Original ubank FAQs

Info on original ubank products

This FAQ is related to an original ubank product that new customers can no longer access. Head to our help centre if you want info about our current ubank products.

What’s withholding tax and when is it deducted?

Withholding tax is deducted from the gross amount of interest paid to you.
This automatic deduction only occurs when a valid Tax File Number (TFN) or TFN exemption code has not been provided.
In order to avoid withholding tax on joint accounts, both customers must provide a TFN or exemption code.