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Sign up with Code and Make 5 Eligible Card Purchases in 30 Days to Get $50 Bonus Deposit @ ubank (New Customers Only)


Went to the UNSW orientation week today, and a ubank purple-T-shirt dude handed me a promotion (despite me looking way older than an average uni student), but it's basically the same as this "Student Bonus Offer" on their website.

Student Bonus Offer
Score $50 and a chance to win!
$50 straight to your account and a shot at our awesome prize pool. Use the code STUDENT50 when you sign up and make 5 eligible purchases in your first 30 days.

There's also a competition attached to it. Basically a new account gets you a chance to win MacBook Air, iPhone 14 or Booktopia vouchers.

It's only available to new ubank customers. $50 is slightly better than the existing $30 referral offer (except the referrers). No where in the terms and conditions says that you need to be a student to take advantage of this offer.

Student Bonus Offer - Terms and Conditions

The offer is available to new customers where the following criteria are met:

  • They open a Spend and Save account using the relevant offer code before 31 March 2023, and
  • 5 eligible ubank Visa Debit card purchases (including digital wallets) are made within 30 days of opening the accounts on any of their Spend accounts.
    The offer is limited to one bonus payment per customer. Customers who were previously a ubank customer and closed their accounts within the past 12 months of opening their new Spend and Save accounts are not eligible for this offer.

The offer cannot be used in conjunction with any other offers (unless we determine otherwise).

Only settled card purchases are eligible to meet the offer criteria. This means we must wait until each card payment has been settled (no longer showing as “pending” in your transaction history) before you become eligible for the bonus payment. Each card purchase and transaction settlement must occur within 30 days of opening an account.

Eligible customers will receive a payment of $50 into their Spend account within a few days of fulfilling the offer criteria.

There are always a few people who will try to game the system, so here are some fair play conditions.

We retain the absolute right to refuse to pay or cancel an offer payment without notice to you. The reasons for us to refuse or cancel a payment may include, but are not limited to, if:

  • we believe that your access to the ubank app is or may be fraudulent.
  • we believe that you have threatened the security of ubank.
  • we believe you have breached any of the ubank General Terms.
  • we believe you are acting in bad faith.
  • we have closed your account.
  • your account contains unpaid charges or is overdrawn.

We also retain the absolute right to stop the offer at any time and to change the conditions or incentive of the offer.

Referral Links

Referral: random (1164)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Related Stores


closed Comments

  • +5

    I had some money in a ubank account, as their interest rate was pretty enticing.
    They were doing some "upgrades" to their pretty average app it was very flakey even being able to get in the app. I pulled my cash out and won't go back.

    • +10

      ubank is a division of NAB. I'd like to think my money will be save.

      • +8

        So save they might never let you spend it

        • +1


  • +9

    (despite me looking way older than an average uni student)

    Knowledge is not age limited.

    • +1

      You lose thousands of brain cells every day!

  • +1

    Wow. I only got $20 when I joined

  • +2

    Going to assume if we were an 86 400 member when Ubank acquired them (86 400) we aren't able to get this offer, even if our account has been closed?

    • Yep, I fall for it every time as I've never been with ubank.

  • +3

    thanks. signed up in under 5min. 2 x $50 bank bonus in a day.

    • Did you get bonus straight away.

      • no you need to wait

    • +1

      How did you get $100 in total?

      • +1

        this offer and also the imb bank offer.

    • how got 50 twice ??

  • +3

    I was with ubank for 10+ years but sadly it's gone to shit ever since the move to the new system - transfers randomly denied, hours of waiting on the phone, no response on social media either etc… there are plenty of recent negative reviews elsewhere on the web as well.

    They do have good interest rates though, you can decide whether it's worth the hassle.

    • +1

      That's the point I was making with my first comment. Part of NAB I don't care. When they changed systems it was horrific. Can't log onto the system and 90 minutes wait time to talk to someone. Too much of a headache for me.

    • +4

      I've been with them for 6-7yra, non-issues
      The new app/backend works better then the old one. They now have instant xfers. Never any trouble sending/receiving money.

      I've never had to call/contact them, so I can't comment that.

      Like @Hiphopopotamus said below, when they issued a new card a few months ago, I got $50 for using the card 3 times.

      • +1

        Me too, i got the $50 for using the new card previously too.

        Also never had any issues with them and amazed to find i can transfer money out and it go to my CBA account instantly, very happy with them and their interest rates.

      • +2

        They now have instant xfers.

        They do on the old app as well

        • It always took 1 business day for me to xfer in/out.

    • +4

      Ive been with them for 3 years now. Best neobank ive ever used. Their Support is actually very good and quick to respond. I smell bs on the hours of waiting on the phone, everytime ive called I talk to someone in less than 10 mins. Saved me alot of money with their ability to predict bills and connect other banks into app.

    • +3

      Bold of you to neg scotty hahaha

    • +1

      2 hours+ call wait time for me last month lol but it was for original ubank.

      I guess it’s because they transferred most of the staff to the new ubank.

    • Been with Ubank for three years and have had no issues what so ever. I can’t comment on support because I’ve never had to use it. Bold of you to neg this deal when it’s literally free money.

    • Legacy ubank was shit as they took forever to get osko or payid..

