Savings comparison – Updated September 2026
Ubank vs ING Australia 2026: Which Savings Account Is Easier to Actually Use?
Ubank and ING both offer serious savings accounts, but the better choice depends on whether you want simple monthly rules or you are happy chasing stricter bonus conditions.
The main trade-off: Ubank has simpler monthly savings rules and a higher eligible balance cap. ING has the higher ongoing headline rate for balances under $100,000 when its conditions are met. Compare each criterion below.
Ubank vs ING at a glance
Green: stronger on this criterionAmber: depends on the period No highlight means there is no single winner.
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| Feature | Ubank | ING | Winner |
|---|---|---|---|
| Top rate | First 4 months6.25% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months, then 5.35% p.a. Everyday Bonus Rate. | Ongoing rate5.75% p.a. conditional variable rate. | Ubank first 4 months; ING on ongoing headline rate under $100k |
| Bonus condition | Simpler requirementsHave a Spend account and grow combined Save balances by at least $1 each month, excluding interest. | Hold Orange Everyday, deposit $1,000+ externally, make 5+ settled card purchases, and grow the nominated balance. | Ubank |
| Balance cap | Higher capTop rate applies up to a combined $1,000,000 across Save accounts. | Top rate applies to one nominated Savings Maximiser up to $100,000. | Ubank |
| Signup offer | $30 bonus with referral code AFWLLL7 after 5 settled card purchases in 30 days. | Larger cash bonus$100 with code FCL865 when eligible: open Savings Booster + Orange Everyday and complete the offer steps by 30 November 2026. | ING on bonus amount; different qualifying steps |
| Best for | People who want a strong rate, easier rules, multiple Save buckets and a larger cap. | Disciplined savers under $100k who already use ING and will hit every monthly hoop. | Depends |
| Withdrawals | Slightly easierYou can withdraw during the month, but must still finish with combined Save balances at least $1 higher, excluding interest. | Withdrawals can break the monthly balance-growth rule unless you replace the money and still finish higher. | Ubank, slightly easier |
Ubank vs ING is not really a question of which bank has the prettier headline rate. It is a question of which bonus system you will actually satisfy every month.
That is why this comparison focuses on the practical stuff: deposit rules, spend hoops, withdrawal flexibility, app experience, and whether the account still makes sense once the first few months are over.
Rates move: Savings rates and signup offers are variable. Confirm the live product page before moving a large balance or opening a new account.
Rates and bonus conditions
Ubank rate snapshot
- 6.25% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months.
- 5.35% p.a. Everyday Bonus Rate after that.
- Applies on combined Save balances up to $1,000,000.
- Monthly rule: have a Spend account and grow combined Save balances by at least $1, excluding bonus interest.
ING rate snapshot
- 5.75% p.a. headline Savings Maximiser rate on up to $100,000.
- Made up of 0.01% p.a. standard variable plus 5.74% p.a. additional variable.
- Monthly rules: Orange Everyday, $1,000+ external deposit, 5+ settled eligible card purchases, and grow the nominated balance.
Meet ING’s eligibility conditions in one calendar month to receive the additional variable rate in the following month. Check the nominated account and balance limit too; completing a signup-bonus offer is a separate requirement.
Opening a new account? Savings Maximiser will no longer accept new applications from 1 December 2026. Existing customers can continue using their account. Check ING’s current savings range and the terms for the specific product you choose. Savings Maximiser conditions.
Plain English: ING can win by headline rate if your balance is under $100k and you reliably hit every hoop. Ubank wins on simplicity, the much higher balance cap, savings buckets, and the current $30 referral offer with code AFWLLL7.
Pick Ubank if
- you want a simple high-interest setup
- you dislike monthly card-spend hoops
- you want multiple savings buckets without much management
- you are already using Ubank as a backup to Up Bank
Pick ING if
- you are confident you will hit the monthly requirements
- you already use Orange Everyday
- you want a strong all-in-one everyday-and-savings setup
- you are happy tracking the grow-your-balance rule
What the rates look like in dollars
Here is the rough before-tax interest on a few balances if you hit the criteria every month. This is simplified and does not compound monthly, but it makes the trade-off clearer.
