[Solved] Scared of UBank (Stupid Question)

Hey guys
I have a stupid question

I just signed up to ubank for the 2.41% high interest savings account.

I've never dealt with an 'online only' bank before. I a bit worried about sending my 40k over.

Is there a way to deposit in person? (then I'd probably be scared to carry that much $ around!)

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  • +2 votes

    Found this:

    According to USaver Ultra's terms and conditions, UBank will not accept cash deposits.

    And you don't have to worry as Ubank is backed by NAB.

    •  

      What's the safest bet. Walk into my existing bank and give them my new details to transfer?

      •  

        You mean if you actually had 40k cash? Then yes, you'd have to.

        I was editing this into my last comment:

        Also if I was only putting in 40k, I'd get Upbank instead for the higher interest rate (2.5%), cost tracking, and referral bonuses. Disregard if you trust neobanks even less.

  •  

    There is no way of depositing money physically into Ubank.

  • +7 votes

    I’ve used them for much larger amounts than this. Perfectly safe. Stop worrying, you’re going to be fine.

  •  

    If you don't want to make a large single deposit, do it in smaller increments (whatever you are comfortable with). Once you see they are going through you may decide to do he remaining funds in one lot

  • +1 vote

    Ubank operates as a division of the NAB banking group.

  • +1 vote

    Which part of "online only" did you get confused about?

  •  

    "Give it to me and I'll give it to ubank for you"

  •  

    They are an online bank and therefore have no branches for you to visit. That is reason why they offer a higher rate. Are safe, as others said as are owned by nab. I have used them before. Another alternative is to open a bank of queensland fast track saver account. Also have a high rate 2.5% if deposit 1k a month into account. This is an online account also but boq have branches, if live near one. So, can also open a transaction account and transfer between the two. This is what l do.

  •  

    Swapped over from Commbank and never looked back.

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    Their online banking interface was so ugly it scared me away.

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    Is there a way to deposit in person? (then I'd probably be scared to carry that much $ around!)

    The risks of electronic transfer are far, far smalller than the risks of carrying around cash. You have nothing to be afraid of.

  •  

    Thanks everyone, I appreciate the advice and reassurance.

  •  

    Deposit $1 into ubank first if you're scared of entering wrong details. Once funds have transfered, transfer the rest into the save account details.

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