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UBank: 10% p.a. on Term Deposits of $1,000-$10,000 - Limited to First 100 Only

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UBank: 10% p.a. on Term Deposits of $1,000-$10,000 - Limited to First 100 Only
Go to Deal
Store RepPUBank on 14/12/2009 - 19:31 apply.ubank.com.au (3087 clicks)
Last edited 18/12/2009 - 22:05 by 3 other users

Thanks to everyone at OzBargain for your continued support. We’re really excited to let you know about another great offer we have. We’re giving away an incredible 10% p.a. on a limited number of term deposits of $1.000 thru to 10,000 – that’s almost double the current market rate. You can find out more on Facebook http://www.facebook.com/ubank?ref=nf#/event.php?eid=19948706… or on our website. http://bit.ly/10at10 This offer is limited to one per customer; make sure you don’t miss out on this incredible opportunity.

  1. All applicants will know before they apply whether they are getting the 10%p.a. for 3 months - it is not possible to apply after the 100 Term Deposits have been committed.

  2. You don’t have to be a UBank Customer to be eligible, just complete a free pre-registration on the UBank website - no purchase is required.

  3. At all times on the UBank 10 at 10 page, there will be a countdown of how many of the 100 Term Deposits remain and it will be clearly stated when they’ve sold out

Why are we running this activity? We have a “12 days of Christmas” festive activity underway - the first day we gave away T-shirts (yesterday), today we gave away pens and stickers and Friday we’re doing this activity…

Mod - edited title, marked as store representative and edited description. edited the value required as per Monty's post below added sold out at 10:07

Referral Links

Referral: random (1088)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Financial Banking Interest

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closed Comments

  • danzha on 14/12/2009 - 23:56
    +1

    ^ Pretty sure you can source funds from any account, unless I've misread.

    I totally agree with pais a few comments back, keep up the good work UBank!

  • freecycle on 15/12/2009 - 01:07

    Good deal. 2 many people are negative and just complain on here. Guarntee they will be the ones wanting to sign on on friday night and are posting negative to keep others away

  • team teri on 15/12/2009 - 01:50
    +1

    Too restrictive and/or announced too long in advance. There's nothing wrong with having a limited offer (i.e. stock clearance). There's nothing wrong with pre-announcing a great deal to build up some excitement. But the combination of very long promotion period with a minuscule number of lucky participants in this case makes it a bad deal. Just add up all the hours of people waiting eagerly in front of their computers only to miss out.

    • ggschenkel on 15/12/2009 - 06:01

      We feel 4 days in advance is about right. If it's too short then not enough people can find out about it.
      Gerd

      • lsdbeta on 15/12/2009 - 10:54
        -1

        And this, ladies and gentlemen, takes the BS award for 2009!

        I've read through the entire thread and was fairly impartial as both sides have points till this.

        If it's too short, not enough people to find out about it? For god's sake, you only need 100 people to find out about it. You think posting it here an hour before the commencement time won't yield you 100 people?

        Now I understand that buying out those 100 is a small price to pay for the publicity raised for ubank, however you failed on two points:

        1) The publicity generated is in bad faith.
        2) You're not very honest about it; "We feel 4 days in advance is about right. If it’s too short then not enough people can find out about it." is bullsh*t.

        No mod for the deal but -1 for your rubbish comment.
        Don't insult our intelligence.

        • camelgrass on 15/12/2009 - 22:47

          ^ +1 Exactly

          If voting negative was less restrictive on OzBargain, the neg votes would outweigh the positive votes.

          If UBank really do take on board peoples comments like they say, then we won't be seeing a promotion like this again from them.

        • atreius on 16/12/2009 - 04:22
          +1

          It seems like they're being pretty honest to me - not enough people obviously doesn't mean less than 100, it means not enough to justify making a loss on the 100 who get it.

          Complain about it being a promotion rather than a bargain if you will (although 100 units seems about average for many of the 'bargains' that show up here), but you can hardly criticise them for acting in bad faith - all the conditions and properties of the promotion are plainly listed.

  • DJnMax on 15/12/2009 - 02:10

    Wish I had 10k to put away…

  • bitcoinorbust on 15/12/2009 - 02:48

    even tho i havent got 10k i cant pass up a good F5 spamfest. c u friday

  • simbot41 on 15/12/2009 - 04:26

    very restrictive and alienating if you ask me. This is a shameless self plug, nothing more

    • ggschenkel on 15/12/2009 - 06:01
      +4

      Hello - we're a business, and marketing is "self plug" by definition.
      Gerd

      • simbot41 on 15/12/2009 - 10:30
        +1

        Yes but there are clever self plugs and shameless ones.