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| Balance | Ubank year one | ING full year | Practical read |
|---|---|---|---|
| $20,000 | About $1,130 interest: 4 months at 6.25%, then 8 months at 5.35%, plus the potential $30 signup bonus. | About $1,150 interest at 5.75%if you hit every hoop. | ING is roughly $20 ahead on interest; Ubank‘s $30 signup bonus can offset that in year one. |
| $100,000 | About $5,650 interest in year one, plus potential $30 signup bonus. | About $5,750 interest if you meet all criteria. | ING wins on pure rate under $100k if you never miss a month. |
| $250,000 | About $14,125 interest in year one if criteria are met. | Top rate applies only to the first $100k; the rest receives the standard variable rate unless placed elsewhere. | Ubank is the cleaner one-account option above $100k. |
The key point: for smaller balances, the difference between 5.35%and 5.75%is not huge in dollars. Missing one ING bonus month can matter more than the headline-rate gap.
My honest pick
My pick for most people: start with Ubank if you want low-maintenance savings. It is less clever, which is exactly the point.
- 6.25% p.a. for eligible new customers for up to 4 months.
- 5.35% p.a. ongoing after that.
- Up to $1M across combined Save balances.
- Code AFWLLL7 for the $30 signup offer after 5 settled card purchases within 30 days.
ING still deserves respect. If you like the Orange Everyday setup and you are disciplined enough to grow the balance every month, it can be a very strong savings account. I just would not make it the lazy default for someone who wants set-and-forget banking.
Three sensible ways to structure your savings
Low-maintenance
Use one high-interest savings account for emergency money and a separate everyday account for spending. This is where Ubank usually feels strongest because the monthly routine is simpler.
Optimiser
Use ING if you already meet the conditions and enjoy tracking the monthly rules. This can work very well, but it needs attention.
Split setup
Use Ubank for Australian everyday spending, overseas card payments and savings buckets. Compare Up if its budgeting tools suit you, and keep ING only if its bonus conditions fit your habits naturally.
I like separating daily spending from serious savings because it reduces accidental leakage. If the card you tap every day is attached to your main emergency fund, the friction is too low. A small transfer step can be useful.
How does ANZ Plus compare with Ubank and ING?
ANZ Plus has more than one savings product. Compare ANZ Plus Growth Saver with Ubank Save and ING Savings Maximiser if you’re choosing an account with monthly bonus conditions. ANZ Plus Flex Saver is a different product with tiered rates.
Rates and conditions checked 22 October 2026. Rates are variable; signup rewards are separate from savings interest.
| Account | Rate when eligible | Monthly requirement | Balance and missed-condition rules |
|---|---|---|---|
| ANZ Plus Growth Saver | 5.35% p.a.: 0.10% standard plus 5.25% bonus. | Grow the balance by at least $100, excluding interest. ANZ checks the effective balance on the last business day of the month. New ANZ Plus customers need a linked Everyday account. | Rate applies to the total Growth Saver balance. Without bonus eligibility, the standard rate applies. |
| Ubank Save | 5.35% p.a. ongoing. Eligible new customers joining from 9 October 2026 can receive 6.25% p.a. for up to four months on individual accounts. | Have a Spend account and grow combined Save balances by at least $1, excluding interest. | Interest applies on combined savings up to $1 million. No interest is paid when bonus conditions are missed, or on the portion above $1 million. Shared-account welcome terms can differ. |
| ING Savings Maximiser | 5.75% p.a.: 0.01% standard plus 5.74% additional variable. | Hold Orange Everyday, deposit at least $1,000 externally, make five settled eligible card purchases and grow the nominated savings balance, excluding interest. Qualifying in one month earns benefits the next. | Additional interest applies to one nominated account up to $100,000. The standard rate applies above the cap or without eligibility. New applications close from 1 December 2026. |
The practical difference is the routine: ANZ asks for $100 of balance growth; Ubank asks for $1 across your Save accounts; ING adds deposit and card-purchase requirements. Withdrawals can affect the growth test, so compare the month-end rules as well as the rate.
Check ANZ Plus rates and conditions, Ubank Save rates and conditions and ING Savings Maximiser conditions before applying. For the wider shortlist, use the current savings rates and monthly conditions tracker.
The monthly routine that avoids missed bonus interest
Whichever account you choose, create a routine you can run on the first few days of every month. Move the required deposit, check the bonus condition tracker, make any required card purchases early, and confirm the nominated savings account is on track.
