UBank Interest Rate 5.46%+ on Deposits as of 10 November
This was posted 301 days ago, and might be an out-dated deal
After just logging on to my ubank account
ubank have on their website a new interest rate that is up from 5.11% to 5.46% that says its effective from November 10th.
EDIT After advice from Ubank - See Gerd’s response below, this is the standard rate - there is a further .10 if you set up a regular savings plan - so you can earn as much as 5.56% (see their site for details on how this bonus works)
Ubank has been featured before at ozbargain here
http://www.ozbargain.com.au/node/15234 (80+ votes)
Lol…so far Ubank has proven itself to be of the light side of the force.
However, I fear that one day it will turn to the dark side and then forever will it dominate it’s destiny. Like how recently Bankwest has fallen to the darkside of the force, being corrupted by the evil emperor called Commonwealth bank.
ING fell to the dark side a long time ago..back when bankwest first came to Australia.
Raboplus is sort of wavering…not sure whether it wants to challenge Ubank for being the “lightest” or whether to be just marginally better than the rest of the pack and still claim to be the good guy.
http://www.raboplus.com.au/blog/post52.aspx
Read this in it someone mentions Ubank and it’s the only post not to get a reply. Interesting…
The problem for Ubank is…that it’s raising a lot of “hot money” that’s likely to leave in an instant if there’s a better rate out there than them.
at least until the end of the year - to quote their site
For the duration of this rate assurance, we will review the UBank USaver interest rate each Friday against leading competitor products. If the UBank USaver rate is lower than any of these competitor products (including “introduction rates”), we will raise the UBank USaver rate to at least that rate.
The initial duration of this rate assurance is until 31 December 2009.
We may at our sole discretion extend this rate assurance. If we do not extend this rate assurance, it will expire on midnight of 31 December 2009.
The competitor accounts covered by this rate assurance are:
- ING Direct Savings Maximiser
- Bankwest TeleNet Saver
- Commonwealth Bank NetBank Saver
- Westpac eSaver
- ANZ Online Saver
see
https://secure2.ubank.com.au/ub/web/usaver/online-savings-ra...
UBank is great! If I want money out of it I’ll get it the next day as long as I do it on a business day before 11pm I’ll get it into my CitiBank account the next day!
Awesome!
But DO NOT USE ASP to send money to yourself it takes forever. Just do a “Pay Anyone” and add your BSB/Account details.
Oh yea Does anyone know what happens to the extra 0.1% if you setup a $100 ASP plan monthly? Is that removed?
It looks like it continues BUT to be sure it would be worthwhile waiting for Gert or other ubank rep to advise. Its now on Twitter
Ok lets stop anymore on this. It’s off topic on ubank
Turd “complained” about the negative votes on their posting, when told the avatar gave wrong impression, they said, that’s why its there. This does not necessarily lead to people voting against the avatar, as it maybe voting against what they thought was a negative vote..
That said, if you want to go further on avatars etc start a forum topic - it might be a great distraction and fun for everyone. Cheers
I have a NAB account and a linked UBank Account with ASP to the minimum $100 just to get the 0.1% increase. All other transfers I do myself and it can still take 4 days. Worth it though for the 1% more I get than BankWest, and I can withdrawl without losing any interest.
Why UBank didn’t give out the receipt # when I send out the money, i.e “Pay Anyone”?
When go to “Transaction History” couldn’t able to view each transaction detail like other banks.
These should be improve… may be include in your next update!
![[Rep]](/files/images/rep.png "Posted by a store representative"){kind=small}
Hello - just wanted to clarify this a little.
Your UBank deposits sit on NAB’s balance sheet, so are as safe as any other NAB group deposits.
UBank accounts are operated independently from NAB accounts. That means that NAB staff in branches etc. cannot “see” or operate UBank accounts.
Speak soon,
Gerd
So happy! I have all my savings in there. By far, UBank has the best savings account in the market. For all those new to UBank, don’t forget to set up an Automatic Savings Plan to get the bonus interest. AND don’t do what I did and set up lots of accounts for different goals. There’s no point, best to put it all in the one basket, the interest will grow faster. I have since closed all the other accounts and now just have one.