  • WaywardOne on 15/12/2009 - 04:39
    +2

    Seriously I agree with OzPete and all the detractors. $80 for your time and effort IF you are lucky? If you had a 10% chance of signing up (meaning there are only 1000 applicants) then you are getting an average of $8 for your effort. Compare this to the similar effort to opening a new account or credit card — David Jones Amex gave you a guarenteed $200 of vouchers (+$100 annual fee). IMHO this was a better deal and yet it probably received less attention.

    • ggschenkel on 15/12/2009 - 06:50

      Hello - we've made our term deposit application process very easy, so the time required to open one is only about 5 minutes (for most Australians who pass electronic identification).
      Speak soon,
      Gerd

    • arcticmonkey on 15/12/2009 - 08:36
      +2

      100 people nationwide? I think that's akin to winning a lottery and for what, $80?? If it was 10,000 I would've considered this a fair deal, not 100 in a country as big as Australia.

  • jason101 on 15/12/2009 - 07:07
    -1

    Are you spruking your firm now or your deal - because the way I see it this deal has EXPIRED and should be marked as such.

    • joolliee on 15/12/2009 - 09:34

      Hello Jason - the 10@10 offer goes live on Friday 18th at 10pm and so it is still current.

      Julie D - UBank

      • jason101 on 16/12/2009 - 07:54
        +1

        Sorry I stand corrected but offering only 100 promo's for a Nationally promoted deal is still rough.

        100 people will get the deal
        1,000 will miss out but probably open an account with you anyway

        The deal costs Ubank about $12,000 which is the cost of running 1 ad in a major metro paper.

        Smart marketing, although an assumption is being made here we're such unsophisticated bargain hunters we don't know whats going on.

  • carlscott1982 on 15/12/2009 - 07:59

    Man that deal sparked a lot of debate in a really short time! If nothing else it got us talking. :D

    • joolliee on 15/12/2009 - 09:35

      Exactly, and at least now, whether the responses are positive or negative, we have your views and can take them on board for future activities :o)

      Julie D - UBank

  • Jabba the Hutt on 15/12/2009 - 08:17
    +4

    Plenty of deals that are even harder to access (stock less than 100 and/or can only be purchased in person at a few locations) and/or where the value is less than $80 get highly rated without being savaged by negs.

    The negs are a self-indulgent mood swing against this particular vendor rather than principled objection.

    • falcine on 15/12/2009 - 08:43
      +3

      Agreed… I can't understand the savage reaction here. UBank has been upfront and honest about the process, and it's clear it's a 'lottery' type event where only a few lucky people will win the prize. How is this different from sites like Catchoftheday which sell cheap ipods, gadgets,etc where people wait a whole day for a 1% chance save $100 on an ipod?

      • WaywardOne on 15/12/2009 - 09:00
        +2

        The UBank offer is not very different from CotD's Baitathon — and that is not very popular. However imagine if CotD were to ask for a $10k deposit to save $80? I would think it'd be less popular.

      • rawm on 15/12/2009 - 09:35
        +2

        Ever heard the phrase 2 wrongs dont make a right? This deal is what it is, as you state - a 'lottery' event, not a bargain. Geez, even if they had offered 7.5% for 5000 applicants this would show more integrity than this unfair offer.

    • lsdbeta on 15/12/2009 - 11:01

      There usually isn't a big lead up with a giant clock counting down for those limited stock deals. They're posted as the bargain is available right at that time.

      Bargains that are available in only a few locations don't make thousands of other people travel there just to be shot down. People get to make an informed decision about whether they want to go there or not, and are almost guaranteed they'll receive the bargain if they do.

      • pais on 15/12/2009 - 11:18

        Whilst I can appreciate where you're coming from, driving is a bit of a silly analogy to make here (with an online site that is available to everyone within seconds) - unless everyone lived a stone-throw away from whichever retailer it was.

        I think the response to this deal would be much better if a rep didn't post this, but rather a customer (who received a promo email or something of the likes). A lot of people just seem to be whinging that the bank isn't giving away more money for them.

        At the end of the day, most people take issue with the deal because it's a bank running it, it's only $80 and it's only available to a hundred people. Meanwhile, I see clearance products hitting the front page all the time that are available in VERY few quantities (some sub-10) and people would knowingly drive to their local store to find one (takes >10 minutes for most people) or call up (takes ~5 minutes) and of course miss out - because there were barely any units in the first place. Taking advantage of this deal purportedly takes about that time too.

        So.. I guess the real issue is that UBank is trying to garner any sort of publicity from giving away 8k? Either that, or we just have a lot of self-entitled whiners on here.

