We currently don't have that product, but here are others to consider:
How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
We currently don't have that product, but here are others to consider:
How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Ubank is an online-only bank with no branches or ATMs.
Ubank is owned by NAB, one of the biggest banks in Australia.
Ubank has an Australian call centre that's available 24/7, plus Internet and mobile banking options.
Deposits up to $250,000 in a ubank account are protected under the Government Financial Claims Scheme.
As it's a digital bank, ubank is known for having competitive savings rates and low fees.
In 2022 digital bank 86 400 merged with ubank, to become NAB's sole digital bank offering.
Accounts offered by Ubank
Ubank Spend
This account goes alongside a Ubank Save Account savings account. This bank account charges no account keeping fees, no overseas ATM fees and no foreign transaction fees.
When you open a Spend account you'll also get a Save account too. You'll earn up to 5.5% when you transfer at least $500 per month into either account.
Ubank is an online-only bank with no bank branches and no ATMs in Australia, but it does offer a few different ways to do your banking online.
Internet and mobile banking
You can do your day-to-day banking online with ubank's Internet Banking platform, for example, to track account balances, pay bills and other direct debits, make BPAY payments, transfer funds between accounts, activate new cards or place existing ones on hold and to schedule payments.
The ubank app has a "Sweep" tool which works by automatically transferring money between your savings and transaction accounts. So if, for example, you set the parameters to always have at least $500 in your transaction account but a recent purchase brings it down to $450, $50 is transferred from the savings account to the transaction account. You can also set an upper limit so that any excess funds are swept into your savings balance.
Contactless payment options
Ubank offers Apple Pay, Google Pay, Samsung Pay and Garmin Pay to customers with a ubank debit card.
Pros and cons of banking with Ubank
Pros
Simple bonus interest conditions. The account conditions to earn bonus interest with the Ubank High Interest Save with Spend Bonus account are simple and easier to meet than many other bonus saver accounts.
No account keeping fees. Ubank doesn't charge account keeping fees.
No international ATM fees. There are no international ATM fees and also no international transaction fees.
Cons
No branches. Ubank does not have branch banking and operates entirely online.
Our expert says
"Ubank is a great savings account! Not only have they offered competitive ongoing rates for years, they make it easy to get your interest, only requiring you to make a monthly deposit as opposed to multiple hoops like others. I love that I can pull money out and use it and not miss out on my interest. I also love that there are no ATM fees if you take money out overseas. With the rates going up to 5.5% in July for the first $100K, they are putting themselves in their own category in my opinion."
You can apply for a new ubank account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Ubank product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 638 Finder guides across topics including:
I live in NZ. We have been approached by someone in the USA who suggested we deposit $’s into an Australian UBank account presumably in their name.
Is it possible to ask if a particular agency has an Account with UBank in the USA, just a yes or no please? And if so is there any protection for us in NZ if the other party is fraudulent?
Finder
AlisonAugust 1, 2023Finder
Hi Leigh, we’d suggest you ask the bank directly about this.
samFebruary 1, 2023
Can a cash deposit be made in perth at NAB branch?
Finder
AlisonFebruary 22, 2023Finder
Hi Sam,
You can deposit cash into your Ubank account at an Australia Post office.
Thanks,
Alison
TakeoJanuary 22, 2022
UBank does not offer Bank@Post
So use Nab ATM instead to deposit.
Thanks for letting us know about this. We’ve updated our pages to reflect the correct information regarding UBank.
Regards,
Alison
AlainMay 4, 2019
Can I manage my UBank account on my MacBook laptop as well as the phone app?
Finder
JoshuaMay 5, 2019Finder
Hi Alain,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Yes, you can manage your UBank account on your MacBook and phone. You can go to the website of UBank and log into your account. From there, you should be able to manage your account. On your phone, you can download their UBank app from the App Store of Apple.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
DeniseApril 8, 2018
How do you transfer the money into the term deposit as there are no branches?
Finder
JoshuaApril 8, 2018Finder
Hi Denise,
Thanks for getting in touch with finder.
You can transfer using Electronic Funds Transfer or BPay. You may want to take note that UBank has no restrictions on how much money you can transfer. Please consider as well that your external bank may impose limits on the amount you can withdraw daily. You’d need to get in touch with them to confirm what these limits are.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Pay no account keeping fees, no overseas ATM fees and no foreign transaction fees plus earn bonus interest on your savings. Read our review to find out more.
The Ubank Save is an online high interest savings account that could help you reach your financial goals faster.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
I live in NZ. We have been approached by someone in the USA who suggested we deposit $’s into an Australian UBank account presumably in their name.
Is it possible to ask if a particular agency has an Account with UBank in the USA, just a yes or no please? And if so is there any protection for us in NZ if the other party is fraudulent?
Hi Leigh, we’d suggest you ask the bank directly about this.
Can a cash deposit be made in perth at NAB branch?
Hi Sam,
You can deposit cash into your Ubank account at an Australia Post office.
Thanks,
Alison
UBank does not offer Bank@Post
So use Nab ATM instead to deposit.
Here is the list that tells you what Banks can deposit.
https://auspost.com.au/money-insurance/banking-and-payments/bank-at-post#participating
Hi Takeo,
Thanks for letting us know about this. We’ve updated our pages to reflect the correct information regarding UBank.
Regards,
Alison
Can I manage my UBank account on my MacBook laptop as well as the phone app?
Hi Alain,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Yes, you can manage your UBank account on your MacBook and phone. You can go to the website of UBank and log into your account. From there, you should be able to manage your account. On your phone, you can download their UBank app from the App Store of Apple.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How do you transfer the money into the term deposit as there are no branches?
Hi Denise,
Thanks for getting in touch with finder.
You can transfer using Electronic Funds Transfer or BPay. You may want to take note that UBank has no restrictions on how much money you can transfer. Please consider as well that your external bank may impose limits on the amount you can withdraw daily. You’d need to get in touch with them to confirm what these limits are.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua