They are offering 5.11%p.a. variable rate on their new USaver High Interest Savings Account.
About USaver
Get a great rate, and the flexibility to transfer your money anywhere, anytime - with USaver. You can even set up different Savings Buckets for each of your savings goals, track your progress & make regular contributions with an Automatic Savings Plan.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
that's an amazing deal!
how they calculate the interest? it doesn't mentioned on the website. Anyone knows?
Found it.
*How is interest calculated on a UBank USaver?
We calculate interest on the daily closing credit balance of your UBank USaver, up to and including the last day of the month. Interest is credited to your account on the last business day of each month (or at account closure).
Yep, great find!
no catch at all? something like monthly fee, minimum balance, etc?
I wish they also have some offer in moneybackco :D
Hello - Gerd from UBank here. We're glad you like our USaver. There are no fees at all, and no minimum balance. There's a maximum balance of $1million.
Speak soon,
Gerd
Might be a feedback for your superior. Offer us with $50 cash to join like bankwest and you will get more people to join for sure.
another feedback: able to use for bpay payment (I understand it will reach the goal longer).
lol i think he is the superior
http://secure1.ubank.com.au/ub/web/who-we-are/who-we-are-ove…
Gerd Schenkel is the general manager
seems to be the best interest rate around. Since it claims be part of NAB, would it be quicker if I transfer money from Usaver to my NAB account than to other banks? Considering to move money out of my NAB isaver account.
Hello - transfer from UBank to other banks and vice versa take the same time as transfers from UBank to NAB (although we share the same infrastructure)
Speak soon,
Gerd
Is the 5.11% a bonus promotional rate?
How long will it be this way if it is?
Finally, a high interest savings account that doesn't require you to link it to another account for withdrawals!
wow great rate, but because variable its probably high to attract new customers, before dropping to maybe 3% or so in a couple of months.
still if you can be stuffed signng up forms for a new account…
Hello there - you can always sign up for one of our term deposits to get a rate locked in. We increased those rates today.
Speak soon -
Gerd from UBank
Is the 5.11% a promotional rate?
Can you get a term deposit with this 5.11% rate or only the term deposit rates online?
Hello - we do not have different rates for new vs. existing customers, so this is the rate for all customers. As a variable rate, it can change and we review rates regularly, eg to adjust to market conditions.
Speak soon,
Gerd
Hi Gerd,
Do you pay infochoice to link to your product as they have an affiliate link? If so, could it be possible to offer that referral money as cashback to customers through moneybackco - www.moneybackco.com or buckscoop - www.buckscoop.com.au (i.e. accept them as your affiliates)? just a suggestion, as i think you will attract more people if you offer the money you pay to infochoice (if any) to the customers through these cashback sites…
Anyway, congratulations for such a good offer. I hope you will be that competitive for many years to come :)
Hello - we'll have to look into those. Thanks for the suggestion.
Gerd
+1 for moneybackco
I'm waiting for your approval to sign up :)
Hello - for now we've decided not to go with the cash-back sites. Whilst they are attractive to some customers, we prefer customers signing up for the product and service itself, rather than a cash bonus.
Speak soon,
Gerd
would like to know if deposit in this account under government garantee?
Yes, it is covered by the government guarantee.
http://secure1.ubank.com.au/ub/web/customer-help/government-…
Very nice just opened an account and its an online account that is actually all done online!! no snail mail needed at all and account opened instantly. the online ID check even alerted me to some lost super i've got lol
You can set up multiple linked accounts and use pay anyone up to $20k. ive got quite a few of these high interest accounts and none of them have those features..
excellent, will sign up then seeing as though it doesn't seem much of a hassle!
Thanks for the info spanky.Might join up if it is that easy
Hello, our current term deposit rates are 4.81%pa for 6 months and 4.91%pa for 12 months.
You can compare those here: http://secure1.ubank.com.au/ub/web/term-deposits/term-deposi…
Speak soon,
Gerd
I can confirm it's very quick to set up, and all done online
Can I have my salary deposit directly to USaver?
no
Yes. You get a BSB and Account number on application.
Yes, you can. It states this in the FAQs: http://www.ubank.com.au/ub/web/customer-help/about-usaver
"Yes… All you need to do is give your employer your USaver account name, BSB and account number, and they'll set this up for you."
Note the daily transaction limit of $20,000, for online withdrawals.
Phone withdrawals to other bank accounts has no limit.
I sure hope this isn't like that Raboplus offer that dropped from 7% to 4% in a few months…
So much for always high….
Yeah I know. The problem is Gerd also seems to be ignoring the questions about how long the rate is going to stay high. Knowing nab it will probably drop back to less than 3% in the next month or two.
