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 High Interest 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.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 626 Finder guides across topics including:
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.
If I have a Term Deposit account will I be penalised should I need to withdraw some funds before maturity? What kind of penalty?
Finder
DeeFebruary 1, 2017Finder
Hi Bob,
Thanks for your question.
If you need to make an early withdrawal of your funds, you must let UBank know no less than 31 days prior. Interest will be adjusted by an amount that is deemed reasonable by UBank to cover its cost in maintaining your account. The amount requested to be withdrawn must be in increments of $500, and if a partial withdrawal results in a balance of less than $1,000 the account will be closed and all money transferred into your linked bank account.
There is no other penalty for withdrawing your money before maturity.
For more details about UBank Term Deposit account, please read through this page.
For more options, please feel free to check the list of term deposit accounts featured on our website.
Cheers,
Anndy
SSCSeptember 10, 2015
What is the best interest rate on offer at present
Finder
ShirleySeptember 11, 2015Finder
Hi SSC,
Thanks for your question.
You can sort through interests on our comparison of savings accounts to see rates offered as of this time. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley
victorJune 30, 2014
Is Ubank has business account?
Finder
ShirleyJuly 1, 2014Finder
Hi Victor,
Thanks for your question.
At the moment UBank currently do not offer business products.
Cheers,
Shirley
AnnetteMay 30, 2014
I would like to open a joint account with my sister. Although she is an Australian citizen, she is currently not living in Australia. She has an active NAB account and she has a tax file number. Can you please give me some advice if this is possible
Finder
ShirleyJune 2, 2014Finder
Hi Annette,
Thanks for your question.
You can still open a joint account with your sister. It may be handy to have a few of her details ready during the application process because you’ll be required to enter her residential address, TFN etc.
Cheers,
Shirley
AnnetteJune 2, 2014
Hi Shirley
Just a little confused. No matter which type of joint savings account I try to open, it clearly states that the account holder must be living at an Australian residential address. Can you please advise therefore, which particular savings account I could open in joint names.
REgards
Annette
Finder
ShirleyJune 2, 2014Finder
Hi Annette,
Thanks for your question.
You can use your Australian residential address for both names for the account. If you’re unhappy with this, please speak to the customer service team at UBank to see what other options they could provide you.
On the UBank website it states that a “Second Applicant can be added to a joint application by selecting RETRIEVE APPLICATION from any product application page. To be added to a joint account you will need: The application reference number given to the First Applicant (person who submitted the application); The First Applicant’s last name; The Second Applicant’s email address.”
Cheers,
Shirley
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If I have a Term Deposit account will I be penalised should I need to withdraw some funds before maturity? What kind of penalty?
Hi Bob,
Thanks for your question.
If you need to make an early withdrawal of your funds, you must let UBank know no less than 31 days prior. Interest will be adjusted by an amount that is deemed reasonable by UBank to cover its cost in maintaining your account. The amount requested to be withdrawn must be in increments of $500, and if a partial withdrawal results in a balance of less than $1,000 the account will be closed and all money transferred into your linked bank account.
There is no other penalty for withdrawing your money before maturity.
For more details about UBank Term Deposit account, please read through this page.
For more options, please feel free to check the list of term deposit accounts featured on our website.
Cheers,
Anndy
What is the best interest rate on offer at present
Hi SSC,
Thanks for your question.
You can sort through interests on our comparison of savings accounts to see rates offered as of this time. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley
Is Ubank has business account?
Hi Victor,
Thanks for your question.
At the moment UBank currently do not offer business products.
Cheers,
Shirley
I would like to open a joint account with my sister. Although she is an Australian citizen, she is currently not living in Australia. She has an active NAB account and she has a tax file number. Can you please give me some advice if this is possible
Hi Annette,
Thanks for your question.
You can still open a joint account with your sister. It may be handy to have a few of her details ready during the application process because you’ll be required to enter her residential address, TFN etc.
Cheers,
Shirley
Hi Shirley
Just a little confused. No matter which type of joint savings account I try to open, it clearly states that the account holder must be living at an Australian residential address. Can you please advise therefore, which particular savings account I could open in joint names.
REgards
Annette
Hi Annette,
Thanks for your question.
You can use your Australian residential address for both names for the account. If you’re unhappy with this, please speak to the customer service team at UBank to see what other options they could provide you.
On the UBank website it states that a “Second Applicant can be added to a joint application by selecting RETRIEVE APPLICATION from any product application page. To be added to a joint account you will need: The application reference number given to the First Applicant (person who submitted the application); The First Applicant’s last name; The Second Applicant’s email address.”
Cheers,
Shirley