Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
2.35% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review ubank Save Account - last updated: 1 August 2022

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What's hot
  • 2022 Mozo Experts Choice Award winner
  • No fees
  • 2.35% p.a. maximum rate
  • Open up to ten Save Accounts
What's not
  • Only accessible through iOS or Android app
Mozo snapshot

ubank’s Save Account is smart and simple, and offers some of the most impressive savings rates. The standard rate sits at 0.10%, but if you deposit at least $200 in a month, you’ll be treated to an extra 2.25% p.a., which brings the maximum rate to 2.35% p.a. Sound like a winner? Well you'd be right, because in 2022 the Save Account picked up a Mozo Experts Choice Bank Accounts and Savings Award in the best Regular Saver category for the third year running.

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Key features

The Save Account’s standard interest rate of 0.10% p.a. isn’t anything to get particularly excited about, but the maximum rate will definitely turn heads. You’ll be able to score an impressive 2.35% p.a. on balances up to $250,000, so long as you make a monthly deposit of at least $200 to either your Spend transaction account or Save Account. That rate puts the Save Account among the top earning savings accounts in our database. What's more, there are no fees, and you’ll be able to withdraw any amount of money without it affecting the maximum rate. 

Plus, if you're not on track to earn your bonus interest, ubank will send you a reminder to help you make the most of your savings account. Just remember to keep push notifications on! 

ubank also lets its users create up to ten different Save Accounts, so you could have one for your emergency fund, your next overseas holiday and for your house deposit. Best of all, if you meet the requirements above, you'll receive the 2.35% ongoing bonus rate on all of your Save Accounts. Bare in mind, this is to a max of $250k per customer across all accounts combined, not per account

And for anyone who’s new to the world of online banks and is in need of a little bit of reassurance before they sign up, ubank is licenced by APRA as an Authorised Deposit-taking Institution. As an ADI, deposits of up to $250,000 are covered in the off chance a bank goes under, so you can rest easy knowing your money is safe.

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Who is it good for

You’ll only be able to manage your Save Account through the iOS or Android app, so you’ll need to be comfortable doing your banking solely on your smartphone.

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Any catches

ubank is an online bank, which means everything is done on your phone (and there aren’t any branches where you can speak with staff face-to face). And as mentioned above, if you want to score that maximum rate, you’ll need to deposit at least $200 per month.

Details

Rates and fees information correct as at 11 August 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.10% p.a.

Balances from $0: 2.35% p.a.
Balances from $250,000: 0.10% p.a.

Deposit at least $200 to either Spend or Save account from an external source each month.

Fees

$0.00

n/a

Unlimited free transactions from mobile app.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

none

no

no

no

no

no

no

yes

no

no

Bank and saving account only accessible through iOS or Android app.

Bonus rate applies across 10 accounts on balances of up to $250,000 combined.

none

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