Ubank vs ING (The Differences That Actually Matter in 2025)

As someone who's had accounts with both Ubank and ING for years, I've developed some pretty strong opinions about which one works best — and more importantly, why.

The truth is, choosing between these two popular online banks isn't as simple as comparing interest rates (though we'll definitely cover that).

There are subtle but significant differences that most comparison sites completely miss.

I've spent enough time putting both banks through their paces — depositing money, making transfers, contacting customer service, and generally using them as my everyday banking tools.

Here is my real-world experience that can help you decide which bank truly deserves your hard-earned cash.

The Digital Banking Landscape in 2025

If you're still banking like it's 2010, you're missing out.

Ubank and ING have emerged as two of the most popular choices for Australians wanting better interest rates, lower fees, and a more user-friendly experience.

Both started as digital disruptors challenging the Big Four banks, but also keep pushing themselves to evolve over time.

Ubank, owned by NAB, rebranded and merged with 86400 in 2022, creating a hybrid that combines competitive rates with superior technology.

ING, meanwhile, has been in the Australian market longer and has built a reputation for reliability and consistent (if not always market-leading) interest rates.

What's changed in 2025 is what matters to savers and it's no longer just about who offers the highest headline rate.

You need to keep tabs on bonus conditions, app functionality, customer service response times, and how quickly banks adjust to RBA rate changes.

Beyond the Interest Rate

Interest rates are what grab the headlines, but they don't tell the whole story.

As of February 2025, here's how the rates stack up:

• Ubank Savings Account: 5.25% p.a. on balances up to $100K, 4.75% p.a. on balances between $100K-$250K (from March 1, 2025)
• ING Savings Maximiser: 5.40% p.a. (5.35% bonus rate + 0.05% base rate, from February 28, 2025)

Here ING wins by 0.15% for balances up to $100K, though Ubank offers competitive rates for balances above $100K (and if you want multiple savings accounts).

But there's more to this story.

The Fine Print That Changes Everything

Both banks have conditions you need to meet to get their headline rates.

These conditions can dramatically affect how much interest you actually earn.

For Ubank, you need to:

• Deposit at least $200 per month
• The bonus rate applies to ALL your savings accounts, with 5.25% p.a. for combined savings up to $100K and 4.75% p.a. for combined savings between $100K-$250K

For ING, you need to:

• Deposit $1,000+ per month
• Make 5+ card purchases monthly
• Grow your balance each month
• The bonus rate of 5.35% p.a. only applies to balances up to $100,000 in ONE account (with a reduced base rate of 0.05% p.a. for amounts above $100K or accounts not meeting bonus conditions)

This is where things get interesting (or even frustrating).

If you have $50,000 in savings and want to organize it across multiple savings accounts (like I do for different needs), the math changes dramatically.

I’ve seen people say in Reddit who have switched from ING to UBank so they could gain interest in multiple savings accounts instead of just the one at ING.

This is a crucial difference that people may discover only after opening accounts.

Real-World Savings Scenarios

Let me show you how this combination of rate differences and conditions applied to the savings accounts plays out for three typical savers:

Scenario 1: The Young Saver (Alex)

• $10,000 in savings
• Wants separate accounts for Travel, House Deposit, and Emergency Fund
• Monthly deposits of $500
• Using transaction account often and makes 10+ card purchases monthly

With ING: Alex can only earn the bonus rate on one account. If they split their savings, they'll earn the base rate (0.55%) on most of their money.

• Annual interest: ~$270 (assuming one $5K account gets the 5.35% bonus rate, others get the 0.05% base rate)

With Ubank: Alex earns the full bonus rate across all accounts.

• Annual interest: ~$525

Winner for Alex: Ubank by $255 per year

Scenario 2: The Established Saver (Sam)

• $100,000 in savings
• Makes minimal transactions (2-3 per month)
• Has ability to deposit at least $300 monthly
• Prefers one simple account

With ING: Sam won't meet the 5+ transactions requirement, so they'll only earn the base rate of 0.55%.

