Australia
activeFeaturedNeobank
- HQ
- Melbourne
- Fee
- Free
ubank
Division of NAB. Same ADI, same FCS $250k cap as NAB. Not a separate bank licence.
Legal entity: National Australia Bank Limited (ubank is a division)
Rate this app
7.4Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — Division of National Australia Bank Limited — ABN 12 004 044 937, AFSL and ACL 230686. Not a separate ADI (APRA / ASIC). Still read the entity on the statement.
If it fails?
ubank help: the Australian Government guarantees deposits up to $250,000 per person per ADI including ubank. NAB’s FCS page: NAB and ubank operate under the one banking licence, so the A$250,000 limit applies to the aggregate of eligible NAB + ubank balances. APRA’s FCS list names National Australia Bank Limited * Ubank as a trading name. Shared cap. Not Up. Not Judo.
Salary?
An NAB/ubank account can take an Australian salary. Confirm the BSB/account ubank issues.
Open from abroad?
Australian KYC. Not a tourist AUD mill.
Monthly fee
No fees from ubank on the homepage pitch — T&Cs apply
Account number
No IBAN-class local rail on this file.
NeoBankDBVerdict
Licence first · score second
7.4
/10 · Solid
ubank is a division of National Australia Bank Limited, ABN 12 004 044 937, AFSL and Australian Credit Licence 230686 — that line is on ubank’s own product footer. APRA’s FCS list files it as a trading name of NAB, not as its own ADI. NAB’s FCS page is blunt: one licence, so the A$250,000 cap is the aggregate of eligible NAB and ubank balances. Up sits on Bendigo. Judo is a separate SME ADI. Alex Bank is a separate ADI with a thinner product. If you already have $200k at NAB, ubank does not give you another $250k of FCS. That is the review.
What it is
Eighteen years of ‘digital NAB’. Directories still sell a startup charter. The ADI is NAB.
Best for: Australians who want NAB’s digital division and understand the FCS cap is shared with NAB.
Last checked 2026-09-03. Not advice.
What it does well
- +NAB ADI — not a fintech partner bank
- +FCS $250k named on ubank and NAB pages
- +No-fee pitch on the homepage
- +Spend + save + bills in one app
What to watch
- −Shared FCS cap with any NAB balances
- −Not a separate digital-bank ADI
- −Australia-resident
- −Home-loan SKU is NAB credit, not a neobank miracle
Legal entity, not the app icon
Who is behind it
- Legal name
- National Australia Bank Limited (ubank is a division)
- Parent
- National Australia Bank Limited
The product, not the brand colour
The account
- Platforms
- iOS · Android
- Account types
- Spend · Save · Bills · Shared · Home loan
- Partner bank
- National Australia Bank Limited (ubank is a division)
- Availability
- Australia
- Remote open
- Australian KYC. Not a tourist AUD mill.
- Onboarding
- ubank app — sign up in minutes on their homepage pitch.
- Salary / payroll
- An NAB/ubank account can take an Australian salary. Confirm the BSB/account ubank issues.
- Local rails
- NPP / PayTo / BECS via NAB
How money actually moves
- Who holds the cash
- Bank balance
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- visa · physical · virtual · Apple Pay · Google Pay
Licence first
Safety
ubank help: the Australian Government guarantees deposits up to $250,000 per person per ADI including ubank. NAB’s FCS page: NAB and ubank operate under the one banking licence, so the A$250,000 limit applies to the aggregate of eligible NAB + ubank balances. APRA’s FCS list names National Australia Bank Limited * Ubank as a trading name. Shared cap. Not Up. Not Judo.
Holder / issuer: National Australia Bank Limited
- APRA / ASICDivision of National Australia Bank Limited — ABN 12 004 044 937, AFSL and ACL 230686. Not a separate ADI · Australia
Fees
- Monthly
- No fees from ubank on the homepage pitch — T&Cs apply
- FX markup
- Not a travel FX specialist
- ATM
- Confirm live
- Interest
- Save rates are marketed live — confirm in-app
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- ✓Stocks
- –Business
- –Kids
- –Halal
- NAB ADI in an app
- Spend / Save / Bills / Shared accounts
- Home loans SKU
- FCS $250k shared with NAB
Before you tap Sign up
How to open
Step 1
Name the ADI
National Australia Bank Limited. ubank is a division. Shared FCS cap.
Step 2
Australian ID
Download the ubank app. KYC as asked.
Step 3
Add up your NAB balances
FCS is per ADI. NAB + ubank = one cap.
Official help: www.nab.com.au/about-us/corporate-governance/financial-claims-scheme
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 8.8
- Fees20%
- 8.4
- Features15%
- 7.6
- App15%
- 8.2
- Global15%
- 3.0
- Support10%
- 7.2
Change log
Full logSafety
ubank and NAB share one ADI and one FCS cap
NAB’s FCS page: NAB and ubank operate under one banking licence. A$250,000 is the aggregate. APRA lists Ubank as a NAB trading name.
Available in
Straight answers
FAQ
01Is ubank a bank?
ubank holds a banking-style licence (APRA / ASIC). Still read the legal entity on the statement, not the app icon.
02How is money protected?
ubank help: the Australian Government guarantees deposits up to $250,000 per person per ADI including ubank. NAB’s FCS page: NAB and ubank operate under the one banking licence, so the A$250,000 limit applies to the aggregate of eligible NAB + ubank balances. APRA’s FCS list names National Australia Bank Limited * Ubank as a trading name. Shared cap. Not Up. Not Judo.
03Where is ubank available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with ubank.
04Card and wallets?
visa · physical · virtual · Apple Pay · Google Pay
05Can I open ubank remotely?
Australian KYC. Not a tourist AUD mill.
06What is the legal name behind ubank?
National Australia Bank Limited (ubank is a division). Read the entity on the statement, not the app icon.
07Can I receive salary on ubank?
An NAB/ubank account can take an Australian salary. Confirm the BSB/account ubank issues.
08Does ubank have its own FCS cap?
No. NAB and ubank operate under one banking licence. The A$250,000 FCS limit is the aggregate of eligible balances at both.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
Full alternatives page
Judo Bank
Australia’s bank built for SMEs. APRA ADI. FCS $250,000 per account holder on its homepage.
6.8Mixed
activeFeaturedNeobankBusiness banking
- HQ
- Melbourne
- Fee
- SME banking / lending tariffs — confirm live. Not a free consumer app.
activeNeobank
- HQ
- Brisbane
- Fee
- $0 monthly or transaction fees on savings (when live) — loans have their own fees