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How can we help?
High interest savings account
Feel like a
rockstar saver
Up to
5.50
% p.a.
On combined savings of $0 – $100K. Variable interest rate on your Save accounts. Bonus interest criteria applies.
Get started
How to join ubank
1
Download the ubank app
2
Sign up in 2 mins.
3
Start using your new ubank accounts instantly
Inc.Google Pay, Android, the Google Pay Logo, Google Play and the Google Play logo are trademarks of Google LLC.
Apple, iPhone, Apple Pay and the Apple logo are trademarks of Apple Inc., registered in the U.S and other countries. App Store is a service mark of Apple
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Why our Save account
What's in it for you
Forget fees
No monthly fees on any of your Save accounts
Split your money
Open up to 10 Save accounts to stay on top of your goals
Set savings targets
Track your progress on each of your Save accounts
Our high interest savings rate
What makes up our total interest rate
Your combined savings balance (of all your Save accounts) will fall into different tiers with a corresponding bonus interest rate. The tiers mean that different amounts of your savings will earn different rates depending on which tier they’re in if you meet the bonus criteria.
Tiers
Bonus rate (p.a.)
$0 up to $100K
<tier-1>%
Over $100K up to $250K
<tier-2>%
Over $250K
<tier-3>%
Rates are variable and subject to change. Interest is calculated on your combined savings balance daily and paid monthly. No interest is payable if the bonus criteria are not met. See what makes you eligible for bonus interest.
How it works
Understanding bonus interest tiers
$0 up to $100K
<tier-1>% p.a.
Over $100K up to $250K
<tier-2>% p.a.
Your effective rate is
If you had a combined savings of $50,000
$50,000
X
<tier-1>% p.a.
If you had a combined savings of $100,000
$100,000
X
<tier-1>% p.a.
If you had a combined savings of $150,000
$100,000
$50,000
<ex-150k>% p.a.
If you had a combined savings of $200,000
$100,000
$100,000
<ex-200k>% p.a.
If you had a combined savings of $250,000
$100,000
$150,000
<ex-250k>% p.a.
Disclaimer: When calculating the effective rate we have assumed 31 days in the month, 365 days in the year, and daily balances have remained exact throughout the 31 days. We have assumed you have met the bonus interest criteria.
Want bonus interest on all your Save accounts?
All you need to do is have a Spend account and deposit $500+ per month into any Spend, Bills, or Save accounts (not including internal transfers) to get the bonus interest rate. Easy.
Take money out at any time without affecting your bonus rate.
Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
Get bonus interest on combined savings of up to $250K across all your Save accounts. Your savings up to $100K will earn <tier-1>% p.a. and over $100K to $250K will earn <tier-2>% p.a.
Don’t miss out on bonus interest with the help of our friendly nudges.
App experience
Explore how we're different
We’re not like other banks. We’ll help you hit targets, access your savings when you need to and give you the visibility you need.
Hit all your savings targets, right on the money
Create up to 10 Save accounts and set targets on any of them.
We’ll help you smash your goals. Tell us when you want to hit your target and we can show you how to get there one step at a time.
Edit your target at any time and we’ll adjust your plan to get there.
Almost instant access to your savings when you need it
Transfers in to your Save account are almost instant via PayID and Osko (if the other bank has it).
Life happens, so you can take money out at any time without affecting your bonus interest rate – it’s your money after all!
It’s okay to see other banks
See your money in one place by connecting to over 140 other financial institutions.
You can even connect your super and investments to get the whole picture of how your money is moving.
With an easy savings graph, you can see your total savings across all your connected accounts.
Join us
How to get started with ubank
You can start using your Spend, Bills, and Save accounts in minutes.
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Download the app
Enter your ID and personal details
Start using your new accounts
Download the app
How to join ubank
1
Download the ubank app
2
Sign up in 2 mins.
3
Start using your new ubank accounts instantly
Inc.Google Pay, Android, the Google Pay Logo, Google Play and the Google Play logo are trademarks of Google LLC.
Apple, iPhone, Apple Pay and the Apple logo are trademarks of Apple Inc., registered in the U.S and other countries. App Store is a service mark of Apple
To join us, you’ll need to be over 16 years old and an Australian citizen or permanent resident.
