Ubank Review
Ubank Review 2026: Is It Australia’s Best Digital Bank?
The current $30 Ubank referral offer covers eligible signups from 25 October 2026 to 31 March 2027 inclusive. Make five eligible purchases of at least $5 each and have them settle within your first 30 days. Full Ubank referral terms.
6.25% p.a. welcome rate, zero international fees, and a $30 sign-up bonus — what’s the catch?
My verdict: savings with a monthly balance-growth condition
After three years using Ubank as my everyday account, it remains my go-to recommendation for Australians who want a high-rate savings account without jumping through painful hoops. The new conditions (effective Oct 2025) are some of the easiest in the market — you just need to grow your balance by $1 each month.
| Welcome rate | 6.25% p.a. (4 months) |
| Ongoing rate | 5.35% p.a. |
| Sign-up bonus | $30 (code AFWLLL7) |
| Best for | Savers & travellers |
I’ve used a lot of Australian bank accounts. Ubank is the one I keep coming back to — and it’s the account I park my emergency fund in.
This isn’t a glossy “everything is amazing” review. Ubank changed its bonus interest conditions in October 2025 and again in February 2026, the rates moved, and there are still a few things competitors do better. So here’s the honest breakdown of what’s actually true about Ubank in 2026 — what I love, where it falls short, and whether the $30 sign-up bonus is worth bothering with.
Ubank is my first option to compare for Australian everyday banking and savings. Up is a secondary alternative for readers who prefer its budgeting features. Wise serves international transfers and multi-currency spending.
Skip the review and grab the bonus:
Join Ubank — $30 signup bonus · code AFWLLL7
Use code AFWLLL7 at signup · we both get $30
How to get the $30 sign-up bonus
The standard $30 referral offer requires five eligible card purchases of at least $5 each settled within 30 days of joining, and both participants must be at least 18. Enter the code during signup. Do not confuse this with the expired 24–28 August $100 promotion, which had different purchase requirements.
- Download the Ubank app from the App Store or Google Play.
- Enter referral code AFWLLL7 on the About you screen during signup.
- Make five eligible card purchases of at least $5 each that settle within your first 30 days.
- Check your Spend account for the $30 signup bonus. Allow around a month after the offer requirements are met.
The $30 referral offer excludes former customers who held any Ubank account other than a UhomeLoan in the previous 24 months. The savings welcome rate separately requires no Ubank-branded product in the preceding 24 months. Both referrer and friend must be 18 or over for the referral reward.
The 6.25% savings rate (and the small print)
Ubank Save has a variable everyday bonus rate and an additional welcome margin for eligible new customers. Compare both with the ongoing rates and rules of alternatives:
Up to 4 months; eligible individual accounts opened from 9 October 2026
Ongoing, after the welcome period ends
Current Ubank rates are shown below with the bank-data retrieval date. Shared accounts and earlier joining cohorts can have different welcome terms.
What you have to do to earn the bonus rate
Ubank changed these conditions in October 2025. The old “$300 monthly deposit” rule is gone. Now you just need to:
- Hold a Ubank Spend account alongside your Save account
- Grow your combined Save balance by at least $1 each calendar month (interest doesn’t count)
Hold a Spend account and grow combined eligible Save balances by at least $1, excluding interest, by 11:30pm Sydney time on the last day of the month. Withdrawals must be replaced if necessary to meet that net-growth test. No fixed monthly deposit or card-purchase count applies to savings interest.
The $1 rule in practice: if your starting eligible savings balance is $10,000 and $50 interest is credited, your month-end target is at least $10,051. If you withdraw $500, you need to replace that withdrawal as well as add the $1 growth. The check is at 11:30pm Sydney time on the last day.
Compare the live rates below alongside the monthly conditions. Introductory offers depend on your joining date and account type; check the bank’s offer for your circumstances. A missed bonus month can outweigh a small difference in headline rates.
How much you’d actually earn
Bonus interest is paid on combined Save balances up to $1,000,000. Illustrative calculation holding a constant $20,000, before tax and compounding, assuming unchanged rates and every monthly condition is met:
Compare interest using current bank rates
Rates from each bank’s published dataCheck that you qualify for the rate. Combined-account limits include savings held outside this example.
Choose an account to see an estimate.
