Ubank markets itself as the bank for the ‘digital generation’. And arguably rightly so. It was the first digital-only bank to launch in the nation.

While it was developed by NAB and continues to operate under the big four bank’s banking licence, ubank offers no physical branches. That might put some customers off and entice others. The bank states that the fact it has no branches means its overheads are lower, allowing it to provider better rates than many of its peers.

Ubank also differs from other banks in the features it offers customers. For instance, they can connect accounts from up to 180 institutions to their ubank app, allowing them to see the breadth of their finances in one place. The app also sorts spending into categories and predicts upcoming reoccurring payments, like subscriptions and bills.

However, ubank doesn’t offer many of the products a person might have come to expect from a bank. It provides only savings accounts and home loans. It previously provided term deposits, but its term deposit and SMSF customers were migrated to NAB as part of its merger with former neobank 86 400 in 2022.