Honest Comparison · Updated October 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.
Start with Ubank
Compare Ubank for Australian spending and savings. Save bonus interest requires a Spend account and at least $1 monthly growth across eligible Save balances, excluding interest.
Join Ubank — $30 signup bonus · code AFWLLL7- Both tested personally
- Real-usage notes
- Up/Ubank details checked 9 October 2026
- Quick verdict
- Full side-by-side
- Savings rates
- Fees & international use
- App & features
- Sign-up bonuses
- Why I use both
- Which should you pick?
- FAQ
Quick verdict
Ubank suits savers who can grow their balance every month: it offers 6.25% p.a. on individual Save accounts for eligible new customers for up to four months, then 5.35% p.a., with bonus interest on up to $1,000,000. Up’s ongoing Grow rate is 5.60% p.a., but requires qualifying purchases and no withdrawals from that Saver. Choose based on which conditions you can reliably meet.
Choose Ubank if
You want Ubank’s welcome rate or larger eligible balance cap, and can maintain a Spend account and grow your combined Save balances by at least $1 each month, excluding interest.
Ubank: offer and account conditions
Ubank Save: bank rates, conditions and retrieval date
Retrieved 5 Nov 2026, 20:28 GMT+0800. Bank product information
Ongoing: 5.35% p.a. on the first $1,000,000; 0.00% p.a. on the portion above $1,000,000.
Eligible introductory period (4 months): 6.25% p.a. on the first $1,000,000; 0.00% p.a. on the portion above $1,000,000. New-customer and monthly conditions apply.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 5.35%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- BONUS 0.00%: Everyday Bonus Rate Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.90%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
- INTRODUCTORY 0.00%: Welcome Bonus for eligible new customers. Only paid when Bonus Interest criteria is met. Rates on Shared accounts may be different. P4M
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Ubank referral: the standard $30 offer currently covers eligible signups. Enter AFWLLL7 during signup; both people must be 18 or over. Five eligible card purchases of at least $5 each must settle within the first 30 days. Payment can take around a month after qualification. Offer periods change, so check Ubank’s current terms before you join. Returning customers who held any Ubank account other than a UhomeLoan in the previous 24 months are excluded; the savings welcome rate has its own eligibility rules. Full referral terms.
Deposit protection: eligible Ubank deposits share NAB’s $250,000-per-person FCS limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
Choose Up Bank if
You prefer Up’s budgeting tools, app-based spending categories or 2Up joint-account features.
Up: offer and account conditions
Up Savers: bank rates, conditions and retrieval date
Retrieved 5 Nov 2026, 19:32 GMT+0800. Bank product information
Ongoing: 5.60% p.a. on the first $250,000; 2.00% p.a. on the portion above $250,000.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- VARIABLE 0.00%:
- BONUS 3.60%: Earn a total 5.60% on any eligible Saver when you make 5 or more eligible card purchases from your Everyday Account and no withdrawals are made from that Saver during the month. No monthly deposit required. MIN_PURCHASES 5 MAX_WITHDRAWALS 0
- BONUS 2.00%: Earn a total 2.00% on any eligible Saver you withdraw from during the month, when you make 5 or more eligible card purchases from your Everyday Account. MIN_PURCHASES 5
- BONUS 2.00%: This rate applies to the portion of your combined Saver balances above $250,000, when no withdrawals are made during the month and you make 5 or more eligible card purchases from your Everyday Account. MIN_PURCHASES 5 MAX_WITHDRAWALS 0
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Up Essentials Saver: bank rates, conditions and retrieval date
Retrieved 5 Nov 2026, 20:28 GMT+0800. Bank product information
Ongoing: 2.00% p.a. on the eligible balance.
Components below are supplied by the bank; bonus margins are not standalone total rates.
- VARIABLE 2.00%:
Variable rates may change. Balance tiers and combined-account caps apply; shared accounts and special cohorts can differ. Referral rewards are separate offers and are reviewed manually.
Up travel: no Up international transaction or ATM-withdrawal fee; ATM operators can charge separately. The card uses Mastercard’s exchange rate. Daily withdrawal limits still apply: the standard ATM cash-out limit is $1,000, subject to approved variations. Up currently advises allowing 15–20 business days for a physical card. Up travel information.
