The Best Bank Bonuses in Australia Right Now

If you’ve read American personal finance blogs, you’ve seen the “open this Chase account, get $300” offers. Australia doesn’t work like that. ASIC rules, smaller market, fewer banks — the result is a bonus landscape measured in tens of dollars, not hundreds.

That’s fine. A clean $30 for opening an account you’d open anyway is still $30. The trap is opening five accounts you don’t need to scrape together $60 in bonuses, then forgetting about the dormant accounts and the inactivity fees.

So here’s the rule I use, and the rule this article follows: pick the account first, treat the bonus as a tip. Below are the three current offers that pass that test, ranked.

At a glance

All bonuses require Australian residency and standard 100-point ID verification. Bonus amounts can change without notice — the live signup screen is always the source of truth.

1. Ubank — $30

Best overall. Real bank account, simple terms, useful afterwards.

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.

The bonus mechanics are about as simple as Australian banking gets:

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 5 eligible card purchases within 30 days. Tap-and-go counts. Direct debits and ATM withdrawals don’t.

The $30 lands in your Spend account once the fifth purchase settles, usually within a couple of days.

Why I rank it first: the Save account pays competitive bonus interest (currently among the better rates if you deposit $200/month), there are no monthly fees, and overseas card spend has no foreign transaction fee on Visa Debit purchases. Even after the bonus, this is an account worth keeping. That’s not true for everything in this list.

Watch out for: the bonus interest tiers have monthly deposit requirements. If you treat Ubank as a dormant secondary account, you’ll get the base rate, not the headline rate.

Open Ubank with code AFWLLL7 →

2. Up Bank — $21

Best product. Smaller bonus.

Up is, in my opinion, the best everyday banking app in Australia. Real-time transaction notifications, automatic categorisation, “Savers” (sub-accounts) you can name and group, joint accounts that actually work, and a clean visual design that makes opening Commbank afterwards feel like time-travel.

The $21 invite bonus is small, but the qualification is the easiest on this list: open an account through a valid invite link, complete ID verification, done. No card-spend hurdle, no minimum balance.

Why it’s not first: the bonus is lower, and Up’s invite system is designed around genuine personal referrals rather than public promotion. The mechanics still work the same way, but if you’re choosing purely on dollars-per-minute, Ubank wins.

Open Up if: you want one primary everyday account, you live in your phone, and you want budgeting features built into the bank rather than bolted on through Pocketbook or a spreadsheet.

Skip Up if: you want the highest savings interest rate available — Up’s Saver rate is okay, not best-in-market.

Open Up with $21 invite →

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

3. YouTrip — $10 After First Top-Up

Best for travellers. Skip it if you never spend in foreign currencies.

YouTrip is the asterisk on this list. It’s not a bank account — it’s a prepaid travel-money card that lets you load AUD and spend in 150+ currencies at the mid-market rate, with no foreign transaction fees on the card itself.

The $10 signup bonus after first top-up is real and worth taking if the product fits how you spend money. If you travel even once a year, buy from international sites, or pay for overseas software in USD, the card pays for itself many times over the $10.

If you don’t, the $10 is sitting in a card you’ll never use, and you’ve added another KYC’d account to your life for no reason.

One nuance: Wise and Revolut do similar things. YouTrip’s edge is simplicity — there’s basically one feature (multi-currency wallet) and it works. Wise wins for international transfers; Revolut wins for stock/crypto sandboxing inside the app. I’d open YouTrip alongside one of those, not instead of.

Get $10 after first top-up with YouTrip →

Why Revolut isn’t on the list

I’m asked about Revolut constantly, so it’s worth addressing directly. As I write this in May 2026, Revolut Australia doesn’t have an active new-customer signup bonus that’s competitive with the three above. The referral campaigns come and go — sometimes there’s $20–$30 on offer, sometimes nothing.

If you want the product, Revolut is still a strong multi-currency app. But this article is about current bonuses, and right now Ubank, Up and YouTrip beat it. I’ll update this section if a meaningful Revolut offer goes live.

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

When to skip the bonus entirely

A few situations where chasing the $30 isn’t worth it:

• You’re applying for a mortgage in the next 3–6 months. Lenders look at the number of recent account openings and credit checks. The $30 isn’t worth a question on your application.
• You won’t actually use the account. Dormant accounts attract identity-theft risk, occasional fees, and clutter. The cleanup later costs more than $30 of your 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’re losing money to gain $30.
• Tax matters. Bank bonuses are assessable income in Australia — you’ll get a year-end interest summary that includes them. Not a reason to skip a $30 bonus, but worth knowing if you’re chasing dozens of them.

FAQ

Can I claim more than one of these bonuses?

Yes. Each is from a different provider with separate terms. Just open them one at a time, finish the qualifying steps, and don’t apply for a mortgage in the middle of it.

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

You’ll get the account but not the $30, and Ubank generally can’t add the code retrospectively. If you’ve already started signup without it, close the application before completing identity verification and start fresh.

How long until the bonus arrives?

Up’s $21 typically appears within a day of full verification. Ubank’s $30 usually lands within a few business days of the fifth qualifying purchase settling. YouTrip varies — check the in-app status.

Will any of these affect my credit score?

Opening a transaction or savings account in Australia generally doesn’t run a hard credit check, so no impact. Credit cards and personal loans do — but none of the three above involve credit.

Is the bonus taxable?

Yes, technically — the ATO treats bank signup bonuses as assessable income, similar to interest. For $30–$60 in total bonuses it’s unlikely to move your tax bill meaningfully, but declare it if you’re doing things properly.

Do I need to be an Australian citizen?

No — you need to be an Australian resident with an eligible Australian address and ID. Working holiday visa holders, permanent residents and citizens can all open these accounts.