• Annual interest: ~$550

With Ubank: Sam meets the minimal $200 deposit requirement, earning the full 5.25%.

• Annual interest: ~$5,250

Winner for Sam: Ubank by $5,200 per year

Scenario 3: The High-Balance Saver (Jordan)

• $200,000 in savings
• Meets all transaction requirements for both banks
• Wants to maximize interest

With ING: Jordan can earn the bonus rate on up to $100,000 in one account, with the remaining $100,000 earning only the base rate.

• Annual interest: ~$5,385 ($5,350 on the first $100K, $50 on the second $100K)

With Ubank: Jordan earns 5.25% on the first $100,000 and 4.75% on the second $100,000.

• Jordan earns 5.25% on the first $100,000 and 4.75% on the second $100,000.

Winner for Jordan: Ubank by $4,615 per year

These examples show why looking beyond the headline rate is crucial.

In all three scenarios, Ubank comes out ahead – not just because of its competitive rate, but because of how its bonus conditions work in the real world.

For those asking “Where can I get 5% interest on my savings account?” — as of March 2025, both Ubank and ING offer above 5%, though these rates are subject to change with RBA movements.

But interest isn't everything.

Let's look at what it's actually like to use these banks day-to-day.

The App Experience of ING vs Ubank

Having used both apps extensively, I can tell you they offer completely different experiences – and this might matter more than you think.

ING App

ING's app is like a reliable Toyota – it's not flashy, but it gets the job done.

The orange-themed interface is clean and straightforward, focusing on the basics:

• Account balances front and center
• Simple transfers and payments
• Basic transaction categorization
• Round Up savings feature (rounds transactions to the nearest dollar and saves the difference)

What I like about ING's app is its reliability.

In years of using it, I've rarely experienced glitches or outages.

However, it lacks some modern features that have become standard elsewhere (like Ubank and upbank).

Ubank App

Ubank's app feels more like a Tesla with its modern, feature-rich design that is digital-first experience.

After using it often for months, here's what stands out:

• Automatic spending categorisation with impressive accuracy
• Visual breakdown of spending habits
• Savings targets with visual progress bars
• Ability to connect external accounts for a complete financial picture
• Dark mode (which ING lacks)
• Recurring bill detection and reminders

The standout feature is Ubank's spending insights, which automatically detects patterns in your spending and shows you trends over time.

It's genuinely useful for budgeting – something ING's more basic categorisation can't match.

Right now I would say that Ubank's app is more advanced, though ING is gradually improving.

I have also found that many of the features available on ubank app and not available on he Ubank browser experience (so if you are using a desktop computer).

Side-by-Side Comparison of Key Features

Feature	Ubank	ING	Winner
Login speed	3 seconds	5 seconds	Ubank
Transfers	Instant	Instant	Ubank
Spending categorisation	Automatic & accurate	Very basic	Ubank
Savings goals visualisation	Yes, with progress tracking	Basic	Ubank
App stability	Solid	Rock solid	ING
External account linking	Yes	No	Ubank
Card management	Freeze/unfreeze, set limits	Freeze/unfreeze	Ubank
Notifications	Customizable	Limited	Ubank

Important Differences in Daily Banking

Beyond the headline rates and features, there are several hidden factors that can significantly impact your experience with either bank.

ATM Access and Cash Management

ING has long been known for its rebates on ATM fees.

This perk isn't just about saving a few dollars but convenience.

With ING, you can use any ATM in Australia for free (they rebate the fee), plus they rebate international ATM fees and don't charge foreign transaction fees.

This is huge if you travel frequently.

Ubank offers fee-free ATM withdrawals at major bank ATMs in Australia, but doesn't offer international ATM fee rebates.

However, they've recently eliminated foreign transaction fees on purchases.

In my real-world testing:

• Withdrawing $50 from a non-bank ATM cost me $2.50 with Ubank (no rebate)
• The same withdrawal with ING cost $0 after the rebate

These small fees add up, especially if you use cash regularly or travel overseas.

The “Five Transaction” Trick at ING

In my testing, I found that any amount can qualify as one of five transactions required to trigger your bonus saver.