Interesting point, but frankly if they do drop down move your money back. Take the interest while you can. Bankwest now sucks since its been taken over by CBA. While not a NAB fan, so far Ubank has shown its prepared to increase its TD rates whereas CBA, BW Rabo and the others have all been lowering them. So Ubank have gone the other direction.
Now Usaver is a new product but given the TD track record it does look hopeful. And they do seem to have a better customer focus than the others. Not often do we see the head of a bank or division here on OzB
Hello there -
I've said what I can about the rates: it's a variable rate, so there's no fixed rate period that is promised.
UBank pricing is independent from NAB pricing, so whatever your impression of NAB pricing, it may not be relevant for this question.
The good thing is: the moment you don't like the USaver price, you can move your money out, so there really isn't much of a risk :)
Also, in the 11 months we've been in the market, our pricing has been very competitive. That should give you some comfort of our integrity.
Speak soon,
Gerd
term deposit rates are pretty good,
how do you get the term deposit advantage rates?
Awesome signed up. Will use this instead of Commbanks crappy rates.
Gerd
Nice one congratulations
Thanks ozpete !
One thing dont understand" why NAB wants set up a separate bank - ubank, not keep it as part of it's own product??? any catch?? still remember the " david jones xmas pty ltd"
Hello - no catch. But you can't use NAB's branches with UBank, neither can you access NAB products through UBank. So, UBank can pass on the cost savings to its customers.
Speak soon,
Gerd
Most bizarre reason for a -'ve I've seen yet.
Commonwealth Netbank Saver; 2.75%
Ubank: 5.11% + .1% = 5.21%
Just set up an account and put $5k in there. If the rates stay high, I'll move my accounts across methinks. Will be watching their daily rates with a keen eye.
Great deal!
done deal - thanks for that
someone told me about ” david jones xmas pty ltd”, It was sadi to be backed by David jones, but when things went wrong. DJ didnt do much.
So, Ubank - NAB??? I hope it's not the same.!
Hello - UBank is a division of NAB and part of the same legal entity. So, depositor protection with UBank is same as with NAB.
Trust this helps, speak soon,
Gerd
Gerd,
Could you please improve the security login?
by entering email as a username and a password, I don't feel it is secure enough.
It is a good rate but I want my money secure as well.
Thanks and looking forward to moneybackco or promotion $50 or $100 cash to join.
I am also really concerned about the username and password login system…
Folks, just wondering, how is this different from other banks internet login processes?
The login gives you the ability to change your email address so it's like personally selecting any ID - you can make it as tricky as you want. The only thing I see they don't use is a separate token device to generate another number for verification (obviously this would cost them more) and the NAB doesn't use that either.
Some banks using key fob so there is an added security or other banks after login using THREE questionnaires or using virtual keyboard to enter pin/password. So at least if a person knows the email/login id and password, on the next step he/she needs to enter the key fob provided by the bank or answer questionnaires that you specified the questions.
I don't know your bank but all my banks have different security added on top of the login and password.
@surat: if you sign up your mobile number, you can move money with a verification system.
whenever I do something, I have to wait for an SMS with a verification code to continue.
if someone does manage to hack into your account, they'll physically need your mobile to ship money out :)
@jashjash: Correct - in order to ensure your money is as safe as possible we have installed SMS based "second factor authentication". That means that even if anyone was to get your password and login, they couldn't do any "high risk" transaction without your phone. These include, for example, withdrawals, address changes and the-like
Speak soon,
Gerd
@ggschenkel: Yes, I just experienced it so it is safe to withdraw or change something but hopefully no one can enter and using my details for something else :) Thanks Gerd and Ubank.
edit:
Hmm, just opened a St George Direct Saver because of the $31 cashback from moneybackco.
If this deal had a cashback offer on it, I'd definitely open it but without it, I'm not going to bother.
Stix
You give it way LOL
If the only thing to get you to start is the cashback, then you probably don't have much to invest. If you did then the extra interest would make it worthwhile investing regardless.
lol, perhaps UBank aren't targeting people who don't have much money to invest?
Yeah, that's what I figured…I don't have heaps but I figured that the 0.7% extra interest wouldn't be worth the time. I think the St George rate stays at 4.5% for only 4 months then goes back down to the variable rate (I think 3.2% currently) so I might sign up for this in a few months
:) pick up as many cashbacks as possible ;) then deposit them at the higher rate with ubank maybe :P
can we setup autodebit from our electricity credcard gas phone etc from this account?
I can't apply for USaver online despite current Ubank customer
"We can't process your request at the moment. Please try again later. If you continue to experience problems contact UBank on 1300 822 660 (or +61 2 8756 0855 if you're overseas"
Does anyone has similar problem???
