Ubank Save Account

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

The Ubank Save account is a flexible online high interest savings account that comes with a linked Spend account. You can earn up to 1.35% on your balance by transferring at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $250,000.

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Alison Banney

Last Updated Jan 5, 2021

1.35% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

$200

Minimum deposit

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Product Name	Ubank Save Account
Maximum Variable Rate	1.35% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

$0 Account keeping fees
Earn up to 1.35% p.a. on your balance
Backed by NAB
Can setup automatic savings plan
Can link to any Australian bank transaction account

Cons

Must link to a ubank Spend Account to earn bonus interest

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers an ongoing bonus rate of 1.35% 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 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.

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.

Standard variable rate of 0.1%

This ongoing, standard variable base rate offered with the account is 0.1%. You'll earn this rate of interest on your balance each month, regardless of how much you deposit.

Maximum variable rate of 1.35% by meeting the account conditions

This account also offers a bonus interest rate of 1.25%, bringing the total variable rate to 1.35% 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 $200 per month into either account, ensuring your combined balance across both accounts does not exceed $250,000. You'll get a Spend account at the same time when you open a Save account.

Earn bonus interest on multiple Save accounts

You can open up to 10 individual Save accounts and earn bonus interest on each one, to help you save for different goals. You'll be eligible for bonus interest on all your Save accounts as long as you link at least one Spend transaction account and deposit at least $200 per month.

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 $5,000,000. However, you must deposit at least $200 per month to be eligible for the bonus interest, and ensure your combined balance across both accounts does not exceed $250,000.

Internet and mobile banking

You can view your account and make transfers at any time with Internet banking or via the mobile banking app.

Linked transaction account charges no fees

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

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.

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.

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 $200 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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64 Comments

Edward
February 6, 2022

Are their withdrawal restrictions that impact the interest rate? I do not understand why the rate offered (1.05%) is higher than the term deposit rates; am I missing some drawback in the USave account?

Reply
- finder Customer Care
  
  Alison
  March 10, 2022
  
  Hi Edward,
  
  Term deposit rates don’t need you to meet any conditions for you to earn interest.
  
  All you have to do is deposit your money and wait until it matures.
  
  On the other hand, the USave account needs you to make regular monthly deposits of $200 to earn the maximum variable rate of 1.05% p.a.
  
  Because there is a bit more effort and work involved, the rates offered on bonus savings accounts do tend to be higher than term deposits.
  
  Thanks,
  Alison
  
  Reply
Foram
January 19, 2022

Hi there,

How come interest is 2.10%?

If I open an account in U-bank and deposit 200K – will I get the interest at 2.10% on that account?

Thanks,
Foram

Reply
- finder Customer Care
  
  Alison
  January 30, 2022
  
  Hi Foram,
  
  The current total bonus rate with this UBank account is 1.05% p.a., not 2.10% p.a.
  
  You can earn the 1.05% p.a. bonus rate by linking the account to a UBank USpend and transferring at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $250,000.
  
  Thanks,
  Alison
  
  Reply
Jake
January 28, 2020

If I have $150k in my USaver account and $100k in my USaver transaction account how is the bonus interest calculated? Is it on the $150k first and then $50k on the transaction account?

Reply
- Nikki
  January 29, 2020
  
  Hi Jake,
  
  Thanks for your comment and I hope you are doing well.
  
  As the maximum balance in linking two accounts (Usaver + Ultra Transaction Account) is $200k, the bonus interest of 2.10% p.a. is only applied on the $200k and not on the $50k excess.
  
  Hope this helps and feel free to reach out to us again for further assistance.
  
  Best,
  Nikki
  *June 2020 UPDATE: The maximum balance to be eligible for bonus interest is now $250k, up from $200k. The bonus interest rate has also changed, as reflected in our page above.
  
  Reply
Slow
November 28, 2019

How is interest earned if you deposit $200 in the month and had $500,000 in the account following a mortgage settlement ?
I know if the balance is less than $200,000, I will get 1.04% +1.06% = 2.10% on the balance calculated daily and credited at beginning of next month.
Is interest earned at 1.04% for the $500,000 or no interest is earned at all ?

Reply
- Nikki
  November 29, 2019
  
  Hi Slow,
  
  Thanks for your comment. How are you doing today?
  
  As it says above, “there are no minimum balance requirements and this account allows you to invest up to $5,000,000. However, you must deposit at least $200 per month to be eligible for the bonus interest, and ensure your combined balance across both accounts does not exceed $200,000.”
  
  This means you are able to earn the bonus interest if you deposit $200 however the account will only apply the 2.10% interest only where your total account balances do not exceed $200,000. This means only 200,000 of the 500,000 will only earn interest.
  
  Hope this helps!
  
  Best,
  Nikki
  
  Reply
Arjan
November 6, 2019

How to open a USaver Account linked to Transactional Account in which I am required to deposit $200 each month to qualify for the rate of 2.10%?

Reply
- Ash
  November 7, 2019
  
  Hi Arjan,
  
  Thanks for contacting Finder.
  
  To open a USaver Account, you must visit UBank’s website then go to Banking> Savings> Apply. Once the USaver Account is approved and opened, you will need to apply separately for the USaver Ultra Transaction account by going to Banking> Savings + Transaction> Apply. After opening both accounts, you will be provided with your log-in details wherein you need to access your online account to be able to link the transaction account to your Savings account.
  
  I hope this helps.
  
  Cheers,
  Ash
  
  Reply

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