ubank vs ING Savings Accounts (2026)
A side-by-side, data-driven comparison of two of Australia’s most-compared savings accounts, using live Open Banking rates (5 September 2026).
ubank
5.85%
- Rate typeIntroductory
- Base rate—
- ConditionsIntro rate
- Bonus cap$100,000
- FeeNo fee
ING
5.49%
- Rate typeBonus (conditional)
- Base rate0.01%
- ConditionsMonthly conditions
- Bonus cap—
- FeeNo fee
On the headline maximum rate, ubank leads today (5.85% vs 5.49%) — but the right pick depends on whether you can meet monthly conditions and how long you’ll hold the balance. ubank is an intro rate that reverts; ING requires monthly conditions.
ubank or ING: how they differ
The primary operational difference between the ubank Save account and the ING Savings Maximiser lies in the complexity of their monthly criteria and how each provider structures its headline interest rate. The ubank Save account relies on a single, straightforward condition: depositing a set amount each month into any linked ubank account. However, savers should note whether the current headline figure in the table above incorporates a time-limited introductory bonus for new customers alongside the ongoing bonus rate. Once an introductory period concludes, the applicable rate reverts to the standard ongoing bonus structure, which applies across a comparatively high balance cap.
By contrast, the ING Savings Maximiser is an ongoing conditional bonus saver that does not rely on introductory promotional tiers, but it enforces three distinct monthly requirements: depositing at least $1,000 from an external source, settling five or more eligible card purchases, and ensuring the savings balance is higher at the end of the month than at the start (excluding interest earned). Furthermore, ING caps its bonus interest tier at a lower balance threshold, typically around $100,000, with amounts above this cap earning a markedly lower standard rate. Any withdrawals that cause the closing balance to drop below the opening balance disqualify the account from the bonus rate for that calendar month.
Both providers operate under their own authorised deposit-taking institution (ADI) licences—ubank as a division of National Australia Bank Limited and ING as ING Bank (Australia) Limited—meaning eligible deposits are protected up to $250,000 per person, per ADI under the Australian Government Financial Claims Scheme. Because interest earned across both accounts is treated as taxable income at your individual marginal tax rate, and criteria or rates can shift over time, verify current figures and terms directly with each institution before opening an account.
Consider ubank if you prefer simpler monthly criteria requiring only a single qualifying deposit without card transaction or balance-growth hurdles, if you are depositing balances in excess of $100,000, or if you plan to make occasional withdrawals without automatically forfeiting your bonus interest for that month.
Consider ING if you intend to use the institution for daily transaction banking by regularly meeting the five-card-purchase rule, can consistently grow your balance each calendar month, and hold a total savings balance below the lower bonus threshold.
Frequently asked questions
Which account has easier monthly conditions to qualify for the bonus rate?
ubank has simpler qualification criteria, requiring only a single monthly deposit into an eligible account to activate the bonus rate. ING requires three separate actions every month: depositing at least $1,000, completing five settled card purchases on a linked transaction account, and ensuring the month-end balance grows relative to the previous month.
How do the two accounts handle withdrawals during the month?
ubank allows withdrawals without automatically penalising the bonus interest, provided the monthly incoming deposit condition is satisfied. ING requires the account balance to increase month-on-month; making a withdrawal that results in a lower closing balance than the starting balance means only the low base rate is earned for that month.
Can you hold both ubank and ING accounts at the same time?
Yes. Savers can hold accounts with both institutions simultaneously. Because ubank is backed by National Australia Bank and ING operates under its own Australian banking licence, eligible deposits in each institution are independently covered up to $250,000 per entity under the Financial Claims Scheme.