Hello - sorry you've had this problem. It's the first time a customer has raised this. Without details, there could be a variety of reasons for this. Easiest thing would be to try again, or if you prefer email us with your real name / phone number on [email protected] (or directly to me at [email protected]) and we'll call you back to discuss. Ensure not to put any login or account specific information in the email for security reasons. We will identify you properly when we call you back.
Speak soon,
Gerd
This is a great rate, I have a couple of these accounts, initially I opened one with ING Direct back in 2001 and have moved money around a bit to chase the best rate. The ability to transfer money to any account via pay anyone is a real plus. I agree it is a bummer when you open one of these and the promo rate lasts a few months or the great initial rate to entice you drops in line with everyone else. Thanks to Gerd as well for posting here and answering questions, great to see.
Gerd,
I'm using Mozilla Firefox as my web browser. I have just signed up and logged onto my account. In the security settings I noticed the website is only partially encrypted.
Other banking sites have a noticable "lock" icon on the task bar, whereas ubank does not.
Is this a problem?
Jamie I think they have some pictures that aren't encrypted I wouldn't enter details on a page like that…
Their system is not 100% secure — the secure certificates cannot be authenticated when using several browsers, and on other browsers their system is not working properly. They have recognised this (I called them last night) but we will never know when they will fix this problem.
Hello- the site is secure, but we're in the process of fixing the certificate issue that appears in some browsers. Thanks to all for pointing this out - we're onto it.
Speak soon,
Gerd
The savings rate is higher than the variable home loan rate from ING.
Its not often you can borrow money - then reinvest it at a higher rate!
Hello- the team advised me late this evening that the security popup experienced by some people has been fixed. If you still experience problems, please email us- [email protected] or post a reply. Thanks again to all for pointing this out - keep the feedback coming.
Speak soon,
Gerd
Not available for Self-managed Super Funds. Rang up UBank and got the 'it just our policy' reason.
You can use use their Fixed Term Deposit for that purpose: http://www.ubank.com.au/ub/web/customer-help/about-ubank-ter…
yes… but with lower interest rates! 3.06% for 1 mnth up to 4.91% for 12 mnths.
Hello - it's not just a question of "policy". Handling trusts properly requires additional system and process elements that we haven't put in place yet. We believe it's more important to do fewer things well than many things early.
Watch this space…
Gerd
HI Guys, below is my letter to Ubank. What do you think, I hope i was wrong, so I can open one without any questions.
"Hi Gerd
Thanks for your quick reply. I did notice Ubank is a division of NAB. BUT could you please talk to your management to merge it, just like St George Dragon direct did. They were separated just like Ubank, but the parent comy took it back and put in on their home page ( but it's online only account, so no cost added to branch). It does give ppl more confidence. Because if things go wrong, customer would prefer to deal with NAB directly instead of its divisions.
Ubank interest rate is really good, but I'm not confident to hand in all my savings.
I did open an act with St George Dragon direct when they first came out, but I wasn't convinced with that 'backed by St George" issue, I didn’t tfr a cents even i have got a letter from their head of department of media relationship ( something like that) confirming they are backed by St George and guaranteed by the government. BUT they did take Dragon direct back after my phone calls and emails. It might be just a coincidence, but i guess they did take account of my concerns as a customer.
Thank for your time. "
You have got nothing to worry about but since you're so paranoid just open up a Nab iSaver instead and then you have the comfort of dealing with Nab directly.
They can't spell it out to reassure you any more clearly: http://www.ubank.com.au/ub/web/customer-help/government-guar…
If you don't believe/trust them then you should invest your money in NAB or elsewhere for your sake and the sanity of the ubank staff. If you hadn't realised it, the reason they are offering you a better rate is partly because their division doesn't have the branch/office cost overheads for people that "need" to speak to a person face-to-face. You can't expect to have your cake and eat it too!
The rest of us are quite happy not to wait behind you in a bank queue thank-you.
together with this announcement on NAB website
http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/…
Hello - I replied to your email earlier today.
Speak soon,
Gerd
Gerd, can we setup autodebit to pay our electricity credcard gas phone etc from this account?
Hello - unfortunately no. You'll have to use a transaction account for that purpose.
Regards,
Gerd
I just opened a usaver account. I must say I am a bit hesitant about transfering all my savings given that haven't really seen any ads on major media outlets. Let's face it. You would feel more secure to deposit your 1 Million cash savings :) in a big known bank like NAB, CBA, etc. To be fair they are new and it's take a bit of time for them to gain confidence. I do recall BankWest was a bit like this when they first started. Now they are pretty well known and you see their brand everywhere. So, you would feel safe with them. I guess we just need to give ubank a bit of time.
