Digital-first bank, Ubank, has launched a new savings-focused campaign titled 'Cheap Ad, for a Great Rate' aimed at appealing to young Australians seeking better financial solutions.

This move follows Ubank's recent announcement of an increase in its maximum bonus interest rate to 5.50% per annum on its Save product.

The campaign was produced in-house by Ubank's Studio team, using 'cheap' marketing tactics instead of large advertising spends. The storyline follows a social media manager using old-school marketing techniques to spread the message.

Research commissioned by Ubank revealed competitive interest rates (51%) and lower fees and charges (49%) are the top features that would encourage young Australians to switch banks.

"Ubank is fast becoming the bank of choice for customers who are digitally savvy, and want to make their money work harder for them. We’re listening to their preferences and we’re actively responding to what young Aussie customers want most from their banks, which is a competitive savings interest rate, zero account fees, and a simple and easy-to-use app. This customer value proposition has been pivotal in shaping the 'Cheap Ad, for a Great Rate’ campaign," said Ubank's Chief Product and Growth Officer, Andrew Morrison.

The campaign's creative approach is a departure from traditional banking advertisements.

"Whilst we would have loved to make a multimillion-dollar short film with an A-list celebrity spokesperson, CGI robots and massive action set pieces, a few crayons and a highlighter was more within our budget," said Callam Hanks, Ubank's Creative Director.

"Honestly though, the decidedly silly and ‘unbanky’ approach to the creative is part of ubank's overarching strategy to reach and engage with our audience. The contrast of a market leading rate in poorly scribbled crayon really works to focus on what matters most to our customers."

The campaign will be featured across various channels including social media, OOH Guerrilla & Distressed Transit Opportunities, Digital & Performance Advertising, and Audio Streaming. Ubank currently has around 7.6K followers on Instagram and is the most followed Australian bank on TikTok with 175,400 followers.

"We've really leant into the platform’s style and attitude to continue the campaign narrative across our social media channels. The ‘Cheap Ad, for a Great Rate’ campaign is not just about showcasing a leading interest rate; but about creatively redefining how ubank communicates our value and customer-centric philosophy," added Hanks.