They are offering 5.11%p.a. variable rate on their new USaver High Interest Savings Account.
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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.
Me too… 5.21% is better than the BankWest 4.5% for not touching the money, so until someone else gets to the 5.21% allowing me to touch the money (or not take 4 days for funds transfer) I'm still with ubank :)
From 10/11/09 it'll be 5.46% and I guess with the ASP it'll be 5.56% - good work uBank!
Fair enough. Rate rises .50% (.25%x2), but they will increase it .30%! At least, it is better than other banks.
We wanted to share with you some good news - your USaver rate will increase from 5.11%p.a. to 5.46%p.a. effective from Tuesday 10 November. So with USaver you can now set and reach your savings goals even faster.
We’ve also just announced the 'USaver Rate Assurance' - for the duration of this rate assurance we will review the USaver interest rate each Friday against leading competitor products. If the USaver rate is lower than any of these competitor products (including ‘introduction rates’) we’ll raise the UBank USaver rate to at least that rate.
The competitor accounts covered by this rate assurance are:
This is excellence… I will stay with UBank as long as the list of 'competitor' is sensible and the program is still in place (until 31 Dec 2009 just a less than two months).
It looks good, but my second though says Suncorp and NAB should be in the list as well. Otherwise, I still have to keep an eye on infochoice.com
I don't get it.
I opened an account on 1st of Oct.
I placed three deposits and by the 22nd of Oct, I had a total of $1824 in the account. But I only had a credit interest of $4.93 at the end of the month.
How was the interest calculated? Shouldn't it be more?
I'll do a calculation using simple interest, to get an approximation.
For ease of calculating, let's just say you had $1824 deposited on 22nd Oct.
22nd Oct - 6 Nov is around 15 days, so 1/2 month.
($1824 dollars in your account) x (5.11% interest rate for year) / (12 months)
-> monthly interest around $7.7672
-> half monthly interest around $3.8836
I used simple interest, not compound, but it shouldn't be off by more than a couple of dollars.
How much interest were you expecting?
I guess this this is Ubank's tactic.
They claim that they don't have introductory rate. So, they can't decrease the rate. If they do so, people will flee from the bank.
However, they expect the RBA rate to rise. Just simply holding their 5.11% rate constant, they are removing introductory nature of the rate - or effectively reducing the rate to the market rate.
So, beware. Once the rate is not competitive, I'm ready to begin my journey in financial market again!