Announcement

Until 30 September 2025, to earn our bonus interest rates on your Save accounts, you must have a Spend account and deposit at least $500 each month into any of your Spend, Bills or Save accounts. The $500 deposit must not come from your other Ubank accounts.

From 1 October 2025, in order to earn bonus interest, as well as having a Spend account, you’ll need to grow your combined balance across all your Save accounts (excluding accounts that are linked as offsets at the end of the month) by at least $1 each month. A reminder that interest doesn’t count towards this $1.

Just remember, bonus interest is only paid on combined balances up to $1M per customer and that the bonus criteria needs to be met by 11:30pm (Sydney time) on the last day of the month. Also, don’t forget that, even if you meet the bonus interest criteria, if you switch a Save account to an offset account or close it during a month, interest is not payable on that account for that month.

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:

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.

To see if you’re eligible for bonus interest, we look at two things: whether you’ve met the bonus rate criteria, and your total savings balance.

If you have Shared accounts like Shared Save, Bills or Spend, any deposits made into those Shared accounts will help you meet the bonus interest criteria that applies until 30 September 2025. It doesn’t matter whether the deposit is made by you or your partner in finance, it still counts.

From 1 October 2025, transactions on your Shared Save accounts (other than accounts linked as offsets at the end of the month) will be taken into account when we work out if you have met the grow balance criteria (whether those transactions are made by you, or your partner in finance).

Find out more about the bonus interest criteria here.

If you qualify, bonus interest is paid on your total savings balance, up to $1M. This includes the full balance of your eligible individual Save accounts, plus 50% of the balance from any Shared Save accounts.

Here’s an example. At the start of November, you have $490K in a Shared Save account and $700K in an individual Save account. On the first day of the month, you deposit $10K into the Shared Save account, bringing the balance to $500K. No other transactions are made, apart from the interest credit you received.

In the above example, you’ve met the bonus rate criteria.

To work out how much of your savings will earn bonus interest, we attribute half of the Shared account balance to you (so $250K) and the full balance of your individual account (so $700K). That adds up to $950K which is under the $1M cap. This means that both of these accounts will earn bonus interest. And, the good news is that bonus interest is paid on the full balance of your Shared Save account, not just your half.

If you have multiple Save accounts, and your total savings is more than $1M (taking into account only your half of any Shared Save accounts), bonus interest is applied on account balances in this order:

• Shared Save balances (if you have more than one Shared Save account, the highest balance first), then
• Individual Save balances (if you have more than one Individual Save account, the highest balance first).
• If required, we’ll also look at the account opening date, prioritising the oldest account.

For more information on how bonus interest is calculated for your Save accounts, see ‘How is interest calculated’.