The worst time to manage bonus-interest conditions is the final evening of the month. Card transactions can settle late, bank transfers can miss a cut-off, and one forgotten rule can cost you a month of interest. Automate what you can and set one recurring reminder for what you cannot automate.
ING monthly trap
Watch the grow-your-balance rule and the 5 settled card-purchase requirement. A withdrawal can mean you need to top up more than expected before month-end.
Ubank monthly routine
Keep a Spend account open, grow combined Save balances by at least $1 excluding interest, and avoid using savings like a daily transaction account.
Should you chase the highest savings rate?
Sometimes, yes. If two accounts are equally easy and one pays materially more, take the higher rate. But once the difference is small, reliability matters more. Missing one month of bonus interest can wipe out the benefit of chasing a slightly better headline rate.
I would move money for a better rate when the difference is meaningful, the account is reputable, and the bonus rules suit my existing cash flow. I would not move my emergency fund into a setup that depends on a complicated monthly checklist I am likely to forget.
Also think about your total balance. On a small balance, the dollar difference between rates can be modest. On a large emergency fund or home-deposit balance, it is more worth optimising. The right amount of effort depends on the amount of money involved.
What about travel and everyday spending?
Ubank is my starting point for Australian everyday banking and savings. Up remains an alternative if its budgeting features suit you; compare the account rules and fees before switching.
For a clean Australian setup, I would usually keep travel spending separate from savings. That way a lost card, hotel deposit or overseas ATM issue is not directly tied to your main savings balance.
How to switch without making a mess
If you decide to change savings accounts, do it in stages. Open the new account, move a small test amount, confirm interest settings, then move the larger balance after you understand the rules. Keep the old account open for at least one full cycle so you can catch any missed direct debits, linked accounts or salary splits.
I would not close a useful account just because it stops being the current winner. Banks change rates constantly. Having two already-verified savings accounts can be useful when one changes conditions, drops a rate or introduces a better offer for existing customers.
The tidy version is simple: salary into everyday account, automatic transfer to savings after payday, monthly reminder to check bonus conditions, and a separate emergency buffer that is not attached to your impulse-spending card.
Want the Ubank signup offer?
Open Ubank through the referral page, use code AFWLLL7, then make 5 eligible settled card purchases in your first 30 days to qualify for the $30 offer.
ING: $100 sign-up bonus
Open both a Savings Booster and Orange Everyday using referral code FCL865, then complete the following by 30 November 2026:
- Enter FCL865 during your application.
- Deposit a total of at least $1,000 from outside ING into your new Orange Everyday within a single calendar month during the offer period.
- Make five settled card purchases with your new Orange Everyday card within a single calendar month during the offer period.
You must not have held either Orange Everyday or Savings Booster since 1 July 2019, even if the account is now closed. The $100 is usually paid within 30 days of qualifying, although it can take longer. Your Orange Everyday must remain active and unrestricted for payment.
We may also receive $100 when you qualify. This one-off offer requires Savings Booster and Orange Everyday; it is separate from Savings Maximiser interest and its monthly conditions. Other promotions may not combine with this offer. Full offer details.
Common mistakes
- Chasing the headline rate without reading the monthly conditions. Bonus interest only matters if you can earn it repeatedly.
- Forgetting settlement timing. Card purchases or deposits can miss the month if you leave them too late.
- Moving all your money before the welcome period ends. Check what the ongoing rate becomes.
- Using one savings account for everything. Separate emergency, bills and goal money so withdrawals do not wreck your plan.
FAQ
Is Ubank better than ING?
For most low-maintenance savers, yes. ING can be excellent, but the monthly conditions are stricter.
Which is better for bonus interest?
Check the live rate on the day you move money. The practical winner is the account whose conditions you can hit every month.
Should I use Ubank with Up Bank?
For eligible Australians, Ubank is our first choice for overseas card spending. Eligible new Ubank customers can get $30 with code AFWLLL7: make five eligible card purchases that settle within the first 30 days. Both participants must be 18+; returning customers who closed all their Ubank Spend and Save accounts in the previous 12 months are excluded. Payment can take up to 45 days after qualification. Full Ubank offer terms. For international readers, start with Wise where the card is available; check eligibility for your country and local card, conversion and ATM fees. Up is optional if its budgeting features add something useful to your setup.
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