Just wondering if someone can explain to me the difference with interest rates on the usaver and usaver ultra account. At the moment I have a usaver account which I make asp payments into in order to get the bonus interest rate. Looking at their site though if I open a usaver ultra I will get a higher rate? Also my understanding is the sweep moves money from your savings if your transaction account gets below the min threshold they allow you to set ie $500 which im not sure im keen on.
oh wow 85 pages worth!
do you get bonus interest in the first month or do you have wait for the start of the next month?
you can't have satisfied the requirements in the first month, so the next month.
If you have both ultra and Usaver you get the bonus interest on the Usaver and I think no interest on the ultra. The ultra has to maintain a min balance which can be as low as $500, like you said not great. If it drops below money is automatically transferred that night from the Usaver. I think I am getting 4.37% being 3.31% plus 1.06% bonus interest
the sweep makes it easy for someone to clean out your savings account if you lose your debit card :)
you get no interest on that $500 sitting in your transaction account (500 @ 4.3% = ~$21/year) so it might not be worthwhile if you only have a small amount sitting in your savings account.
Nah you can log in and change the Amount in the Ultra to $100 now (have a good read of the whirlpool thread they even give EXACT steps to take…love Whirlpool (mostly)
Thanks! Just trying to workout if I can get a better interest rate than my current ASP plan with Ubank as it appears to be more than I would currently get.
To clarify the minimum for auto sweep is $200 so that makes the loss of interest reasonably insignificant especially when you factor in the convenience and need to be able to draw cash on call at ATMs every now and then. The interest on a standard usaver is slightly lower than utransact and its probably enough to cover the lost in interest anyway.
USAVER: 4.01%
UTRANSACT: 4.37%
Assuming you have $5000 (The minimum required to setup UTRANSACT in the first place)
USAVER: 5000 x 0.0401 = 200.50/year interest
UTRANSACT 4800 x 0.0437 = 209.76/year interest
@ eclaw
* To clarify this account is called a Usaver Ultra and the sweep value can be set to $100 (as mine is)
maybe you are talking about a different account eclaw…
see here for Accurate up to date info
https://ubankhelp.custhelp.com/app/answers/detail/a_id/8882
I just tried to lower my auto sweep, it said minimum is $1000
@ geordie
As per my link just above if it does not do as per the help page i would email or call Ubank to find out why (i have just double checked mine today and it IS set as $100 min)
@snappy1234
hmm they must had changed it recently, last time I checked I couldnt get it lower than $200.
Yeah, I nicknamed it utransact so I kinda got into calling it that the whole time
http://forums.whirlpool.net.au/forum-replies.cfm?t=2015569&p…