    • +1

      No issues with UBank on my end either moving from legacy to new. Was able to transfer a large amount of money (albeit over three days to stay under the $20K/day limit) without my account being blocked

    • 100% agree. The old original uBank app was pretty cool with some nice features, now it's just another useless app. The "upgrade" experience was more like car crash experience. Got denied access because apparently no one in their team thought of the situation where a same customer could have both the original uBank and 86400 accounts tied to the same email address. Took a few hours to get to someone on the phone with no resolution in sight. Luckily I was able to still login via browser and I took all my money out.

  • This wont work for me, it claims I have an account with my mobile number but I have never had a ubank account.

    • +12

      Welcome to Optus!

      • -3

        Optus got a new CEO on 1. April 2022
        sadly mentioning the gender is now prohibited….

    • Welcome to medibank 😏

  • +3

    I got a bonus $50 a little while back without issues, it was for existing customers though and 3 transactions.

  • +1

    despite the title "student bonus offer" it appears that it is open to all new customers australia wide

  • -1

    Is Ubank prone to hacking?

    Watched a news saying one guy lost all his money in Ubank and the bank said it was not their fault.

    • +5

      Yeah my partner's nephew's cousin's sister in law mentioned the same.

    • +2

      Some people lost their money in casino/crypto/mobile games and then told their partner it's all bank's fault.

  • I signed up on the app (iOS) and was no where to enter the code so I’ve sent them an email

  • Thanks OP, just signed up

    • Can you please share where (on what step on APP) did you enter referral code as I don't see the option to enter.

      • +2

        After you Enter your name and stuff. The Referral code option is just below Gender

  • +1

    Thanks OP. What's a good example of 5 eligible purchases spending as little as possible?

    • +5

      Bread, milk, chips, choc Bar, biscuits

      One, by one at the supermarket

    • +4

      Split payments of a quick sale at ColesWorth

  • +1

    Whoever negged the deal - bold move. Restpec

  • Noob question if anyone knows, what’s the relationship between the old 86400 and ubank? I know 86400 got acquired by NAB and got renamed to ubank. Is ubank (ex-86400) the same as ubank now?

    • +2

      ubank and 86400 were 2 different banks. Ubank was a direct bank (branchless) operating under the NAB license. 86400 was a neo-bank which was acquired by NAB and is being merged under Ubank. Though 86400 has taken the name as Ubank, the app being rolled out now is the 86400 app/design.

      • Thanks! Since it was a merge, then what happened to customers who previously had both ubank and 84600 bank accounts after the merge?

        • +2

          Well I am one of them. If you see my other post here my migration hasn't happened yet, not sure if it is delayed because of this though. I would assume they would just move the old ubank account as a new account under the existing 86400 account

  • Has anyone had their ubank migration invite sent out only to be told that the migration is on hold and will resume soon? I even received the new card, but haven't been informed of the migration resuming. Don't want to miss out on the $50 deal

  • It is obvious Ubank is looking to impose more conditions on it’s set and forget customers - all the more reason current customers should look to leave them now.

    • Why do you think this?

  • -2

    Damn it!! Just read “visa debit” … just made 5 purchases using savings.

  • -2

    Thanks OP, just got $50 back from IMB.
    Is there a dislike between the 2?

    • Ubank refused to transfer $50 to IMB twice.
      Then used Maquarie: Took 2 days to show up.

  • +1

    Split payment on a 0.75 bottle of water at Coles.

    • +3

      Noob. 15c bag

      • +1

        I don't need another bag though.

      • I bought 5 13c items to meet the ING terms!

  • what counts as an eligible transaction? is it just anything?

    • +1

      Yes, as long as it clears and you pay with Credit aka Visa Debit.

      • -1

        no clue what this means, if I order things online using card details, does that count?

  • +1

    Got my $50 today. Did 5 transactions yesterday 🙂

    Now to transfer it out and close the account.

    • Do the transactions have to be any amount like no minimum? I am going to sign up to this offer hopefully today.

  • +1

    Is it possible to get $30 using the referee reference link as well as obtaining the $50 sign up bonus?

  • It's been over three and a half hours since I sent money to uBank from Commonwealth Bank. Commonwealth Bank shows the money as sent, but uBank doesn't see it..

    • +1

      That’s CBA’s fault. 24 hour hold on new transfers

      • Looks like it. The money came threw this morning.

  • Got the $50 today. Thanks OP!

    Also not a student or in nsw

  • Thanks!

  • How long does it take to get the $50 ?

    I completed my 5 transactions on Tuesday and they all settled (not pending) on Wednesday.

    • Received early hours of Saturday.

      Thanks Scotty.

      • How long did it take for you to get your ubank card delivered?

        • Haven’t received the physical card yet.

          I was using Apple Pay.

          • @HardQuiz: Thanks for that. I might use Google Pay today to buy 5 things.

  • For valid transaction can I do the beem trick? (E.g. transfer myself between different bank accounts)

  • Just to update everyone I signed up to this deal on 8th Feb. I didn't buy anything until Sunday 12th Feb from Woolworths and paid with Apple Pay. Transactions moved from pending to completed on Monday 13th Feb. Sometime after 12am Wednesday I checked the app and the $50 showed up :)

    I have just then sent the $50 to my Commbank account and with OSKO it showed up instantly in my Commbank account.

    Thanks Scotty. Great deal :)

  • I'm still waiting for my card. Does anyone know how long it'll take to receive the card?

  • Cheers Scotty - made five $1 purchases at Woolies on Wed, got the $50 yesterday. Beautiful deal.

  • +1

    Got $50 today. Thanks!

  • +1

    damn i only joined 2 weeks ago

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