ubank's onoing bonus rate, however it is also more restrictive.

Want to earn more interest?

Compare more high interest savings accounts now.

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How big is my balance?

If you’ve got a large amount of cash, Ubank could be the better option for you. Ubank pays bonus interest on a combined balance of $1 million.

What account conditions can I commit to meeting?

To earn the maximum variable bonus rate, there are more conditions to meet with Up compared to Ubank.

With Up, you can't make withdrawals or transfers at all (to earn the 'Grow' bonus rate) and you also need to make 5 transactions with your Up debit card.

Ubank does allow you to make withdrawals if you need to, making it a bit more flexible than Up, but you do still need to replace the money to meet the growth condition.

Although there is no particular spend value you need to meet with the Up Saver, having to make 5 purchases over the month could be annoying if it’s not your main bank account.

Want a no-hoops savings account?

Compare more savings accounts that have no conditions.

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Will I need to make withdrawals?

If you want to be able to move money out of your savings from time to time, you can do this with either account. However, you stand to earn a much higher interest rate with Ubank.

To earn Up's higher ongoing bonus rate of 4.6% you can't make any withdrawals or transfers at all.

To earn Ubank's ongoing bonus rate you can make withdrawals - just as long as you replace the money by the end of the month.

Frequently asked questions

Sources

Alison Banney's headshot
Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 658 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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