Simple interest before tax over 12 months, with a constant balance and today’s variable rates held unchanged. All monthly conditions are assumed met. Tiered rates are included. This does not account for fees, compounding, deposits, withdrawals, taxes or future rate changes; it is not a recommendation.
For comparison, a hypothetical account earning 5.00% p.a. for the whole year would earn about $1,000 on the same constant balance. Compare that fixed illustration with the current bank estimate above. Actual daily balances, rate changes and qualification affect the result.
Using Ubank overseas
This is the feature that sold me on Ubank originally. The Spend account charges zero international transaction fees and zero ATM fees from Ubank’s side, anywhere in the world. I’ve used my card across Southeast Asia and Europe without paying Ubank a cent for the privilege.
What’s free:
- International transaction fees (0%)
- Ubank ATM fees on overseas withdrawals
- Card replacement in Australia
- Emergency Visa replacement card overseas
What you might still pay:
- ATM operator fees — the foreign ATM owner can still slap you with their own fee. Ubank doesn’t reimburse these (check any alternative bank’s current rebate terms).
- Ubank converts foreign-currency card payments using Visa’s rate. Compare the final AUD cost, including any alternative provider’s conversion fees, instead of assuming one provider always gives a better result. Compare Ubank, Wise, Revolut and Up Bank
For most travellers, Ubank as a primary card plus Wise as a backup for larger conversions is the combo I’d recommend.
Ubank vs Up vs Macquarie: which is best?
These are the three accounts most Australians end up choosing between. Here’s the head-to-head:
Swipe sideways to compare all columns →
| Ubank Save ★ | Up Saver | Macquarie | |
|---|---|---|---|
| Welcome rate | 6.25% (4 mo) | — | Check current Macquarie rate |
| Ongoing rate | 5.35% | 5.60% (“Grow”) | Check current Macquarie rate |
| Bonus cap | $1,000,000 | $250,000 individual Grow cap; separate 2Up cap | Check current balance tiers |
| Conditions | Hold Spend; grow combined eligible Save balance by $1/month, excluding interest | Five qualifying purchases/month; no withdrawals from that Saver for Grow | None |
| Sign-up bonus | $30 (AFWLLL7) | $21 sign-up bonus through our Up invitation; eligibility applies. | None |
| Intl. fees | $0 | $0 | $0 |
My take: Ubank is my first recommendation for Australian banking. Its savings test is monthly net balance growth, so withdrawals can cost that month’s bonus interest. Up has different purchase and withdrawal rules. Compare Macquarie’s current rate and conditions rather than assuming one bank always pays more.
$21 Up sign-up offer · eligibility and referral details
Eligible new customers get a $21 sign-up bonus through our Up invitation after successful signup and identity verification. Complete signup within the invitation’s 14-day validity. We may receive a referral reward. Offer conditions apply.
Up and Ubank: offer and account conditions
Up Savers: bank rates, conditions and retrieval date
Retrieved 31 Oct 2026, 13:34 GMT+0800. Bank product information
Ongoing: 5.60% p.a. on the first $250,000; 2.00% p.a. on the portion above $250,000.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- VARIABLE 0.00%:
- BONUS 3.60%: Earn a total 5.60% on any eligible Saver when you make 5 or more eligible card purchases from your Everyday Account and no withdrawals are made from that Saver during the month. No monthly deposit required. MIN_PURCHASES 5 MAX_WITHDRAWALS 0
- BONUS 2.00%: Earn a total 2.00% on any eligible Saver you withdraw from during the month, when you make 5 or more eligible card purchases from your Everyday Account. MIN_PURCHASES 5
- BONUS 2.00%: This rate applies to the portion of your combined Saver balances above $250,000, when no withdrawals are made during the month and you make 5 or more eligible card purchases from your Everyday Account. MIN_PURCHASES 5 MAX_WITHDRAWALS 0
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Up Essentials Saver: bank rates, conditions and retrieval date
Retrieved 31 Oct 2026, 14:32 GMT+0800. Bank product information
Ongoing: 2.00% p.a. on the eligible balance.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- VARIABLE 2.00%:
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Up travel: no Up international transaction or ATM-withdrawal fee; ATM operators can charge separately. The card uses Mastercard’s exchange rate. Daily withdrawal limits still apply: the standard ATM cash-out limit is $1,000, subject to approved variations. Up currently advises allowing 15–20 business days for a physical card. Up travel information.
