UBanks Usaver/Transaction Alternatives

furyou on 01/06/2019 - 22:34
Last edited 01/06/2019 - 22:35

The attraction of the UBank Usaver/Transaction combo was:

  • good interest even with withdrawals (use it like a mortgage offset for daily use)
    Earn up to 2.87% p.a.
    Variable rate includes 1.06% p.a. bonus

  • no fee for visa debit o/s transactions

However the -ves are pushing me away. Using the android app:

  • transferring between your OWN UBanks accounts require sms code, which you have to copy and paste in
    compare this with transferring to linked EXTERNAL accounts which require no such extra steps

  • you need to DISABLE all apps that "draw over other apps" before you can open the bank app
    this includes things like the notch hider, fb messenger, call recorders, and a bunch of other 'background apps'
    the app doesn't disable them, you have to go into system and disable them

So to transfer money from your Usaver (earning interest) to Transaction (for payments or visa) it's going to take a lot lot of effort. Not worth it for me, right now.

Are there alternative banks that have kinda good interest linked to a free daily account I should look at? Or just give up and use some free daily account.

But I still miss the (no fee for visa debit o/s transactions) unless I wait a day and transfer into ubank each time.

Financial Bank Account Savings Account

Related Stores

ubank
ubank

Comments

  • Sunny84 on 01/06/2019 - 22:37
    +3

    Ing?

    • furyou on 02/06/2019 - 11:57

      add $1,000 or more per month and make 5+ in person card purchases makes it equally hard
      possibly harder, since I use suncorp ecards for most things

  • Master Bates on 01/06/2019 - 22:50
    +1

    Buy an iPhone? Just kidding, are you not making use of the sweep function?

    • furyou on 02/06/2019 - 11:52

      I'm using the sweep hack, so it stays at $0. It wouldn't help much given it only happens overnight.

      Now if I always wanted to keep $100 or whatever in a no interest account using sweep, then I don'ot need to stick to ubank.

      It used to be cool that visa purchases get sweep'd, but now that they don't I don'ot really see the point.

      • joungs on 02/06/2019 - 20:57

        Why do you need to transfer at all? I thought if you made a purchase and didn't have enough in the transaction account it automatically moves it from your savings. Might be wrong though cheers.

        • furyou on 04/06/2019 - 15:43

          It used to. But not anymore for CC.
          Maybe for other methods, I duno. I have monthly international transactions via CC, I have to transfer the day b4

      • OZBMate8911 on 05/06/2019 - 07:54

        What's this sweep hack of which you speak?

        Edit- nvm it's at the bottom of the thread

  • amkssg on 01/06/2019 - 23:13
    +4

    So to transfer money from your Usaver (earning interest) to Transaction (for payments or visa) it's going to take a lot lot of effort.

    Why are you doing this??? Use the sweep function.

    • furyou on 02/06/2019 - 11:54

      I'm using sweep hack, because apart from o/s purchases (regular or not) I really don't use this for local CC, or withdrawals.

  • c64 on 02/06/2019 - 04:18

    ubank online banking is a slow bloated p.o.s.

  • Trying2SaveABuck on 02/06/2019 - 07:40
    +1

    Im with Ubank the app is pretty updated and the interface is also terrible however the interest is probably the best you will get so i put up with it and use a 'normal' bank for everyday transactions

    if you want a good alternative use ING

    However do not be afraid to have multiple bank accounts different banks have different strength/weaknesses - assuming they dont charge you fees it doesnt cost you anything to have 3-4 bank accounts with different companies reap the benefits of all of them

  • bobbieb on 02/06/2019 - 11:15
    +1

    Can't comment on how painful the UBank app is for transferring, as I only have the UBank Saver & Ultra for the bonus interest and let the sweep do its thing.

    The next best alternative for me was the RAMS Saver. Slightly less total interest, but thankfully none of the painful requirements that some of the others seem to have added recently.

    • furyou on 02/06/2019 - 11:55

      Thanks but The Make no withdrawals kills it. Since I already have a mortgage I put it there.

  • Ghost47 on 02/06/2019 - 14:22

    Been with UBank since 2012 and I've never really been hassled by them at all despite many people online saying their app "sucks" or is "too hard to use". The fact I only need to deposit a small amount of $200 a week to get the bonus interest (which can be automated) and that I can withdraw to my hearts content without getting penalised is quite frankly very lenient on Ubank's behalf compared to other banks like ING or RAMS.

    I would recommend ING but you replied that you don't want to go with ING because of the $1000 deposit and the 5+ card transactions is "hard" to do.

    Maybe consider ME Bank, all you need to do to get the bonus for that seems to be a weekly tap & go purchase (i.e. spend the money that you're putting into your savings account), unless that is also too hard for you.

  • joungs on 02/06/2019 - 20:58

    I just forcestop Facebook Messenger when I need to open ubank app. Makes me wonder though why Facebook needs to be writing over other apps even when I don't have chat heads active hmm

  • Shekster on 02/06/2019 - 21:40
    +5

    Just like what @Master Bates and @amkssg have said, the issue you seem to be describing is virtually entirely solved via the auto sweep function.

    Now before you reply saying you're using the sweep hack, so are most of us here, however it seems you may not fully understand how it works.

    I'll use my own account as an example:

    I have $999 in my USaver account, and to take advantage of the interest, I keep $0 in my Ultra account.

    Now I go to the shops and buy some food for $20 let's say.

    I use my Ubank debit card, which has $0 in the Ultra account, at the checkout. Now $20 is instantly and automatically 'sweeped' from my USaver account into my Ultra account, so that the transaction can be completed.

    The net result of this is that I am still able to make purchases using my UBank account, but WITHOUT having even a single dollar NOT earning interest at 2.87%.

    Hence I don't see why you should be having any issues using your Ubank account for normal spending.

    • furyou on 04/06/2019 - 15:46

      That doesn't work for me. Maybe only by using physical card- Doesn't work with online CC buys. Confirmed with ubank months ago, they 'changed it back' due to 'customer demand'

      I got FB charges etc failing due to this non-sweeping.

  • Poolprouk on 03/06/2019 - 12:58

    Where can I find instructions on how to do the sweep hack to keep my balance at Zero?

    I'm guessing it involves a daily transfer from the ultra to the usaver?

  • finbar on 03/06/2019 - 20:10

    Hack and more tips here

    https://whirlpool.net.au/wiki/UBank

  • bazingaa on 23/07/2019 - 13:56

    what should we enter for occupation in the ubank application if mine not in the list ?

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