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UBank Ultra Everyday Account (No Account Fees, No ATM Fees, Linked to USaver Account)

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UBank Ultra Everyday Account (No Account Fees, No ATM Fees, Linked to USaver Account)
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frostyboy on 16/08/2013 - 21:42 ubank.com.au (1549 clicks)
Last edited 04/10/2013 - 22:01 by 3 other users

It looks like a Everyday Account with a Visa debit that links to your Usaver bank account. So you can access your Ubank money straight from Ubank, instead of having to transfer it elsewhere. These are the terms I found:

USaver Ultra
Monthly Account Fee
$0 – No ongoing Account Keeping Fees
Overdrawn Fee
$0
ATM Withdrawal Fee
$0 at any NAB or RediATM operated ATM. Other operators may charge a fee for use of their operated ATM.
Foreign Exchange Fee
2% of the total transaction value
Overseas ATM Withdrawal Fee
$4
International Deposit Fee
Up to $20

https://www.ubank.com.au/ubank/ib/documents/usaver-ultra-ter…

Credit: Hamza

UBank Ultra Everyday account.

FIRST you must login to UBank on www.ubank.com.au

AFTER logging in then go to:
https://www.ubank.com.au/ubank/web/my-money/OpenANewAccount/…

Must have minimum $10,000 balance in USaver in order to sign up.

Terms and Conditions
https://www.ubank.com.au/ubank/ib/documents/usaver-ultra-ter…

Interest rate: 1.06% (6/9)

Referral Links

Referral: random (1080)

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

Financial

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closed Comments

        • c64 on 21/08/2013 - 19:52

          i suspect rams will drop at the end of the month. they did that last time.

        • SummerMan on 21/08/2013 - 20:05

          Don't need to speculate.
          RAMS announced that "From 23 August rate with bonus will decrease to 4.51% p.a."

          http://www.rams.com.au/

        • tdw on 21/08/2013 - 22:56

          and still higher than ubank :)

        • frostyboy on 21/08/2013 - 23:10

          ubank with 0.9% bonus is 4.61% and is therefore 0.1% higher than rams. ubank also has no withdrawal restrictions like rams do.

        • tdw on 21/08/2013 - 23:32

          you're right. i was thinking of standalone usaver.

          but it's still a minimum $2000 deposit to get the Ultra bonus. with my circumstances at the moment, that just isn't going to work. and i'm still not sold on the automatic sweep thing.

  • AssociatedJames UBank @ ubank on 22/08/2013 - 09:49
    +1

    Hi, James from UBank here.

    Thank you for all your feedback. As Sally from UBank mentioned, the product was going through a staff only trial when the details were published here and at the time we did not include any details of the USaver Ultra Savings Bonus that is a feature of the product.

    Due to the OzBargain community interest we have brought forward the launch and I'm proud to announce the launch of UBank Ultra to the public. An account that combines the best of UBank’s USaver high interest account with the everyday access to your money and a UBank Visa Debit card of a transaction account.

    And for a limited time, deposit $2,000 or more per month (like your salary), meet the USaver Ultra Savings Bonus eligibility criteria in any calendar month from 1 August - 31 December 2013, and the following month you'll get an USaver Ultra Bonus rate of 0.90%p.a. on top of your nominated USaver standard variable rate.

    Click here for more details: http://www.ubank.com.au/ubank/web/products/transaction-accou…?

    Who can open a USaver Ultra?
    At this point in time, you must have an open USaver account with either $10,000 deposited into a UBank account or settled UHomeLoan.

    If you're new to UBank, just open up a new USaver and either deposit at least $10,000 or refinance your mortgage with our UHomeLoan to be eligible for the USaver Ultra.

    Click here for full details: http://www.ubank.com.au/ubank/web/products/transaction-accou…?

    • dy4me on 22/08/2013 - 20:20

      Any chance this account can also be an Offset account? that would be gold.

    • muncan on 23/08/2013 - 09:56
      +3

      Any chance we can have $50 for signing up?

    • SummerMan on 23/08/2013 - 15:25

      Stupid questions here. Details may have changed so I ask again.

      Say I am a new customer. (actually ex-customer).

