Save account

Base interest is calculated daily and paid monthly based on the total balance of your Save accounts. Each day, we’ll check your account balances and calculate the interest for each Save account. At the end of the month, we’ll add them up and pay it to your Save accounts. Bonus interest is also calculated daily and paid monthly, but only on balances up to $250K per customer. Find out how to check if you’re eligible for bonus interest.

If you are eligible for bonus interest, we will calculate the bonus interest each day on your Save accounts by first looking at your shared Save accounts, and then your individual Save accounts until we’ve calculated interest on up to $250K across these accounts.

Shared Save accounts
We’ll start by calculating interest on your shared Save account with the highest balance and then on the account with next highest balance. We’ll work down from there until we’ve calculated interest on all your eligible shared Save accounts. If more than one account has the same balance, we’ll calculate bonus interest on the one opened first.

With shared Save accounts, you’ll get bonus interest on half of your balance. For example, if you and your partner-in-finance have an account balance of $100K, you will just earn bonus interest on $50K of your balance. If your partner-in-finance is eligible, they’ll get bonus interest on their half of the account balance too.

Individual Save accounts
Just like shared Save accounts, we’ll also calculate interest on your individual Save account with the highest balance, and then on the account with the next highest balance, and so on. If you have any accounts with the same balance, we’ll start by calculating bonus interest on the one opened earliest.

Interest will then be paid into each of your eligible accounts at the end of the month based on our daily calculations.

Yes, you can earn bonus interest on all your Save accounts if you meet the bonus rate eligibility criteria. For more information please see “How do I earn bonus interest?”.

When you join ubank, you’ll get two accounts: a Spend account and a Save account.

To open an account, you’ll need an Australian mobile number and at least 1 of the following types of Australian issued ID:

• a driver licence
• passport
• Medicare card
• birth certificate

You’ll need 2 kinds of ID if you’re under 18.

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.