Changes to your accounts

Key changes to Save accounts from 1 July 2024

An easy boost to your savings

A big deal for your savings. From 1 July, you can earn up to 5.50% p.a. on your savings if you meet the bonus interest criteria. We’ve updated the functions of Save accounts to keep Save for saving money. Along with your Spend and Bills accounts and app features like Pay Cycle and Bill Planner, you can hit savings goals and see your money more clearly daily.

From 1 July

What’s changing with Save?

A few upcoming changes to your Save accounts to keep in mind:

  • We’re boosting the amount of interest you can earn to up to 5.50% p.a. along with introducing our bonus interest tiers for your savings.

  • We’re increasing the amount you need to deposit to qualify for bonus interest from $200 to $500.

  • New external payments from Save accounts will no longer be available. This includes direct debits, PayTo, BPay, and BSB & account payments from Save. Your existing payments may need to change. See below for how to switch your existing payments.

Bonus interest rates

Introducing our new bonus interest rates

From 1 July 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.

From 1 July the base rate is 0%

new tiers
TiersBonus rate (p.a.)
$0 up to $100K
Over $100K up to $250K
Over $250K

From 1 July the base rate is 0%. Rates are variable and subject to change. Interest is calculated on your combined savings balance daily and paid monthly on balances up to $250K per customer. Check out our FAQs to see what makes you eligible for bonus interest.

How it works

Understanding bonus interest tiers

New tiers
If you had a combined savings of $50,000If you had a combined savings of $100,000If you had a combined savings of $150,000If you had a combined savings of $200,000If you had a combined savings of $250,000
$0 up to $100K
5.50% p.a.
Over $100K up to $250K
5.00% p.a.
Over $250K
0.00% p.a.
From July 1 your effective rate is
5.50% p.a.
5.50% p.a.
5.33% p.a.
5.25% p.a.
5.20% p.a.
From July 1 that is a rate increase of
+0.40% p.a.
+0.40% p.a.
+0.23% p.a.
+0.15% p.a.
+0.10% p.a.

Current rate: Base 0.10% p.a. + Bonus 5.00% p.a. = Total 5.10% 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.

What do I need to do?

Switch existing external payments

If you’re already a customer with us switch any external payments from Save accounts to your Spend or Bills account before 1 July. We’ll guide you through changing your payments.

  • Scheduled external payments: Head to your app or online banking, and follow the prompts to switch the account you pay from.

  • Direct debits: Keep a look out for an email from ubank with a list of most of your recent payments debiting your Save accounts. We recommend checking for any that may not be listed.

  • ubank home loan repayments: These payments will continue as normal.

We’ll remind you with emails and prompts in the app and online banking about switching your external payments.


Have any questions?