⭐ Editor's Choice — Top Rated Pick
Ubank Save & Spend (Backed by NAB)
📍 Available in: Australia
★★★★★ 4.9 / 5.0
Operating as the digital division of Big-Four giant National Australia Bank (NAB), Ubank offers the best risk-to-effort high-interest savings account in Australia. You earn 5.50% p.a. on balances up to $100,000 AUD (and 5.00% p.a. on balances from $100,000 to $250,000 AUD) across up to 10 Save accounts by meeting a single condition: deposit $500/month from an external account. Crucially, Ubank does NOT require any debit card taps and does NOT penalize you for making withdrawals.
Key Facts at a Glance
| Cost / Fee Structure | $0 |
| APY / Rewards Yield | 5.50% p.a. (Up to $100k) / 5.00% p.a. ($100k–$250k) |
| Minimum Deposit / Balance | Deposit $500/mo From External Account (Withdraw Anytime) |
| FDIC / SIPC / Regulatory Protection | $250,000 AUD Govt Guarantee (under NAB ADI License) |
| ATM Network & Rebates | Free Major Bank ATMs + 0% FX Fees Worldwide |
Pros & Cons
✓ Pros
- ✓You can automate a $500 monthly transfer in and transfer it right back out the next day and still earn the full 5.50% p.a.
- ✓Zero minimum debit card purchase hoops (unlike ING, Westpac, or BOQ)
- ✓0% international transaction fees on the Ubank Spend Visa Debit card
✕ Cons
- ✕Shares the same APRA $250,000 FCS government guarantee cap with parent bank NAB
- ✕No branch or Bank@Post physical cash deposit support
Key Features
5.50% p.a. Bonus Rate up to $100k (5.00% p.a. on $100k–$250k)Only 1 Monthly Hoop: Deposit $500/mo (Zero Card-Spend or Balance-Growth Rules)Unlimited Withdrawals Allowed Without Losing Your Monthly Bonus Interest0% Foreign Currency Conversion Fees on Visa Debit Purchases & Overseas ATMsDedicated "Bills Account" with Separate BSB/Account Number for Direct Debits
Compare Ubank Save & Spend (Backed by NAB) Side-by-Side
Not sure if Ubank Save & Spend (Backed by NAB) is the right fit? See how it stacks up against direct competitors: