Honest Comparison · Updated August 2026
Ubank vs Up Bank 2026: Which Australian Digital Bank Actually Wins?
Used both since 2019. Here’s the honest verdict — with the rate changes most comparisons still get wrong.
Quick verdict
Ubank wins savings for most people — higher welcome rate (5.85% for 4 months), easier conditions (just grow by $1/month), no penalty for withdrawing, and a cap of $1M vs Up’s $250k. Up Bank wins everyday banking — better app, better travel features, 50 Savers, and a joint account product that’s actually good. They’ve gotten more different over the past year, not less.
Choose Ubank if
You want the highest savings rate with the easiest possible conditions, or you need to dip into savings without losing interest.
Choose Up Bank if
You want the best banking app in Australia, joint accounts, the cleanest travel experience, or budgeting tools that work.
Ubank and Up Bank are the two best fee-free digital banks in Australia right now. Both charge $0 in monthly fees, $0 in international transaction fees, and pay savings rates that make the Big Four look like a bad joke.
After using both since 2019, they’re not interchangeable. The savings systems work very differently, the apps have different strengths, and each one suits a different type of person. Here’s what actually matters.
For a broader shortlist, start with the Banking & Travel Money hub and the best free bank accounts guide.
Disclosure: This comparison contains referral links for both banks. If you sign up through them, we both receive a small bonus. I use both and have no preference which you choose — the pros and cons are based on real usage since 2019.
The full side-by-side
| Ubank | Up Bank | |
|---|---|---|
| Welcome savings rate | 5.85% (4-month welcome) | No welcome rate |
| Ongoing savings rate | 5.10% Everyday Bonus | 5.35% Grow / 2.00% Flow (if untouched) |
| Conditions to earn bonus | Grow balance by $1/month | Don’t spend/withdraw from the Saver |
| If you withdraw | Still earn full rate | Drops to 2.00% (Flow) that month |
| Rate cap | $1,000,000 | $250,000 |
| Savings accounts | Up to 10 Save accounts | Up to 50 Savers |
| Monthly fee | $0 | $0 |
| Int’l transaction fee | 0% | 0% |
| Card network | Visa | Mastercard |
| Joint accounts | Yes (Shared) | Yes (2Up) |
| Multi-bank tracking | Yes (140+ banks) | No |
| Backed by | NAB (Big Four) | Bendigo & Adelaide Bank |
| Sign-up bonus | $30 (code AFWLLL7) | $21 (referral link) |
Rates verified against ubank.com.au and up.com.au, 12 June 2026. Both rates are variable and subject to change.
At a glance: Ubank wins savings for most people — easier conditions, a much higher cap ($1M vs $250k), no withdrawal penalty, and a strong welcome rate. Up’s ongoing Grow rate (5.35%) is actually 0.25% higher than Ubank’s Everyday Bonus Rate (5.10%) — but only on Savers you never touch, and only up to $250k. Up wins decisively on app quality, joint accounts, and travel features.
Savings rates: Ubank wins for most people
Both banks restructured their savings products in 2025, and the current shape favours Ubank significantly for most real-world savers.
Ubank: 5.85% welcome / 5.10% ongoing
5.85% p.a. for the first 4 months as a new customer, then 5.10% p.a. ongoing (from 12 May 2026).
Condition: hold a Spend account and grow your combined Save balance by $1 each month. No deposit minimum, no transaction count, no no-withdrawal rule. You can withdraw freely and still earn the full rate as long as you finish the month $1 higher than you started.
Up Bank: 5.35% Grow / 2.00% Flow
Up to 5.35% p.a. (Grow) on Savers you don’t withdraw from. 2.00% p.a. (Flow) on any Saver you withdraw from — for that entire month.
Condition: leave a Saver untouched and it earns Grow. Spend or withdraw from a Saver even once and that Saver drops to Flow (2.00%) for the rest of the month. Money you don’t touch keeps earning the full Grow rate.
What this looks like in practice — $20,000 saved for one year
| Scenario | Annual interest |
|---|---|
| Ubank — 5.85% for 4 months, then 5.10% | ~$1,070 |
| Up Bank — Grow rate (5.35%), no withdrawals all year | ~$1,070 |
| Up Bank — Flow rate (2.00%), for Savers you withdraw from | ~$400 |
| CommBank everyday saver (~0.05% — for context) | ~$10 |
The key difference: Ubank’s full rate applies whether you withdraw or not. Up Bank’s top rate only applies to Savers you never touch. If you need to dip into savings — an unexpected expense, moving money between goals — Ubank keeps your interest. Up drops that Saver to 2.00% for the rest of the month. Over a full year with no withdrawals the annual interest is actually tied at ~$1,070. Ubank wins on the welcome rate and the flexibility advantage.
