High interest savings account

Until 30 September 2025, to earn our bonus interest rates on your Save accounts, you must have a Spend account and deposit at least $500 each month into any of your Spend, Bills or Save accounts. The $500 deposit must not come from your other Ubank accounts.

From 1 October 2025, in order to earn bonus interest, as well as having a Spend account, you’ll need to grow your combined balance across all your Save accounts (excluding accounts that are linked as offsets at the end of the month) by at least $1 each month. A reminder that interest doesn’t count towards this $1.

Just remember, bonus interest is only paid on combined balances up to $1M per customer and that the bonus criteria needs to be met by 11:30pm (Sydney time) on the last day of the month. Also, don’t forget that, even if you meet the bonus interest criteria, if you switch a Save account to an offset account or close it during a month, interest is not payable on that account for that month.

If you are eligible for bonus interest, this is calculated for each day and paid monthly based on the combined balance of your Save accounts up to $1M. For each day, we’ll check your account balances and calculate the interest using the following formula:

Daily closing balance x (applicable interest rates / 365 days) = Interest accrued on that day.

At the end of the month, we’ll add them up and deposit your earnings into your eligible Save accounts.

At Ubank, your savings are divided into different tiers each with its own interest rate. This means that parts of your total savings may earn different rates, depending on which tier they fall into.

The Everyday Bonus Rate you’ll earn on your Save accounts will be as follows:

You may be eligible for a Welcome Bonus Rate if you are new to Ubank. For these rates see here.

If you have more than one Save account, we’ll allocate your Save account balances to an interest tier based on whether the account is a shared Save account (your half of a shared account first), then the balance of account (highest balance first), and then the date it was opened (oldest account first). As interest is calculated daily, we’ll re-do this for each day.

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

The above applies to all eligible Save accounts, whether they are individual or Shared.

Find out how to check if you’re eligible for bonus interest.

If you still have questions, give us a call on 13 30 80.

Yes, you can earn bonus interest on all your Save accounts if you meet the bonus rate eligibility criteria.

Up until and including 14 July 2025, bonus interest was only paid on combined balances up to $250K per customer.

From 15 July 2025 bonus interest will be paid on combined balances up to $1M per customer.

For more info, check out our FAQ on earning bonus interest.

When you join us, you’ll get three accounts: a Spend account, a Bills account and a Save account.

Your Spend account lets you transfer money and make purchases using the linked Visa Debit card or your digital wallet for your everyday spending needs.

Your Bills account lets you set aside funds for committed expenses, allowing you to budget within your pay cycle.

Your Save account lets you earn interest on your money if you meet the bonus rate criteria. You can open an additional nine Save accounts, whether they’re individual or shared, via the app.

To open a ubank account, you’ll need an Australian mobile number.

If you’re 18 or over you’ll also need a valid Australian driver’s license or passport. To improve your chances of your ID being validated you can also use a Medicare card.

If you’re under 18 you’ll need 2 valid forms of ID which can include an Australian driver’s license, passport, birth certificate, or a Medicare card.

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.