The UBank Green Term Deposit is the world’s first green term deposit, certified by the Climate Bonds Initiative. It allows you to lock your savings away for a term between 2 and 11 months with a fixed interest rate, meaning you’ll enjoy a stable, predictable return on your deposit.
Your savings will be used to support a range of renewable energy initiatives such as solar and wind energy, low carbon buildings and even marine renewable energy. You wont need to sacrifice returns to invest your money in this fee-free green term deposit, either.
This is the first certifiable green term deposit in the market, allowing you to enjoy a fixed interest rate on your savings while having peace of mind that your money is supporting projects like wind and solar energy and low carbon buildings.
Term lengths range from 2 to 11 months
The UBank Green Term Deposit offers a range of term lengths to choose from including 2, 5, 7, 8, 10 and 11 months. Your money will be locked away for the term length you choose and you'll be unable to access the money until the term reaches maturity.
Earn up to 2.45% p.a. on your deposit
Earn up 2.45% p.a. on the funds invested in your UBank Green Term Deposit. Interest rates are tiered, meaning the shorter term lengths offer lower interest rates, as shown below.
|Term length||Fixed interest rate|
|2 months||2.00% p.a.|
|5 months||2.40% p.a.|
|7, 8, 10 and 11 months||2.45% p.a.|
There are no establishment or account keeping fees to worry about with this account.
Your money is invested in renewable energy projects
Have peace of mind knowing your savings invested in the UBank Green Term Deposit will be used to support a range of green initiatives including solar and wind energy projects, marine renewable energy and low carbon buildings.
This is the world's first green term deposit and is certified by the Climate Bonds Initiative. Only investments that truly assist with addressing climate change get this verified tick of approval.
Loyalty bonus available
The loyalty bonus offers customers an additional 0.10% p.a. on top of the advertised rate if they choose to open a new term deposit when their first term reaches maturity.
Minimum deposit of just $1,000
There is a small minimum starting deposit of just $1,000 required to open this term deposit.
Available for personal use and SMSFs
You can open the UBank Green Term Deposit as a personal customer or as a self managed super fund (SMSF).
- Your money is invested in green energy
- Small minimum opening deposit of $1,000
- Available for personal customers and SMSFs
- Loyalty bonus available of 0.10% p.a.
- Nothing longer than 11 month terms available
- Interest rates are lower than some high interest savings accounts
How to apply
You can open the UBank Green Term Deposit online in less than 10 minutes.
Eligibility to apply online
- Minimum age. You must be at least 18 years old.
- Residency requirements. You must be an Australian resident for tax purposes with an Australian residential address.
- Depository requirements. You'll need to deposit at least $1,000 to get started.
- Tax file number. Providing your tax file number (TFN) will help make sure your interest earnings are taxed at the correct rate.
- Identification. You'll be asked to provide your driver's licence number, your passport number or Medicare card details.
- Bank account details. You'll be asked to give the details of a separate Australian bank account in the same name so UBank can transfer your interest payments when the term matures.