Welcome offer

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 before 11:30pm (Sydney time) on the last day of each month.

The $500 deposit must not come from your other Ubank accounts.

You can transfer your money in and out of your Ubank accounts at any time throughout the month and still be eligible to earn bonus interest. It may seem too simple, but it’s really just that easy.

For example, if you deposit $200 into your Spend account and $300 into one of your Save accounts, then you will earn bonus interest for that month on all of your individual Save accounts as well as on any shared Save accounts you hold with a partner-in-finance.

If you or your partner-in-finance deposit $500 or more into any of your shared accounts during the month, you’ll not only get bonus interest on your shared Save account, but on any individual Save accounts held by either of you as well.

Just remember that in both of the examples above, bonus interest is only paid on combined balances up to $250K per customer up until and including 14 July 2025.

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

Your Save account will not be eligible for interest if you close or switch it to an offset account mid-month.

Once you’ve downloaded our app, make sure you enter the valid offer code during the sign-up process.

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 interest criteria. Find out more about earning interest with our Save accounts from the ‘How do I earn bonus interest’ FAQ above. You can open an additional nine Save accounts, whether they’re individual or shared, via the app.

The “Welcome Bonus” offer is available to new customers who open a ubank account and enter the valid offer code in the app at sign up between 1 December 2023 and 24 October 2025

Current valid offer codes are:
TAP20, 20BUCKS, SCORE20, PLAY20, SWIPE20, CLICK20, APP20.

5 card purchases (including digital wallets) must be made and settled in your first 30 days as a ubank customer to be eligible for the bonus payment. This means we must wait until each card payment has been settled (no longer showing as “pending” in your transaction history) before you become eligible for the bonus payment. All card purchases and transaction settlements must occur within your first 30 days.

The offer is limited to one bonus payment per customer. The bonus code offer cannot be used in conjunction with any other offer (unless we determine otherwise, acting reasonably).

Eligible customers will receive the “Welcome Bonus” payment into their Spend account within a few days of fulfilling the bonus criteria. There are always a few people who will try to game the system, so here are some fair play conditions.

We retain the right, acting reasonably, to refuse to pay or cancel a “Welcome Bonus” payment without notice to you. The reasons for us to refuse or cancel a payment may include, but are not limited to, if:

• we believe that your access to the ubank app is or may be fraudulent
• we believe that you have threatened, or have taken any steps (in our reasonable opinion) to threaten, the security of ubank
• we believe that you have breached any of our General Terms
• we believe that you or your friend are acting in bad faith
• we have locked or closed your account
• your account contains unpaid charges or is overdrawn
• you were a past customer of ubank (excluding any Uhomeloan account) and closed all your Spend and Save accounts with ubank in the preceding 12 months of re-signing up on the ubank app and opening a new Spend and Save account

We also retain the right to stop the offer at any time and to change the conditions or incentive of the offer. However we will take reasonable steps to publish any decision to stop this offer early or any adverse change to the offer terms no later than the date the change takes effect.