      I am earning 4.5% at MeBank and would like to move to UBank to earn 4.61%.

      1. If I can do it over the weekend/today and get some spare cash to get the accounts moving, when I can really move the bulk of money to UBank to earn 4.61%?

      2. Do I still need to keep $500 in a transaction account? earning 0% on $500.

      3. Where could possibly be a source of $2000? Can I just move my cash around from the USaver, or it needs to be other BSB?

  • ozshaz on 24/08/2013 - 17:44

    Has anyone tried the account?

    • dy4me on 26/08/2013 - 17:33

      I got my visa card today

    • tomsco on 26/08/2013 - 18:58

      Got my PIN today, gonna goto an ATM tomorrow to change. Probably not going to use it though, mainly got the account for the BPay option, which works flawlessy (sweeped additional amount from linked account)

  • yorky on 31/08/2013 - 15:52
    +2

    Terms and conditions pdf is no longer found?

    Trying to confirm if putting $2k+ a month into the normal Usaver (not Ultra) also triggers the extra 0.90%?

    EDIT: Also the Reach account is only an extra 0.7% so I guess it is worthwhile not using that any more I take it won't be included in the extra 0.90%?

  • SummerMan on 01/09/2013 - 14:51
    +1

    Hi guys! It is the 1st of September. What bonus rate do you see in the system?

    I see 1.06%… So, the effective rate is 4.76% !!!

    Can anyone confirm this?

    • SummerMan on 01/09/2013 - 16:48

      Sorry. 4.77% I forgot the .01% on the based rate.

  • SaNine on 01/09/2013 - 16:34
    +1

    Yes I have 3.71%+1.06% as well for my USaver account linked to the Ultra… so 4.77%?
    Tho mine was showing 3.71%+0.7% on the 31st.. even after the 2k deposit..

    Edit: Btw what happens after December? Can I revert back to ASP for the normal bonus rate? Dont require the 2k deposit as there's no account fees right?

    • wa01 on 03/09/2013 - 04:05

      I think you then revert to +0.8% bonus (instead of 1.06%), and no ASP is necessary.
      So up 0.1% on ASP rate. That's like extra $100 p/a with $100,000 deposited funds. Whoohoo! (sarcasm)

    • SummerMan on 07/09/2013 - 09:39

      what happens after December?

      You can move to another bank.

      Ubank was uncompetitive for a period of time and now it is back to the top.

      The rate is likely to go up and Ubank may ignore it…
      New players will come and you choose the best.

      The future of USaver ultra is very uncertain and quite experimental but you are rewarded with 4.77% to be a guinea pig.

  • wa01 on 03/09/2013 - 04:54

    Anyone know if a second Ultra account will be allowed later?
    I tried creating a 2nd Ultra account linked to a different Usaver, and it failed saying I already have a Ultra account.
    Want to get top interest on both Usavers, but keep little money in the one linked to the Visa Paypass card account (which a top bank security adviser called 'inadequate'). I chop thru the antenna (cut from top edge to signature strip often works), scrape out the cvc (both sides), permanent marker over signature of all credit cards before they leave home.

    • AssociatedAlexaubank @ ubank on 11/09/2013 - 16:36

      Hi wa01,

      Currently you are able to have up to two Ultra accounts, one attached to a single Usaver and one attached to a joint Usaver. At this time unfortunately that is the only way to have a second Ultra account.

      Regards

      Alex A
      UBank

      • NGPriest on 11/09/2013 - 19:14

        Hi Alex! :D

  • jm48 on 14/09/2013 - 14:52

    I think there is an error on the Ubank website.

    It gives the Usaver Ultra bonus rate as 4.77% (+1.06% above standard 3.71%)
    It gives the Usaver bonus rate as 4.41% (+0.7% above standard 3.71%)

    The difference is 0.36% (between Usaver Ultra and Usaver)

    But the website says the increase is 0.26%.
    Where does 0.26% come from ????