Up’s workaround: split across multiple Savers
Up lets you create up to 50 Saver accounts. The strategy is to keep most of your money in “locked” Savers earning the Grow rate, with one separate “spending” Saver for money you might need. Withdrawing from your spending Saver only drops that Saver to Flow — the rest keep earning 5.35%.
It works, but it requires active management. Ubank’s “grow by $1 and forget about it” approach is significantly simpler and applies to balances up to $1M (Up caps at $250k).
Savings winner: Ubank for most people. Over a no-withdrawal year the two are line-ball on raw interest (~$1,070 on $20k — Up’s higher ongoing Grow rate roughly cancels out Ubank’s 4-month welcome boost). Ubank’s real edge is everything around the number: easier conditions, no withdrawal penalty, and a much higher cap ($1M vs $250k).
Fees & international use: tied
Both banks are genuinely fee-free for everyday use. Neither has a meaningful edge here.
| Fee | Ubank | Up Bank |
|---|---|---|
| Monthly account fee | $0 | $0 |
| International transaction fee | 0% | 0% |
| Overseas ATM (bank’s side) | $0 | $0 |
| Exchange rate | Visa rate (small spread) | Mastercard rate (small spread) |
| ATM operator fees overseas | Not reimbursed | Not reimbursed |
| Cash deposits | Australia Post | Bendigo / Australia Post |
The card networks (Visa for Ubank, Mastercard for Up) are accepted almost identically across the world. I’ve used both extensively across Southeast Asia and Europe without ever finding somewhere that took one but not the other. Neither bank reimburses foreign ATM operator fees — if that matters to you, ING is the only Australian bank that does.
Both also lose to Wise and Revolut on FX conversion if you’re spending serious money abroad — the Visa/Mastercard rates include a small spread vs the mid-market rate.
Fees winner: tie.
App & features: Up Bank wins
This is where Up justifies its existence even when Ubank leads on rate. The app is why Up has the following it does.
Up Bank — best app in Australian banking
- Up to 50 Savers, fully customisable with names & emoji
- Real-time push notifications faster than the receipt prints
- Round-Ups — auto-save spare change from purchases
- Pay Splitting — auto-distribute salary across Savers
- Locked & Hidden Savers — prevent impulse spending
- 2Up joint accounts (genuinely well-built for couples)
- Maybuy & Save Up 1000 savings challenges
- Bill detection & tracking via Regulars
Ubank — solid & clean, with one standout feature
- Multi-bank tracking — view 140+ external banks in one app (Up doesn’t have this)
- Up to 10 Save accounts
- Real-time spending insights with auto-categorisation
- Instant card freeze/unfreeze
- All major digital wallets — Apple, Google, Samsung, Fitbit, Garmin
- PayID for instant transfers
- Clean, fast, reliable
My honest take: Ubank’s app is good. Up’s is in a different category — it’s a money-management product that happens to be a bank. The 50 Savers + Round-Ups + Pay Splitting + Locked Savers combination genuinely changes how you relate to your money. But Ubank’s multi-bank view is the one feature Up doesn’t match, and if you have accounts at other banks it’s surprisingly useful.
App winner: Up Bank. Ubank’s multi-bank view is excellent. Up’s overall feature set is a level above.
Sign-up bonuses
Ubank: $30
Enter code AFWLLL7 at signup, make 5 settled card purchases within 30 days. $30 lands in your Spend account shortly after. New customers only (no Ubank account in the last 24 months).
Up Bank: $21
Sign up via my referral link and get $21 once you complete identity verification. No purchase requirement for the Up bonus.
💡 Stack them: Get both. Together that’s $51 for about 10 minutes of signups, and the accounts cost nothing to keep. There’s no rule against having both — they cover different jobs anyway. Here’s how I split them ↓
Why I use both — and how I split them
Here’s the actual setup after years of using both:
Why this works: Main savings sit in Ubank at 5.10–5.85% because I occasionally need to withdraw and don’t want to lose interest. Everyday spending goes through Up because the app is better, the notifications are instant, and the 50 Savers let me budget by category. Goal money goes into Up’s Locked Savers — out of sight, out of mind, still earning the Grow rate. Both accounts cost nothing to hold.
Which should you pick?