  • Turd on 15/12/2009 - 08:20
    -2

    Well how many of you will be leaving UBANK for another bank? They have the best online savings rate account ever!

    Just move to Rabobank if you arent happy. Only a loss of 0.01% - 0.11%.

    • [Deactivated] on 15/12/2009 - 09:55
      +2

      Turd - thats really a red herring and you know it - there is very little threat here to move from Ubank with those making criticism. Its the type of promo, which is a lottery rather than a bargain, that has prompted the criticism of THIS promo

      • Turd on 15/12/2009 - 10:51

        Yea I get your side of the story.

        Ah well, gotta be in it to win it.

  • huwcar on 15/12/2009 - 08:39
    +1

    Well done to the UBank team for having a go at trying something different! It may not be everyone's cup of tea, but nobody is forcing you to participate. Sure beats the perceived "stuffy" attitude of the traditional banks.

  • Store RepUBank @ ubank on 15/12/2009 - 08:49

    Hello,

    We're back online to take any questions -

    Hope you're morning is off to a good start.

    Speak soon
    Monty H - UBank

  • jiakz on 15/12/2009 - 09:19

    1000 applicants more like it….

  • whiterabbit on 15/12/2009 - 09:34

    Wow, look at all the sour grapes…

    (note: i do think putting the expiry at 5 days was unrealistic)

    I feel like there should be some sort of loyalty system - its too enticing to open new accounts everywhere and shift money to take advantage of 'new customer' offers.

    • Store RepUBank @ ubank on 15/12/2009 - 11:17

      Hello,

      The sale starts at 10pm Friday - As such it has not expired. The expiry date for the deal 18th as that's when it starts and ends.

      The exact number that remain will be on 'count down' on our website at:

      https://apply.ubank.com.au/tenatten/

      Speak soon,
      Monty H - UBank

  • teekay on 15/12/2009 - 10:12
    +1

    I wouldn't get out of bed for $80. Poor effort by Ubank. If you increased the limit to $100k and a 6 month term that's worth getting excited about. However, you have cleverly created a lot of 'talk' and no doubt generated loads of publicity for your little bargain.

    • ggschenkel on 15/12/2009 - 11:48

      Probably too early to tell if this is a success. We'll have to give this until the promotion is finished. If it's successful, we'll repeat in future.
      Speak soon,
      Gerd

  • Future Kids on 15/12/2009 - 10:32
    +3

    Come onnnnn…. UBank, raise up the spirit and increase the number please.
    Even the "pen & sticker" promotion cost more than this one… yet this promotion ask people to hold up $10K for 3 months…

    • SomeGuyOnOzB on 15/12/2009 - 11:27
      +1

      Mmm … or run this one as is … and have another promo after, to make more people happy (albeit with less interest or something like someone suggested)

      Note: I'm not saying I'm happy or unhappy about the post :)

  • Zippy7 on 15/12/2009 - 11:26
    +3

    Voting negative for this.
    Most people are probably shareholders in NAB via Superannuation, if not a direct shareholder.

    I can't see how this type of promotion really builds the brand or the franchise. Yes, lots of chatter, but most of it is negative, as the benefit for the few participants is low, and many people miss out.

    You can come up with better incentives for people to become customers.

    • ggschenkel on 15/12/2009 - 11:47

      Hello - sorry, but 45 +ve and 18 -ve is "mostly positive" not "mostly negative". On the shareholder front, we obviously don't disclose our marketing strategy and plan publicly, but you can rest assured that we're very much focused on creating value. If you're planning to attend the annual AGM in Brisbane this week, why not come by the UBank presence. I'll be happy to discuss this in more detail in person.

      Speak soon

      Gerd

      • arcticmonkey on 15/12/2009 - 12:17
        +2

        Remember, it's much easier to vote positive than it is negative on here. For one, you have to post a comment to leave a negative which can limit the input of passive people. Secondly, there are multiple comments from people stating they would vote negative if they could (you have to be a member for 30 days). Thirdly, a lot of people here may be hopeful they will 'win the lotto' and get this deal. There are bound to be some disappointed people when they miss out. I wouldn't look at the voting as the 'be all and end all' on this deal.

        • ggschenkel on 15/12/2009 - 21:26

          Fair enough. We're actually judging success/ failure of this promotion by the number of people registering and participating - and we won't know until Friday.
          Speak soon,
          Gerd

  • patatas on 15/12/2009 - 12:06

    Would vote negative, but haven't been a member for the required 30 days. Not interested in winning the raffle.

  • patientvalue on 15/12/2009 - 12:10
    +3

    1) when does a lottery become a bargain/genuine offer? 10,000 items, 5,000 or maybe 500? I guess it depends on the nature of the offer-some things are only going to appeal to a niche and others have wider appeal and hence there are expectations for more accounts/airline tickets etc.

