Announcement

We’ve heard your feedback about our products, so we’re simplifying our rates and increasing the limit on combined balances which you can earn interest on.

We’re also introducing our Welcome Bonus Rate for new customers only.

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 before 11:30pm (Sydney time) on the last day of each month.

The $500 deposit must not come from your other Ubank accounts.

You can transfer your money in and out of your Ubank accounts at any time throughout the month and still be eligible to earn bonus interest. It may seem too simple, but it’s really just that easy.

For example, if you deposit $200 into your Spend account and $300 into one of your Save accounts, then you will earn bonus interest for that month on all of your individual Save accounts as well as on any shared Save accounts you hold with a partner-in-finance.

If you or your partner-in-finance deposit $500 or more into any of your shared accounts during the month, you’ll not only get bonus interest on your shared Save account, but on any individual Save accounts held by either of you as well.

Just remember that in both of the examples above, bonus interest is only paid on combined balances up to $250K per customer up until and including 14 July 2025.

From 15 July 2025, bonus interest will be paid on combined balances up to $1M per customer.

Your Save account will not be eligible for interest if you close or switch it to an offset account mid-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 $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:

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.

If you still have questions, give us a call on 13 30 80.

Find out how to check if you’re eligible for bonus interest.

15 July 2025

Until 1 October, you will still need to make the $500 external transfer to earn bonus interest.

From 1 October, in order to earn bonus interest, by the end of the month, the sum of the balances in your non-offset Save accounts must be at least $1 more than the sum of your balances at the end of the prior month, excluding any interest credits you may have earned.

For this purpose, month end is at 11.30pm (Sydney time) on the last calendar day of the month.

For example, if you had $1000 across your eligible Save accounts at the end of the month, earned bonus interest of $5 combined, by the end of the following month, you’ll need to have $1006 across your eligible Save accounts to earn bonus interest.

We’ll also make some changes to the app and online banking experience to help customers see whether they’ve met the bonus interest criteria for the month.

For Shared accounts, we apportion 50% of the account balance to each customer to work out if bonus interest is payable on that account. If it is, bonus interest will be payable on the full balance of the account, not just your half.

What if you have both a Shared and individual Save account?

In this scenario, if you have a Shared Save account with $200K and an individual Save account with $100K, half of the Shared Save account balance ($100K) and your individual Save balance ($100K) will go towards your bonus interest limit. This means that you would have used $200K of your bonus interest limit.

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’.

The Welcome Bonus Rate is comprised of a fixed bonus margin of 0.40% p.a. that will apply on top of the Everyday Bonus Rate for up to 4 months on your eligible Save accounts. Just like the Everyday Bonus Rate, it’s payable on combined savings up to $1M when you meet the Bonus Rate Criteria.

From 15 July 2025, the Welcome Bonus rate is 5.00% p.a.

After your Welcome Bonus Rate period is over, your Save accounts will roll onto the Everyday Bonus Rate.

For our current bonus rates, click here.

Find the Welcome Bonus Rate terms and conditions here.

If you meet the eligibility terms and conditions of the Welcome Bonus Rate offer here, you’ll receive an email letting you know that your Welcome Bonus Rate is now active.

You’ll also able to find your Welcome Bonus Rates within the ‘Your rate breakdown’ screen in any of your eligible Save or Shared Save accounts.

In the app and online banking, you can find your Welcome Bonus Rate expiry date for each of your accounts in the “Your rate breakdown” screen.

Your Welcome Bonus Rate period is for 4 months from when you’ve signed up, for example, if you join Ubank on 1 August, the Save account you open on joining will be eligible to earn the Welcome Bonus Rate up to and including 1 December. If you open another Save account on 15 August, you will also be eligible to earn the Welcome Bonus Rate on that account up to and including 1 December (i.e., the Welcome Bonus Rate will end 4 months after you join Ubank, not 4 months after you opened that account).

While all of your eligible individual Save accounts will have the same expiry date and Welcome Bonus Rate, your Shared Save accounts may differ.

If you are both individually eligible for a Welcome Bonus Rate, your Shared Save account will also be eligible to earn a Welcome Bonus Rate. The Welcome Bonus Rate and Welcome Bonus Rate end date that will apply to your Shared Save account(s) will be based on which account holder joined Ubank first.

If only one of you is individually eligible to earn a Welcome Bonus Rate (for example, because the other person joined Ubank before the offer commenced), your Shared Save account will have the same Welcome Bonus Rate and Welcome Bonus Rate end date as the eligible customer’s individual accounts.

You can find the terms and conditions for the Welcome Bonus Rate offer here.