Home News Ubank increases savings account rates

Ubank to increase savings account rates for new and existing customers

A rebranded ubank has revealed from 1 June, rates for existing 'USave' and new 'Save' savings accounts will increase by 30 basis points.

By Jacob Cocciolone

First published on 30 May 2022

Fact Checked

Ubank to increase savings account rates for new and existing customers

Fresh off merging with neobank 86 400, this increase will see:

Base savings account rate increase from 0.05% p.a. to 0.10% p.a.
Bonus savings account rate increase from 1.00% p.a. to 1.25% p.a.

Despite absorbing all 86 400 products, this rate is greater than 86 400's previous offering of a 0.10% base savings account rate and bonus savings account rate of 1.20%.

ubank's new savings rate means eligible existing 'USave' customers can earn a savings rate of 1.35% p.a, while its new 'Save' account customers post-rebrand will also receive the same rate.

How can I receive the new savings rate?

Applying this increase to its USave product, to receive the total rate of 1.35% p.a. you will need to be an existing customer with a USave account linked to a USpend account.

If you are an existing customer with both a USave and USpend account, you are required to deposit at least $200 per month into either account from a non-ubank account.

Comparing this product to to the recently announced 3.00% p.a savings account from Bank of Queensland, ubank's offering does not require existing customers to make a minimum number of transactions to achieve the bonus rate.

It's important to note USave and USpend accounts are no longer available for new customers, instead transitioning to new products named 'Save' and 'Spend'

The same requirements apply for new customers, requiring a minimum deposit amount of $200 into a Save or Spend account from a non-ubank account.

No minimum number of transactions are required for new ubank customers.

Ubank's bonus variable interest rates are calculated and paid monthly, up to a combined USave or Save balance of $250,000.

Balances greater than $250,000 earn the base variable rate of 0.10% p.a.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofApril 3, 2025

	Bonus rate of 5.35%Rate varies on savings amount. 0.05^%_p.a.	5.40^%_p.a.	^$1,107		^$0	^$99,999	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Maximiser Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
FEATURED Savings Maximiser Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions. Grow your savings balance each month More details Disclosure
	4.00^%_p.a.	Intro rate for 4 monthsthen 4.00% p.a. 5.45^%_p.a.	^$905	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
Disclosure
FEATURED High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details Disclosure
	Bonus rate of 5.10%Rate varies on savings amount. –	5.10^%_p.a.	^$1,044		^$0	^$99,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances.
Disclosure
FEATURED Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances. More details Disclosure
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.10^%_p.a.	^$984	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Account
Disclosure
Savings Account More details Disclosure

High Interest Savings Account (<$250k)

Product Features

Bonus rate for the first 4 months from account opening
No account keeping fees
No minimum balance

Total interest earned$905

4.00 % Base interest rate

5.45 % Max interest rate

Intro rate for

then

4.00%

More details

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Image by Pawan Kawan via Unsplash

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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Ubank to increase savings account rates for new and existing customers

How can I receive the new savings rate?

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High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

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Ubank to increase savings account rates for new and existing customers

How can I receive the new savings rate?

Savings Maximiser

Savings Maximiser

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Save Account

Save Account

Savings Account

Savings Account

Jacob Cocciolone

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Product Coverage and Sort Order

Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure

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