Honest Comparison · Updated September 2026
Ubank vs Up Bank 2026: Which Australian Digital Bank Actually Wins?
Used both since 2019. Here’s the honest verdict — with the rate changes most comparisons still get wrong.
Quick verdict
Ubank suits savers who can grow their balance every month: it offers 5.85% p.a. for eligible new customers for up to four months, then 5.10% p.a., with bonus interest on up to $1 million. Up’s ongoing Grow rate is higher at 5.35% p.a., but requires qualifying purchases and no withdrawals from that Saver. Choose based on which conditions you can reliably meet.
Choose Ubank if
You want Ubank’s welcome rate or larger eligible balance cap, and can maintain a Spend account and grow your combined Save balances by at least $1 each month, excluding interest.
Choose Up Bank if
You want the best banking app in Australia, joint accounts, the cleanest travel experience, or budgeting tools that work.
Up and Ubank: offer and account conditions
Up: ordinary Savers earn 5.35% p.a. Grow when untouched, up to the combined $250,000 individual Grow cap, or 2.00% p.a. Flow when accessed. First make five qualifying debit-card purchases in the calendar month; otherwise ordinary Savers earn 0.00%. The 2Up Grow cap is separate. Essentials earns 2.00% Flow without the purchase requirement until 28 February 2027. Up rates and conditions.
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.
Up invitation: The SCONS referral offer is up to $21, subject to the amount shown when you join. Complete signup and identity verification within the invitation’s terms; amounts and availability can change. Read the referral conditions before relying on a bonus.
Ubank Save: 5.10% p.a. ongoing bonus interest; eligible new customers can earn 5.85% p.a. for up to four months. Hold a Spend account and grow combined eligible Save balances by $1 per month, excluding interest, by 11:30pm Sydney time on the last day. Withdrawals can make you miss this test. Bonus interest is paid on up to $1 million per customer; offset-linked balances are excluded. Ubank savings conditions.
Ubank referral: the standard $30 offer currently covers eligible signups through 30 September 2026. Enter AFWLLL7 during signup; both people must be 18 or over. Five eligible card purchases must settle within the first 30 days. Payment can take up to 45 days after qualification. Returning-customer restrictions apply and differ from the savings welcome-rate rules. 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.
Ubank and Up Bank are the two best fee-free digital banks in Australia right now. Both charge $0 in monthly fees, $0 in international transaction fees, and pay savings rates that make the Big Four look like a bad joke.
After using both since 2019, they’re not interchangeable. The savings systems work very differently, the apps have different strengths, and each one suits a different type of person. Here’s what actually matters.
For a broader shortlist, start with the Banking & Travel Money hub and the best free bank accounts guide.
Disclosure: This comparison contains referral links for both banks. If you sign up through them, we both receive a small bonus. I use both and have no preference which you choose — the pros and cons are based on real usage since 2019.
The full side-by-side
| Ubank | Up Bank | |
|---|---|---|
| Welcome savings rate | 5.85% (4-month welcome) | No welcome rate |
| Ongoing savings rate | 5.10% Everyday Bonus | 5.35% Grow if untouched / 2.00% Flow if accessed, after qualification |
| Conditions to earn bonus | Hold Spend and grow combined eligible Save balances by $1/month, excluding interest | Make 5 eligible settled card purchases in the month, then leave that Saver untouched for Grow |
| If you withdraw | Only if combined eligible Save balances still grow by $1, excluding interest | Drops to 2.00% (Flow) that month |
| Rate cap | $1,000,000 | $250,000 individual Grow cap; separate $250,000 2Up cap |
| Savings accounts | Up to 10 Save accounts | Up to 50 Savers |
| Monthly fee | $0 | $0 |
| Int’l transaction fee | 0% | 0% |
| Card network | Visa | Mastercard |
| Joint accounts | Yes (Shared) | Yes (2Up) |
| Multi-bank tracking | Yes (140+ banks) | No |
| Backed by | NAB (Big Four) | Bendigo & Adelaide Bank |
| Sign-up bonus | $30 (code AFWLLL7) | $21 (referral link) |
Up/Ubank rates checked against official sources, 14 September 2026. Both rates are variable and subject to change.
At a glance: Ubank has the higher introductory rate and larger bonus-interest balance limit. Up has the higher ongoing Grow rate. Neither pays its headline savings rate automatically: Ubank requires monthly net savings growth and Up requires five qualifying purchases, plus no withdrawals from a Saver for Grow.
Savings rates: Ubank wins for most people
Both banks restructured their savings products in 2025, and the current shape favours Ubank significantly for most real-world savers.
Ubank: 5.85% welcome / 5.10% ongoing
5.85% p.a. for the first 4 months as a new customer, then 5.10% p.a. ongoing (from 12 May 2026).
Condition: hold a Spend account and grow your combined Save balance by $1 each month. No deposit minimum, no transaction count, no no-withdrawal rule. You can withdraw freely and still earn the full rate as long as you finish the month $1 higher than you started.
Up Bank: 5.35% Grow / 2.00% Flow
Up to 5.35% p.a. (Grow) on Savers you don’t withdraw from. 2.00% p.a. (Flow) on any Saver you withdraw from — for that entire month.
