Introducing Welcome Bonus Rates
New customers who meet our Welcome Bonus Rate eligibility criteria and bonus interest criteria can earn 5.00% p.a. on up to $1M of the combined balances of your eligible Save accounts for up to 4 months (a shorter period may apply to your Shared accounts, see the FAQs below).
The Welcome Bonus Rate is made up of our Everyday Bonus Rate (which is a variable rate and subject to change) plus a fixed bonus margin (once applied to your Save accounts, this margin won’t decrease for you.
From 19 August 2025, the fixed bonus margin is 0.65% p.a.
After your Welcome Bonus Rate period is over, your Save accounts will roll onto the Everyday Bonus Rate.
To be considered a new customer, when you sign up with us, you must not have held a Ubank product within the last 2 years.
For more details, see our Welcome Bonus Rate Terms and Conditions.
See our FAQs.
You can now earn bonus interest on up to $1 million
All Ubank customers will be able to earn bonus interest on up to $1M of your combined savings balances (up from the previous limit of $250K) if you meet our bonus interest criteria.
To do this, we’re adding a new interest tier of $250K-$1M. Total savings over $1M will still not earn any interest.
Making our interest rates simpler & updates to your savings rate
We understand bonus rate tiering and blended rates can be confusing, so we’re making them simpler.
From 19 August 2025, all interest tiers up to $1M will have the same bonus interest rate as follows:
Savings between | Everyday Bonus Rate before 19 August 2025 | Everyday Bonus Rate from 19 August 2025 |
---|---|---|
$0 to $100,000 | 4.60% p.a. | 4.35% p.a. |
$100,000.01 to $250,000 | 4.60% p.a. | 4.35% p.a. |
$250,000.01 to $1,000,000 | 4.60% p.a. | 4.35% p.a. |
$1,000,000.01 and over | 0.00% p.a. | 0.00% p.a. |
Rates are variable and subject to change. Interest is calculated on your combined savings balance for each day and paid monthly on combined savings up to $1M per customer. If you are a new customer, you may be eligible to earn our Welcome Bonus Rate. Check out our FAQs to see what makes you eligible for bonus interest.
From 1 October 2025 (so there’s nothing for you to do now)
We’re evolving the way you qualify for bonus interest on your Save accounts. From 1 October 2025, you’ll need to grow your combined balance across all your Save accounts (excluding linked offsets and excluding any interest credits) by $1 each month.
This means your total savings balance on eligible accounts needs to increase by $1 as at the end of the month. For example, if your combined balance is $1000 at the end of October, it would need to be $1001 at the end of November (interest payments don’t count towards the $1).
Just like now, we treat each month as ending at 11:30pm (Sydney time) on the last day of the month.
Don’t worry, there’s nothing you need to do differently right now – we’ll send a reminder before this change happens. For now, continue depositing $500 each month.