Question 1

What is a Ubank Save account?

Accepted Answer

It’s Ubank’s high interest savings account option that rewards you with bonus interest when you meet certain conditions – like growing your balance.

Question 2

How do I earn bonus interest with Ubank?

Accepted Answer

To earn bonus interest, you’ll need to:

Have a Spend account, and

Grow your combined balance across all your Save accounts by at least $1 each month (excluding balances used to offset a Ubank home loan).

Additional Information:

Bonus interest credits do not count toward the $1 growth requirement.

Bonus interest is paid on combined Save balances up to $1 million per customer.

We check whether you have met the bonus interest criteria at 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 all bonus criteria are met. Learn more about how offsets affect earning interest.

Example:

If your combined Save account balance is $10,000 at 11:30pm (Sydney time) on the last day of the month, and you earn $50 in interest, your balance by the same time next month needs to be at least $10,051 to qualify for bonus interest.

That’s because your balance must grow by at least $1 or more as the $50 interest you earned doesn’t count toward that growth.

If your balance is below $10,051, because you made withdrawals from your Save accounts, you won’t receive bonus interest for that month, even if you made a deposit of at least $1.

Can I Make Withdrawals?

Yes. You can make withdrawals at any time during the month. Just ensure your combined Save balance has grown by at least $1 (excluding interest) by 11:30pm (Sydney time) on the last day of the month.

Question 3

Is bonus interest on savings accounts better than regular interest?

Accepted Answer

That depends. Bonus interest usually requires you to complete some extra criteria but often rewards you with a higher interest rate. If the criteria are simple and easy to meet, like Ubank’s, earning bonus interest is a great way to reach your savings goals.

Regular interest, often referred to as a base rate, doesn’t require you to do anything to earn it, but may have a lower rate or a lower limit on how much money you can earn interest on. It all depends on how good you are at saving consistently.

Ubank doesn’t currently offer a base rate, or regular rate of interest, but does have a high bonus interest rate that’s easy to achieve. You can read more about our current rates and conditions on our Savings Account page.

Question 4

How does bonus interest work on shared accounts?

Accepted Answer

To see if you’re eligible for bonus interest, we look at two things: whether you’ve met the bonus rate criteria, and your total savings balance.

Shared Save accounts count as one of your savings accounts, which means both account holders can contribute to meeting the bonus criteria. If you have Shared Save accounts, any deposits into or withdrawals from those accounts will contribute to whether you meet the bonus interest criteria. It doesn’t matter whether the deposit is made by you or your partner-in-finance – it still counts. With a little teamwork you can make sure you’re earning interest each month that pays off.

Transactions on your Shared Save accounts will be taken into account when we work out if you have met the grow balance criteria3 (whether those transactions are made by you, or your partner in finance).

Find out more about the bonus interest criteria here.

If you qualify, bonus interest is paid on your total savings balance, up to $1M. This includes the full balance of your eligible individual Save accounts, plus 50% of the balance from any Shared Save accounts.

To work out how much of your savings will earn bonus interest, we attribute half of the Shared account balance to you (e.g. $250K) and the full balance of your individual account (e.g. $700K). That adds up to $950K which is under the $1M cap. This means that both of these accounts will earn bonus interest. And, the good news is that bonus interest is paid on the full balance of your Shared Save account, not just your half.

If you have multiple Save accounts, and your total savings is more than $1M (taking into account only your half of any Shared Save accounts), bonus interest is applied on account balances in this order:

Shared Save balances (if you have more than one Shared Save account, the highest balance first), then individual Save balances (if you have more than one individual Save account, the highest balance first). If required, we’ll also look at the account opening date, prioritising the oldest account.

Question 5

What happens if I withdraw money during the month?

Accepted Answer

You can withdraw money from any of your savings accounts during the month and still earn bonus interest. As long as your total savings is at least $1 more by the end of the month3, you’ll earn bonus interest on every Ubank Save account, on up to $1M per customer. However, if you do take money out of your savings accounts, you won’t be earning interest on that money while it’s not in a Save account. For more information you can check out our Savings Scenarios.

Question 6

Can I automate my saving to meet the bonus interest criteria?

Accepted Answer

Absolutely. You can set up automated transactions to make sure you’re growing your savings each month. The best way to do this is by setting Savings Targets in each Ubank Save account you open. Savings Targets will prompt you to autosave with scheduled transfer amounts, based on the date you want to reach your goal. It’s a great way to stay consistent and earn bonus interest without thinking about it. Just make sure you’ve accounted for your expenses so you know you’ll meet the grow balance target without having to dip into your savings.

Question 7

Is the bonus interest rate guaranteed?

Accepted Answer

No. Bonus interest is variable and can change at any time. Ubank aims to offer competitive bonus interest rates with simple criteria that makes it easy to understand and earn. We’ll always let you know if your interest rate is changing, but you don’t have to do anything except focus on meeting the bonus interest criteria.

Question 8

Do I need to deposit into every Save account?

Accepted Answer

No. Ubank bonus interest is calculated based on your total savings balance across all Save and Shared Save accounts. You only need to grow your combined balance by $1 to qualify for bonus interest3 on every savings account.

Question 9

Can I earn bonus interest on Ubank Spend and Bills accounts?

Accepted Answer

No. Currently Ubank does not pay bonus interest on balances in Spend or Bills accounts as these aren’t considered savings accounts. Ubank is designed for you to set aside what you need for regular expenses in your Bills accounts, make your everyday purchases and transactions with your Spend accounts, and use your Save accounts for savings. That way it’s always easy to see where your money goes and do money better.

Rate type	Rate	Conditions
	N/A	N/A
	5.35% p.a.

Bonus Interest Savings Accounts

Why our Save account

Our rates

Bonus Interest At Ubank

Welcome Bonus Rate (up to 4 months)

Everyday Bonus Rate (ongoing)

Bonus Interest Breakdown

How to get started with Ubank

Learning from everyday customers

Savings scenarios

Good things come to those who Save

Save for a sunny day

All the fine print

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