Ubank Savings Account & How to Get the Most Out of Your Money

I've been using Ubank for the past few years, and I can tell you that not all savings accounts are created equal.

If you're trying to make your money work harder in today's interest rate environment, you'll want to know exactly how to squeeze every last cent of interest out of your Ubank account.

Is Ubank Still the Best Australian Savings Account in 2025?

In my experience, Ubank remains one of the strongest contenders in the high-interest savings game.

After their merger with 86400 in 2022, they've combined competitive interest rates with genuinely useful tech features that make managing your money much less of a headache.

As of February 2025, Ubank offers a total interest rate of 5.10% p.a. (including the bonus rate) – that's approximately 0.75% higher than competitors like Up Bank.

But what really sets them apart is how quickly they adjust their rates after RBA announcements.

I've literally received emails about rate increases the same day as RBA announcements, but this has depended on whether they were rises or drops in the cash rates.

How Do I Earn Bonus Interest with Ubank?

This is where many people trip up.

Getting the advertised “headline rate” requires meeting specific criteria:

To earn the full 5.10% interest rate on your Ubank Save account, you need to deposit at least $200 per month into any Ubank account.

It doesn't have to be your savings account specifically – it can go into your Spend account too.

I've found this criteria much easier to meet than what some other banks require (like making 5+ card transactions per month with Up Bank).

Even if you're not using Ubank as your primary bank, you can just set up a recurring monthly transfer to ensure you always get that bonus rate.

One thing I love about Ubank is that, unlike some banks (looking at you, ING), the bonus interest applies to all your savings accounts, not just one.

This makes it perfect for using multiple accounts for different savings goals.

The Ubank Save Account: Features Worth Knowing About

Having used Ubank extensively, here are some features I particularly value:

1. Multiple Save Accounts for Different Goals

One of my favorite aspects of Ubank is how easy it is to create multiple savings buckets.

I currently have separate Save accounts for:

• Subscriptions
• Travel and Transport
• Clothes
• Gifts

Each account earns the full interest rate, and I can visualize my progress toward different goals without needing to use a spreadsheet.

How to open another Save account: It literally takes about 30 seconds in the app. Just tap on “Accounts,” then the “+” icon, and select “Open a Save account.” Name it whatever you want, and you're done.

2. Shared Account Options

Something I only recently discovered is Ubank's shared accounts feature.

My wife and I now use a shared Save account for things like transport and gifts, which means we both earn interest on our combined savings while maintaining separate accounts for our own personal spending.

The shared account works exactly like your individual accounts – same interest rates and features – but with the added benefit of joint access.

You'll both need to be Ubank customers first before setting this up.

3. Automated Savings Features

The Ubank app includes some handy automation tools that help grow your savings without thinking about it:

• Automatic sweeping: Set up rules to move excess money from your Spend to your Save account
• Savings targets: Track your progress with visual indicators in the app
• Recurring transfers: Schedule regular transfers to your savings on paydays

I've found these automated features crucial for maintaining savings discipline, especially during months when unexpected expenses pop up.

Ubank Interest Rate Hack

Here's a strategy you can use to get the most out of Ubank save accounts:

1. Keep only what you need for monthly expenses in your Spend account
2. Set up an automatic transfer of any balance over a certain amount (like $500) to move from Spend to Save
3. Create a reminder to check interest rates quarterly to ensure Ubank is still competitive

This approach ensures that all your money is earning the maximum interest rate rather than sitting idle in a transaction account.

Then if you do need the money for spending you transfer it back.

Who Can Open a Ubank Account?

To open a Ubank account, you need to:

• Be at least 14 years old (though under 18s need parental consent)
• Be an Australian resident for tax purposes
• Have an Australian mobile phone number
• Have a valid Australian ID (driver's license, passport, or Medicare card)

Ubank has a fully digital application process, so there's no paperwork to fill out.

When I opened a new account for my wife, it took about 10 minutes from start to finish.

Ubank vs. Other High-Interest Savings Accounts

Having tried several banks along with Ubank, here's a comparison with some other popular options:

• Ubank vs. Up Bank: Ubank offers approximately 0.75% higher interest and has a simpler bonus criteria (deposit $200/month vs. make 5 transactions), but Up Bank does have better savings visualisation tools (but it is mobile only).
• Ubank vs. ING: Both have comparable rates, but ING requires more hoops to jump through (deposits, transactions, and balance growth), and their bonus rate only applies to one savings account (booooo).
• Ubank vs. Big 4 Banks: There's simply no comparison on interest rates here – the big banks typically offer 1-2% lower rates on standard savings accounts.

Common Questions About Ubank Savings Accounts

Does Ubank Have Any Hidden Fees?

In my years of using Ubank, I haven't encountered any unexpected fees.

There are:

• No monthly account keeping fees
• No fees for opening or closing accounts
• No minimum balance requirements
• No fees for electronic transfers

Is My Money Safe with Ubank?

Ubank is owned by NAB (one of Australia's “big four” banks) and is covered by the government's Financial Claims Scheme, which protects deposits up to $250,000 per account holder.

Can I Access My Savings Easily If Needed?

Absolutely.

Unlike term deposits, you can transfer money from your Save account to your Spend account instantly through the app, and then access it via ATM, EFTPOS, or online transfers.

I've had to tap into a savings account a couple of times to cover a transaction, and there were no delays or penalties.

My Experience: The Good and the Not-So-Good

After held a Ubank savings account for several years, here's what I've found:

What I Love

• Interest rates are consistently among the highest available
• The app is clean, intuitive and rarely glitches
• Creating multiple savings accounts is simple
• The ability to connect other bank accounts gives me a complete financial picture
• Rate increases are implemented quickly when the RBA raises rates

What Could Be Better

• App is very security conscious so not as easy to jump in and out like others
• You will get a heap of “be aware of scam” type messages
• No round-up feature like some competitors offer
• No physical branches if you prefer face-to-face banking

Is Ubank Worth It in 2025?

Based on my personal experience, Ubank remains one of the best options for Australians looking to maximize their savings interest.

The combination of high interest rates, minimal conditions to earn bonus interest, and a well-designed app makes it hard to beat.

If you're currently earning less than 5% on your savings or jumping through complicated hoops to get bonus rates, I'd definitely recommend giving Ubank a closer look.

The difference between a 3% and 5% interest rate might not seem huge initially, but on a $50,000 balance, that's an extra $1,000 in your pocket annually.

Disclosure: This article is based on my personal experience and research. Financial products should be chosen based on your individual circumstances, and rates mentioned were accurate as of February 2025 but may change.

Curious if Ubank is right for you? Feel free to drop a comment with any questions about my experience, and I'll do my best to help!