ubank FAQs

Info on current ubank products

How is interest calculated?

Base interest is calculated daily and paid monthly based on the total balance of your Save accounts. Each day, we’ll check your account balances and calculate the interest for each Save account using the following formula: Daily closing balance x (applicable interest rate / 365) = Interest accrued on that day. At the end of the month, we’ll add them up and pay it to your Save accounts. Bonus interest is also calculated daily and paid monthly, but only on balances up to $250K per customer. Find out how to check if you’re eligible for bonus interest.

If you are eligible for bonus interest, we will calculate the bonus interest each day on your Save accounts by first looking at your shared Save accounts, and then your individual Save accounts until we’ve calculated interest on up to $250K across these accounts.


Shared Save accounts

We’ll start by calculating interest on your shared Save account with the highest balance and then on the account with next highest balance. We’ll work down from there until we’ve calculated interest on all your eligible shared Save accounts. If more than one account has the same balance, we’ll calculate bonus interest on the one opened first.

With shared Save accounts, you’ll get bonus interest on half of your balance. For example, if you and your partner-in-finance have an account balance of $500K, you will just earn bonus interest on $250K of your balance. If your partner-in-finance is eligible, they’ll get bonus interest on their half of the account balance too.

In this above example, you will not receive bonus interest on any other Save accounts because you have already earned bonus interest on the $250K in your shared Save account. As your partner-in-finance has also already earned bonus interest on $250K in your shared Save account, they will not earn bonus interest on any of their other Save accounts.


Individual Save accounts

Just like shared Save accounts, we’ll also calculate interest on your individual Save account with the highest balance, and then on the account with the next highest balance, and so on. If you have any accounts with the same balance, we’ll start by calculating bonus interest on the one opened earliest.

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

If you still have questions, give us a call.