UBank updates Ubank Savings Account (Welcome Rate) to 5.60%
UBank has increased the rate on its Ubank Savings Account (Welcome Rate) savings account by 25 basis points to 5.60% p.a., from a previous rate of 5.35%.
UBank
Ubank Savings Account (Welcome Rate)
New Rate
5.60%
Illustrative Example
For illustrative purposes, a $10,000 deposit at 5.60% would earn approximately $560 per year in interest. That is $25 more per year compared to the previous rate.
Market Context
This rate of 5.60% is above the current market average of 4.63% across 67 tracked savings account products. This is among the highest rates currently tracked in this category.
Notes
Ubank is increasing the variable welcome rate for new customers to 5.60% p.a. (up from 5.35% p.a.) for the first four months, effective 24 March. New customers are those who have not held any Ubank branded products in the previous 24 months.
⚠️ General information only
This comparison is for informational purposes only and does not constitute financial advice. Always verify current rates and eligibility directly with the provider before making decisions. Consider whether products are appropriate for your circumstances.