ubank Save Account Review (2026)
Rates and conditions verified 17 May 2026
Rates can change without notice. Last verified: 17 May 2026 (AEST). Please confirm details on the bank’s official page.
Max intro rate
5.85%
p.a. for new customers
Ongoing bonus rate
5.10%
p.a. when conditions met
Account fee
$0
no monthly or annual fees
How the ubank Save Account Works
The ubank Save account is a high-interest savings account operated by ubank, which is part of NAB. It pays a bonus interest rate each month when you meet one straightforward condition: your combined Save account balance must be higher at the end of the month than it was at the start (excluding interest earned).
Unlike many competitors, ubank doesn't require a minimum deposit amount or a set number of transactions. You simply need to add any amount to your Save account during the month. This makes it one of the easier bonus conditions to meet consistently.
Current Interest Rates
| Rate type | Rate | Condition |
|---|---|---|
| Introductory max rate | 5.85% p.a. | New customers, intro period |
| Ongoing bonus rate | 5.10% p.a. | Grow balance each month |
| Base rate (no conditions) | 0.75% p.a. | Always applies |
Rates as at 17 May 2026. Variable — check ubank's website for the latest.
Bonus Conditions — Explained
To earn the 5.10% p.a. ongoing bonus rate, your combined Save account balance must grow during the calendar month. That means:
- Deposit any amount during the month, OR
- Ensure no net withdrawal reduces your balance below its opening level
Interest credited to your account does not count toward the growth requirement — it's excluded from the calculation. This is worth knowing: if interest is the only thing increasing your balance, you won't earn the bonus rate that month.
Pros and Cons
Pros
- ✓ Simple single condition — just grow your balance
- ✓ No minimum deposit amount required
- ✓ No monthly or annual fees
- ✓ Competitive 5.10% p.a. ongoing bonus rate
- ✓ Strong intro rate of 5.85% p.a. for new customers
- ✓ Backed by NAB (ADI — government deposit guarantee applies)
Cons
- ✗ Must open a ubank Spend account alongside the Save account
- ✗ Balance must grow — a partial month withdrawal can cost you the bonus
- ✗ Low base rate (0.75%) if conditions aren't met
- ✗ App-only banking — no branches
Who Is It Best For?
The ubank Save account suits people who are actively building their savings — consistently depositing each month, whether it's a salary payment, weekly transfer, or irregular top-up. If you're in a accumulation phase and don't plan to withdraw often, the conditions are easy to meet.
It's less suited to people who need frequent access to their savings (withdrawals make the bonus condition harder to meet) or who want in-branch banking.
How It Compares
Among the highest-rate savings accounts available in Australia right now, ubank's 5.10% p.a. ongoing bonus rate is competitive. For context:
- Rabobank HISA: 5.90% p.a. intro (4 months), then 4.00% ongoing
- ING Savings Maximiser: up to 5.50% p.a. (requires $1,000 deposit + 5 card purchases)
- Macquarie Savings: 5.10% p.a. intro (4 months), then 4.75% ongoing
FAQs
What are the bonus conditions?
You must grow your combined Save account balance each month (excluding interest). No minimum deposit amount — you just need the balance to be higher at month end than the start.
What is the introductory rate?
New ubank customers can earn up to 5.85% p.a. as an introductory maximum rate. After the intro period, the 5.10% p.a. ongoing bonus rate applies when conditions are met.
Are there account keeping fees?
No. The ubank Save account has no monthly or annual account keeping fees.
Information is general in nature and may change without notice. Rates verified 17 May 2026. Confirm current rates and conditions on ubank's website before applying. This is not financial advice.