ubank Savings Accounts

ubank customers can earn interest on their spare money thanks to its savings accounts. InfoChoice market research shows ubank’s savings account offers a relatively competitive bonus interest rate with fewer conditions than many others on the market.

A Save account is a bonus savings account, meaning a person needs to jump through a hoop or two to realise a hefty interest rate each month or risk their balance receiving a far lower base interest rate. ubank doesn’t charge monthly fees to those holding Save accounts.

How to qualify for ubank’s bonus rate

Fortunately, ubank customers have fewer hoops to make it through than those at other banks in order to receive bonus interest.

A customer needs to deposit $500 or more into an account at the bank from an external source each month to get bonus interest. Such could be the depositing of someone’s salary or an automated transaction into a ubank savings or transaction account from another bank.

The Save product has a stepped interest rate approach, with a higher rate for the first $100,000; a slightly lower rate from there to $250,000; and then no interest on any balance over $250,000.

From 1 July 2024, external transfers are no longer available from the Save account. Instead, users will have to transfer money to the Spend account and then to the external account.

Spend account

A person setting up a ubank Save account will also get a ubank Spend account, and vice versa. A Spend account is a transaction account. There are no fees associated with a Spend account, though some banks might charge a fee to ubank customers withdrawing money from their ATMs.

Joint accounts

ubank also allows two people to open a shared joint account. If eligible, they’ll each earn bonus interest on half of the money stored in a joint account. The balance of the joint account will also count towards their $250,000 able to accrue bonus interest.