Plus get 2 more accounts, a Spend and a Bills
When you join ubank, you’ll get 3 accounts, a Spend, a Bills, and a Save. Our accounts come with handy features to manage your money and have no everyday fees.
We’re award winning
Get ahead of the pack
Become a better saver with our award-winning Save account
FAQs
Have any questions?
How do I earn bonus interest?
To earn our bonus interest rates on your Save accounts, you must have a Spend account and deposit at least $500 each month into any of your Spend, Bills or Save accounts before 11:30pm (Sydney time) on the last day of each month.
The $500 deposit must not come from your other ubank accounts.
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How is interest calculated?
If you are eligible for bonus interest, this is calculated daily and paid monthly based on the combined balance of your Save accounts up to $250K. Each day, we’ll check your account balances and calculate the interest using the following formula:
Daily closing balance x (applicable interest rates / 365 days) = Interest accrued on that day.
At the end of the month, we’ll add them up and deposit your earnings into your eligible Save accounts.
At ubank, your savings are divided into different tiers each with its own interest rate. This means that parts of your total savings will earn different rates, depending on which tier they fall into. (For example, if you have $250,000 in total savings your interest will be made up of 100,000 on Tier 1 + $150,000 on Tier 2)
If you have more than one Save account, we’ll allocate your Save account balances to an interest tier based on whether the account is a shared Save account (your half of a shared account first), then the balance of account (highest balance first), and then the date it was opened (oldest account first). As interest is calculated daily, we’ll re-do this each day.
Interest will then be paid into each of your eligible Save accounts at the end of the month based on our daily calculations.
Find out how to check if you’re eligible for bonus interest.
If you still have questions, give us a call on 13 30 80.
Can I get the bonus interest on more than one account?
Yes, you can earn bonus interest on all your Save accounts if you meet the bonus rate eligibility criteria. The bonus rate is only paid on balances up to $250K per customer. For more info, check out our FAQ on earning bonus interest.
What accounts will I get?
When you join us, you’ll get three accounts: a Spend account, a Bills account and a Save account.
Your Spend account lets you transfer money and make purchases using the linked Visa Debit card or your digital wallet for your everyday spending needs.
Your Bills account lets you set aside funds for committed expenses, allowing you to budget within your pay cycle.
Your Save account lets you earn interest on your money. Find out more about earning interest with our Save accounts. You can open an additional nine Save accounts, whether they’re individual or shared, via the app.
What do I need to open an account?
To open a ubank account, you’ll need an Australian mobile number.
If you’re 18 or over you'll also need a valid Australian driver’s license or passport. To improve your chances of your ID being validated you can also use a Medicare card.
If you’re under 18 you'll need 2 valid forms of ID which can include an Australian driver’s license, passport, birth certificate, or a Medicare card.
How many Save accounts can I open?
You can open up 10 Save accounts. The accounts can be individual or shared accounts.To open additional accounts, head to the “Accounts” tab in the app and select “Add new account” at the bottom of the page.
Do you offer joint accounts?
Yes we do – we call them Shared accounts! If you and your partner-in-finance are existing customers, you’ll be able to open a shared Spend or Save account in minutes via the app. Learn more about our Shared accounts.
How can I move money out of my Save account?
You can instantly transfer funds from your Save account to either your Spend or Bills account. From those accounts, you will then be able to make external payments which includes direct debits, PayID, PayTo, BPay, and sending money to BSB & account numbers.
Let's pass the mic to our lawyer
Read our General Terms and Fees and Limits.
Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.
Android, Google Pay and Google Play are trademarks of Google Inc.
Garmin, the Garmin logo, and the Garmin delta are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Garmin Pay is a trademark of Garmin Ltd. or its subsidiaries.
BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.
Get our app and sign up today in minutes
Download the app
How to join ubank
1
Download the ubank app
2
Sign up in 2 mins.
3
Start using your new ubank accounts instantly
Inc.Google Pay, Android, the Google Pay Logo, Google Play and the Google Play logo are trademarks of Google LLC.
Apple, iPhone, Apple Pay and the Apple logo are trademarks of Apple Inc., registered in the U.S and other countries. App Store is a service mark of Apple
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