ubank named Australia’s best essential bank

Man smiles while paying with his card. ubank MECA sticker.

Since its founding in 2008, ubank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, earning the title of Australia’s best essential bank for the 2022 Mozo Expert’s Choice Banking Awards.

This year, our team of judges assessed 90 different Australian financial institutions to determine which ones offered the best value across the broadest range of products. Among online banks, ubank was the clear standout.

Not only was it recognised for its range of home loans (with a range of products imported from neobank 86 400) but also its ulta-competitive savings accounts. For all things essential, it’s hard to beat ubank.

About ubank

While ubank doesn’t have any branches, its local support teams are on hand to help whether online or over the phone. According to ubank, the savings on overhead costs are then passed onto customers in the form of more generous rates.

Its exclusively online presence has also allowed ubank to carve out a reputation for innovation, particularly in the savings accounts it offers and in its streamlined online application processes. 

And like all banks in Australia, funds held with ubank are protected by the Financial Claims Scheme — a government initiative which guarantees deposits up to $250,000 per customer in the event that a bank, credit union or building society goes under.

So whether you’re looking to refinance your home loan or you’re after a more generous interest rate on your savings account, ubank is well worth a look. We’ve included a selection of standout products below.

Save Account
  • 3.85% p.a. maximum interest rate
  • Create up to 10 different Save Accounts
  • Easy to manage via mobile app

Ubank’s innovative approach to digital banking pays off again with their new Save Account. As long as you deposit at least $200 into your Spend or Save Account each month, you’ll receive an ongoing bonus 3.75% p.a. on top of your 0.10% base rate on balances up to $250,000 across up to 10 Save Accounts. Even better, there are no ongoing fees and you can withdraw any amount of money without affecting your maximum rate. A great option for those who want to keep their emergency, holiday, and house deposit funds all in one secure place!

Own Home Loan
  • 5.59% p.a. fixed rate (4.95% p.a. comparison rate*) for 1-year terms (LVR < 80%)
  • Free extra repayments up to $20,000 per year
  • Rate lock feature
Find out more

Ubank’s Own Home Loan (Fixed, P&I) lets you choose from 1, 2, 3 or 5 year terms, with interest rates starting from 5.59% p.a. (4.95% p.a. comparison rate*) for 1-year terms with loan-to-value ratios below 80%. You’ll have the ability to create multiple offset accounts and make extra repayments with a free redraw facility included, though an annual limit of $20,000 applies. You can also safeguard against future rate hikes by purchasing ubank’s rate lock feature, which locks in your fixed rate for 90 days from the date you file your application (though a $500 fee applies). Keep in mind there’s also a $250 settlement fee and a $250 annual service charge.

Neat Home Loan
  • 4.49% p.a. variable rate (4.51% p.a. comparison rate*)
  • Free extra repayments with redraw facility
  • No service fees
Find out more

Wanna go with the flow? ubank’s variable home loan for owner-occupiers making principal and interest repayments (LVR < 60%) is one of the snazziest variable offers around. With rates as low as 4.49% p.a. variable rate (4.51% p.a. comparison rate*), you could borrow up to $5 million with minimal fees. You also have the option to make free extra repayments with a free redraw facility, in case you want to retrieve those funds later on. Just keep in mind there’s a $250 settlement fee.

There's also a $5,000 cashback offer for new or refinance applications lodged by 28 February 2023 (inclusive) and settled by 30 April 2023 (exclusions and T&Cs apply). 

For more information on the Mozo Experts Choice Awards, along with a full list of this year’s winners, browse our Australia's Best Banking methodology report.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Bank Account Awards

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