Referral Revenue
UBank review: is it worth it?
UBank is NAB’s app-only digital bank. It’s quick to open, has no branches, and pays new customers a $30 bonus for a $2.50 deposit. Here’s what it’s like to use and who it suits.
UBank at a glance
| Owned by | NAB (National Australia Bank) |
| Accounts | Everyday (Spend) and savings (Save) accounts |
| Branches | None. Everything is done in the app |
| Deposit protection | Government Financial Claims Scheme, up to $250,000 per person (shared with NAB) |
| Sign-up bonus | $30 with referral code GTTYSX2 |
What’s good
- Opening an account takes about 10–15 minutes in the app
- Backed by one of the big four banks
- Works with Apple Pay, Google Pay and PayID
- A $30 bonus for a $2.50 deposit
What’s not so good
- No branches if you want help in person
- The savings bonus rate depends on meeting monthly conditions
- The $250,000 government guarantee is shared with any money you hold at NAB
Our verdict
A solid, no-fuss everyday account if you’re happy banking entirely from your phone. The $30 bonus makes it one of the easiest first sign-ups.
Get the UBank sign-up bonus: $30
UBank is an Australian digital bank. New customers who open an account with a referral code, deposit $2.50 and make five card purchases receive a $30 bonus.
UBank questions
Is UBank safe?
Yes. UBank is part of NAB and operates under NAB’s banking licence, so deposits are covered by the Financial Claims Scheme up to $250,000 per person, combined with anything you hold at NAB.
Is UBank a real bank?
Yes. It’s NAB’s digital bank. There are no branches, so everything is done in the app.
Is there a UBank promo code?
The sign-up bonus uses a referral code. Enter GTTYSX2 in the referral code field when you open your account.
Referral Revenue may receive a commission from the provider when you sign up through the links on this site. This does not reduce your bonus. This is general information only and not financial advice. Offer terms and amounts can change at any time, so check the provider's current terms before depositing. Cryptocurrency and share trading carry risk.