High interest savings account

If you are eligible for bonus interest, this is calculated daily and paid monthly based on the combined balance of your Save accounts up to $250K. Each day, we’ll check your account balances and calculate the interest using the following formula:

Daily closing balance x (applicable interest rates / 365 days) = Interest accrued on that day.

At the end of the month, we’ll add them up and deposit your earnings into your eligible Save accounts.

At ubank, your savings are divided into different tiers each with its own interest rate. This means that parts of your total savings will earn different rates, depending on which tier they fall into. (For example, if you have $250,000 in total savings your interest will be made up of 100,000 on Tier 1 + $150,000 on Tier 2)

If you have more than one Save account, we’ll allocate your Save account balances to an interest tier based on whether the account is a shared Save account (your half of a shared account first), then the balance of account (highest balance first), and then the date it was opened (oldest account first). As interest is calculated daily, we’ll re-do this each day.

Interest will then be paid into each of your eligible Save accounts at the end of the month based on our daily calculations.

Find out how to check if you’re eligible for bonus interest.

If you still have questions, give us a call on 13 30 80.

Yes, you can earn bonus interest on all your Save accounts if you meet the bonus rate eligibility criteria. The bonus rate is only paid on balances up to $250K per customer. For more info, check out our FAQ on earning bonus interest.

When you join us, you’ll get three accounts: a Spend account, a Bills account and a Save account.

Your Spend account lets you transfer money and make purchases using the linked Visa Debit card or your digital wallet for your everyday spending needs.

Your Bills account lets you set aside funds for committed expenses, allowing you to budget within your pay cycle.

Your Save account lets you earn interest on your money. Find out more about earning interest with our Save accounts. You can open an additional nine Save accounts, whether they’re individual or shared, via the app.

To open a ubank account, you’ll need an Australian mobile number.

If you’re 18 or over you’ll also need a valid Australian driver’s license or passport. To improve your chances of your ID being validated you can also use a Medicare card.

If you’re under 18 you’ll need 2 valid forms of ID which can include an Australian driver’s license, passport, birth certificate, or a Medicare card.

You can open up 10 Save accounts. The accounts can be individual or shared accounts.

To open additional accounts, head to the “Accounts” tab in the app and select “Add new account” at the bottom of the page.