Announcement

From 1 October 2025, to earn bonus interest, you’ll need to:

• Have a Spend account, and
• Grow your combined balance across all your Save accounts by at least $1 each month (excluding any Save accounts linked as offsets at the end of the month).

Additional Information:

• Bonus interest credits do not count toward the $1 growth requirement.
• Bonus interest is paid on combined Save balances up to $1 million per customer.
• We check whether you have met the bonus interest criteria at 11.30pm Sydney time on the last day of each month. Transactions that occur after 11:30pm (Sydney time) on the last day of each month are taken into account for the following month’s eligibility.
• If a Save account is switched to an offset or closed during the month, interest will not be paid on that account for that month, even if all bonus criteria are met.

Example:

If your combined Save account balance is $10,000 at 11:30pm (Sydney time) on the last day of the month, and you earn $50 in interest, your balance by the same time next month needs to be at least $10,051 to qualify for bonus interest.

That’s because your balance must grow by at least $1 or more as the $50 interest you earned doesn’t count toward that growth.

If your balance is below $10,051, because you made withdrawals from your Save accounts, you won’t receive bonus interest for that month, even if you made a deposit of at least $1.

Can I Make Withdrawals?

Yes. You can make withdrawals at any time during the month. Just ensure your combined Save balance has grown by at least $1 (excluding interest) by 11:30pm (Sydney time) on the last day of the month.

Bonus Interest Criteria Until 30 September 2025:

Before 1 October 2025, the main difference in earning bonus interest was that instead of having to grow your combined savings balance by the end of each month, you had to deposit at least $500 each month into any of your Spend, Bills, or Save accounts (transfers from other Ubank accounts didn’t count).

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’.