How is interest calculated?
If you are eligible for bonus interest, this is calculated daily and paid monthly based on the combined balance of your Save accounts up to $250K. 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 will earn different rates, depending on which tier they fall into. (For example, if you have $250,000 in total savings your interest will be made up of 100,000 on Tier 1 + $150,000 on Tier 2)
From May 27, 2025, the bonus interest you'll earn on your Save accounts will be as follows:| Interest tier | Balances between | Interest rate |
| Tier 1 | $0 to $100,000 | 4.85% p.a. |
| Tier 2 | $100,000.01 to $250,000 | 4.40% p.a. |
| Tier 3 | $250,000.01 to $5,000,000 | 0.00% p.a. |
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 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.
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.