The Best Bank Bonuses in Australia Right Now

Pick the account first, treat the bonus as a tip. Compare the cash reward, spending requirements and everyday features below.

At a glance

The three cash offers are listed by bonus amount, followed by YouTrip’s spending cashback. This is not a ranking of which account is best for you.

Each provider has its own residency, age and identity requirements. Read both the account eligibility rules and the specific offer terms.

2. Ubank — $30

Our first Australian account to compare if its features and monthly savings rules suit you.

Ubank is the digital arm of NAB, which matters for two reasons: your money sits behind the same government deposit guarantee as the big four, and the app is genuinely good rather than a fintech afterthought.

Offer periods change, so check Ubank’s current terms before you join. Both participants must be 18 or older. Returning customers who held any Ubank account other than a UhomeLoan in the previous 24 months are excluded. Here are the signup steps:

1. Download the Ubank app and start signup.
2. Enter referral code AFWLLL7 when prompted (this must happen during signup — you can’t add it later).
3. Verify your ID and fund the account.
4. Make five eligible card purchases of at least $5 each that settle within 30 days. Tap-and-go purchases count; direct debits and ATM withdrawals don’t.

Complete five eligible card purchases of at least $5 each that settle within the first 30 days. Generally allow around a month after eligibility is met to pay the referral reward.

Ubank’s Save bonus interest requires a Spend account and at least $1 growth across eligible Save balances each month, excluding interest. There is no fixed monthly deposit or savings card-purchase requirement.

Withdrawals can make you miss Ubank’s monthly balance-growth test. Keep the savings-interest rule separate from the referral offer’s five-purchase requirement.

3. Up Bank — $21 sign-up bonus

Secondary option for app-based budgeting.

Up may suit you if you like managing everyday spending and savings goals in an app. Its Australian account has no monthly service fee, and its Mastercard can be used overseas without an Up international transaction fee. ATM-owner charges can still apply.

Our Up invitation offers eligible new customers a $21 sign-up bonus after successful signup and identity verification. Choose the account for its features, and consider how the Grow & Flow savings rules fit your withdrawal habits.

For the full product breakdown, see my Up Bank review or the Ubank vs Up comparison.

4. YouTrip — cashback on overseas spending

A separate travel-wallet option if you already plan eligible foreign-currency spending.

YouTrip is a prepaid travel-money wallet rather than an Australian everyday bank account. Compare the final exchange quote and its spending and withdrawal rules before loading money.

YouTrip welcome offer checked 5 October 2026: eligible new Australian accounts can earn 4% cashback on qualifying non-AUD purchases for six months, capped at A$25 per calendar month. This is spending cashback, rather than an instant cash signup payment. Approval and transaction requirements apply; see the official welcome-offer terms.

If you do not need a travel wallet, a signup reward is a weak reason to create another account. Compare the product and account requirements first.

Wise, Revolut and YouTrip have different account roles, exchange costs and cash-withdrawal rules. Choose a second provider only when its features add something useful to your travel setup.

YouTrip

What about Revolut referral rewards?

Revolut’s Australian referral terms, checked 5 October 2026, describe rewards for the existing customer who refers someone, rather than the new customer joining. The amount, deadline and required steps are shown in the referrer’s in-app invitation. A referral link alone does not promise you a signup payment.

Compare the product’s fees and features separately from any reward. A temporary invitation does not establish which account is best for your needs.

See the Wise vs Revolut vs Up comparison for the product side.

When to skip the bonus entirely

A few situations where chasing a signup bonus is not worth it:

• You have an important financial application underway: discuss account changes with your lender or broker if you are unsure how they affect your circumstances.
• You won’t actually use the account. Dormant accounts attract identity-theft risk, occasional fees, and clutter. Keeping track of unused accounts takes time.
• You’d have to change your spending to hit the threshold. If five card purchases in 30 days means buying things you wouldn’t otherwise buy, you may spend more than the reward is worth.
• Keep records of rewards received and check the applicable tax treatment. Do not assume every bank will include a referral reward in the same statement.

FAQ

Can I claim more than one of these bonuses?

Potentially, if you independently meet each provider’s terms. ING’s $100 referral offer, Ubank’s $30 referral offer, Up’s $21 invitation and YouTrip’s spending cashback have different qualification steps. Check restrictions on combining promotions, particularly within the same provider.

What if I forget to enter the Ubank code at signup?

Enter AFWLLL7 during signup on the About you screen. If you miss it, contact Ubank before relying on a reward; do not assume it can be added later or restart an application without their guidance.

How long until the bonus arrives?

Do not rely on instant bonus payments. Generally allow around a month for Ubank after the eligibility criteria are met. Up’s bonus depends on the invitation, successful onboarding and its offer terms; check the app for status. Other programmes have their own payment timings.

Will any of these affect my credit score?

These products are transaction accounts or travel wallets rather than the credit-card offers discussed on some bonus sites. Check the provider’s application and identity-check terms; ask the provider about any credit enquiry if that matters to you.

Is the bonus taxable?

Keep a record of the payment and check ATO guidance or ask a registered tax agent about the offer and your circumstances. A small reward is not automatically exempt from tax.

Do I need to be an Australian citizen?

Citizenship is not the only eligibility test. Residency, age, visa status, address and accepted ID rules differ by provider, so check the account’s current application requirements.