expired UBank USaver - Rate Increased to 5.71%
This was posted 10 months 15 days ago, and might be an out-dated deal
From their facebook post:
Good Morning Customers,
Today we've announced some exciting changes to our USaver rates.
Our new standard variable rate for USaver has increased to 5.01%p.a. from 4.91%p.a. and our Bonus Rate has increased to 0.70%p.a. from 0.60%p.a. This brings the total rate to 5.71%p.a. with the Savings Bonus.
USaver Reach has also increased to 5.71%p.a. from 5.51%p.a.
USaver SMSF has been increased 5.01%p.a. from 4.81%p.a. This brings the total rate to 5.61%p.a. with the Savings Bonus.
For more information on our USaver rates visit www.ubank.com.au/ub/web/usaver/online-savings-compare-our-ra...
Comments (Closed)
Well so then the RAMS saver still looks better http://www.rams.com.au/savings-accounts/rams-saver/
The USaver is fee free too?
Anyone have recommendations regarding either?
+4 votessamfisher5986 on 10/07/2012 - 11:55 ¶RAMS is hardly better… Maybe for specific people?
"make no withdrawals during the month"
wrecks the deal.
Why would you not deposit all of your money and then withdraw it for all your irregular purchases?
If you don't do this, your losing interest, likely more then the extra RAMS interest you get.
universe93 on 12/07/2012 - 20:05 ¶it's a savings account, not an everyday transaction account. it's not the same as ING, it's meant to be a replacement for a term deposit or a savings account.
- +1 votesamfisher5986 on 10/07/2012 - 12:46 ¶
Yes you can take the $200 out you deposit monthly with uBank.
The Quote Train on 10/07/2012 - 17:55 ¶Everyone seems to froth over the RAMS saver for a little extra %
Who are RAMS backed by? These lesser known outfits are probably using your money to lend to the more 'risky' customers.
I know where I'd prefer my money to be.
+1 votepowerhammer on 10/07/2012 - 21:47 ¶http://www.rams.com.au/savings-accounts/faqs/
Are RAMS accounts covered under the Government guarantee?
Yes, RAMS accounts are covered under the Government guarantee, as RAMS accounts are issued by Westpac Banking Corporation.
+2 votesonetwothree on 10/07/2012 - 11:14 ¶It looks like it's also increased to that rate for existing customers.
snappy1234 on 10/07/2012 - 15:32 ¶bah ! same as all banks (wish they would give notice when it DROPS !!!)
moving our cash to the best deal.
+2 votes4 months. Take it while you can.
At CityBank you can have multiple accounts in the same name. Each new account gives you another 4 months.
At RaboDirect new accounts need to be in different names. Eg. Yourself, your wife, and strangely a joint account is considered new and different. Trust accounts good here also.
UBank counts all accounts associated with you as part of your $200K limit.
EDITED: Due to CB and RD names the wrong way around.
+1 voteIt's strange that ubank don't allow up to 250,000 with the savings bonus.
Clearly they want people to deposit more money. The government guarantee applies to 250. (Of course you can deposit as much as you want, however you'd be crazy to, since you'll get a lower interest rate)
loveagooddeal on 10/07/2012 - 11:41 ¶Yay! =) Market leader for quite a long time now, whoever is in charge, kudos for sticking to your plan and not being too greedy!
devilbabies on 10/07/2012 - 11:55 ¶already moved to RAMS when RAMS was 0.24% higher (5.51% vs 5.75%) and wont be coming back until ubank can beat 5.75% by a decent amount
RAMS is the new market leader at 5.75%
- -1 vote
I hadn't heard of that, but found this http://www.daftblogger.com/why-buying-greek-bonds-is-the-sam...
+5 votes"If you buy a 10 year Greek bond today you are promised 16% yield. That is, if you give €100, you will be given back €116 after 10 years."
Whoever wrote that doesn't know what they are talking about- it is 16% annually. I don't think you'll get any takers on a 16% return on a 10 year Greek investment.
- +5 votesdevilbabies on 10/07/2012 - 12:20 ¶
- split your money between rams and ubank. i have 10% of my cash in ubank - enough for all my withdrawal needs
- you can have up to 10 rams accounts. you only miss out on the bonus interest on the account you withdraw from.
- if you need to withdraw from rams then transfer all your money to ubank at the start of the month and transfer it all back the next month
+7 votes5.75% versus 5.71%: let's say you had a stable balance of $10,000… after 1 year of keeping your money in RAMS versus UBank… you've made $4!
I'd skip one cafe coffee for an instant, and then not have to worry about whether or not I need to make a withdrawal in a given month. Not to mention… the act of moving all yor money from one account to another and back, assuming 5.7%, will lose you the 0.04% extra of interest (assuming one day of interest lost each way).
