HBL vs UBL: which bank is better for you?

On HBL vs UBL, neither bank wins on everything. Both pay individuals 10% a year on savings up to Rs 1 crore (October 2026) and both hold VIS’s AAA rating (June 2026). UBL is cheaper if you keep a small balance: under both banks’ July to December 2026 schedules, UBL cheque books are free, while most HBL accounts charge Rs 50 a month below Rs 40,000. HBL pays more on balances above Rs 1 crore and on one-year term deposits.

HBL vs UBL at a glance

Rates are from HBL’s sheet for 1 October to 31 December 2026 and UBL’s for October 2026, so they match for October 2026; UBL sets its rates month by month. Charges are from both banks’ July to December 2026 schedules and exclude tax unless marked. Bank figures are from VIS rating reports dated 30 June 2026.

HBL vs UBL: which pays more profit?

Up to Rs 10 million, they pay the same in October 2026: 10% a year for individuals. That is SBP’s minimum. According to an Allied Bank explainer (we couldn’t open SBP’s site), as of 15 September 2026 banks must pay individuals at least 10% on savings up to a Rs 10 million average balance.

The difference starts above Rs 1 crore, where the minimum no longer applies:

Both banks pay profit twice a year on their basic savings account (HBL PLS Savings, UBL Savings Account). For monthly profit, HBL has Mahana Amdan and Daily Munafa, and UBL has Mahana Aamdani, Urooj Savings and Zindagi, all at 10% up to Rs 10 million.

On the one-year term deposits we compared, HBL pays more. HBL Advantage paid 10.20% with monthly profit or 10.60% at maturity (1 October to 31 December 2026). On UBL’s October 2026 sheet, the Mahana Aamdani Term Deposit (monthly profit) paid 9.50%, Profit COD at maturity 9.00% (9.38% effective) and the regular term deposit 8.75% for one year. To compare more banks, see savings account profit rates.

HBL vs UBL: which is cheaper to run?

UBL, if your balance is small. Its July to December 2026 schedule lists free cheque books on all accounts, and its Mukammal current account has no minimum balance charge. UBL’s free debit card annual fee and free SMS alerts on Mukammal need a Rs 25,000 year-to-date average balance; the first card is always free.

HBL charges Rs 50 a month (including tax) when your monthly average balance is below Rs 40,000, on most current and savings accounts. Its PLS Savings, Conventional Current, Asaan and Basic Banking accounts are exempt. HBL’s free cheque books and branch SMS alerts on Freedom, Haryali and Conventional Current also need Rs 40,000.

Some charges are close. Branch SMS alerts cost Rs 325 a month at HBL and Rs 250 plus FED at UBL unless waived. A stop-payment instruction costs Rs 1,000 at HBL and Rs 600 at UBL, and a cheque returned for low balance costs Rs 1,000 at both. For more banks, see bank charges in Pakistan.

What are HBL to UBL transfer charges?

Sending money between HBL and UBL is an interbank transfer (IBFT). Under both banks’ July to December 2026 schedules:

• Free up to Rs 25,000 a month in total through the app, internet banking or ATM
• Above Rs 25,000: 0.1% of the amount or Rs 200, whichever is lower, including tax
• Raast: UBL lists transfers through Raast as free

At a UBL branch counter, an IBFT costs Rs 200. For how Raast works, see Raast.

HBL vs UBL Asaan account

The Asaan accounts are almost identical. Both hold up to Rs 3 million and allow Rs 1 million of withdrawals a month. Both are for resident Pakistanis opening their first account with that bank, one per CNIC.

So if you want an Asaan account that earns profit, UBL offers one and HBL doesn’t. For other banks, see Asaan account.

HBL vs UBL freelancer account

Both are rupee current accounts with no profit, opened with a dollar ESFCA (Exporter’s Special Foreign Currency Account). At both banks you can keep USD 5,000 a month or 50% of your foreign earnings, whichever is higher.

UBL’s page also asks for an export agreement or freelancer undertaking, with a PSEB certificate optional for tax relief. For other ways to get paid, see freelancer payment methods.

Is HBL or UBL safer and bigger?

Both are equally rated. VIS rates both AAA long-term and A1+ short-term (rating date 30 June 2026), its top grades.

• Deposits: at December 2025, HBL held Rs 5,230.8 billion, a 12.6% share of deposits, and UBL Rs 5,168.4 billion, a 10.9% share. By March 2026 the order had flipped: UBL Rs 5,394.4 billion, HBL Rs 5,071.2 billion.
• Branches: at December 2025, UBL had 2,009 branches in Pakistan, up from 1,474 a year earlier after Silk Bank was merged into it during 2025, and HBL had 1,715. VIS’s latest figures are 1,723 for HBL (March 2026) and 2,033 for UBL.
• Islamic banking: at December 2025, UBL ran 752 Islamic branches under UBL Ameen and HBL 608.

For every account at each bank, see HBL accounts and UBL accounts.

More guides: HBL credit cards, UBL credit cards, best bank in Pakistan, Bank Alfalah accounts, Money.