Neways, I just wanted to be clear regarding their interest payment. As it says they calculate interest daily and pay it out monthly. So, that means you will still get your interest payment even if you have made a withdrawl transaction for that month? I am just confirming as most of these online savings account don't give you any interest incase you make a withdrawl transaction.
Hello - advertising is coming. But we're ramping it up slowly to ensure good quality of service. In terms of safety: We're a division of NAB, and our customers' deposits sit on NAB's balance sheet. We operate under NAB's banking license and prudential controls. Our deposits are government guaranteed as part of NAB (up to $1mill total across the NAB group). NAB is one of few AA rated banks globally. In summary, deposits with UBank are as safe as deposits with NAB.
(I, myself have my cash savings with UBank, too)
Hope this helps.
Speak soon,
Gerd
Gerd, when will UBank offer cashback to customers through moneybackco @ www.moneybackco.com???
Hello - we currently have no plans to offer this. We prefer our customers to sign up with UBank for the benefits of our offer (rates and service), not to get a short term cash benefit.
Speak soon,
Gerd
yeah, I need to know as well how do you calculate the interest.
"So, that means you will still get your interest payment even if you have made a withdrawl transaction for that month?"
if you put money $1000, you get interest daily, say the interest is $2 after 20days. Do you calculate $1002 on the 20th day or only calculate $1002 at the end of the month when you credit $2 interest at the end of the month. Sorry, I need to know how to calculate this. Also if I make any withdrawal, do I still get 5.11 or 5.21% or not? Thanks.
It's really quite simple.. The interest is calculated daily, on your account balance, at the end of each day. The total of these calculations over a 1 month period is then deposited into your account at the start of the next month. This is the same way most savings accounts work.
In your example, the $2 is not part of your "account balance" so it won't be included in the calculation.. you'll only see it at the end of the month. And from what I understand, withdrawals are fine, you'll still get the bonus 0.1% as long as you have an automatic savings plan of $100 or more.
@Funkdafied: Hello -
Correct. Withdrawals don't matter. We're not trying to "trap" customers' funds with the savings bonus, rather reward "good" savings behaviour, ie the commitment to regular contributions towards a specific goal.
Speak soon
Gerd
Thanks for this great deal, if only all bank accounts were this easy to set up. Very quick and easy process.
blush
Just wish you could use Bpay to deposit money into this account (like their Term Deposit accounts), at least for the initial amount.
Good offer, but… Not sure if the rate is going to last…
I'm pretty sure Ubank is like MLC in that it is part of the NAB group…
You don't see MLC saying backed by NAB… lolz.
josephchi You need to understand what you are saying here.
MLC is an insurance company - so it operates differently. Being backed by NAB isn't as important as a Bank being backed by NAB. With banking having your deposits as part of any recognised Australian bank gives it the $1m Government backing whereas that backing isn't available to an insurance company.
As for it not lasting - none of the rates will last, they are subject to the market forces. Frankly the less people take up the offer - then the greater the chance it will stay higher. If they get flooded with funds then they will drop the rate. But every bank does the same.
But uBank does have a track record with me, for doing the right thing see my initial flame, and then their response. they even paid interest on the funds while things got sorted out. Try that with many other institutions. Only wish they would change their SMSF rules (Hint Gerd!!)
To preempt the question: SMSF = Self Managed Superannuation Fund
\_/7
It's truly outstanding that the General Manager of uBank Gerd Schenkel has taken the time to answer our questions directly, openly and honestly on a public forum!
I have done some due diligence on UBank and it seems to be a sound place to put my money. There is an interesting piece about UBank at the BCG website (where Gerd used to be a consultant):
http://www.bcg.com/bcgnetworks/alumni/epanorama/UBank.html
Ironically, I have accounts at all the places Gerd used to work including Citigroup and Bankwest. Ozbargainers also had a helping hand pointing out some decent offers including fee free platinum cards at Citi.
I'm sure Gerd is a busy man and his time is appreciated. It's also refreshing to see someone of his position stay in touch with the customers. Definitely a good move and a great way to keep the bank's focus on us.
Well done you have my vote and I will be creating an account. I hope UBank keeps up the good work and continues to create value for us :)
. + vote for the Great interest rate, but - for the bank.
"But you can’t use NAB’s branches with UBank,.. UBank can pass on the cost savings to its customers"
Everybank has online saving or E-saving accounts product. Still couldnt understand why NAB cannt do the same thing like St George bank-Dragon direct.
You also get an extra 0.1% if you set up an Automatic Savings Plan of $100 or more per month. Pretty good deal