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  • High Interest Savings Accounts

    Be rewarded with more interest on your USave savings account when you link it to a USpend transaction account and meet our bonus eligibility criteria.

    Earn up to

    USave + USpend

    1.10% p.a.

    Variable interest rate

Your savings are safe with UBank

Government guaranteed

Government guaranteed
deposits up to $250k*

Over 600,000 customers

Over 600,000
customers

Australian bank with local onshore support

We're an Australian
bank with local
onshore support

*The Commonwealth Government guarantee applies on deposit balances up to $250,000 per person per authorised-deposit taking institution. Learn more

Compare our savings accounts

*How to get 1.10% p.a. variable rate on your USave savings account

Please note:

  • The deposit of $200 per month to your USpend transaction account or its linked USave savings account must be from a non-UBank account (for example your salary).
  • When eligible, the bonus variable interest of 1.00% p.a. will be applied to balances held in your USave savings accounts (and not your USpend transaction account). 
  • If you meet the bonus interest criteria in the current calendar month, you’ll earn bonus variable interest on eligible amounts in your USave accounts for that month. The interest will be paid in two credits into your accounts: 
    1. The first is interest calculated using the base variable rate 
    2. The second is interest calculated using the bonus variable rate
  • You’ll have to keep meeting the criteria each month to remain eligible for bonus variable interest in that month.

How to open a USave + USpend transaction account

 To open a USpend transaction account, you'll first need an active USave account and have verified your identity.

Step 1 - Open a USave

Step 1 - Open a USave

 

Complete our easy online application on your computer.

Open a USave in less than 5 mins.

Step 2 - Link a USpend

Step 2 - Link a USpend

 

iOS Users

You can now easily link a USpend by downloading the UBank app, logging in and selecting ‘Open USpend Transaction Account’

Open and link an Ultra via iOS App

Open and link a USpend via iOS App.

Android and Desktop Users

  1. Log in to UBank’s Online Banking from your computer.

  2. Make sure you have an active USave account and have verified your identity.

  3. Go to the ‘Managing’ tab, click ‘New Account’ and then click on the ‘USpend’ button.

Why UBank?

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More than 500,000 Australian customers

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Award Winning Savings Account

Your money is safe

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Government Guaranteed deposits up to $250K*

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Trusted with more than $16 Billion in deposits

*The Commonwealth Government guarantee applies on deposit balances up to $250,000 per person per authorised-deposit taking institution.

We’re an Australian Bank with more than 200 local support staff

See how your money can grow

Rates

See how our rates stack up.

  • InstitutionProductMaximum Interest rate p.a.Standard Variable rate p.a.
    UBankUSave + USpend1.10%0.10%
    UBankUSave0.10%0.10%




    The USave with USpend maximum variable interest rate includes the USave Savings Bonus variable interest rate. For eligible customers, bonus interest is paid on eligible balances in the USave account only. To be eligible to receive the USave bonus interest rate in a calendar month, you must hold a USave account & USpend account and have deposited at least $200 to your USave or USpend account from an external source that month. The bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave savings accounts, including joint accounts. Any remaining balance greater than $250,000 will earn the USave base variable rate. You’ll have to keep meeting the criteria each month to remain eligible for bonus variable interest in that month.