    2) Is that why people are dissatisfied with the offer/competition? And therefore feel it is an insincere offer and more of a form of manipulation/self-promotion or getting people to sign up to Ubank. There are some interesting emotional issues that seem to have been brought up by this offer. I guess some people feel like they are being tricked/cheated in someway. I am not sure if this is rational, but then - 'thinking about money' occupies an emotional area in our brain. Just goes to show how much people don't like banks and/or are quick to interpret some things as manipulation.

    3) This deal raises the issue of probabilities and outcomes -'what is the chance of me getting one of these term deposits and what is my payoff'. Do the negative votes feel the payoff/probability or both are too small or is it something else about the nature of this promotion?

    4) Does this deal offer similar value to the Ubank pen/tshirt deal? more? less?

    5) This is easy money if you are already a Ubank customer and a slightly less attractive deal (given the somewhat greater time to sign up). Also the perceived risk of wasting time is great for those signing up because they are unsure of how long it really will take. What about those able to pick up the itunes voucher for half price, and were limited to 5 (some people, not all, not me). They saved $50 and many waited 1/2 an hour or more - this offer will take between 2-15 minutes. Many/most people will miss out and so waste their time.

    6) Ubank seem to position themselves as friendly and approachable and willing to 'fix things' when they slip up. Although I am not convinced this offer/competition is a mistake. I find their willingness to 'have a go' and 'make mistakes' and to learn a positive. It also builds resiliency in the relationship - "well at least they are willing to listen"-which is quite clever itself. I personally prefer the organic approach of learning from mistakes versus perfecting something in-house before releasing it to the public. i found that approach stifling when i worked in a corporate environment and wished we were more like our competitor that continually innovated even at the risk of falling over and embarrassing themselves. But that is a personal (work) preference.

    7) will the response of people discourage further risk taking by Ubank, and others?

    will i attempt to take up the deal, perhaps…I am still undecided by the value of the offer (not the probability)- approximately $1/day. But the effort required is very minimal- i am already a happy UBank customer - and maybe (probably) that biases my thoughts and comments.

    • [Deactivated] on 15/12/2009 - 16:00

      You make some good points, not all of us who voted against this promo would agree about it being a bargain, and not all are against Ubank as you are aware voting on the last two uBank offers which I personally posted.

      Some very valid points have been raised by some critics of this promo, while some strange emotional responses have been made as well. One point raised above, would have been to give a xmas bonus to more than just 100 - by giving less but to more. And bear in mind to get this you need to have $10000 to tie up for the 3 months thats not the same as $60 on itunes cards.

      AND limited deal promos do also get negative votes, so its not the end and all be all of promo's.

      And not all negative comments here have been associated with negative votes or vice versa.

      Finally most "negative" commentators are not saying they are going to pull out of Ubank - why because they are showing that they are responsive, and they do come here to listen, so that in itself encourages people to show here what they dont like about the promo. (EDIT - Monty has changed some of the terms in response to this "criticsm" so not only do they listen to it, they act, but without it how would they know??) So all is good. Gerd won't have to have the Secret service at his meeting in Brisbane

  • gstfree on 15/12/2009 - 12:14

    It's a bargain if you have 10K available fund and looking for a risk free investment for exact 3 months duration.

    However, take consideration of amount of investment(10K), maturity duration (3 Months),extra yield (4%pa, in term of dollars-$90),limited availability (Only 100 nationalwide), I would not think it is a bargain for me.

    The promotion makes 100 people happy, while thousands unhappy. I believe everyone should have a fair opportunity to participate the promotion, instead of the 100.

    UBank,well reputed financial institution should not have a marketing strategy simliar as local corner stores.

  • chunw on 15/12/2009 - 13:08
    +1

    It's a nil risk chance to earn an extra $80 if you already have $10K sitting in your bank.

    • inherentchoice on 15/12/2009 - 21:36
      +1

      Yes, and the extra $80 is on top of their existing 6.8%. I’m pretty sure ING is a meager 5% or so, so it’s definitely enough incentive to give them up.

  • fred09 on 15/12/2009 - 13:51
    +10

    A few users here need to relax, overcome their cyber hissy-fit, and clear their head. What ubank is doing here is no different to Myer or David Jones offering up a limited number of sale items on Boxing Day. These items are announced well in advance, are limited in supply, and importantly for the stores help to generate public interest (if you disagree watch the evening news on Dec 26th - people running everywhere). You cannot deny that people wait in line from 3AM to be first in line for these bargains - just like you're gonna have to wait in line at 10PM Friday for ubank.

