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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 2.35% 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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2.35% p.a.

Maximum variable rate


Base interest rate


Minimum deposit

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Product NameUbank Save Account
Maximum Variable Rate2.35% p.a.
Standard Variable Rate0.10% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Review by

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 2.35% 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.

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.


  • 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).

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  1. Default Gravatar
    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?

    • Avatarfinder Customer Care
      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.


  2. Default Gravatar
    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?


    • Avatarfinder Customer Care
      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.


  3. Default Gravatar
    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?

    • Default Gravatar
      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.

      *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.

  4. Default Gravatar
    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 ?

    • Default Gravatar
      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!


  5. Default Gravatar
    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%?

    • Default Gravatar
      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.


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