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?
This is based on the “5.11%” rate btw.
Depends on when exactly the deposits were made. Interest is calculated daily based on the balance in the account on that day.
For example, if you deposited $1824 equally over the month, then the average balance would have been $912 and the interest on that would be (approx.) 912*5.11%/12 = $3.88
If you would like to check, why not call us on 13 30 80 (24/7)?
Speak soon
Gerd
without knowing all the details of what and when you deposited the amounts its hard to say. But take $1000 for a full 1 month at 5%.
$1000 X 5% = $50 divide the 50 by 12 and you get $4.16
If I had $2000 at the beginning of the month it would be $8.32 so really you need to get a spreadsheet to work it out based on the deposits on when you put the money in if the bulk was later in the month then its less.its based on daily balances
Take days each deposit amount was in for and multiply by 0.00274 and you will get an idea. Doubt if they have been cheating. Maybe someone else has a better way
5.11% / 365 = 0.014% per day
Remember, it’s compounded daily and paid monthly. (or end of month)
So it sounds about right.
21 days = 1.00014^21 = 1.0029441 * 1824 = $1829.37, around $5.37 interest
This is assuming if $1824 exist in your account on the 1st of Oct, which is not true as you say you have placed 3 deposits between then.
Anyway, this is the best rate in the industry! There are ABSOLUTELY NO REASONS to not put your money in it as ubank is part of the government’s deposit guarantee scheme.
If NAB fails, they would just print out the money and/or use any of the insurance premium collected from the banks to pay for the deposit.
Just to clarify: interest is calculated daily and paid monthly. It compounds “monthly”, ie you earn interest on the interest after it’s paid.
Speak soon
Gerd
Another good point of Ubank is that it is very easy to apply or create a new account. They can verify our identification online without the hassle of paper work at all. I also like their internet banking system that use our email address for the login/user id, instead of some hard-to-remember numbers as with other banks.
although i would prefer to enter my password using a randomised typepad like INGdirect use rather than type in the password directly…my paranoia around someone watching my keystrokes i guess.
Otherwise, I love ubank. I signed up the last time they were on ozbargain. and have fully invested my savings since. very easy sign up too as you mention leiiv.
I’m not Over 18 but i have a bankwest net e-saver
should i still apply for this Usaver?
it states that i need to confirm i’m over 18… Why do i need to confirm i’m over 18 if i just want a savings account? :S
Hello all - sorry I’ve been absent for a bit - it’s been very busy for us…
The 5.46% p.a. is our regular rate - so the ASP bonus of 0.10% pa is in addition to that.
Speak soon,
Gerd
Been with Ubank since the beginning. Love it. If i could make 1 suggestion Gerd it would be nice if we could get a running total of interest earned for the month like your competitors have.
Hello - thanks for the feedback. We’ve got this on the list for future improvements. It’s not easy to do but we’ll do our best.
5.11% + 0.10% if you set up an ASP = 5.21%
it’s been like that since they introduced USaver:
“An Automatic Savings Plan option that makes regular contributions from another Australian bank account. Set up a monthly Automatic Savings Plan for $100 (or more) and receive a Savings Bonus of 0.10%p.a. for balances up to $150,000”
https://secure2.ubank.com.au/ub/web/usaver/online-savings-ov...
I also have a total balance over $150k. So I have 2 ubank accounts. I put $145k in one and the remainder in the other and they both have ASP so i get the bonus 0.1% for both.
I just called ubank up - I am about to add a fair bit more and wanted to confirm the bonus is paid and they did. So i wanted everyone here to know there is no need to have other accounts just put it in multiple ubank accounts - once the initial signup was done it is very easy to create a second and third account etc.
If you look at the front (home) page it says 5.11% in the box on the LHS with an arrow pointing upwards to 5.46% and the words “rate effective on 10/11/09 5.46%” (The rate in the chart on the RHS still shows the current rate of 5.11%)
Follow this link to see that page
https://www.ubank.com.au/ub/web/home
BTW the 3% that the CBA offers normally is probably a good rate —- For the Commonwealth!!! they have never been one to give the Common ..man.. wealth and now they have taken over BankWest they have also gone to the dogs with their rates.
