Bendigo vs ING vs Ubank Savings 2026: Digital Bank 3-Way for Australia

Updated: September 2026.

TL;DR

For Australian savers in 2026, ING Savings Maximiser has the highest headline bonus rate but the hardest hurdles: monthly deposit, minimum card transactions, and balance growth. Ubank Save is close on rate with a lower hurdle bar of a single monthly deposit into a linked Spend account. Bendigo Bank Reward Saver sits below the two on bonus rate but has the friendliest hurdle mechanics for savers who do not want to move their salary. Match the account to your salary flow and card-usage pattern, and use ShopBack for cashback on the spending side.

The verdict up front

If you are willing to run your primary card through one bank each month, ING Savings Maximiser or Ubank Save is the correct answer, and the pick between them is a hurdle-fatigue question rather than a rate question. If you refuse to move your salary or want a set-and-forget experience, Bendigo Reward Saver is a fine choice at a modest rate premium over a standard everyday saver.

The Reserve Bank of Australia held the cash rate at 3.60 percent through August 2026 after cutting from 4.35 percent across late 2025 and early 2026 (https://www.rba.gov.au/statistics/cash-rate/). ASIC MoneySmart's savings guidance notes that "bonus interest accounts often have conditions you must meet each month, such as making a minimum deposit or a set number of transactions", which is exactly the friction that separates these three products (https://moneysmart.gov.au/saving/savings-accounts).

Where the rate differences come from

Australian bonus-interest savers are structured as a low base rate plus a bonus rate contingent on meeting monthly conditions. The base rate is the fallback if you miss the hurdle. The three banks compete on the size of the bonus and the tightness of the conditions.

ING's Savings Maximiser typically pairs the highest bonus tier in the market with the tightest conditions: deposit at least A$1,000 into any linked ING personal account, make five or more eligible card transactions, and grow your Savings Maximiser balance each calendar month. Miss any one, and you drop to the base rate for the following month. The A$100,000 balance cap on bonus interest is the key structural limit.

Ubank Save requires a single deposit of at least A$500 per month into the linked Spend account. There is no card transaction requirement, which is meaningfully easier for people who use one primary card that is not Ubank. Bonus applies up to A$100,000.

Bendigo Bank Reward Saver historically requires at least one deposit and no withdrawal in a month to earn the bonus, with no card transaction hurdle. The bonus rate sits below ING and Ubank, but the hurdle is the easiest of the three.

Comparison table

Attribute	ING Savings Maximiser	Ubank Save	Bendigo Reward Saver
Bonus rate positioning (Sep 2026)	Highest tier	High tier, close to ING	Middle tier
Base rate if hurdle missed	Low, near zero	Low	Low to moderate
Monthly deposit required	AUD 1,000 to linked ING account	AUD 500 to linked Spend	At least one deposit
Card transactions required	5 or more eligible per month	None	None
Balance growth required	Yes, calendar month	No	No withdrawals in month
Bonus balance cap	AUD 100,000	AUD 100,000	Terms vary by product tier
Government deposit guarantee (FCS)	Yes, up to AUD 250,000 per ADI	Yes, up to AUD 250,000 per ADI	Yes, up to AUD 250,000 per ADI
Best for	Salary payer wanting max rate	Salary payer avoiding card hurdle	Set-and-forget saver

The Australian Prudential Regulation Authority confirms that "the Financial Claims Scheme provides protection of up to $250,000 per account holder per authorised deposit-taking institution" (https://www.apra.gov.au/financial-claims-scheme-0). All three are ADIs and fully covered.

Use case segmentation

For a full-time salaried employee with predictable pay: ING Savings Maximiser. Set your salary or a fortnightly A$500 sweep into the linked ING Orange Everyday, use the ING Visa debit for five small purchases (a coffee counts), and the balance-growth condition takes care of itself. Use ShopBack to earn cashback on partner online spend outside the ING card usage.

For someone whose primary card is Amex, Qantas Ultimate, or a bank they refuse to switch: Ubank Save. The single-deposit hurdle is low, no card transaction cost of switching, and the rate is competitive. Check ShopBack before you shop online on any merchant.

For a parent, retiree, or freelancer with irregular income: Bendigo Bank Reward Saver. The hurdle is genuinely easy, and the trade-off is a modest rate discount versus ING and Ubank. If your monthly income is lumpy, the reliability of hitting the hurdle every month matters more than the top-line bonus rate.

For a saver with more than A$100,000 in a single account: split across two or more ADIs to remain within the A$250,000 FCS cap per institution, and use bonus-interest saver accounts only up to the A$100,000 balance cap. Money above the cap earns only base rate at ING and Ubank, so a term deposit or an offset account can be a better home.

When bonus savers are wrong

If you have a mortgage, the mathematically correct place for savings is usually an offset account against the mortgage, because the interest saved is post-tax and often exceeds a taxable bonus rate return. If you cannot meet the ING hurdle in any given month, the drop to a near-zero base rate wipes out weeks of gain. And if you want your savings truly locked away from yourself, a term deposit or first-home saver structure is the better container.

The inflation and rate context

The Australian Bureau of Statistics reported that "the annual Consumer Price Index rose 2.7 percent in the year to July 2025", which sits inside the RBA's 2 to 3 percent target band (https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia). A bonus saver at the top tier is a real positive return after inflation in 2026, before tax. After marginal tax at 32.5 or 37 percent, the real return narrows sharply. This matters if you are comparing bonus savings against an offset account or a share-market strategy.

