Fresh off merging with neobank 86 400, this increase will see:

  • Base savings account rate increase from 0.05% p.a. to 0.10% p.a.
  • Bonus savings account rate increase from 1.00% p.a. to 1.25% p.a. 

Despite absorbing all 86 400 products, this rate is greater than 86 400's previous offering of a 0.10% base savings account rate and bonus savings account rate of 1.20%.

ubank's new savings rate means eligible existing 'USave' customers can earn a savings rate of 1.35% p.a, while its new 'Save' account customers post-rebrand will also receive the same rate. 

How can I receive the new savings rate?

Applying this increase to its USave product, to receive the total rate of 1.35% p.a. you will need to be an existing customer with a USave account linked to a USpend account. 

If you are an existing customer with both a USave and USpend account, you are required to deposit at least $200 per month into either account from a non-ubank account.

Comparing this product to to the recently announced 3.00% p.a savings account from Bank of Queensland, ubank's offering does not require existing customers to make a minimum number of transactions to achieve the bonus rate. 

It's important to note USave and USpend accounts are no longer available for new customers, instead transitioning to new products named 'Save' and 'Spend'

The same requirements apply for new customers, requiring a minimum deposit amount of $200 into a Save or Spend account from a non-ubank account. 

No minimum number of transactions are required for new ubank customers. 

Ubank's bonus variable interest rates are calculated and paid monthly, up to a combined USave or Save balance of $250,000.

Balances greater than $250,000 earn the base variable rate of 0.10% p.a.


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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 26, 2024. View disclaimer.

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