Question 1

How do I earn bonus interest?

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 2

How is interest calculated?

Accepted Answer

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:

New tiers

Interest tier

Savings between
Base Rate*
Everyday Bonus Rate from 12/5/2026 to 05/10/2026
Everyday Bonus Rate from 06/10/2026

Tier 1
$0 to $100,000
N/A
5.10% p.a.
5.35% p.a.

Tier 2
$100,000.01 to $250,000
N/A
5.10% p.a.
5.35% p.a.

Tier 3
$250,000.01 to $1,000,000
N/A
5.10% p.a.
5.35% p.a.

Tier 4
$1,000,000.01 and over
N/A
0.00% p.a.
0.00% p.a.

*No base rate applies. If you don't meet the Bonus Rate Criteria, you won't earn interest for that month.

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.

Question 3

Can I get the bonus interest on more than one account?

Accepted Answer

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.

Question 4

What accounts will I get when I first join?

Accepted Answer

When you first join us, you’ll generally get two accounts: a Spend 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 Save account lets you earn interest on your savings. Find out more about earning interest with our Save accounts.

We also have a Bills account, which lets you set aside funds for committed expenses, allowing you to budget within your pay cycle.

If you’re a new to bank home loan customer, you’ll automatically get a Bills account when you join. Otherwise, opening a Bills account is optional.

Question 5

What do I need to open an account?

Accepted Answer

To join us, you need to be:

Over 16 years old

An Australian or New Zealand citizen, or Australian permanent resident

Have an Australian residential address

You’ll need at least one form of valid ID to sign up. If you’re under 18 we’ll need two forms of valid ID.

Click here to view the types of ID we accept.

Question 6

How many Save accounts can I open?

Accepted Answer

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.

Question 7

Do you offer joint accounts?

Accepted Answer

Yes we do – we call them Shared accounts! If you and your partner-in-finance are existing customers, you’ll be able to open a Shared Spend, Bills or Save account in minutes via the app. Learn more about our Shared accounts.

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Welcome Bonus Rate (up to 4 months)

Everyday Bonus Rate (ongoing)

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