Rabobank High Interest Savings Account vs ubank Save: Which account should you choose?
Seeking a competitive savings account ? Two digital options consistently offering leading rates on Mozo's database are the Rabobank High Interest Savings Account and ubank Save.
Both have strong appeal for savers – but the way they work differs significantly.
Let’s break it down.
Compare savings accounts side-by-side
The table that follows breaks down all the key features for both accounts. Read on for our big-picture analysis, including how to unlock each account’s full potential and what type of saver each is tailored for.
| Feature | Rabobank High Interest Savings Account | ubank Save |
|---|---|---|
|
Max rate
|
5.15% p.a. (introductory rate for new customers, first 4 months)
|
5.00% p.a. (introductory rate for new customers, first 4 months)
|
|
Base rate
|
3.70% p.a.
|
0.00% p.a. after bonus period
|
|
Ongoing bonus rate
|
None (base rate applies)
|
4.60% p.a. ongoing when bonus criteria met up to $1,000,000
|
|
Conditions for bonus rate
|
None (introductory offer applies automatically)
|
Deposit $500+ from an external account to your ubank Spend/Bills/Save account each month
|
|
Max cap for bonus interest
|
$250,000 (applies to base rate too)
|
Up to $250,000 then 3.00% p.a.
|
|
Linked transaction account
|
Any Australian transaction account for transfers
|
Yes – ubank Spend account required
|
|
Access
|
App, online banking
|
App, online banking access through Spend/Save account (new account can only be opened via app)
|
|
Joint savings accounts allowed
|
Yes
|
Yes
|
|
Monthly fees
|
None
|
None
|
How interest is earned
Both accounts offer highly competitive rates, but the way to unlock each’s top rate is quite different. Let’s have a closer look at how to maximise your return.
| Feature | Rabobank High Interest Savings Account | ubank Save |
|---|---|---|
|
Maximum variable rate
|
5.15% p.a. (introductory rate)
|
5.00% p.a. (introductory rate)
|
|
Balances earning max rate
|
Up to $250,000
|
Up to $1,000,000
|
|
Conditions to unlock max rate
|
New customers are eligible for the introductory offer
|
New customers are eligible for the introductory rate. To earn the ongoing 4.60% p.a., deposit at least $500 per month from an external source into your Spend, Bills or Save account
|
|
Interest if conditions not met
|
3.70% p.a. after introductory period
|
0.00% p.a. if monthly deposit criteria are not met
|
|
Interest on balances above max rate tier
|
Above $250,000 earns 3.00% p.a.
|
Above $1 million earns no interest
|
|
Linked account required
|
No – any Australian transaction account can be used for transfers
|
Yes – requires a Spend account
|
|
Suitable for…
|
Savers who want simplicity. A strong introductory rate of 5.15% p.a. with no ongoing conditions, plus a relatively strong base rate of 3.70% p.a. on balances up to $250,000, and 3.00% thereafter
|
Customers seeking higher longer-term rates. If you deposit $500+ externally each month, you can earn 4.60% p.a. on up to $1 million. The introductory rate (5.00%) also gives a short-term boost on large balances
|
What else to know
We've covered most of the major terms and how interest is earned, but before you decide, here are a few other points to keep in mind.
- Rabobank offers flexibility and no ongoing hoops. Simply open the account and your balance earns the interest automatically.
- ubank requires a monthly external deposit of at least $500 to maintain the ongoing rate; otherwise all interest stops.
- Both providers feature joint accounts, no monthly fees, and are protected by the Australian government deposit guarantee, the Financial Claims Scheme (FCS).
Rabobank High Interest Savings Account vs ubank Save: verdict
If you want an exceptional introductory interest rate with zero conditions, and prefer a low-maintenance product, Rabobank High Interest Savings Account is a standout.
If you can reliably meet the monthly deposit criteria and want higher ongoing bonus interest on large balances (up to $1M), ubank Save offers a better long-term return after the introductory period.
Ultimately, both accounts deliver excellent value – but your best choice depends on whether you prioritise simplicity or long-term earnings.
Note: The information in this article is correct as at 30 July, 2025.