Ubank High Interest Save Account

Maximum variable rate of 5.1% by meeting the account conditions

This account also offers a bonus interest rate of 5%, bringing the total variable rate to 5.1% 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. Bonus interest is available on balances up to $250,000 per customer. You'll get a Spend account at the same time when you open a High Interest Save account.

You can make withdrawals at any time without affecting your bonus interest.

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.

Earn bonus interest on multiple High Interest Save accounts

You can open up to 10 individual High Interest 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 High Interest 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 bonus interest is available on balances up to $250,000 per customer.

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. Ubank is part of NAB, so your deposits with Ubank are guaranteed up to $250,000 per customer under the NAB banking licence.

• 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.