Finally, for all those ppl who thought Rabo were good.
Ubank now 6.42% p.a. with ASP.
Have fun switching accounts! :)
Ubank Saver up to 6.42% p.a. with ASP Saver Bonus. Std Now 6.01%
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Excelllent! Thanks for the info.
Hey jarris,
UBank's biggest disadvantage for me is that it takes an inordinate amount of time for transferred funds to become available. For example, I have a USaver account and I link this to a transaction account at another bank. I transfer money using UBank's Automatic Savings Plan (ASP - this can be a one-off or recurring transaction) from my linked transaction account. The current balance in my USaver may show up fairly quickly (1-3 days) but your available balance doesn't appear until 4-7 business days later. I've linked my UBank account to a few of my transaction accounts at other financial institutions and the turnaround is usually the same.Note:
Current balance: funds are en-route to your USaver
Available balance: funds have arrived. That is, you can only transfer money out of your UBank account using your available balance.Personally I judge banks primarily on their interest rates. If their interest rates fail to remain competitive then I would transfer my considerable savings to another bank.
Using driew's definitions, do we earn interest on the current balance or the available balance? I think it's the former but I just want to make sure.
Hello driew
Adrian here from UBank.
Just want to clarify that Automatic Savings Plans and One off transfers into your UBank account, initiated via UBank Online Banking are Direct Debit transfers. These will take 4 business days to clear.To answer jojay99's question, you start earning interest on the current balance or, when the transfer has taken place. The only restriction on uncleared funds, is that you can;t transfer them out of your USaver until they're cleared. Hope this helps.
Speak soon,
Adrian J - UBank
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I don't think Rabo has any fees, so you can keep it open for free.
I've had a UBank account for a while and for my uses I haven't seen any major disadvantages. There are no fees whatsoever. You have to set up an automatic deposit of at least $200 per month to get the "bonus" rate of 6.42%, otherwise you just get their normal rate of 6.01%. You don't have to keep the $200 in your UBank account if you don't want, you can just transfer it back to your normal bank account.
If you want to get the bonus rate but don't want to have to commit to depositing $200 per month, you could transfer $200 from your UBank account to your normal account a few days before the automatic deposit takes place. Then the automatic deposit will just pull that $200 back into your UBank account, and you'll get the bonus rate.