UBank USave with USpend Bonus High Interest Savings Account

You'll earn bonus interest for making regular monthly deposits of $200, so you can reach your savings goals sooner.

The UBank USave with USpend Bonus is a flexible online high interest savings account that allows you to transfer your money to any Australian bank account. Earn up to 1.05% on your balance 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.

1.05% p.a.

Maximum variable rate


Base interest rate


Minimum deposit

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Product NameUBank USave with USpend Bonus
Maximum Variable Rate1.05% p.a.
Standard Variable Rate0.05% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Review by

Alison Banney is the banking and investments 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 1.05% when you link it to a UBank USpend transaction account and deposit $200 a month into either account.

The maximum bonus rate with this account is slightly lower than what’s offered by a few other accounts in the market. However you’ll likely need to meet a much larger deposit requirement with savings accounts that offer a higher rate, and you could also be limited from making withdrawals. The UBank USave with USpend Bonus has no withdrawal restrictions and there’s no monthly spending conditions to meet either, so it’s quite easy to earn the bonus interest.

If you like the idea of having your savings automated for you, UBank’s sweep tool moves your money back and forth between your savings and transaction account to make sure you always have enough for bills while still helping you save. The linked transaction 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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    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.

    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!


    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.


    Default Gravatar
    October 14, 2019

    Hi! Is the combined interest rate an ongoing thing month to month or one off?

      Default Gravatar
      October 15, 2019

      Hi Annika,

      Thanks for your comment! The UBank USaver High-Interest Savings account is an ongoing monthly rate provided you meet the account conditions. These include:

      1. You need to link the account to a UBank USaver Ultra Transaction Account
      2. Transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000.

      The interest is calculated daily against your balance and paid into the account once a month.
      To earn this bonus rate you need to link the account to a UBank USaver Ultra Transaction Account and transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000.

      As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.


    Default Gravatar
    October 8, 2019

    Can I withdraw cash at any atm and do thee transactions attract a fee

      Default Gravatar
      October 11, 2019

      Hi Susan,

      Thanks for getting in touch! There is no ATM withdrawal fee in Australia or overseas. However, a fee may be charged by the 3rd party bank you withdraw money from.

      Hope this helps and feel free to reach out to us again for further assistance.


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