UBank
NAB's digital-only banking brand
Sydney, NSW24 Products TrackedRecently updated
5.35%
Best Savings Rate
5.59%
Lowest Home Loan
24
Products Tracked
Government Deposit Guarantee (FCS)
Deposits up to $250,000 per account holder are protected under the Financial Claims Scheme. This limit is shared across: NAB, UBank, Citi Australia.
About UBank
UBank is a digital-only bank operating as a division of National Australia Bank (NAB). Launched in 2008, UBank is headquartered in Sydney, NSW, and runs on NAB's banking infrastructure while maintaining its own brand identity and product range.
UBank is an Authorised Deposit-taking Institution (ADI) operating under NAB's APRA-regulated ADI licence. Other brands under the same licence include Citi Australia. RatePilot tracks UBank's savings accounts.
Deposits at UBank are protected under the Financial Claims Scheme (FCS) up to $250,000 per account holder, per ADI. Customers holding deposits at both UBank and NAB (or Citi Australia) should note that the FCS limit is shared across all brands under the same ADI licence.
Pros & Cons
✓ Strengths
- +Deposits protected under the Financial Claims Scheme (up to $250,000 per account holder)
- +Backed by NAB — one of Australia's Big 4 banks
- +Digital-only model with no branch overhead
- +No monthly account fees
✗ Considerations
- –$250,000 FCS limit is shared with NAB and Citi Australia (same ADI licence)
- –No physical branches — all banking is online or via the app
- –Only savings products tracked on RatePilot — no home loans, term deposits, or credit cards
Our Verdict
UBank is NAB's digital-only banking brand. It operates under NAB's APRA-regulated ADI licence, meaning FCS protection up to $250,000 per account holder is shared with NAB and Citi Australia. RatePilot tracks UBank's savings accounts.
Last reviewed: 10 February 2026
Recent Rate Changes
No recent rate changes recorded for UBank