I realise the difference was bigger when you moved over - but that's still only an annual saving of $24 for a $10,000 holding. RAMS would only make sense if you're absolutely a net saver - never needing to withdrawal until point you take it all out. So, maybe if you're saving for a home loan deposit and are a good budgeter so never needing to dip back out…
+1 voteAm not
Btw was curious and Googled savings interest rate history. In the 1980's the interest rate was avg 15.5%!!
http://www.vanguard.com.au/vnl/calculators/assetclass/AssetC...
well. I am with UBank Homeloan at 5.62% right now and I have a uSaver account linked. I suppose I can just redraw the maximum allowed amount from my Uhomeloan to uSaver to earn a bit more money rather than paying it down!! I should try but I suspect they will close this loop hole for their existing uHomeloan customers?
Imagine you are borrowing 1 million dollars at 1% from one place and deposit it immediately at another place which gives you 10% interest rate.. of course you made money without using your own money.
Here it is 5.62% vs. 5.71%.. the difference is so tiny ..so not worth it even for a mortgage at 1 million AUD (perhaps earning 500+$ per year after tax on interests even you borrow 1mil at 5.62% and redeposit it at 5.71% ).. but still positive.
If it's your business, talk to your accountant. My accountant said I can loan money from my business to myself, and as long as it is paid back before the end of financial year, the tax office doesn't care about the loan. Deposit the money in a personal term deposit, maturing before EOFY, then pay it back and keep the interest. Don't forget to state the interest earned on your tax return, it's definitely taxable.
But do check it out yourself, it's always possible my accountant has misunderstood the rules.
SpaceNinja on 10/07/2012 - 13:37 Comment score below threshold (-7).
+2 votesI'm still lucky to be enjoying a Bankwest rate of 6.15%, which was a standard 4.5-5% rate (can't remember exactly) and the rest was a 'bonus' for 12 months.. That was like 3 years ago and still getting the bonus amount :-P
If they ever do realise I might have to move my money over I think!
Trav
That may be balancing out the student account.
Earn a fantastic 0.01% p.a on balances up to 20k (http://www.bankwest.com.au/personal/everyday-accounts/everyd...)
- +3 votes
I have been with UBank for over 4 months and am VERY happy with the returns. However, web User Interface is horrible and needs to be improved but it does the job. As long as I get a good rate I can put up with the UI. The customer service is excellent.
Don't forget you need to setup a minimum of $200 automatic savings plan (ASP) to get the bonus interest rate. The bonus interest rate begins the month AFTER you set it up. So if you set up the $200 ASP per month in June, bonus interest rate starts in July. You can cancel the ASP and set up another in the same month and not lose the bonus rate as long as the ASP payment has been made for that month.
+1 voteRAMS could reduce rates any times and by moving money you lose interest stright away.
RAMS is not the bank and you could not compare it with Ubank. If you know history of RAMS you wont risk with your $$$ for 0.04%. I am with UBank for a long time and find them to be flexible, provide
more or less fair deal and good customer service The main advantage is that you have access to the money,no limits to linking accounts and good security ( SMS ). It is definitely worth 0.04% from
taxable interest…
All other premium offers ( Rabo, ING etc ) only for 3-4 month and considering 2-4 days lost,when
you invest/withdraw money ( up to 3 working days by T&C )looking less attractive.
Hi there. RAMS is exactly like Ubank in that they are second-tier organisations run by Big Four parent banks (Westpac for RAMS, NAB for UBank). RAMS is no longer the independent company it originally was.Just like Coles has 'value' home brands and 'premium' home brands.
There is absolutely no difference in risk between the two because the Australian Government guarantees your deposit up to $250k - if there is a need for a bailout, it will largely be paid for by the Australian taxpayer irrespective of the financial merits of either of those companies (or their parents).
..Rabodirect is great…not going anywhere ….my 2 cents..
+1 voteWhen Rabo started they use to sledge others for their bonus rates for new money. Now look at them.
That said, I have an account with them and a linked transaction account at QANTAS Staff CU. If I start a transfer out of Rabo prior to 5:30pm weekdays the money is in the CU by 9am the next day.
+1 voteNimitzHarrington on 10/07/2012 - 22:13 ¶Good deal. If only ING Direct could get off their backside and do the same. They haven't been competitive for a fair while now…
+2 votesTrance N Dance on 12/07/2012 - 00:27 ¶However with RAMS, your money is locked in and you have to deposit $200/month to get the bonus interest. Whereas with UBank you can freely move your money and still get the bonus interest as long as you deposit $200 each month (the $200 can then be moved out the next day or whenever)
168
ahh..thats good..i had send them an email yesterday only stating the 5.75 % interest rate of RAMS..i think they heard me :-)