Condition: first make five qualifying debit-card purchases in the calendar month. Eligible Savers with no withdrawals earn Grow up to the cap. A withdrawal or outgoing transfer makes that Saver earn Flow for the entire month. Without qualification, ordinary Savers earn 0.00%.
What this looks like in practice — $20,000 saved for one year
| Scenario | Annual interest |
|---|---|
| Ubank — 5.85% for 4 months, then 5.10% | ~$1,070 |
| Up Bank — Grow rate (5.35%), no withdrawals all year | ~$1,070 |
| Up Bank — Flow rate (2.00%), for Savers you withdraw from | ~$400 |
| CommBank everyday saver (~0.05% — for context) | ~$10 |
The key difference is the test each bank applies. Ubank needs combined eligible savings to finish at least $1 higher, excluding interest; a withdrawal can make you fail that test and lose the month’s bonus interest. Up applies Grow or Flow to each eligible Saver after five qualifying purchases. The figures above are simple illustrations assuming constant rates and balances, all conditions met, no compounding and no tax.
Up’s workaround: split across multiple Savers
Up lets you create up to 50 Saver accounts. The strategy is to keep most of your money in “locked” Savers earning the Grow rate, with one separate “spending” Saver for money you might need. Withdrawing from your spending Saver only drops that Saver to Flow — the rest keep earning 5.35%.
It works, but it requires active management. Ubank’s “grow by $1 and forget about it” approach is significantly simpler and applies to balances up to $1M (Up caps at $250k).
Savings choice: Ubank can suit a growing balance and offers a larger interest cap. Up can pay more ongoing interest on eligible untouched savings. Accessing your emergency fund can reduce interest under either bank’s rules, so compare likely behaviour rather than the headline alone.
Fees & international use: tied
Both banks are genuinely fee-free for everyday use. Neither has a meaningful edge here.
| Fee | Ubank | Up Bank |
|---|---|---|
| Monthly account fee | $0 | $0 |
| International transaction fee | 0% | 0% |
| Overseas ATM (bank’s side) | $0 | $0 |
| Exchange rate | Visa exchange rate | Mastercard exchange rate |
| ATM operator fees overseas | Not reimbursed | Not reimbursed |
| Cash deposits | No cash or cheque deposits; fund by bank transfer or salary | Bank@Post with a physical card, where available; Post Office restrictions apply |
Both banks use widely accepted card networks: Visa for Ubank and Mastercard for Up. Acceptance is still determined by the merchant or ATM. Neither bank reimburses overseas ATM-operator surcharges under the standard accounts compared here.
For foreign-currency spending, compare the applicable Mastercard or Visa rate with the other provider’s live quote including conversion fees. A mid-market rate by itself does not establish the lowest total cost.
Fees winner: tie.
App & features: Up Bank wins
This is where Up justifies its existence even when Ubank leads on rate. The app is why Up has the following it does.
Up Bank — best app in Australian banking
- Up to 50 Savers, fully customisable with names & emoji
- Real-time push notifications faster than the receipt prints
- Round-Ups — auto-save spare change from purchases
- Pay Splitting — auto-distribute salary across Savers
- Locked & Hidden Savers — prevent impulse spending
- 2Up joint accounts (genuinely well-built for couples)
- Maybuy & Save Up 1000 savings challenges
- Bill detection & tracking via Regulars
Ubank — solid & clean, with one standout feature
- Multi-bank tracking — view 140+ external banks in one app (Up doesn’t have this)
- Up to 10 Save accounts
- Real-time spending insights with auto-categorisation
- Instant card freeze/unfreeze
- All major digital wallets — Apple, Google, Samsung, Fitbit, Garmin
- PayID for instant transfers
- Clean, fast, reliable
My honest take: Ubank’s app is good. Up’s is in a different category — it’s a money-management product that happens to be a bank. The 50 Savers + Round-Ups + Pay Splitting + Locked Savers combination genuinely changes how you relate to your money. But Ubank’s multi-bank view is the one feature Up doesn’t match, and if you have accounts at other banks it’s surprisingly useful.
App winner: Up Bank. Ubank’s multi-bank view is excellent. Up’s overall feature set is a level above.
Sign-up bonuses
Ubank: $30
For the standard Ubank $30 referral offer, enter AFWLLL7 during signup by 30 September 2026 and complete five eligible card purchases that settle within your first 30 days. Both people must be at least 18. Payment can take up to 45 days after eligibility is met. The referral rules exclude certain returning customers within 12 months; the savings welcome rate has a separate 24-month rule.
Up Bank: up to $21
Sign up via my referral link and get up to $21 once you complete identity verification. No purchase requirement for the Up bonus.
You can hold both accounts, but do not budget on receiving both bonuses. Ubank requires settled qualifying purchases; Up applies invitation-specific terms. Compare the accounts on their ongoing usefulness.
Why I use both — and how I split them
Here’s the actual setup after years of using both:
A practical split is to use one account for everyday spending and separate accounts for savings goals. With Ubank, make sure withdrawals do not prevent the required $1 monthly net growth. With Up, keep money you may need separate from eligible Savers you intend to leave untouched.