    The odds are against you on this one - you have to accept that. Now if you don't like the odds, then it's simple really - just don't line up. Let me repeat: DONT. LINE. UP.

    I am staggered at the vitriol directed at ubank over this deal. They've been forthright and transparent in terms of the information requested, and I believe you know enough to judge for yourself whether you'll be sitting at your computer or not with your $10,000 come Friday night. Bravo for this, Ubank.

    Personally I'm not the type of guy who lines up at 3AM either so this deal isn't for me, but I at least see that this is a genuine bargain, and that whoever gets in first will stand to benefit.

    • WaywardOne on 15/12/2009 - 14:41
      -8

      Get off your soap box and stop trying to provoke a reaction.

  • danzha on 15/12/2009 - 14:52
    +1

    I don't see why people keep referring to this offer as 'gambling' or a 'lottery' - this is on the complete opposite side of the risk spectrum. As many have said before, this is a risk-free opportunity, don't recall the last time Tattersall's or a casino gave me a chance at 80 bucks free.

    • stumo on 15/12/2009 - 15:10

      No thats right, tatts etc only give $50 free via annoying SMS/computer generated phone call "promotions".

      Hey, maybe that could be ubanks next offer?

  • Store RepUBank @ ubank on 15/12/2009 - 15:46
    +1

    Hello,

    Thanks for your comments and emails. We received a lot of feedback asking for the minimum amount to be more inclusive. In response we've changed the minimum amount required to participate to $1,000.

    The details are updated on our website:
    https://apply.ubank.com.au/tenatten/

    Speak soon,

    Monty H - UBank

    • Muddy on 15/12/2009 - 16:35
      +7

      It concerns me that the offer is being made up as you go along, and makes me wonder whether UBank can be trusted to adhere to their advertised policies and offers. I've already signed up and given UBank my personal details in advance as a result of this offer, and now the offer changes.

      By lowering the deposit threshold, UBank ensures there'll be a flood of new, low-value applicants (coincidentally, this saves UBank money), and makes it all the more difficult for those who have the money and are serious enough to go for the offer, as they'll now have to battle for one of the 100 accounts with considerably more people.

      I'd like to vote for an increased maximum deposit amount, say $100,000. If you can play with the minimum, why not play with the maximum as well? I'm serious on this.

      As it now stands, is it still worth the effort for me to sit at the computer at a specific time on a set day, for a chance at this offer? I don't think so.

      • forrest on 15/12/2009 - 17:00
        +4

        agree with Muddy; ubank seem to realise that this promotion is due to failure and they try to reduce their costs, covering their backs by claiming that the customers asked them to lower the deposit requirements. i don't see any comment that asks for that. i find it hard to believe that people would ask for a $1000 limit so they can earn an extra $8 for 3 months. please stop with this stupid BS, UBank….

        • ggschenkel on 15/12/2009 - 21:18
          +1

          Hello - not really. So far, the promotion is a success. Eg. on this message board, the +ve votes outnumber the -ve ones significantly. On other places, we also received positive feedback. The reduced minimum is to make the offer more accessible which is a genuine reason. It's not reducing the amount a successful applicant can deposit, so it doesn't limit the value of the offer either.

          I'm surprised that some folks are trying so hard to second guess our intentions. OK, we're a bank and get the good and the bad connotations that come with it. But it's important to remain fact based in these discussions.

          It's a special offer. It's voluntary. Most people like it. People make their personal choice whether or not to participate. If not enough people participate it's a failure and we won't repeat it. No-one is worse off because of the offer. 100 people will be better off because of it.

          Speak soon

          Gerd

          • camelgrass on 15/12/2009 - 23:15
            +1

            @ggschenkel: Most people like it? Are you sure Gerd?

            If voting negative was less restrictive there would be far more negative votes as arcticmonkey has outlined below. And as your comment suggests you're only interested in the number of people that participate.

            -1 arcticmonkey 10 hours 53 min ago

            Remember, it’s much easier to vote positive than it is negative on here. For one, you have to post a comment to leave a negative which can limit the input of passive people. Secondly, there are multiple comments from people stating they would vote negative if they could (you have to be a member for 30 days). Thirdly, a lot of people here may be hopeful they will ‘win the lotto’ and get this deal. There are bound to be some disappointed people when they miss out. I wouldn’t look at the voting as the ‘be all and end all’ on this deal.

