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.
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Ubank High Interest Save Account
- Maximum variable rate
- 5.10% p.a.
- Base interest rate
- 0.1%p.a.
- Minimum deposit
- $200
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.
Pros
-
$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
Cons
-
Must link to a ubank Spend Account to earn bonus interest
Details
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 |
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Alison Finder
Editor
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Sarah Megginson Finder
March 25, 2024
Hi Sam, Yes, the save account is the high interest account, and you’ll earn their advertised interest rate (currently 5.1%) if you meet the eligibility conditions for that account.
SIMON
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.
Peter
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.
Tony
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.
Stephen
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.
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Sam
March 19, 2024
Hi, I just opened an new accountwith ubank. It comes three accounts in my app: Spend account, Bill account and Save account. Is the Save account just the “High interest save account” or I have to open another account to get the high interest?