Which should you pick?
✓ Choose Ubank if you
- Want the best balance of rate, simplicity, and flexibility (5.85% welcome, $1 monthly growth condition)
- Can replace withdrawals and still grow combined eligible savings by $1, excluding interest
- Want a Big Four-backed bank (NAB) for peace of mind
- Have more than $250k in savings (Up caps the bonus rate there)
- Want multi-bank tracking in one app
- Check that your preferred digital wallet and device are supported before choosing a bank
✓ Choose Up Bank if you
- Want the best banking app in Australia
- Travel often and want destination-specific Savers
- Want joint accounts (2Up is the best joint product I’ve used)
- Can leave most savings untouched in Locked Savers
- Value Round-Ups, Pay Splitting, and savings challenges
- Are building savings habits and need the discipline tools
Frequently asked questions
Can I have both at the same time?
Yes, you can hold both accounts. They have no standard monthly account fees. Any referral bonus depends on the separate offer conditions and is not guaranteed merely by opening accounts.
What is Ubank’s current savings rate?
From 12 May 2026: Everyday Bonus Rate of 5.10% p.a. on balances up to $1M when you grow your Save balance by $1/month. New customers get a Welcome Bonus Rate of 5.85% p.a. for the first 4 months. Rates are variable.
What is Up Bank’s current savings rate?
Current Up variable rates are 5.35% p.a. Grow and 2.00% p.a. Flow. Ordinary Savers require five qualifying debit-card purchases per calendar month; Grow additionally requires no withdrawals from that Saver and is capped. A withdrawal makes Flow apply for the entire month, not just the remaining days.
What was 86 400 and how does it relate to Ubank?
86 400 was a separate neobank acquired by NAB. In May 2022, the 86 400 platform was merged into Ubank, combining both brands’ technology into the current Ubank experience. When this review refers to using the “Ubank/86 400 platform since 2019,” that covers the full history under both brand names.
What happens if I withdraw from an Up Saver?
After you qualify with five debit-card purchases, a withdrawal makes that ordinary Saver earn 2.00% Flow for the entire calendar month. Other eligible untouched Savers can still earn 5.35% Grow within the cap. Without the five purchases, ordinary Savers earn 0.00%.
Which is better for travel?
Both charge 0% international fees. Up has the better travel experience — notifications show both the foreign currency amount and the AUD equivalent in real time, and you can create destination-specific Savers (“Thailand”, “Japan”). Ubank works perfectly fine overseas, just without the travel-specific polish.
Will opening these accounts affect my credit score?
No. Both are transaction and savings accounts, not credit products. No credit check is performed, and opening either has zero impact on your credit score.
Are both safe?
Yes. Both are APRA-regulated ADIs covered by the Australian Government Financial Claims Scheme up to $250,000 per account holder. Up operates under Bendigo & Adelaide Bank’s licence; Ubank operates under NAB’s.
I’m a student — which should I get?
For a student, the better account depends on cash flow. Ubank requires monthly net savings growth; Up requires five qualifying purchases for ordinary Saver interest and no withdrawals for Grow. Up’s budgeting tools may help, while Ubank’s welcome rate is temporary. Both banks have account eligibility requirements.
Final verdict
Ubank offers a higher introductory rate and larger bonus-interest balance cap. Its savings-growth condition must still be met after withdrawals. Up offers a higher ongoing Grow rate for eligible untouched Savers.
Up Bank is still the better everyday banking app — 50 Savers, Round-Ups, Pay Splitting, and 2Up joint accounts are in a different league.
Choose the account whose savings conditions fit your habits. Holding both can separate spending from savings, but there is no need to open a second account solely for a conditional referral reward.
Rates and conditions verified against ubank.com.au and up.com.au.
Important information:
- Ubank Welcome Bonus Rate of 5.85% p.a. applies for the first 4 months for eligible new customers (no Ubank account in the previous 24 months), then reverts to the Everyday Bonus Rate of 5.10% p.a. Bonus interest is payable on combined Save balances up to $1,000,000 when the monthly $1 growth criterion is met. The Welcome Rate is made up of the Everyday Bonus Rate plus a fixed 0.75% margin — when the variable rate changes, the Welcome Rate changes with it.
- Up’s 5.35% p.a. Grow rate applies to eligible untouched ordinary Savers after five qualifying debit-card purchases in the month, up to the combined individual $250,000 Grow cap. A separate $250,000 cap applies to 2Up. Accessed eligible Savers and eligible amounts above the cap earn 2.00% Flow. Missing qualification means 0.00% on ordinary Savers; Essentials has temporary separate rules.
- All interest rates are variable and subject to change without notice.
- Ubank is a trading name of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
- Up is a banking service provided by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879.
- Deposits up to $250,000 per account holder per institution are protected by the Australian Government’s Financial Claims Scheme.
- This content is general information only and should not be considered personal financial advice. Consider your own circumstances before making financial decisions.
- MoneyHackHQ may earn a referral bonus when you sign up using the codes/links above.
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