Ubank Review 2026: Get $20 Free + 5.1% Interest (Honest Review)

One of Australia’s best digital banks—here’s what you need to know

Limited offer: $20 bonus when you use code AFWLLL7

✓ Updated January 2026 ✓ 5.1% p.a. savings rate ✓ Zero international fees

⚡ Quick Summary

Sign-up bonus: $20 (use code AFWLLL7)
Savings rate: 5.1% p.a. (with $200/month deposit)
International fees: 0%
Monthly fee: $0
Our verdict: ⭐⭐⭐⭐ Excellent digital bank

Looking for a modern bank that fits your lifestyle? Ubank (formerly 86 400) combines smart technology with fee-free banking and one of Australia’s best savings interest rates. Plus, you can get a $20 welcome bonus using our exclusive invitation code.

In this review, I’ll break down everything you need to know about Ubank—the features, fees, interest rates, and whether it’s actually worth switching to in 2026.

Key Features at a Glance

Sign-Up Bonus	$20
Savings Interest Rate	5.1% p.a.*
International Transaction Fee	0%
ATM Fees	$0 (local & international)
Monthly Account Fee	$0
Minimum Balance	None

*5.1% p.a. rate requires $200+ monthly deposit. Base rate 0.10% p.a. Rates correct as of January 2026.

Get Your $20 Bonus →

How to Get Your $20 Bonus

Getting your $20 bonus is straightforward—no complicated requirements or minimum deposits:

Simple 4-Step Process

Download the Ubank app from the App Store or Google Play
Sign up and enter invitation code AFWLLL7 during registration
Complete 5 card purchases within 30 days (any amount—even 5× $1 coffees counts!)
Get $20 credited to your account automatically

💡 Pro tip: There’s no minimum purchase amount for the 5 transactions. Buy 5 coffees, 5 train tickets, or split your weekly groceries into 5 separate purchases. Easy $20!

Download the Ubank app to get started

What Makes Ubank Different?

Ubank (formerly known as 86 400) operates completely through their mobile app. The original name “86 400” came from the number of seconds in a day, representing their 24/7 digital banking approach. After being acquired by NAB in 2021, they rebranded to Ubank but kept all the features customers loved.

📱 Digital Banking Made Simple

Everything you need is right on your phone. No branches, no paperwork, no queuing. Just fast, modern banking that works around your life.

Smart Features You’ll Actually Use:

Real-time spending insights: See where your money goes with automatic categorisation
Multi-bank tracking: View all your accounts (even from other banks) in one place
Instant card controls: Lock/unlock your card from the app in seconds
PayID for quick transfers: Send money using just a phone number or email
All digital wallets supported: Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay
Instant notifications: Know immediately when money moves

💰 Impressive 5.1% p.a. Savings Rate

Ubank offers one of the highest savings rates in Australia. Here’s how it works:

Base rate: 0.10% p.a.

Applied to all balances automatically

Bonus rate: 5.0% p.a.

When you deposit $200+ per month

Total: 5.1% p.a.

What This Means for You:

Calculated daily, paid monthly
Applies to balances up to $250,000
No minimum balance required
$200 deposit requirement is easy: Salary, pension, or regular transfers all count

💡 Example: If you keep $10,000 in your Ubank Save account and deposit $200/month, you’ll earn approximately $510 in interest over a year. Compare that to the Big Four banks paying 0.05%—you’d only earn $5!

✈️ Perfect for Travellers

Save money when travelling abroad with zero international fees:

✓ What’s Free

International transaction fees (0%)
Foreign ATM fees (from Ubank)
Currency conversion markup
Card replacement overseas

⚠️ What You Pay

ATM operator fees (charged by the ATM owner, not Ubank)
That’s it!

Ubank uses Visa’s competitive exchange rates with no markup. For most travellers, this saves $50-200 per trip compared to traditional bank cards.

Instant tap-and-pay with all major digital wallets

Is Your Money Safe with Ubank?

Absolutely. Despite being digital-only, Ubank offers the same security and protections as traditional banks:

✓ How Your Money is Protected

Government guaranteed: Protected by the Financial Claims Scheme (up to $250,000 per account holder)
Regulated by APRA and ASIC: Same oversight as major banks
Backed by NAB: Owned by National Australia Bank (one of Australia’s Big Four)
Cuscal support: Banking infrastructure provided by Cuscal, a leading Australian payments provider
Advanced app security: Biometric login, encryption, instant card controls
Real-time fraud monitoring: Suspicious transactions blocked immediately

Your deposits are as safe with Ubank as they would be with CommBank, Westpac, ANZ, or NAB. The only difference is you access them through an app instead of a branch.

