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