            [Rep] ggschenkel 1 hour 44 min ago

            Fair enough. We’re actually judging success/ failure of this promotion by the number of people registering and participating - and we won’t know until Friday.
            Speak soon,
            Gerd

            • pais on 16/12/2009 - 11:07

              @camelgrass: Flicking through the earlier comments, you can see quite a few people who neg'd stating that it's a "lottery" - i.e. under the belief that half get locked in at their current rate, the 100 get the 10% for 3 months — which is not true and has been cleared up by the reps. They didn't rescind their vote.

              I agree that lowering the limit to $1000 is ridiculous, but some people here have come up with the most convoluted reasoning for neg'ing. At the end of the day, 100 people are going to be receiving a great rate. This is no different to any other deal posted on here that has a limited quantity. As I've said earlier, a lot of people are just being whiny because they will miss out. Does that mean it's not a deal?

    • bitcoinorbust on 15/12/2009 - 19:14
      +2

      if what you say were true then common sense would dictate you also increase the application limit. that seems by far the biggest concern people have.

      thinly veiled backpedalling isn't going to wash over well with ppl here. wish i could change my vote to neg!

      • camelgrass on 15/12/2009 - 23:59
        +2

        Go to the “Votes” tab at the top/right of this post. Your username will be listed with a circle next to your vote. This is the “Revoke vote” button.

    • inherentchoice on 15/12/2009 - 21:43
      +2

      I think my chances just nose-dived. Now your promotion might only cost you one-tenth (i.e. $8 extra interest as opposed to $80) - and I guess there really will be 1000s of disappointed people now, and one of them possibly me.

      An $800 promotion? What’s the point? I’ve retracted my positive.

      • camelgrass on 16/12/2009 - 00:03
        +2

        Yes, pretty clever aren't they. Making it more "accessible" while at the same time reducing their costs for the promotion. Of course UBank made this decision after "listening" to feedback from their customers. Give me a break.

    • twig on 15/12/2009 - 21:59

      Is there any word on how many people have signed up so far?

  • cuteduck on 15/12/2009 - 16:50

    I think the minimum limit should be set at 100k to make it commercially viable :)

  • rawm on 15/12/2009 - 19:04
    +4

    Hahaha Gert, sorry but this is an absolute joke, you have now altered the conditions (reducing to a $1,000 minimum deposit) but you have failed to do what any sane person/company wouldve done and increased the AMOUNT of applicants.

    This chopping and changing of the offer has actually increased the participant levels without making this 'baitathon' any more accessible.

    I can hardly imagine the value of Joe Smith putting 1k into this TD for 3mths, they will make $25 in interest!! In my opinion this is becomming a PR disaster!

    • ggschenkel on 15/12/2009 - 21:23
      -3

      Hello - reducing the minimum actually has made the offer more accessible as people with less than $10,000 can now chose to participate - of course no-one is forced to, but if "Joe Smith" wants to, he now can. We don't judge him for it.
      Gerd

      • camelgrass on 15/12/2009 - 22:57
        +3

        Actually wrong again Gerd. This has made the offer LESS accessible, now with more people (those don't have 10 grand) vying for the same 100 term deposits. Simple maths.

      • inherentchoice on 15/12/2009 - 23:20
        +2

        Hello Gerd Schenkel - reducing the minimum actually has made the offer more like free pens and stickers as UBank with merely $8000 for its promotion can now choose to minimise that to $800 - of course no-one is forced to vote for this bargain, but if "Gerd Schenkel" wants to move the goalposts, he now can. We don't judge him for it.

        • pais on 16/12/2009 - 01:25

          Just curious, but do you get a buzz linking randomly to google results? Had a click through thinking they'd be somewhat relevant, but alas.. No dice! Can't see the pertinence here.

          • inherentchoice on 16/12/2009 - 21:06

            @pais: Well it was to give Gerd the idea that people can always look over his shoulder, and to denote a hint of sarcasm. You didn't see that the links are about Gerd?

    • arcticmonkey on 15/12/2009 - 22:08
      +3

      I've been telling my partner to get a UBank account, but given what I've seen in this thread, I'll be recommending RaboPlus. They gave me $100 simply for signing up and there was no competition, it was simply a good offer. Asking people to spend their Friday night battling for such a paltry sum is an absolute joke. The pig headed responses I've seen by the marketers is unconvincing.

      • pais on 16/12/2009 - 10:57
        +1

        So, tell me.. What difference is there between this particular offer and, say, this one:
        http://www.ozbargain.com.au/node/20248

        The comparison between this deal being a lottery is no different to any other deal posted here being a lottery (i.e. we see so many limited deals here anyway). Maybe the "limited number" just doesn't fly purely because it's a bank (which seems to be the consensus of the negs, besides the other people who failed to read)

        The best deals you'll ever see around are going to have limited stock. Why? Because companies lose money on them (and I'm sure expect to recoup them at some point). This is a bargain site. Want to be the ultimate bargain hunter? Lock yourself in at the highest rate on the market for 3 months, and at the end of it, you'll still be on the highest rate (which are, what, 1% above other banks?)

