UBank customers can now earn bonus interest on multiple accounts

Olivia Gee

09 May 2020

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With many Aussies facing reduced income and tighter budgets, UBank is offering customers an opportunity to get more out of their savings

From today, the NAB-backed online provider will allow eligible customers to earn the special interest rate of 1.60% on up to ten accounts. This will be a welcome edition for savers who like to keep track of different goals in separate accounts.

Customers will still need to deposit at least $200 into their UBank transaction or savings account each month to receive the bonus 1.06% interest. The standard interest rate if conditions aren’t met is 0.54%. The maximum balance on all accounts has also been increased by $50,000 to $250,000.

Account names will also be getting a revamp for functional clarity. The USaver Ultra account is now called USpend (so it’s more clearly the transaction account), and the USaver is now simply called USave. Customers will also be able to turn off the automated Sweep function giving them greater budgeting control in the current climate. 

RELATED ARTICLE: UBank lifts key term deposit rate, joins Judo Bank and Rabobank in making wider cuts.

How UBank savings compare

Across all savings accounts, including those with ongoing bonus interest, the average ongoing rate is currently 0.75% according to the Mozo database. 

The current front runner is Bank of Queensland’s Fast Track Saver Account, which offers a 2.00% ongoing bonus interest rate. However, customers must deposit a minimum of $1,000 and make five eligible transactions through the linked Day2Day Plus Account in the previous month, though the second criteria has been paused until August 31 due to COVID-19.

Compare bonus savings accounts - rates updated daily

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    1.85% p.a. (for $1 to $250,000)

    0.20% p.a.(for $1 and over)

    Yesup to $250,000

    *Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).

  • Promoted

    Rabobank

    Rabobank

    High Interest Savings Account

    2.25% p.a. (for $0 to $250,001)

    0.80% p.a.(for $0 to $250,001)

    Yesup to $250,000

    *Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.

  • Promoted

    ME

    ME

    Online Savings Account

    1.80% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yesup to $250,000

    *Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.

  • Promoted

    HSBC

    HSBC

    Serious Saver

    2.10% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yesup to $250,000

    *No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% bonus rate after*

  • Promoted

    Citi

    Citi

    Online Saver

    2.05% p.a. (for $0 to $500,000)

    0.35% p.a.(for $0 and over)

    Yesup to $250,000

    *Bonus rate for the first 4 months from account opening

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