2.80% Term Deposit (with Loyalty Bonus) @ UBank (Min 3months/ $1000)

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Lratecity on 29/01/2019 - 10:01 ubank.com.au (390 clicks)
Last edited 29/01/2019 - 10:18 by 1 other user

Ubank is currently offering a 2.70% standard interest rate on term deposits, with a loyalty bonus rate of 0.10% if you let your deposit roll over at maturity. This gives customers the potential to receive 2.80% on a 3 month term deposit with only a $1000 minimum required.

2.80% rivals most savings accounts and doesn't come with any monthly fees, minimum monthly spends or deposits. Worth looking into if you are in the market for a high interest deposit account, especially if you want something that you can deposit your money into and forget about. The added benefit of a term deposit is that they eliminate the risk associated with a fall in interest rates because your rate is locked in for the life of the deposit.

Customers can also receive up to 2.85% with the loyalty bonus on the Ubank 6 month term deposit.

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• 

  demiurge on 29/01/2019 - 10:06

  +14

  Why bother? Usaver ultra is 2.87%

  • 

    nfr on 29/01/2019 - 10:14

    +3

    Actual dollar difference is probably not much for most people, but if you expect interest rate to keep falling then term desposit is better.

    • 

      LennyT on 29/01/2019 - 10:16

      +2

      Beat me to it. All about locking in the rates. Interest rates may rise and fall. Just like any other investment, there's a risk. If the interest rate were to fall and you keep yours high. You gain. With that said, if you only have a short TD's then you wont see much difference. But if you have 12, 24 or more months then you will.

      • 

        freemoneyhunter on 31/01/2019 - 19:57

        That is stupid, if you think rates are going down you are better off moving your money out of AUD instead chasing a fixed term deposit.

        • 

          LennyT on 31/01/2019 - 22:59

          +1

          @freemoneyhunter: That is true but not everyone is knowledgeable about the finance side of the world. If they are finance savvy, they most probably wouldn't be looking at TD's to begin with unless they are super risk adverse or just cbb to deal with other options. There's always more than one perspective and more than one reason one might want one instead of the other, doesn't mean that its stupid.

  • 

    ratecity on 29/01/2019 - 10:15

    To receive the Usaver Ultra rate of 2.87% you must deposit at least $200 a month. This term deposit deal is great for people who want to set their money aside and not have to worry about it for the term of the deposit. The maximum deposit amount is also much lower on the Usaver at $200,000 vs $2,000,000 on the term deposit.

    • 

      punkman on 29/01/2019 - 10:27

      +4

      I suspect there are much better investment option for 2 mill than a low rate term deposit. After tax you will get less than cpi

      • 

        Stopback on 29/01/2019 - 10:59

        For less than 6 months a term deposit is the best investemnt taking into account risk

      • 

        lubos on 29/01/2019 - 11:07

        +3

        I suspect there are much better investment option for 2 mill than a low rate term deposit.

        Not really. Everything is low yield at the moment. Rental, dividends, bond yields. You name it. Warren Buffet's company has over 100 billion USD in cash because they literally cannot find any good investments.

        • 

          deltakilo on 29/01/2019 - 13:50

          @lubos:

          Not really.

          Gold, gold and more gold; according to some whispers from certain 'financial gurus'.

        • 

          punkman on 29/01/2019 - 14:35

          @lubos: I also doubt this.

          Why would he hold cash when there is a 2% term deposit.

          Just lol

          • 

            deltakilo on 29/01/2019 - 18:01

            @punkman: Considering he's successful old and shrewd Billionaire, that kinda hints of his insights being better than most. If indeed he is holding back then there'll be some very nervous people on Wall St.

            • 

              punkman on 29/01/2019 - 19:07

              +1

              @deltakilo: https://www.cnbc.com/2018/05/07/warren-buffett-if-a-100-bill…

              Cash is "just about the world's worst investment except doing something dumb that you're doing for a longer term," Buffett said. "I would much rather have that number be $30 billion."

              He is waiting to jump on something.

              • 

                deltakilo on 29/01/2019 - 19:57

                +1

                @punkman: The mind boggles at "gambling" with that amount of money - despite his success.
                Mind you, even with his comments of cash being worst investment, logic surely is that it's in a bank anyway ready for his next 'bigger' investment :)

                Certainly interesting times ahead for world economy with Chinese market & antics of Donald Chumps' politics.

• 

  artfin on 29/01/2019 - 10:09

  Is there any better alternative to Term Deposits? Rates on TD and Savings account are quite low =/

  • 

    pizzaguy on 29/01/2019 - 10:45

    +4

    By better you mean more profitable?

    Stock exchange, real estate market (still, possibly), forex. Be careful with startups.

  • 

    LennyT on 31/01/2019 - 23:03

    +1

    If you're risk adverse I would probably say TD and savings is not a bad idea unless you want government bonds. But stock exchange would be your best bet (high risk high reward), be prepared to lose money though. Never go in with the expectation of profiting, esp if you're new to it. Or just go to financial advisers to get advise. Risk is still there regardless, no one can see the future but they are more experienced than yourself nonetheless.

• 

  8azinga on 29/01/2019 - 11:51

  You will likely find a better rate elsewhere at the end of the 3 months negating the bonus 0.1%.

  You can get 2.7% with St George maxi saver account for the first 3 months and have access to you cash or add more if you need it without penalties.

  • 

    LennyT on 31/01/2019 - 23:04

    +1

    Ubank's saving ultra is 2.87% which will be better than that option.

    • 

      8azinga on 31/01/2019 - 23:59

      Yes, it was mentioned in the first comment but it also requires a min $200 deposit each month.

      Just giving an example which is more like the TD that doesn't require monthly deposits.