Term Deposits

Account features

What's in it for you

Our Term Deposits have a lot going for them.

No fees
We don’t erode your savings with unnecessary fees – in fact, ubank Term Deposits have no fees whatsoever.
Loyalty bonus
When your Term Deposit matures, roll over your full deposit amount (or more) for another term and receive a Loyalty bonus of 0.10% p.a. on top of the current standard interest rate.
Security
All deposits up to $250,000 per person (limit applies to total funds deposited with NAB and ubank) are covered under the Financial Claims Scheme (FCS). ubank is backed by NAB, one of Australia’s most established banks.
Flexibility
The choice of a 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 or 12-month term for deposits from $1,000 – $2 million.

Loyalty bonus

We appreciate our customers sticking with us, so when your Term Deposit finishes, roll over your full deposit (or more) into another term and receive a Loyalty bonus of 0.10% p.a. above the current standard interest rate.

Interest rates

Our Personal Term deposits rates

Term Deposit interest rates
Term duration	Interest rates	With Loyalty bonus*
1 month	0.40% p.a.	0.50% p.a.
2 months	0.65% p.a.	0.75% p.a.
3 months	0.90% p.a.	1.00% p.a.
4 months	1.00% p.a.	1.10% p.a.
5 months	1.10% p.a.	1.20% p.a.
6 months	1.80% p.a.	1.90% p.a.
7 months	1.45% p.a.	1.55% p.a.
8 months	1.55% p.a.	1.65% p.a.
9 months	1.80% p.a.	1.90% p.a.
10 months	1.80% p.a.	1.90% p.a.
11 months	1.90% p.a.	2.00% p.a.
12 months Interest paid at maturity	2.65% p.a.	2.75% p.a.
12 months Interest paid monthly	2.55% p.a.	2.65% p.a.

* We appreciate our customers sticking with us, so when your Term Deposit finishes, roll over your full deposit (or more) into another term and receive a Loyalty bonus of 0.10% p.a. above the current standard interest rate.

Our 2, 5, 7, 8, 10 and 11-month term rates are for our Green Term Deposits. When you invest funds in a ubank Green Term Deposit, NAB will hold at least an equal amount in a pool of lending for projects and assets eligible for certification under the Climate Bonds Standard. This includes lending for wind and solar energy, low carbon transport and low carbon buildings.

ubank Green Term Deposits are certified by the Climate Bonds Initiative (CBI).

Maturity

What happens at maturity?

Once your ubank Term Deposit matures, you have two options.

Rollover
Rollover your full initial deposit (or more) for another term and be rewarded with the Loyalty bonus for the new term. You can rollover only part of your initial deposit for another term at the advertised rate, but the Loyalty bonus does not apply.
Transfer
The choice of a 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 or 12-month term for deposits from $1,000 – $2 million.

Check out your Term Deposit interest rate by logging in to your ubank app on your mobile device or Online Banking on your computer/laptop.

ubank app:

Select the Accounts Tab

Select the relevant term deposit from the Accounts list.

Don’t have the ubank app? Download it now from the App Store or Google Play.

Online Banking:

Select Admin, then Account Details

Select the relevant account and the rate is displayed under Interest.
You can see all your Term Deposit account details including the start and maturity date when you:

Log in to the ubank app (iOS only):

Select your Term Deposit account

View the maturity date by scrolling on your Term Deposit’s timeline

Set up a calendar reminder that your Term Deposit is maturing.

Log in to Online Banking

Select Admin > Account Details > Select Term Deposit

We’ll also send you a reminder via email or post to the postal address saved against your profile, a few weeks before your Term Deposit matures.

If you want to update your instructions digitally, please let us know at least 2 working days before maturity. Make sure to let us know what you’d like to do with your money before the maturity date or it will automatically roll over.
Before your Term Deposit matures, there are 4 things you can ask us to do with your account at maturity:

Re-invest Principal and Interest (and add more cash if you like).

Re-invest Principal only, and pay out the Interest.

Re-invest a reduced amount.

Close the account.

If you want to update your instructions digitally, please let us know at least 2 working days before maturity.

If you choose to invest the current principal amount (or more) with us for a new term, you may be eligible for the Term Deposit Loyalty bonus of 0.10% p.a., which is added on top of the standard interest rate applicable at rollover. You’ll need to keep the full amount in your new Term Deposit until its scheduled maturity date to earn the Loyalty bonus.

We’ll remind you when your Term Deposit is about mature via email or post to the Postal address saved against your profile. You can also set up calendar reminders that your Term Deposit is maturing via the ubank app (iOS only).

To update your Maturity instructions digitally check out this FAQ ‘How do I provide maturity instructions for my Term Deposit?’
Yes, you can ask for a partial or full withdrawal of your Term Deposit before it reaches its maturity date by giving us a call on 13 30 80.

You must give ubank 31 days’ advance notice to make a partial or full withdrawal prior to maturity. If you think you may require immediate access to your funds, a different deposit product may be more suitable for you.

Ubank also requires you to meet other conditions before the withdrawal can be made, for example:

All parties on the account must have completed their identity verification.

Funds can only be paid to a verified Linked account.

To link an account from your online banking go to Managing > Add Linked account.

In addition, if you withdraw an amount from your ubank Term Deposit before its maturity date, we may reduce the amount on interest accrued up to the day you close your account. This is known as prepayment cost.

Please refer to the T&Cs for more detail.

Find more FAQs