How is interest calculated?
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 $250K, up until and including 14 July 2025. From 15 July 2025, 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:
| Interest tier | Savings between | Everyday Bonus Rate before 15 July 2025 | Everyday Bonus Rate from 15 July 2025 |
| Tier 1 | $0 to $100,000 | 4.85% p.a. | 4.60% p.a. |
| Tier 2 | $100,000.01 to $250,000 | 4.40% p.a. | 4.60% p.a. |
| Tier 3 | $250,000.01 to $1,000,000 | 0.00% p.a. | 4.60% p.a. |
| Tier 4 | $1,000,000.01 and over | 0.00% p.a. | 0.00% p.a. |
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.