Savings comparison – Updated June 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.
Ubank is easier and pays a $30 signup bonus; ING has the higher ongoing rate if you hit every hoop.
Ubank in one card
- 5.85% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months.
- 5.10% p.a. Everyday Bonus Rate after that.
- Applies up to $1,000,000 across combined Save balances when criteria are met.
- $30 referral offer with code AFWLLL7 after 5 settled purchases in 30 days.
ING in one card
- 5.50% p.a. Savings Maximiser rate on one nominated account up to $100,000.
- Requires Orange Everyday setup.
- Needs a $1,000 external deposit, 5 settled card purchases and monthly balance growth.
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.
Current Ubank vs ING rates and signup offer
| Item | Ubank Save | ING Savings Maximiser |
|---|---|---|
| Top advertised rate | 5.85% p.a. Welcome Bonus Rate for eligible new customers, for up to 4 months. | 5.50% p.a. conditional variable rate. |
| Ongoing rate after intro | 5.10% p.a. Everyday Bonus Rate when criteria are met. | 5.50% p.a. if all monthly criteria are met. ING‘s current live rate service breaks this into 0.01% p.a. standard variable + 5.49% p.a. additional variable. |
| Balance cap for top rate | Combined Save balances up to $1,000,000 per customer. | One nominated Savings Maximiser account, up to $100,000. Amounts above that get the standard variable rate. |
| Monthly criteria | Have a Ubank Spend account and grow combined Save balances by at least $1 by month end, excluding bonus interest. | Hold Orange Everyday, deposit $1,000+ from an external source, make 5+ settled eligible ING card purchases, and grow the nominated Savings Maximiser balance. |
| Signup offer | $30 referral bonus with code AFWLLL7 after 5 settled card purchases within 30 days. The referrer also receives $30. | No MoneyHackHQ signup bonus. |
Ubank vs ING at a glance
| Feature | Ubank | ING | Winner |
|---|---|---|---|
| Top rate | 5.85% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months, then 5.10% p.a. Everyday Bonus Rate. | 5.50% p.a. conditional variable rate. | Ubank first 4 months; ING on ongoing headline rate under $100k |
| Bonus condition | Have 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 | Top 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. | No MoneyHackHQ signup bonus. | Ubank |
| 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 | You 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 |
Rates and bonus conditions
Ubank rate snapshot
- 5.85% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months.
- 5.10% 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
- 5.50% p.a. headline Savings Maximiser rate on up to $100,000.
- Made up of 0.01% p.a. standard variable plus 5.49% p.a. additional variable.
- Monthly rules: Orange Everyday, $1,000+ external deposit, 5+ settled eligible card purchases, and grow the nominated balance.
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.
| Balance | Ubank year one | ING full year | Practical read |
|---|---|---|---|
| $20,000 | About $1,070 interest: 4 months at 5.85%, then 8 months at 5.10%, plus the potential $30 signup bonus. | About $1,100 interest at 5.50%if you hit every hoop. | ING is roughly $30 ahead on interest; Ubank‘s $30 signup bonus can offset that in year one. |
| $100,000 | About $5,350 interest in year one, plus potential $30 signup bonus. | About $5,500 interest if you meet all criteria. | ING wins on pure rate under $100k if you never miss a month. |
| $250,000 | About $13,375 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 5.10%and 5.50%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.
- 5.85% p.a. for eligible new customers for up to 4 months.
- 5.10% 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 Up Bank for daily spending, Ubank for savings buckets, and keep ING only if the 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.
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?
Neither Ubank nor ING is automatically the perfect travel setup just because they can work overseas. If travel spending is the main job, compare them against Up Bank, Wise, Revolut and YouTrip. The best savings account and the best travel card do not have to be the same product.
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 card purchases in your first 30 days to qualify for the $30 offer.
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?
That is a strong simple setup: Up Bank for daily spending and travel, Ubank for savings.
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