Ubank Save: bank rates, conditions and retrieval date
Retrieved 31 Oct 2026, 15:33 GMT+0800. Bank product information
Ongoing: 5.35% p.a. on the first $1,000,000; 0.00% p.a. on the portion above $1,000,000.
Eligible introductory period (4 months): 6.25% p.a. on the first $1,000,000; 0.00% p.a. on the portion above $1,000,000. New-customer and monthly conditions apply.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 0.00%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.00%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Ubank referral: the standard $30 offer currently covers eligible signups. Enter AFWLLL7 during signup; both people must be 18 or over. Five eligible card purchases of at least $5 each must settle within the first 30 days. Payment can take around a month after qualification. Returning customers who held any Ubank account other than a UhomeLoan in the previous 24 months are excluded. Full referral terms.
Deposit protection: eligible Up deposits share Bendigo and Adelaide Bank’s $250,000-per-person FCS limit; Ubank deposits share NAB’s limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
Is Ubank safe?
Ubank is part of National Australia Bank Limited. Eligible deposits share NAB’s $250,000-per-person Financial Claims Scheme limit with your other NAB deposits. Opening extra Ubank Save accounts does not create extra FCS coverage.
It’s also regulated by APRA and ASIC — same oversight as the Big Four. App security covers biometric login, instant card freeze, and real-time fraud monitoring.
If you’re holding more than $250k, split it across multiple ADIs (separate banking groups) for full FCS coverage. The guarantee is per institution, not per account.
Honest pros & cons
What I love
- Genuinely easy bonus criteria (just $1 monthly growth)
- 6.25% p.a. introductory rate for eligible new customers; compare current alternatives and conditions
- Bonus interest paid on up to $1,000,000 (most caps are far lower)
- Zero international fees on the Spend card
- Multi-bank view — see all your other accounts in one app
- Backed by NAB; full FCS protection
- Withdrawals are allowed, but can cost the month’s bonus interest if net savings growth is not met
Where it falls short
- No interest is payable if the bonus-interest conditions are not met
- Welcome rate only lasts 4 months, then drops to 5.35%
- Ubank doesn’t reimburse foreign ATM operator fees (check any alternative bank’s current rebate terms)
- Compare the total conversion cost with Wise or Revolut; fees, plan limits and timing affect the result.
- No physical branches if you ever need cash deposit
- Welcome rate excludes anyone who held a Ubank account in the last 24 months
How to sign up
Whole process takes 5–10 minutes from your phone. You’ll need:
- Australian residential address
- To be 16 or older
- Valid Australian ID (driver’s licence, passport, or Medicare card)
- Australian mobile number
- Download the Ubank app.
- Start your application and enter referral code AFWLLL7 on the About you screen.
- Complete the identity checks requested in the app.
- Once your account is ready, add your digital card to a supported wallet if you want to use it.
- For the $30 signup bonus, make five eligible card purchases of at least $5 each that settle within your first 30 days.
Ready to switch?
Join Ubank — $30 signup bonus · code AFWLLL7
Don’t forget code AFWLLL7 at signup for the $30
Frequently asked questions
Final verdict
Ubank offers a competitive introductory rate and a larger bonus-interest balance limit than many accounts. The trade-off is the monthly net-growth condition: a withdrawal can mean losing the month’s interest unless you replace it and finish sufficiently higher.
Compare your existing rate, likely withdrawals and ability to meet the monthly conditions before switching. The headline rate only helps if you qualify for it.
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Rates and conditions verified against ubank.com.au.
Important information:
- The variable 6.25% p.a. welcome rate applies for up to four months from joining for eligible customers who have held no Ubank-branded product in the preceding 24 months. Monthly bonus-interest conditions still apply. The current ongoing rate is 5.35% p.a.
- Bonus interest payable on combined Save balances up to $1,000,000 when monthly criteria are met (hold a Spend account, grow combined Save balance by at least $1).
- $30 referral bonus requires use of code AFWLLL7 and 5 settled card purchases of at least $5 each within 30 days of account opening. The referrer also receives $30 once these criteria are met.
- International ATM operator fees may still apply (charged by the ATM owner, not Ubank).
- Ubank is a trading name of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
- This review reflects the author’s personal opinion and use of the product. MoneyHackHQ may earn a referral bonus when you sign up using the code.



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