What is the Welcome Bonus Rate?
New customers who join Ubank on or after 15 July 2025 are eligible to receive a higher bonus rate on their Save account(s) for up to 4 months from the date of joining Ubank.
What is a new customer?
To be considered a new customer, you must not have held any Ubank branded products in the previous 24 months.
How does the Welcome Bonus Rate work?
The Welcome Bonus Rate is our Everyday Bonus Rate (which is a variable rate, and subject to change) plus a fixed bonus margin (once applied to your Save accounts, this margin won’t change for you).
The Welcome Bonus Rate, just like our Everyday Bonus Rate, is subject to the Bonus Rate Criteria. If you don’t meet the Bonus Rate Criteria, you will not earn any interest.
What balances does the Welcome Bonus Rate apply to?
The Welcome Bonus Rate is payable on your combined Save account balances up to, and including, $1 million. Savings over $1 million will generally not earn any interest.
If you have multiple Save accounts, and your total savings are over $1 million, we will apply the Welcome Bonus Rate across your accounts in the same way that we apply the Everyday Bonus Rate. For more information, see ‘How is interest calculated’.
How long do I get the Welcome Bonus Rate for?
You will get the Welcome Bonus Rate on your individual Save accounts for 4 months from the date you join Ubank.
For example, if you join Ubank on 1 August, the Save account you open on joining will be eligible to earn the Welcome Bonus Rate up to and including 1 December. If you open another Save account on 15 August, you will also be eligible to earn the Welcome Bonus Rate on that account up to and including 1 December (i.e., the Welcome Bonus Rate will end 4 months after you join Ubank, not 4 months after you opened that account).
You can also get the Welcome Bonus Rate on your Shared Save accounts. How long you get the Welcome Bonus Rate on a Shared Save account depends on when you and your partner in finance joined Ubank.
- If you are both individually eligible for a Welcome Bonus Rate, your Shared Save account will also be eligible to earn a Welcome Bonus Rate. The Welcome Bonus Rate and Welcome Bonus Rate end date that will apply to your Shared Save account(s) will be based on which account holder joined Ubank first.
- If only one of you is individually eligible to earn a Welcome Bonus Rate (for example, because the other person joined Ubank before the offer commenced), your Shared Save account will have the same Welcome Bonus Rate and Welcome Bonus Rate end date as the eligible customer’s individual accounts.
What happens at the end of the Welcome Bonus Rate period?
Your Save accounts will be eligible to earn the Everyday Bonus Rate once the Welcome Bonus Rate no longer applies. For more information about the Everyday Bonus Rate, see ubank.com.au/earning-interest.
What else do I need to know about this offer?
We can change the terms of this offer, or withdraw it, at any time. If we do this, we will publish the details on our website. Note: If the change is unfavourable, it will only apply to you if you join Ubank after the change takes effect.