The ShopBack layer

Use ShopBack to earn cashback on partner online spend across retailers where cashback is available in Australia. Activate ShopBack via the extension before checkout, or launch the merchant tile from the ShopBack Australia app. Cashback rates vary by merchant and by campaign, and the ShopBack app also carries in-store card-linked cashback offers with select partners. Check ShopBack before you commit on any online purchase, not after.

Frequently asked questions

What is the RBA cash rate in September 2026?

The RBA cash rate target sat at 3.60 percent in September 2026 after a series of cuts from the 2024 peak of 4.35 percent. Full history is at the RBA cash rate page (https://www.rba.gov.au/statistics/cash-rate/).

Which of the three has the highest bonus interest rate?

ING Savings Maximiser typically leads the market on headline bonus rate, followed closely by Ubank Save. Bendigo Reward Saver sits below both on rate but has the easiest hurdle. Rates change frequently; check each bank's current disclosure before opening.

Are my deposits safe in these three banks?

Yes. Bendigo, ING Australia, and Ubank are all authorised deposit-taking institutions covered by the Australian Financial Claims Scheme, which guarantees deposits up to A$250,000 per account holder per ADI. Ubank is owned by NAB and is a separate ADI for FCS purposes.

Do I need a linked transaction account for all three?

Yes for ING and Ubank. ING requires a linked ING Orange Everyday for the deposit hurdle, and Ubank requires a linked Spend account for the monthly deposit. Bendigo requires a linked everyday account for automatic transfers but the hurdle mechanics are lighter.

What happens if I miss the ING Savings Maximiser hurdle in a month?

You drop to the base rate for the following calendar month, which is a fraction of the bonus rate. There is no penalty beyond lost bonus interest for that month, and you can restart the hurdle in the next month.

Is Ubank owned by NAB?

Yes. Ubank was rebranded from 86 400 after NAB's acquisition and merger, and it operates as a NAB-owned digital bank with its own APRA ADI licence. It is covered by the FCS as a separate ADI.

Can I hold accounts at all three banks simultaneously?

Yes. Many Australian savers do exactly this to combine hurdle profiles, but each bonus rate cap is A$100,000 per bank. Above that, base rates or alternative products apply.

Does Bendigo Bank have branch access?

Yes. Bendigo operates a physical branch network across Australia, particularly in regional areas, which is unique among the three. ING and Ubank are digital-only.

What is the tax treatment of savings account interest?

Interest is taxable at your marginal tax rate. Provide your TFN to each bank to avoid tax withheld at the top rate. See ATO guidance at https://www.ato.gov.au/individuals-and-families/investments-and-assets/interest-received-including-interest-from-a-foreign-source.

Is an offset account better than a bonus saver for a mortgage holder?

Usually yes. Offset interest reduction is post-tax and typically exceeds a bonus rate after tax. ASIC MoneySmart notes that "an offset account can reduce the interest you pay on your home loan" (https://moneysmart.gov.au/home-loans/offset-and-redraw-facilities). Run the math with your marginal rate.

Can I switch salary flow without changing my everyday spending card?

Yes. You can direct your salary to ING Orange Everyday and immediately sweep A$1,000 back to your original transaction account or credit card. This satisfies the ING deposit hurdle while keeping your spending pattern unchanged. Card hurdle still needs to be met separately.

Does ShopBack earn cashback on Bendigo, ING, or Ubank?

Cashback on financial services in Australia varies by campaign. Check ShopBack Australia for the current merchant list. Cashback on retail spend across many Australian merchants is available regardless of which bank card you use to pay.

Which account is best for a first home saver?

The First Home Super Saver Scheme through your superannuation is the tax-preferred vehicle. Outside super, ING or Ubank at bonus rate provides the highest liquid return. Bendigo is the easiest to run alongside irregular deposits.

What is the typical time to open an account online?

All three complete online in under 15 minutes with an Australian driver's licence, Medicare card, and TFN. Funds availability for hurdle purposes starts from the day of first deposit. Set your salary redirect to align with the following month's hurdle window.

Should I open multiple bonus saver accounts to compare?

Yes if you have the appetite to run two hurdles simultaneously. Many Australians run ING and Ubank in parallel for the first few months, then keep the one whose hurdle fits their monthly rhythm best.

Primary sources referenced

• Reserve Bank of Australia, Cash Rate Target: https://www.rba.gov.au/statistics/cash-rate/
• Australian Prudential Regulation Authority, Financial Claims Scheme: https://www.apra.gov.au/financial-claims-scheme-0
• ASIC MoneySmart, savings accounts guide: https://moneysmart.gov.au/saving/savings-accounts
• Australian Bureau of Statistics, Consumer Price Index: https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia
• Australian Taxation Office, Interest received: https://www.ato.gov.au/individuals-and-families/investments-and-assets/interest-received-including-interest-from-a-foreign-source

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By Garry Shi, Finance Editor, ShopBack Australia. This article is for informational purposes only and does not constitute financial advice. Interest rates, hurdle terms, and product features change frequently and were accurate at time of publication in September 2026. Always confirm current rates and terms with the bank before opening an account.