Ubank Save Account
- Maximum variable rate
- 5.10% p.a.
- Base interest rate
- 0.00% p.a.
Our verdict
You can earn bonus interest on large savings balances with minimal conditions to meet.
You can earn a welcome bonus rate of 5.1% p.a. for the first 4 months when the monthly conditions are met - but this rate is available for new Ubank Save customers only.
After the 4 month introductory period (or for existing customers), this account offers an ongoing bonus rate of 4.35% when you hold a Ubank Spend account and grow your Save balance each month.
The ongoing bonus rate with this account is a bit lower than some others in the market right now, but it's available on large balances up to $1 million.
Pros
-
Intro bonus rate is among highest in market
-
No monthly deposit condition to meet
-
Interest is offered on large balances
Cons
-
Must grow your balance each month to earn bonus interest
-
Ongoing bonus rate is lower than others in market
Details
Key details
| Product Name | Ubank Save Account |
| Maximum Variable Rate | 5.10% p.a. |
| Standard Variable Rate | 0.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Key features
Welcome bonus rate of 5.1% p.a.
New customers can earn a welcome variable bonus rate of 5.1% p.a. for the first 4 months when the account criteria is met (listed below). This welcome bonus rate is available on balances up to $1 million and only available if you haven't held a Ubank Save account in your name in the last 24 months.
Ongoing bonus variable rate of 4.35% by meeting the account conditions
After the 4-month introductory period, this account also offers an ongoing bonus interest rate of 4.35% each month you meet the account conditions.
Account conditions for interest
To earn this bonus rate you need to:
- Link the account to a Ubank Spend account, and
- Grow your combined Save accounts balance by at least $1 by the end of the month (any interest earned doesn't count towards this).
You can make withdrawals at any time without affecting your bonus interest, as long as the above conditions are met.
Bonus interest is available on balances up to $1 million per customer.
Standard variable rate of 0%
This ongoing, standard variable base rate is 0%. This means if you don't meet the account conditions one month, you'll earn no interest that month.
Payments from the Save account
You can not make payments using this account, via BPAY, direct debits or other methods. You'll need to set up these payments via your Ubank Spend account.
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 to maintain.
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.
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. Ubank is part of NAB, so your deposits with Ubank are guaranteed up to $250,000 per customer under the NAB banking licence.
"I had my deposit for a home loan sitting in an account without earning high interest, which was going to waste. The Ubank setup process was easy, the app and savings targets are very user-friendly, and I can move money in and out of the account easily and without fees. It's an easy, low-risk way for me to earn interest."
Congratulations, Ubank!
The Ubank Save Account won Best Savings Account in the 2025 Finder Awards.
Full list of 2025 winnersHow 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 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.
Sources
Your reviews
Alison Finder
Editorial Manager, Money
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Sarah Megginson Finder
November 17, 2025
Hi Rod,
As long as you meet the conditions (such as to grow your balance by the end of the month), you will be credited for bonus interest for the entire month. The amount is calculated based on the balance at the end of each day, and deposited monthly. Hope this helps!
Jeff
November 09, 2025
Does Ubank have any branches in NSW for customer service.
Sarah Megginson Finder
November 10, 2025
Hi Jeff,
Unlike traditional banks, Ubank don’t have any physical branches. You can still access support through their Australian-based team by calling 13 30 80.
Debra
October 13, 2025
Have a disability, don’t use a mobile phone so buying a iphone above 16 is crazy. I bought a plan & tried it in iphone 7. Obviously, that didn’t work. I bought a pad over 9 but it wouldn’t load on that.
If I bought a telstra t pro, android between 11 and 13 will it download the app? I’ve had a deposit from a settlement waiting since mid August. after all the devices I’ve bought to try to load this app will a telstra t pro android 11 – 13 do the job?
Sincerely,
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Alison Banney Finder
October 13, 2025
Hi Debra,
The Ubank mobile app supports iOS 16 or later, or Android 9 or later. Yes, the Telstra T Pro 11 – 13 will support the app.
Hope this helps!
Alison.
Peter Cooney
October 07, 2025
The description of the type of account reads “maximum variable rate”
Does this mean that the interest rate could be lowered during the four month period ?
Alison Banney Finder
October 08, 2025
Hi Peter,
This is currently the maximum variable rate that you can earn when all conditions and criteria are met.
Yes, variable means that the rate can change at any time.
Thanks,
Alison
Richard
September 21, 2025
Ubank is changing the qualifications for the bonus rate from 1 Oct 2025. They are adding a “Grow Balance” condition.
“From 1 October 2025, to earn bonus interest, as well as having a Spend account, you’ll need to grow your combined balance across all your Save accounts (excluding accounts that are linked as offsets at the end of the month) by at least $1 each month. A reminder that interest doesn’t count towards this $1.”
While $1 is not exactly a huge amount, it’s a deal breaker for people like my wife and me who use their Save accounts like cash management accounts, “mojo” accounts. Some months our balances go up and some months they go down. The change may be designed to encourage people to save. Who knows? It’s encouraged us to see another bank for our savings accounts.
Have you heard any updates e.g. have they changed their minds? Why did they make this change?
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Alison Banney Finder
September 24, 2025
Hi Richard,
Yes that’s correct, Ubank is introducing the condition of growing your balance throughout the month in order to qualify for bonus interest.
No, as far as we understand the bank has not changed its mind and this change will be going ahead. We can’t speak to why the bank has made this change.
If this no longer suits you, here are some savings accounts which don’t have any conditions to meet: https://www.finder.com.au/savings-accounts/savings-accounts-with-no-conditions
Thanks,
Alison
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Rod
November 16, 2025
The UBank bonus interest is calculated daily so do that mean that the interest only applies on the days that you grow your balance by the required $1 or is it applied for the whole 30/31 days if your account balance is $1 more than the previous month?