That said if you want to get money from a bank you have to watch the rates carefully and make sure they buy your loyalty, because once you assume or get lazy they take advantage of you, you can bank on that.
extra 0.10% of interest is if you setup a minimum $100/month automatic savings plan. its a small ask for extra interest! worth it since it will snowball into more interest for you :)
and if you don’t, no sweat! you still get the 5.11% (5.46% from 10th nov)
ubank ftw! :D
edit: ubank makes me feel all warm and fuzzy inside
Hello - that would mean the interface to use TFN option was “down” at that time. I’ve never come across this. It should be up and running as I write this. Pleas email us on hello@ubank.com.au if this error persists. If you’re still stuck, you can call us on 13 30 80 (24/7) and we can do it over the phone.
Unfortunately not. It would make little sense, too as there are no merchants who’d accept it.
I called UBank once and this guy was pretty friendly. I haven’t deposited my money into UBank yet though, coz I still need to get the hang around this internet transfer stuff.
And the main log in page looks too cluttered. It would be better if it looks like Commbank’s Netbank - just a simple page that’s really well designed.
if you’ve got $150,000 in your account which is over the bonus limit, just set up another account to get the extra 0.1%! put the bulk of the money in one, and some in the other. although this will mean you will have to invest at least $200 a month in ASP
would that work? i mean i thought it was 1 bank account allowed per person.
yep, see my post above. i called and did exactly this and the bonus interest has been confirmed for both my accounts.
Yes and no. You are dealing with a strict security measure, its your money at risk here, so how much do you let the system be fudged? The real issue is how long it takes for you to get this unlocked, that’s more the test of how well their system works. They say they are open 24 hours via their 13 number - did you call them? and how long did it take for a response.
Please let us know
I just thought it was a bit of an oversight, am i the only person with an older nokia? :). But to be fair, they were very good about it. ie - When i called up i wasn’t put on hold, i got right through and the guy helped me out with very little delay, overall the problem was resolved very quickly. Couldn’t really have asked for any more, i have to say.
That must have been pretty frustrating, we’ve done our best to include samples of “0” and “O” in the inital SMS, however some handsets
simply have no differentiation between the two and for security reasons we chosen not to remove these characters from the random password.
Sorry for the inconvenience + but glad you’re up and running now. Thanks, Monty H, UBank Online
Monday 16 November 2009 Return to MyMoney
Set up your Automatic Savings Plan
Just a quick note about an easy way to make your money work harder. An automated savings plan (ASP) is quick to set up and lets you pull your money from an external bank account straight into your UBank USaver account. You control how much you want to deposit and how often. Then sit back and watch it grow.
You’ll need to set-up your linked account first and then you can create an ASP, once we’ve confirmed you own the account. Click on ‘Linked Accounts’ from the ‘Accounts’ menu
How do you set up ASP?
After click on Accounts there’s a blank page pop up…below is the image of that blank page???
http://upload.ozbargain.com/2009/11/15/2786_ubank.jpg
Hi POWERevolution, It’s Monty H here, I look after UBank online. That browser looks seriously customised with plugins galore, I wonder whether it’s blocking the frames or other components of the secure online banking service, as that’s what should be displayed when you select the link. Try it out in IE or Firefox, should work fine - let us know how you go. Thanks, Monty H
Work with IE but that FF browser I’m using work fine with other banks (i.e. Commbank, Bankwest, ING, Rabo…)
As I already set up ASP but just wondering why it’s still show “Interest Rate Applicable: 5.46” not as 5.56%?
There are a few FAQs online at:
https://www.ubank.com.au/ub/web/customer-help/about-usaver
(scroll down to “Savings Bonus”)
In short:
Q: Can I earn the ASP Savings Bonus interest immediately?
A: Qualifying accounts do not start to earn the ASP Savings Bonus interest until the following calendar month after the one in which their account qualifies.
Thanks
Monty H
37
Banks have put up mortgage rates 0.5% and ubank has gone up by 0.35% hmmm
Better than nothing and still best in the market.