✓ Choose Ubank if you
- Want the best balance of rate, simplicity, and flexibility (5.85% welcome, $1 monthly growth condition)
- Need to dip into savings without losing interest
- Want a Big Four-backed bank (NAB) for peace of mind
- Have more than $250k in savings (Up caps the bonus rate there)
- Want multi-bank tracking in one app
- Use Samsung Pay, Fitbit Pay, or Garmin Pay (Up doesn’t support these)
✓ Choose Up Bank if you
- Want the best banking app in Australia
- Travel often and want destination-specific Savers
- Want joint accounts (2Up is the best joint product I’ve used)
- Can leave most savings untouched in Locked Savers
- Value Round-Ups, Pay Splitting, and savings challenges
- Are building savings habits and need the discipline tools
Frequently asked questions
Can I have both at the same time?
Yes. There’s no limit on how many Australian bank accounts you can hold, and both are free with no ongoing fees. You can collect both sign-up bonuses. Many people (me included) use both for different purposes.
What is Ubank’s current savings rate?
From 12 May 2026: Everyday Bonus Rate of 5.10% p.a. on balances up to $1M when you grow your Save balance by $1/month. New customers get a Welcome Bonus Rate of 5.85% p.a. for the first 4 months. Rates are variable.
What is Up Bank’s current savings rate?
From 22 May 2026: 5.35% p.a. (Grow) on Savers you don’t withdraw from during the month, on balances up to $250k. 2.00% p.a. (Flow) on any Saver you withdraw from that month. Rates are variable.
What was 86 400 and how does it relate to Ubank?
86 400 was a separate neobank acquired by NAB. In May 2022, the 86 400 platform was merged into Ubank, combining both brands’ technology into the current Ubank experience. When this review refers to using the “Ubank/86 400 platform since 2019,” that covers the full history under both brand names.
What happens if I withdraw from an Up Saver?
That specific Saver drops from the Grow rate (5.35%) to the Flow rate (2.00%) for the rest of the month. Your other Savers that you don’t touch keep earning the full Grow rate. The strategy is to keep savings in Savers you leave alone, and use a separate Saver for money you plan to access.
Which is better for travel?
Both charge 0% international fees. Up has the better travel experience — notifications show both the foreign currency amount and the AUD equivalent in real time, and you can create destination-specific Savers (“Thailand”, “Japan”). Ubank works perfectly fine overseas, just without the travel-specific polish.
Will opening these accounts affect my credit score?
No. Both are transaction and savings accounts, not credit products. No credit check is performed, and opening either has zero impact on your credit score.
Are both safe?
Yes. Both are APRA-regulated ADIs covered by the Australian Government Financial Claims Scheme up to $250,000 per account holder. Up operates under Bendigo & Adelaide Bank’s licence; Ubank operates under NAB’s.
I’m a student — which should I get?
Ubank, slightly. The $1/month growth condition is trivial to meet on a student budget, the 5.85% welcome rate is excellent, and the no-withdrawal-penalty rule matters when your balance fluctuates. That said, Up’s Round-Ups feature genuinely helps build savings habits. Getting both is the real answer — they’re both free.
Final verdict
Ubank wins savings for most people — better welcome rate, easier conditions, much higher cap ($1M vs $250k), and no withdrawal penalty.
Up Bank is still the better everyday banking app — 50 Savers, Round-Ups, Pay Splitting, and 2Up joint accounts are in a different league.
The smart play: get both. Use Ubank for savings, Up for spending. Collect both sign-up bonuses. That’s what I do.
Last updated: August 2026. Rates and conditions verified against ubank.com.au and up.com.au.
Important information:
- Ubank Welcome Bonus Rate of 5.85% p.a. applies for the first 4 months for eligible new customers (no Ubank account in the previous 24 months), then reverts to the Everyday Bonus Rate of 5.10% p.a. Bonus interest is payable on combined Save balances up to $1,000,000 when the monthly $1 growth criterion is met. The Welcome Rate is made up of the Everyday Bonus Rate plus a fixed 0.75% margin — when the variable rate changes, the Welcome Rate changes with it.
- Up Bank Grow rate (5.35% p.a., effective 22 May 2026) applies to Savers not spent or withdrawn from during the month, on combined balances up to $250,000. Flow rate (2.00% p.a.) applies to any Saver spent or withdrawn from that month.
- All interest rates are variable and subject to change without notice.
- Ubank is a trading name of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
- Up is a banking service provided by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879.
- Deposits up to $250,000 per account holder per institution are protected by the Australian Government’s Financial Claims Scheme.
- This content is general information only and should not be considered personal financial advice. Consider your own circumstances before making financial decisions.
- MoneyHackHQ may earn a referral bonus when you sign up using the codes/links above.
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