This means you can meet the requirement for as little as $2.50 per month if you're strategic.

Maybe go and buy a few freddo frogs one at a time on the 1st of each month at the supermarket or something if you’re keen.

With Ubank, the $200 deposit is harder to game – you genuinely need to deposit this amount each month from an external account.

Account Limitations

ING limits you to one Savings Maximiser account with the bonus rate.

This is a major downside if you like to organise your money into different buckets like I do.

Ubank lets you create up to 10 savings accounts, all earning the bonus rate if you meet the conditions.

This is perfect for separating your holiday savings from your emergency fund or home deposit.

In practice, this limitation forces ING users to either:

1. Mix all their savings together (making it harder to track goals)
2. Accept lower interest on some of their money
3. Open accounts at multiple banks (adding complexity)

This is rarely mentioned in basic comparisons but makes a huge practical difference.

What Happens When Things Go Wrong

Despite ING's presence in Australia since the early 2000s and ubank's 15+ year history, many customers still hesitate to switch from the Big Four banks to these digital alternatives.

Let's clarify any safety or trust concerns.

Is Ubank Trustworthy?

A common question I see is about Ubank's trustworthiness, especially since it's newer in its current form than ING.

Here are the facts:

• Ubank is fully owned by NAB (one of Australia's “Big Four” banks)
• It operates under NAB's banking license (AFSL No. 230686)
• Your deposits are covered by the government guarantee up to $250,000
• They use bank-grade encryption and security measures

In my experience, Ubank has been completely reliable with my money.

Transfers process as expected, interest is paid correctly, and I've never had any unauthorised transactions or security concerns.

Scammers have previously targeted them, and they're well aware of this risk.

However, if you're able to recognise and avoid scams, this shouldn't be a concern for you.

Is ING a Good Bank in Australia?

ING has been operating in Australia since 1999 and has built a strong reputation as a reliable online bank.

They're known for:

• Consistently competitive (though rarely market-leading) interest rates
• Excellent international transaction benefits
• Solid customer service
• Fee-free everyday banking

ING is absolutely a good bank in Australia, particularly if you value their specific benefits like international ATM rebates or prefer their more established presence.

The Verdict: ING vs UBank and which one is better for you

After months of testing and years of personal experience with both banks, here's my verdict on who should choose which bank:

Choose Ubank if:

• You want to organise your savings across multiple accounts
• You value a feature-rich, modern app experience
• You have a high savings balance, especially above $100,000 (where ING's rate plummets to 0.05% for balances above that)
• You're comfortable with digital-first customer service
• You prefer not having to make regular transactions to earn bonus interest

Choose ING if:

• You have a single savings account under $100,000 and can easily meet all bonus conditions
• You travel internationally frequently
• You value established, phone-based customer service
• You use ATMs regularly, especially non-bank ones
• You already consistently make 5+ card purchases monthly
• You prefer a simpler, more reliable app experience

The Best of Both Worlds

Here's a strategy I actually use myself: the hybrid approach.

I maintain accounts with both banks, using:

• Ubank for my main savings (better interest across multiple accounts)
• ING for regular spending, travel and ATM access (fee rebates worldwide)

This way, I get the benefits of both without significantly complicating my finances.

Final Thoughts

While Ubank currently offers a higher interest rate with easier conditions to meet, banking is about more than just chasing the highest number.

It's about finding a financial partner that fits how you actually live and manage your money.

Based on my experience using both banks daily, Ubank edges out ING in most scenarios in 2025, particularly for savers who:

• Want to maximise interest across multiple accounts
• Value modern app features
• Don't want to jump through hoops with transaction requirements

However, ING remains an excellent choice for travelers and those who value a more established customer service experience.

The good news is that both banks offer fee-free accounts, so you can try them both and see which one works better for your specific needs.

In today's digital banking landscape, switching is easier than ever.

Disclaimer: Interest rates and features mentioned in this article are current as of February 2025 but are subject to change. Always check the banks' websites for the most up-to-date information.