UBank USaver reduced Saving Interest Rate from 2.10% to 1.85%

Gelato on 09/03/2020 - 00:59
Last edited 09/03/2020 - 09:19 by 1 other user

Effective from Monday 9 March

https://www.ubank.com.au/ratechange

If you’re a saver, who do you bank with?
Just checked ING, and it’s still showing here 1.95% though it may change soon…

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Comments

  • shortgum on 09/03/2020 - 04:43

    so what is the best ongoing rate now, not introductory ones

  • AdamFury on 09/03/2020 - 06:26

    I swapped to Xinja about a month ago. Great experience so far.

    • RedHab on 09/03/2020 - 12:25
      +1

      Be careful with Xinja they might be wiped out according to Banking Day

      • TheAviator on 09/03/2020 - 14:45

        this is a bit scary. Might move some money back from Neos to the traditional banks. Yes govt guarantee is still there but would prefer to avoid having funds frozen or subject to withdrawal limits for some time if it gets to that point!

  • Elppa8 on 09/03/2020 - 07:29

    Unfortunately Xinja have stopped opening of new Stash accounts

    https://xinja.com.au/press/2020/australian-xinja-holds-savin…

  • ForeverInBlueJeans on 09/03/2020 - 08:03

    86400 is still 2.25 up to 300k (3 x 100k accounts) - I find them excellent, not fully feature rich but getting there slowly, they have instant apple pay and are on OSKO for instant transfers.
    Think UP is the same rate, but 50k
    Xinja is ok/good, but looks like they are in $ trouble, allegedly 300m in deposits, that's a hell of a lot of interest to pay when you have no loan products

    • polstralian on 13/03/2020 - 11:30

      Not anymore… 86400 dropped to 1.6 and 0.4

      • MitchyD1989 on 03/05/2020 - 14:09

        Are you sure? They dropped it to 1.85% which is what it's still saying for me, both in the app and on the website.

        • polstralian on 03/05/2020 - 14:12

          Well my comment is dated to 13/03 and it's obsolete today. It was 2% max then.

          • MitchyD1989 on 03/05/2020 - 15:04

            @polstralian: Oh it was too, apologies lol. The thread popped up as one of the first posts in Finance and I missed the original post date, only saw that someone else responded here recently.

  • Ocker on 09/03/2020 - 08:16

    If you are prepared to take a bit of risk, and for a long term play then buy UBank's parent NAB shares.
    Grossed up yield of 10.65% pa gives you about a 9% buffer in a share price decline compared to a regular savings account.

    • Gelato on 09/03/2020 - 10:06

      I’d say not yet to click the buy button for nab stocks. Too much headwinds for them atm

  • jamball on 09/03/2020 - 09:46

    Xinja - they've kept the 2.25% rate and have stopped opening new savings accounts to maintain the savings rate for existing customers

  • E5TOQUE on 14/03/2020 - 23:34
    +1

    86400 = 2.00% across 3 savers
    UBank = 1.85% limited to 1 saver. Additional savers 0.79%
    CUA = 1.70% limited to 1 saver. Additional savers 1.00%

    HSBC is yet to be updated.
    1.75%, have as many as you want. Must increase balance by $300 a month.

    ING is yet to be updated.
    1.95% limited to 1 saver. Additional savers 0.25%

    UP is yet to be updated.
    2.25% limited to $50,000 across all savers.

  • Ziggy28 on 30/04/2020 - 01:53
    +3

    The UBank USaver rate has now fallen to 1.60%

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