        Don't want to waste your time on it? Don't. That's not say that 100 people won't be getting a great deal come Friday night. (which, as I recall, is the point of this site)

  • mcrompton on 15/12/2009 - 20:13
    +2

    it doesn't say which time zone the promotion runs in… i'm guessing its not WA time…

  • fergus on 15/12/2009 - 21:48

    This isn't something worth chasing (I'm not giving up a Friday night for a very slim chance at $80) but I don't think it's worth a negative vote.

  • applebyte on 15/12/2009 - 22:49
    +3

    Yes, reducing the minimum has made it more accessible. This is even worse, not better. Now more people will be vying for the same number of offers. Whoever was interested in the deal now has less chance to get it.

  • blitz on 15/12/2009 - 22:54
    +1

    Is this offer the most downvoted post ever on OzB?

  • PhoenixXx on 15/12/2009 - 23:25
    +1

    Only 100? u gotta be kidding! At least tens of thousands of ppl will try to grab it!!!! Not a bargain

  • Muddy on 16/12/2009 - 00:24
    -1

    I phoned UBank about this today. There will only be 100 "registrations" available. Note that a registration does not oblige the applicant to actually deposit any money - the applicant has 5 calendar days to make a deposit. If no deposit is received within that time application lapses. The unused registration will not be made available to another interested party.

    I wonder how many people will register, scramble to raise the minimum $1,000 to deposit and find they cannot raise the money within the 5 days? This means the number of actual term deposits may be significantly less than 100.

    The $10,000 minimum deposit as originally advertised may have served to deter the time wasters.

    Let's be realistic: UBank's "great offer" is nothing more than a cheap publicity stunt. They're not "giving away" anything, they're aiming to get lots of new customers on the UBank books at the lowest possible cost.

  • tim_geo on 16/12/2009 - 00:46

    Gerd: Hmm.. surprised to see UBank on Facebook. So I'm guessing that NAB has eventually decided to pay that bill Facebook sent? Facebook corporate blackmail ;-)

    • camelgrass on 16/12/2009 - 01:17

      Poor NAB, only a $3.8b cash profit last financial year during the worst financial crisis in more than 70 years.

  • SomeGuyOnOzB on 16/12/2009 - 01:09

    I would've preferred to see the minimum amount needed to deposit, stay the same or increase. Ah well :)

    Can UBank rule out giving applications and registrations to staff and family? :)

    I ask this, as a recent promotion mentioned here, seemed to end up having staff already inside the building, among the first 5 to queue up and receive a prize.

    (There is no slight intended on UBank. I just wasn't sure if UBank had taken care of that potential issue)

    • Store RepUBank @ ubank on 16/12/2009 - 13:35
      +1

      Foundit - staff and their friends/family are excluded from this offer. It's in the fineprint/terms and conditions.

      Speak soon,
      Julie D

      • SomeGuyOnOzB on 16/12/2009 - 17:36

        thank you for confirming that :)

  • freecycle on 16/12/2009 - 01:39
    +1

    I just revoke my positive. $1000 your got to be joking. Why not make it $1 gerd,. Why would anyone go thru this process and try to complete with tens of thousands of others that have 1000 dollars. Much rather see it go to minimum of $100000. This whole changing of the rules for 100 people with small change has turned me off UBANK. No one was asking for less money to open one, they were asking for more accounts to be made available. ING and ROBO BANK must be laughing about how ubank have stuffed this up.

  • POWERevolution on 16/12/2009 - 02:10
    +2

    Too much hurdles… this is not bargain!!!
    Won't waste my times… more chance for your guys :)

  • rawm on 16/12/2009 - 07:50
    +1

    News just in as part of UBank's end of year promotion, they are giving away 10 jars of iSnack 2.0 to the first 100 Term Deposit applicants, thanks to their good friends at Kraft. :P

    • kelea on 16/12/2009 - 20:58

      Probably worth more than $80 if you flog them off as a collector's item on eBay! :)

  • rokkz on 16/12/2009 - 09:07
    +1

    Guys

    I joined up mainly because the interest rate is a over 1 percent higher than current online bank. However with no disrespect the ubank website is a nightmare, worst and most confusing banking website I've come across,(I've used CBA since its inception in the early 90's and many many more)

    1.As you have to log in to the website, but then have to click another link to do all your banking which opens another screen. While your doing banking in the other screen, if you haven't used the page you originally logged into for a set period of time(even whilst your in the middle of a transaction on the banking page) it will time you out.