Deposit protection: eligible Up deposits share Bendigo and Adelaide Bank’s $250,000-per-person FCS limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
Using both: Separate spending from savings if each account’s conditions and features suit you. Skip to my actual setup ↓
Ubank is my first option to compare for Australian everyday banking and savings. Up is a secondary alternative for readers who prefer its budgeting features. Wise serves international transfers and multi-currency spending.
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 | Stronger on this criterion6.25% (eligible individual accounts, subject to the bank’s joining-date terms) | No welcome rate |
| Ongoing savings rate | 5.35% Everyday Bonus | 5.60% Grow if untouched / 2.00% Flow if accessed, after qualification |
| Conditions to earn bonus | Hold Spend and grow combined eligible Save balances by $1/month, excluding interest | Make 5 eligible settled card purchases in the month, then leave that Saver untouched for Grow |
| If you withdraw | Only if combined eligible Save balances still grow by $1, excluding interest | Drops to 2.00% (Flow) that month |
| Rate cap | Stronger on this criterion$1,000,000 | $250,000 individual Grow cap; separate 2Up cap; check bank |
| Savings accounts | Up to 10 Save accounts | Stronger on this criterionUp 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 | Stronger on this criterionYes (140+ banks) | No |
| Backed by | NAB (Big Four) | Bendigo & Adelaide Bank |
| Sign-up bonus | Stronger on this criterion$30 (code AFWLLL7) | $21 sign-up bonus through our Up invitation; eligibility applies. |
Up/Ubank rates checked against official sources, 9 October 2026. Both rates are variable and subject to change.
At a glance: Ubank has the higher introductory rate and larger bonus-interest balance limit. Up has the higher ongoing Grow rate. Neither pays its headline savings rate automatically: Ubank requires monthly net savings growth and Up requires five qualifying purchases, plus no withdrawals from a Saver for Grow.
Savings rates: compare the conditions
Compare the live rates below alongside the monthly conditions. Introductory offers depend on your joining date and account type; check the bank’s offer for your circumstances. A missed bonus month can outweigh a small difference in headline rates.
Ubank: 6.25% welcome / 5.35% ongoing
6.25% p.a. on individual Save accounts for eligible new customers, for up to four months; then 5.35% p.a. ongoing. The retrieval date is shown with the current bank data. Earlier welcome-rate customers and Shared accounts can have different welcome terms; check the app and offer terms.
Condition: hold a Spend account and grow your combined Save balance by $1 each month. There is no fixed monthly deposit amount or purchase count for this savings test. Withdrawals are allowed, but your combined eligible Save balance must still grow by at least $1, excluding interest, by the monthly cutoff.
Up Bank: 5.60% Grow / 2.00% Flow
Up to 5.60% 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: first make five qualifying debit-card purchases in the calendar month. Eligible Savers with no withdrawals earn Grow up to the cap. A withdrawal or outgoing transfer makes that Saver earn Flow for the entire month. Without qualification, ordinary Savers earn 0.00%.
What this looks like in practice — $20,000 saved for one year
Compare interest using current bank rates
Rates from each bank’s published dataCheck that you qualify for the rate. Combined-account limits include savings held outside this example.
Choose an account to see an estimate.
Simple interest before tax over 12 months, with a constant balance and today’s variable rates held unchanged. All monthly conditions are assumed met. Tiered rates are included. This does not account for fees, compounding, deposits, withdrawals, taxes or future rate changes; it is not a recommendation.
The key difference is the test each bank applies. Ubank needs combined eligible savings to finish at least $1 higher, excluding interest; a withdrawal can make you fail that test and lose the month’s bonus interest. Up applies Grow or Flow to each eligible Saver after five qualifying purchases. The figures use simple interest on an AUD$20,000 principal, assume unchanged rates and all conditions met, and exclude compounding, tax and the small deposits needed to meet Ubank’s growth test. The welcome period is modelled as 4/12 of a year; actual calendar days and rate changes affect the result.
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 5.60%.
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 $1,000,000 (Up has a separate combined Grow cap).
Savings choice: Ubank can suit a growing balance and offers a larger interest cap. Up can pay more ongoing interest on eligible untouched savings. Accessing your emergency fund can reduce interest under either bank’s rules, so compare likely behaviour rather than the headline alone.
