Ubank High Interest Save Account
- Maximum variable rate
- 5.50% p.a.
- Base interest rate
- 0%p.a.
- Minimum deposit
- $500
Our verdict
You'll earn bonus interest for making regular monthly deposits of $500, and you can make withdrawals at any time.
This account offers an ongoing bonus rate of 5.5% when you link it to a Ubank Spend transaction account and deposit $500 a month into either account.
The maximum bonus rate with this account is better than many others in the market right now, and the monthly deposit requirement is also lower than a lot of accounts. The Ubank High Interest Save has no withdrawal restrictions and there’s no monthly spending conditions to meet either, so it’s quite easy to earn the bonus interest.
Pros
-
$0 Account keeping fees
-
Earn up to 5.50% p.a. on your balance
-
Can setup savings targets
Cons
-
You earn no interest if you don't meet the bonus criteria each month
Details
Key details
| Product Name | Ubank High Interest Save Account |
| Maximum Variable Rate | 5.50% p.a. |
| Standard Variable Rate | 0.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 16 |
Key features
Backed by NAB
Ubank is an online bank that has been backed by NAB, meaning you get the small bank customer service with the backing of a big bank.
No account keeping fees
You will not be charged any monthly fees with this account.
Maximum variable rate of 5.5% by meeting the account conditions
This account also offers a bonus interest rate of 5.5%, bringing the total variable rate to 5.5% each month you meet the account conditions.
To earn this bonus rate you need to link the account to a Ubank Spend account and transfer at least $500 per month into either account. Bonus interest is available on balances up to $100,000 per customer. You'll get a Spend account at the same time when you open a High Interest Save account.
You can get a rate of 5.00% on balances between $100,000 and $250,000.
You can make withdrawals at any time without affecting your bonus interest.
Standard variable rate of 0%
This ongoing, standard variable base rate offered with the account is 0%. This means if you don't save $500 a month you earn no interest.
Payments from the Save account
You can no longer make payments using this account, via BPAY, direct debits or other methods. You'll need to set up these payments via your Ubank Spend account.
Daily interest calculation
Your interest is calculated daily against your balance and paid into the account once a month.
No balance requirements
There are no minimum balance requirements and this account allows for you to invest up to $250,000. However, you must deposit at least $500 per month to be eligible for the bonus interest and bonus interest is available on balances up to $100,000 per customer.
Government guarantee
Although this is an online savings product, your deposits of up to $250,000 are still protected by the Australian Government Guarantee Scheme. Ubank is part of NAB, so your deposits with Ubank are guaranteed up to $250,000 per customer under the NAB banking licence.
"I had my deposit for a home loan sitting in an account without earning high interest, which was going to waste. The Ubank setup process was easy, the app and savings targets are very user-friendly, and I can move money in and out of the account easily and without fees. It's an easy, low-risk way for me to earn interest."
How to apply
You can apply by starting an online application. There are certain eligibility requirements that you will have to meet and documents you'll need to provide before ubank can approve your application.
Eligibility
- Minimum age. You have to be over the age of 16 in order to qualify for opening this account.
- Residency requirements. Australian residents for tax purposes are welcome to apply provided that you have a verifiable Australian residential address. If you are a United States Citizen or taxpayer you will be asked to provide additional information such as your tax identification number (TIN).
Compare other savings accounts
Your reviews
Alison Finder
Editor
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Richard Whitten Finder
September 17, 2024
Hi Bob, it looks to me like the $500 monthly deposit is a requirement to earn bonus interest at below and above $100K. So yes, you would need to deposit $500 a month even then.
Jocelyn
August 16, 2024
Am I allowed to sign this up if I am an Australian tax resident but am not either citizen or PR?
Thomas Stelzer Finder
September 16, 2024
Hi Jocelyn,
Unfortunately you need to be either an Australian citizen or permanent resident to open an account with Ubank.
Regards,
Tom
Bill Hildebrand
July 17, 2024
Can accounts be joint accounts by husband and wife?
Sarah Megginson Finder
July 17, 2024
Hi Bill,
Yes ubank offer joint accounts, they call them shared accounts.
Tony
July 16, 2024
Hi if I deposit $50,000 and then deposit $500 monthly , will interest start accruing from today if I open the account today?
Sarah Megginson Finder
July 16, 2024
Hi Tony,
Yes, interest is calculated daily and paid monthly.
William
May 18, 2024
Can overseas transfers be made from UBank High Interest Savings account
Sarah Megginson Finder
May 20, 2024
Hi William, UBank only allows for fund transfers to other Australian financial institutions.
bob
September 16, 2024
If you have over $100,000 in the account, to receive the 5.0% is it required that you still deposit $500 per month? Does the $500.00 monthly deposit only apply to below savings below $100,000 to get the 5.5% rate?