Founded in 2008 as one of Australia's first digital banks, Ubank now operates under the umbrella of National Australia Bank (NAB), one of the country's big four banks.
Ubank currently services almost one million customers through its app-based deposit and home loan products, including its popular high interest Save account.
What savings accounts does Ubank offer?
Ubank offers only one savings account, its high interest Save account.
A Save account must be opened in conjunction with a Spend account which acts as a 0% interest transaction account. Ubank also offers a Bills account where users can also choose to allocate their funds.
See also: What's the difference between savings accounts and transaction accounts?
Here are the current interest rates below:
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.00% p.a. Bonus rate of 5.10% Rate varies on savings amount. | 5.85% p.a. Intro rate for 4 months then 5.10% p.a. | $1,083 | 4 months | $0 | $99,999,999 | $0 | $0 | $0 |
Changes to Ubank's Save account in 2025
Since its launch, Ubank's Save account had proved a popular savings choice, particularly among the 18-35 year old demographic, given its reasonable minimum deposit requirement, no fees, and competitive interest rate.
However, in the second half of 2025, Ubank's Save account underwent some tweaking, including the introduction of:
In November, the Save account saw a boosted welcome rate for new customers amid parent company NAB's full-year results showing Ubank had lost deposits since the changes were announced.
Features of the Ubank Save account
Welcome interest rate
New customers to Ubank are eligible to receive a higher welcome bonus interest rate on their Save accounts for up to four months from the date of joining Ubank.
New customers are defined as those who have not held any Ubank branded products in the previous 24 months.
Bonus interest rate
The bonus interest rate is offered if account holders meet certain conditions each month:
They must also have a Spend account
They need to grow the combined balance across all Save accounts (customers can have up to 10) by at least $1 each month (excluding any Save accounts linked as offsets at the end of the month)
Additional information
Bonus interest credits don't count towards the $1 growth requirement
- Bonus interest is paid on combined Save balances up to $1 million per customer
- Bonus interest criteria should be met by 11.30pm (Sydney time) on the last day of each month. Transactions that occur after 11:30pm (Sydney time) on the last day of each month are taken into account for the following month's eligibility
- If a Save account is switched to an offset or closed during the month, interest will not be paid on that account for that month, even if bonus criteria are met.
Base interest rate
If account holders fail to meet all bonus rate conditions, they will receive the base interest rate.
Tiered interest rate structure
Ubank's Save account pays interest according to the deposit amount.
See also: The different types of savings account interest rates
See also: Are you getting the best interest rate on your savings
Fee-free
Ubank customers are charged no monthly or annual fees for opening or maintaining a Save account.
There are also no monthly or everyday fees associated with a Spend account. As well, Ubank doesn't change international fees for Spend account card transactions or ATM withdrawals (although some third-party charges may apply).
Multiple Save accounts available
As mentioned, Ubank customers can create up to 10 Save accounts and set targets on all or any of them.
Financial Claims Scheme guarantee
Ubank customer deposits are guaranteed up to $250,000 per customer under the National Australia Bank licence by the Australian government's Financial Claims Scheme (FCS).
Instant access
Transfers into a Save account are almost instant via PayID and Osko (if the sending bank uses the platform).
Nudges
Ubank issues digital push notifications or "friendly nudges" as reminders to assist customers manage their saving/spending habits.
Spending Footprint
Ubank's 'Spending Footprint' feature sorts spending into simple categories so customers can recognise and monitor their spending patterns.
Connect to other bank accounts
Customers can connect their Ubank app to more than 140 financial institutions across Australia, meaning their accounts can all be viewed in one app.
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"Ubank really hit its strides amid the pandemic when interest rates on other products were near zero, yet the NAB-owned digital outfit managed to offer a competitive savings account interest rate.
"Indeed, Ubank has been the shining light in NAB's financial results, with strong growth and customer retention. Customers have favoured Ubank's savings account for its simplicity and competitive interest rate.
"The linked Visa debit card also features fee-free international transactions - handy if you're overseas or purchasing online from retailers abroad.
"However, the shine has been taken off somewhat as the brand has introduced a couple more hoops and removed the ability to externally transfer out of the savings account. One of the main bugbears we hear from customers is the 'grow balance' requirement.
"At the same time, the top interest rate now applies to bigger balances - so, if done right, a few customers could actually be better off under the new rules.
"Ubank is still worth a look not only for its savings account but also for everyday transactional needs."
Ubank savings account eligibility
To open a Ubank savings account, customers need to be:
Aged 16 years old or over
An Australian citizen or permanent resident with an Australian residential address
Ubank accounts cannot be opened in a company or business name (including sole traders) or in a trust capacity.
Required documents
To open a ubank savings account, you'll need to provide an Australian mobile number and at least one of the following types of Australian-issued forms of identification:
Driver's licence
Passport
Medicare card
Birth certificate
Tax File Number
You will also need to provide personal details including your name, date of birth, residential address, phone number, and email address.