    2.To do a simple transfer from a branch account to ubank, you can't just select the 2 accounts(to & from), amount, and reference and away you go, you have to enter a date….. so when the calendar appears to enter today's date(what it defaults to) and submit, error appears stating you can't enter today's date, you need to enter a future date, as this is when the transaction will take place….this is very wrong

    3.After making two transfers, and as you expect, you will find two pending transaction in account activity….but no, no account activity, you have to make another 2-3 menu clicks to find berried the transactions you just completed….as you had to post date your transaction….very wrong

    These are just to name a few, only after undertaking transfers, the web developer really needs to learn KISS, as cba, cua, ingdirect to name a few trounce over ubank website.

    I really hope they fix it as I have a real problem with having to post date my transactions, if I want to transact on a day, THIS SHOULD BE THE DATE OF THE TRANSACTION…..as per the 4 other online banks I use.

    Please fix asap.

    • twig on 16/12/2009 - 09:24

      theres nothing wrong with the date thing.
      banks batch process their transations at a certain time in the day, so the "future dates" allow you to schedule a transaction "some time in the future" if needed

      you dont actually have to specify anything, its pre-filled to automatically be the next possible date anyway

    • patientvalue on 16/12/2009 - 09:29

      Yeah this has frustrated me in the past. After investigating i believe/understand transactions are processed at 2am the next day. which is probably the earliest it could happen anyway. So when other banks say same day they really mean overnight. often a bank will say 'processed' on one day and 'available/accessible' on the next.

      I also understand they pay interest from the day it is processed rather than accessible so they pay interest one day earlier than most=if you do the transaction from their side rather than your linked account. Is this correct people/ubank?

      • Store RepUBank @ ubank on 16/12/2009 - 17:29

        Hi patientvalue,

        We do have 'same day recipting' available.
        When you transfer funds from your external account to UBank, you will start earning interest on the day that the transaction took place (i.e processed) subject to meeting your bank's processing cut off times.

        Hope this helps.

        Adrian J - UBank

    • Store RepUBank @ ubank on 16/12/2009 - 13:36
      -1

      Thanks for the feedback, rokkz.
      I've passed it along to our online team, we are in a constant process of trying to make the site as user-friendly as possible.

      Speak soon,
      Julie D

      • CyberMurning on 18/12/2009 - 09:06

        yes, NO popup window please, this is bank website not a scam website. never see other bank do pop up.. and java ? oh…. man… again this is for banking purpose not for entertainment.

        • twig on 18/12/2009 - 09:37
          +1

          i believe st george had java on their site for some time (removed a year or two back)
          it was utter garbage though

          • CyberMurning on 18/12/2009 - 09:52

            @twig: obviously someone didnt do enuf research before launching their product :) take this as feedback, ubank, and please think hard to remove java and popup, take alook at rabo, ing,hsbc website.. all clean n simple and fast. and SECURE. thats what we need

    • Store RepUBank @ ubank on 16/12/2009 - 17:25

      Hello rokkz

      Sorry to hear of your frustrations with UBank Online Banking.

      The first point you mention should definitely not be happening. Thanks for raising this to our attention, we'll look into this now and see to it that it gets the right level of attention.

      To your second point, it's a valid point. Definitely some room to improve the usability here.
      It's equally important that we give customers a choice on when they want to transfer the funds, I'm sure we'll find the right balance.
      (Twig, I believe you're talking about outbound payments, whereas rokkz is referring to transferring money in via a one-off transfer).

      All future dated transfers can be found under the 'One off transfers' listing. Once these are processed, they will appear in the transaction history of the account you nominate the funds to be transferred into. If you have some future dated payments that you've set up, you will find these under 'Upcoming payments'.

      This is not really a problem so to speak. It's is simply a matter of perception. As patientvalue has mentioned, transfers take place overnight.

      Other banks may let you enter today's date as your transfer date, but the transfer doesn't occur until the next day (which is why when you transfer funds, the funds aren't available in the account you transferred to until the next business day). We like to be more transparent, and only allow the date that the transfer will actually take place to be entered. As said above, no different, just perception.

      If you have any further feedback you fish to provide, please don;t hesitate to email [email protected] at any time.

      Hope this eases some of your frustrations, and thanks once again for your feedback.

      Speak soon,

      Adrian J - UBank

      • jackofspade on 16/12/2009 - 20:01

        Why is there a limit for online transfer to a verified linked account? Other bank’s online account do not have this restriction. Transfers over the phone is such a painful process, it must have took me atleast 20 minutes to complete the transfer. The limit should only apply to Pay Anyone transfers to a non-linked account.

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