    ^ UBank has increased the USaver Ultra Savings Bonus for a limited time by adding a fixed promotional margin to the standard Ultra Savings Bonus Rate. Simply meet the usual eligibility criteria for the USaver Ultra Savings Bonus Rate in any calendar month from 1 August - 31 December 2013 and, for the following month, the USaver Ultra Savings Bonus Rate which would otherwise be payable on your nominated USaver will be increased by 0.26%.

    https://www.ubank.com.au/ubank/web/products/savings-account?…

    • AssociatedAlexaubank @ ubank on 15/09/2013 - 07:07

      Hi JM48,

      The 0.26% bonus rate is in addition to the 0.1% standard USaver Ultra Savings Bonus Rate, therefor giving you the total of 0.36% increase.

      Regards

      Alex A
      UBank

      • jm48 on 15/09/2013 - 10:13

        Thanks Alex for explaining that, much appreciated.
        So +0.1% is the long term extra bonus rate, above the standard Usaver bonus rate.
        And +0.26% is a short term promotional extra bonus rate.

        The automatic sweep of $500 earning no interest,
        and the automatic transfer to fund any purchase with the Ultra account,
        stops me from opening an ultra.
        I just don't like the feeling of insecurity of having $40,000 in my Usaver,
        automatically connected to debit card purchases.

  • MondaySleeper on 14/09/2013 - 22:46
    +3

    I was following this thread. It looks like under the 4.61 % rate scenario (3.7 + 0.9 %), it needs at least 40K to gain something as $500 is interest-free.

    Did some maths here - https://www.dropbox.com/s/a5n6s3n5hrfm00w/uBank%20Ultra%20Co…

    4.5 % -> ME bank
    4.61 % -> UBank Ultra where $500 is w/o interest.

    Sab

    • ozshaz on 15/09/2013 - 09:48

      That's a very good point. Since the day they introduced $500 non interest limit i knew theyare doing something shifty ;-) and not telling the complete story !!!!!

      Hi ubank @Alexaubank any comments on the above calculation ? Was ubank covering up this fact ?

      • AssociatedAlexaubank @ ubank on 15/09/2013 - 10:44

        Hi Ozshaz,

        Good question, given that all the information is available in our T&C and on the website, there has never been a fact to cover up.

        To further assist with numbers, if you compare the $500 sitting in the standard USaver account with its standard bonus rate, and compare that to the current Ultra rate, the amount you will need to have to gain the same interest that is not gained by having the $500 in the Ultra (that's the same interest earned via the bonus component only, to match the $500) is currently $6108, give or take a few cents.

        Taken into consideration that the eligibility criteria is currently set at $10,000 minimum in a UBank account, the $10,000 is above this threshold of $6108, therefor the interest bonus you would receive from the current bonus outweighs the $500 sitting in the Ultra. (at $10,500 USaver Vs $10,000 + $500 in Ultra, the interest gained over the year would be in the ballpark figure of $463.05 vs $477)

        Regards

        Alex A
        UBank

        (Numbers based on current rate 4.41% p.a. + 0.80% p.a. Standard Ultra Bonus Rate
        + 0.26% p.a. Opening Special^ = 1.06% p.a. bonus total 4.77% p.a)

        • jm48 on 15/09/2013 - 12:37
          +3

          The opening special of +0.26% probably won't last long.
          I am not going to the trouble of opening another account and changing banking habit, on the basis of such a short term special.
          If you make the $500 sweep optional (or lower minimum to around $200), I will open an ultra, and use it too.

        • MondaySleeper on 15/09/2013 - 20:40
          +1

          @alexubank - that comparison is against ME Bank and U Bank. What u mentioned is ubank against u bank which might be true.

          Also the intro is short lived.it seems available for 3 months only. The moment u transfer money to ultra for transaction purpose, u actually start losing the interest. On an average i used to keep around $1000 at anytime in bank to meet the unexpected events. So this $1000 is interst free.

          Overall not of much value unless
          1. Going for ubank based orher products like home loan. May be u will get preference.
          2. U have 40K+ with you

  • kabigon on 26/09/2013 - 01:45

    Was almost going to open one of these until I looked properly at the calcs / fine print, thanks :) Sticking with the vanilla ubank account is the way to go unless you've got a lot of spare cash or the non-bonus interest is increased by more than the 0.1% difference from a regular account.

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