Rabobank High Interest Savings Account vs ubank Save: Which account should you choose?

By Peter Terlato · · 3 min read
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Rabobank vs ubank savings accounts

Seeking a competitive savings account? Two digital options consistently offering leading rates on Mozo's database are the Rabobank High Interest Savings Account and ubank Save.

Both have strong appeal for savers – but the way they work differs significantly.

Let’s break it down.

Compare savings accounts side-by-side

The table that follows breaks down all the key features for both accounts. Read on for our big-picture analysis, including how to unlock each account’s full potential and what type of saver each is tailored for. 

Feature Rabobank High Interest Savings Account ubank Save
Max rate
 5.15% p.a. (introductory rate for new customers, first 4 months)
 5.00% p.a. (introductory rate for new customers, first 4 months)
Base rate
 3.70% p.a.
 0.00% p.a. after bonus period
Ongoing bonus rate
 None (base rate applies)
 4.60% p.a. ongoing when bonus criteria met up to $1,000,000
Conditions for bonus rate
 None (introductory offer applies automatically)
 Deposit $500+ from an external account to your ubank Spend/Bills/Save account each month
Max cap for bonus interest
 $250,000 (applies to base rate too)
 Up to $250,000 then 3.00% p.a.
Linked transaction account
 Any Australian transaction account for transfers
 Yes – ubank Spend account required
Access
 App, online banking
 App, online banking access through Spend/Save account (new account can only be opened via app)
Joint savings accounts allowed
 Yes
 Yes
Monthly fees
 None
 None

  • High Interest Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.45 % p.a.
    (for $0 to $250,001)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $1,000,000)
    Welcome bonus rate for new customers for the first 4 months. Reverts to 4.35% bonus rate. Grow your balance by at least $1 per month, payable on total savings up to $1,000,000.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

How interest is earned

Both accounts offer highly competitive rates, but the way to unlock each’s top rate is quite different. Let’s have a closer look at how to maximise your return.

Feature Rabobank High Interest Savings Account ubank Save
Maximum variable rate
 5.15% p.a. (introductory rate)
 5.00% p.a. (introductory rate)
Balances earning max rate
 Up to $250,000
 Up to $1,000,000
Conditions to unlock max rate
 New customers are eligible for the introductory offer
 New customers are eligible for the introductory rate. To earn the ongoing 4.60% p.a., deposit at least $500 per month from an external source into your Spend, Bills or Save account
Interest if conditions not met
 3.70% p.a. after introductory period
 0.00% p.a. if monthly deposit criteria are not met
Interest on balances above max rate tier
 Above $250,000 earns 3.00% p.a.
 Above $1 million earns no interest
Linked account required
 No – any Australian transaction account can be used for transfers
 Yes – requires a Spend account
Suitable for…
 Savers who want simplicity. A strong introductory rate of 5.15% p.a. with no ongoing conditions, plus a relatively strong base rate of 3.70% p.a. on balances up to $250,000, and 3.00% thereafter
 Customers seeking higher longer-term rates. If you deposit $500+ externally each month, you can earn 4.60% p.a. on up to $1 million. The introductory rate (5.00%) also gives a short-term boost on large balances

What else to know

We've covered most of the major terms and how interest is earned, but before you decide, here are a few other points to keep in mind.

  • Rabobank offers flexibility and no ongoing hoops. Simply open the account and your balance earns the interest automatically.
  • ubank requires a monthly external deposit of at least $500 to maintain the ongoing rate; otherwise all interest stops.
  • Both providers feature joint accounts, no monthly fees, and are protected by the Australian government deposit guarantee, the Financial Claims Scheme (FCS).

Rabobank High Interest Savings Account vs ubank Save: verdict

If you want an exceptional introductory interest rate with zero conditions, and prefer a low-maintenance product, Rabobank High Interest Savings Account is a standout.

If you can reliably meet the monthly deposit criteria and want higher ongoing bonus interest on large balances (up to $1M), ubank Save offers a better long-term return after the introductory period.

Ultimately, both accounts deliver excellent value – but your best choice depends on whether you prioritise simplicity or long-term earnings.

Note: The information in this article is correct as at 30 July, 2025.

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Compare more savings accounts below

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Last updated 5 December 2025 Important disclosures
  • Promoted

    Boss Saver

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    Go to site
    • Ongoing bonus interest when you meet conditions
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    AMP Bank GO Save

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,001)
    Standard rate
    4.25 % p.a.
    (for $0 to $250,001)
    Go to site
    • No deposit or withdrawal conditions
    • No minimum balance or monthly account fees
    • All you need is an AMP Bank GO Everyday Account to open a Save account in the AMP Bank GO app.
  • Promoted

    Reward Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 4.50% for balances up to $1,000,000 for the first 4 months, reverting to 2.50%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus rate by depositing $50 a month and making no withdrawals
    • Introductory rate for first 4 months
    • No monthly account fees

  • High Interest Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.45 % p.a.
    (for $0 to $250,001)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate

  • Reward Saver Kick Start Account - Up to 30 years old

    Maximum rate
    4.75 % p.a.
    (for $5,000 to $100,000)
    Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus rates by depositing $20 a month and making no withdrawals
    • Mozo Experts Choice Awards winner for Teen High Interest Savings in 2025
    • No monthly account fees

  • Boss Saver

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    Go to site
    • Ongoing bonus interest when you meet conditions
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Savvy Saver Account

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • Reward Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 4.50% for balances up to $1,000,000 for the first 4 months, reverting to 2.50%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus rate by depositing $50 a month and making no withdrawals
    • Introductory rate for first 4 months
    • No monthly account fees

  • Smart Saver Account

    Maximum rate
    4.45 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $100 and no withdrawals in the month
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest each month (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance

  • Power Saver

    Maximum rate
    4.35 % p.a.
    (for $0 to $250,000)
    Minimum of $100 deposited into account, and no withdrawals made.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • AMP Bank GO Save

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,001)
    Standard rate
    4.25 % p.a.
    (for $0 to $250,001)
    Go to site
    • No deposit or withdrawal conditions
    • No minimum balance or monthly account fees
    • All you need is an AMP Bank GO Everyday Account to open a Save account in the AMP Bank GO app.

  • Savings+Bonus

    Maximum rate
    4.25 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    1.75 % p.a.
    (for $1 to $250,000)
    Go to site
    • Enjoy bonus interest when you meet criteria
    • Access your money at any time via app
    • $250K maximum balance

  • Bonus Saver

    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app
Showing 11 results from 255 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

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