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 exchange rate | Mastercard exchange rate |
| ATM operator fees overseas | Not reimbursed | Not reimbursed |
| Cash deposits | No cash or cheque deposits; fund by bank transfer or salary | Bank@Post with a physical card, where available; Post Office restrictions apply |
Both banks use widely accepted card networks: Visa for Ubank and Mastercard for Up. Acceptance is still determined by the merchant or ATM. Neither bank reimburses overseas ATM-operator surcharges under the standard accounts compared here.
For foreign-currency spending, compare the applicable Mastercard or Visa rate with the other provider’s live quote including conversion fees. A mid-market rate by itself does not establish the lowest total cost.
Fees winner: tie.
Up Bank: an alternative to compare
Up’s budgeting features are a separate reason to compare the accounts. The app is why Up has the following it does.
Up Bank: features and trade-offs
- 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
For the standard Ubank $30 referral offer, enter AFWLLL7 during signup and complete five eligible card purchases of at least $5 each that settle within your first 30 days. Both people must be at least 18. Payment can take around a month after eligibility is met. The referral rules exclude certain returning customers within 24 months; the savings welcome rate has a separate 24-month rule.
Who should compare Up Bank?
Up Bank remains an alternative for app-based budgeting; referral availability and eligibility can change. Up Bank
$21 Up sign-up offer · eligibility and referral details
Eligible new customers get a $21 sign-up bonus through our Up invitation after successful signup and identity verification. Complete signup within the invitation’s 14-day validity. We may receive a referral reward. Offer conditions apply.
Up Bank is a secondary choice for readers who want budgeting features such as Savers, spending categories and payment splitting. Its savings tests differ from Ubank’s balance-growth rule, so compare the account features and conditions you will actually use.
Why I use both — and how I split them
Here’s the actual setup after years of using both:
- Main savings & emergency fund
- Ubank Save
- Net savings growth (required for bonus rate)
- Ubank
- Everyday spending & travel card
- Ubank
- Goal-based savings (holiday, gear, etc.)
- Up Savers (Locked)
- International transfers
- Wise (separate tool)
A practical split is to use one account for everyday spending and separate accounts for savings goals. With Ubank, make sure withdrawals do not prevent the required $1 monthly net growth. With Up, keep money you may need separate from eligible Savers you intend to leave untouched.
Which should you pick?
✓ Choose Ubank if you
- Want the current 6.25% individual-account welcome offer, are an eligible new customer joining from 9 October 2026, and can meet the $1 monthly net-growth condition
- Can replace withdrawals and still grow combined eligible savings by $1, excluding interest
- Want a Big Four-backed bank (NAB) for peace of mind
- Have more than $250,000 in savings (Up caps the bonus rate there)
- Want multi-bank tracking in one app
- Check that your preferred digital wallet and device are supported before choosing a bank
✓ 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?
What is Ubank’s current savings rate?
What is Up Bank’s current savings rate?
What was 86 400 and how does it relate to Ubank?
What happens if I withdraw from an Up Saver?
Which is better for travel?
Will opening these accounts affect my credit score?
Are both safe?
I’m a student — which should I get?
Final verdict
Ubank offers an eligible introductory rate and conditional ongoing interest. Its savings-growth condition must still be met after withdrawals. Up offers Grow interest for eligible untouched Savers.
Up Bank is still the better everyday banking app — 50 Savers, Round-Ups, Pay Splitting, and 2Up joint accounts are in a different league.
Choose the account whose savings conditions fit your habits. Holding both can separate spending from savings, but there is no need to open a second account solely for a conditional referral reward.
Rates and conditions verified against ubank.com.au and up.com.au.
Important information:
- Ubank’s 6.25% p.a. Welcome Bonus Rate applies to individual Save accounts for up to four months for eligible new customers who have held no Ubank-branded product in the previous 24 months. It comprises the variable 5.35% Everyday Bonus Rate plus the eligible welcome margin for that joining cohort. Earlier joiners and Shared accounts can have different welcome terms. Bonus interest is payable on combined eligible Save balances up to $1,000,000 when you hold a Spend account and meet the monthly $1 net-growth test, excluding interest; after the welcome period the ongoing rate applies.
- Up’s 5.60% p.a. Grow rate applies to eligible untouched ordinary Savers after five qualifying debit-card purchases in the month, up to the combined individual $250,000 Grow cap. 2Up has a separate cap; check its own terms. Accessed eligible Savers and eligible amounts above the cap earn 2.00% Flow. Missing qualification means 0.00% on ordinary Savers; Essentials has temporary separate rules.
- 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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