For many Australians, high-interest online savings accounts have been a reliable way to grow cash savings. ING and UBank, in particular, have been long-time favourites thanks to competitive rates and easy digital access.
But both banks have recently introduced stricter bonus interest criteria. While these accounts can still offer attractive returns, the conditions for earning the headline rate may not suit everyone.
ING Savings Maximiser: Only One Account Qualifies
ING’s Savings Maximiser remains popular, but only one account per customer qualifies for bonus interest.
For those who like to organise their money into multiple “buckets” – perhaps for a holiday, a new car, or a house deposit – this can be limiting. While this remains a sound strategy, only one of those accounts will receive the bonus rate. The rest will earn ING’s base rate, which is almost zero (0.05% p.a.)
In addition, savers need to meet ongoing conditions such as a $1,000 monthly deposit and a set number of card transactions. Missing one of these conditions in a given month means the bonus interest won’t apply for that period.
UBank Save Account: Balances Must Grow Each Month
From 1 October 2025, UBank will introduce a new requirement. To earn bonus interest, the combined balance across all of your Save accounts must increase by at least $1 each month.
At first glance, this appears straightforward, but it does mean that withdrawing funds, even for planned expenses like a holiday deposit, could affect your eligibility for bonus interest that month. Because the rule applies to the combined balance, this could also affect other Save accounts you’re holding for longer-term goals – such as your emergency reserve.
Why This Matters for Savers
Cash savings play an important role in many financial plans. They provide:
- Liquidity: quick access to funds when needed.
- Certainty: unlike investments, the balance doesn’t fluctuate with market movements.
- Confidence: knowing you have a cash buffer supports peace of mind and good decision-making.
If bonus criteria are difficult to meet consistently, savers may not achieve the return they expected. Over time, this can reduce the effectiveness of the account as part of a broader savings strategy.
Thinking Strategically About Your Savings
Selecting a savings account is about more than chasing the highest advertised rate. It’s worth considering:
- Flexibility: Will you need to dip in and out of your savings?
- Multiple goals: Do you want to keep funds separate for different purposes?
- Integration: Does the account fit well alongside your broader financial plan -including investments, superannuation, and retirement savings?
Often, a slightly lower headline rate with fewer conditions may deliver more consistent outcomes.
Losing just one month of bonus interest can cost you more than a slightly lower interest rate with fewer conditions.
What You Can Do Next
If you hold an ING or UBank account, it could be timely to review whether the structure still fits your savings needs. There are alternatives available that balance return, flexibility, and reliability.
At HPH Solutions, we help clients:
- Clarify the role cash savings play in their overall financial plan.
- Match savings strategies to specific goals.
- Review available account options considering both returns and conditions.
High-interest savings accounts can still be valuable, but the fine print matters. With criteria becoming stricter, it’s worth checking that your accounts still align with your goals – and we’ll help you with that.