Honest Pros & Cons

✅ What We Love

✓
$20 bonus with code AFWLLL7
✓
5.1% p.a. savings rate (one of Australia’s highest)
✓
Zero international fees (transaction & ATM)
✓
No monthly fees whatsoever
✓
Easy-to-use app with smart features
✓
Multi-bank tracking (see all accounts in one place)
✓
NAB-backed (major bank security)
✓
All digital wallets supported

❌ Minor Downsides

✕
No physical branches (everything is app-based)
✕
Limited cash deposit options (need to use Australia Post)
✕
Requires smartphone for full functionality
✕
Interest bonus requires $200 monthly deposit

Who Should Choose Ubank?

✓ Great For:

Tech-savvy users who prefer mobile banking
International travellers wanting to avoid fees
Savers looking for high interest rates
Anyone wanting better money insights
People sick of bank fees
Digital nomads and frequent flyers

⚠️ Maybe Not For:

People who prefer face-to-face banking
Those who frequently deposit cash
Businesses needing branch services
Anyone uncomfortable with smartphone apps

How to Get Started with Ubank

Opening an account takes about 5 minutes. Here’s the process:

Step-by-Step Signup

Download the Ubank app from the App Store or Google Play
Sign up with your details and enter invitation code AFWLLL7
Verify your identity using your Australian driver’s licence, passport, or Medicare card
Start using your digital card immediately through Apple/Google Pay
Make 5 purchases within 30 days to trigger your $20 bonus

Eligibility Requirements

Australian citizen or permanent resident
At least 16 years old
Valid Australian ID (driver’s licence, passport, or Medicare card)
Australian mobile number
Smartphone (iPhone or Android)

Open Your Ubank Account →

Use code AFWLLL7 to claim your $20 bonus

Frequently Asked Questions

Is Ubank the same as 86 400?

Yes! Ubank was previously called 86 400. After being acquired by NAB in 2021, they rebranded to Ubank but kept all the features customers loved. Same great bank, new name.

How do I deposit cash without branches?

You can deposit cash at any Australia Post branch (fees may apply). Most Ubank users rarely deposit cash—they use direct deposits, PayID transfers, or BPAY instead.

What happens if I don’t deposit $200/month?

You’ll still earn the base rate of 0.10% p.a. on your savings. The $200 deposit requirement only affects the bonus rate. There’s no penalty—you just earn less interest that month.

Can I use Ubank as my everyday transaction account?

Absolutely! The Spend account works like any transaction account—salary deposits, bill payments, BPAY, direct debits, and everyday spending. Many people use Ubank as their primary bank.

How long does it take to get the $20 bonus?

The $20 is credited automatically after you complete your 5th purchase within 30 days of opening your account. Usually appears within 1-2 business days after the 5th purchase.

Is there a catch with the zero international fees?

No catch! Ubank genuinely charges 0% on international transactions. The only fee you might encounter is if an overseas ATM operator charges their own fee (this is standard with any card, not specific to Ubank).

Our Final Verdict

Ubank offers excellent value with its combination of zero fees, high 5.1% p.a. interest rate, and useful digital features. While it’s not quite our #1 favourite neobank (that spot goes to Up Bank), it’s definitely one of the top 3 options for Australians.

The $20 sign-up bonus and strong savings rate make it worth considering, especially if you travel internationally or want to modernise your banking experience.

Our Rating: ⭐⭐⭐⭐ (4/5)

Excellent digital bank with great rates and zero fees

Get Started with Ubank →

Don’t forget code AFWLLL7 for your $20 bonus

💡 Quick Tips for New Ubank Users

Enter the code during signup: Make sure you use AFWLLL7 when registering—you can’t add it later
Complete 5 purchases quickly: Even small transactions count (coffees, public transport, etc.)
Set up the $200 monthly deposit: Transfer your salary or set up automatic transfers to maximise interest
Link your other bank accounts: Use the multi-bank feature to see everything in one place
Enable notifications: Get real-time alerts for all transactions

Last updated: January 2026. All rates and features verified as of publication date.

Important information:

Interest rates subject to change. 5.1% p.a. rate comprises 0.10% base + 5.0% bonus (requires $200+ monthly deposit).
$20 bonus requires use of invitation code AFWLLL7 and completion of 5 purchases within 30 days.
International ATM operator fees may apply (charged by 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.
Full terms and conditions available at ubank.com.au
This review is based on features and rates available as of January 2026.

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