This was posted 1 year 11 months 8 days ago, and might be an out-dated deal.

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Earn up to 1.85% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank

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Earn up to 1.85% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank
Go to Deal
me1stt on 16/06/2022 - 12:10 ubank.com.au (1037 clicks)
Last edited 06/07/2022 - 11:27 by 1 other user

From 1 July 2022, we’ll be increasing our bonus interest rate to 1.75% p.a. for both our Save and USave accounts. Our base rate will remain at 0.10% p.a., meaning you’ll be able to earn interest up to 1.85% p.a. across all your eligible ubank accounts.

You’ll need a Spend account and deposit $200+ per month into any of your Spend or Save accounts (not including internal transfers) to get the bonus interest rate and that’s it.

Take money out at any time without affecting your bonus rate.

Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.

Get bonus interest on a combined balance of up to $250K across all your Save accounts.

Don’t miss out on bonus interest with the help of our friendly nudges.

Referral Links

Referral: random (959)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

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closed Comments

        • thetrain on 17/06/2022 - 20:31
          -1

          $50k limit

  • Bullion78 on 16/06/2022 - 19:57
    +1

    Will be 3.00% plus by beginning of next year

    • cumova on 16/06/2022 - 20:26

      Some say end of this year

  • timhn on 16/06/2022 - 22:16

    Excellent. I have prepared to shift to Macquarie but now can stay with UBank.

  • FujiFruit on 16/06/2022 - 22:26

    Virgin is 2%. I’m moving over to them not sure when , was going to do it this weekend but I’m hesitant because I am waiting for amp to increase

    • souths123 on 16/06/2022 - 22:42
      +1

      Virgin is only if you lock it away and then give 32 days notice to take any out, but once you do the withdrawal request i think it reverts to the 1.45%

      • Yola on 17/06/2022 - 08:48

        Yes definitely drops for 32 days but to 1.50. The problem is when the rates are volatile and all indications are that they will keep going up in the near future once you lock away you are stuck with Virgin for that period.

        • FujiFruit on 22/06/2022 - 18:33

          wow then im not going to virgin. I didn't know about that.

          • airpoe on 22/06/2022 - 18:52

            @FujiFruit: Also Amp is not increasing its rate, staying at 1.35%

  • Shane034 on 17/06/2022 - 00:35

    People's thoughts on this v a 12 month term deposit at 2.25? Thinking this rate will surpass that in 6-12 months so will probably come out similar or in front with ubank.

    • timhn on 17/06/2022 - 05:18

      AMP has 2.85-2.90 for 12-month TD.

    • El-Rhi on 17/06/2022 - 12:00
      +2

      Assuming a 50bps increase next month, their rate will likely be above 2.25% so I wouldn’t be locking in for 12 months at this stage. Judo has 3.15% which could be worth looking into.

  • Geoff01 on 17/06/2022 - 08:35

    If you've got 100k spare in savings are people really debating $20 difference in annual interest between banks. Really…….3rd world problems.

    • Yola on 17/06/2022 - 08:49
      +6

      Maybe that is how they got the spare $100k?

    • Shane034 on 17/06/2022 - 09:32
      +1

      This is ozbargain. People change phone carriers every month to save a few bucks lol

    • BigBirdy on 17/06/2022 - 09:39
      +1

      It was $20/month.

      Personally I wouldn't switch to ING because of the $100k limit, and any requirement for non-automated transactions. AMP and UBank you just setup an automatic deposit and withdrawal (to avoid going over the limit) to meet their simple requirements. No need to grow the balance.

    • Tleyx on 01/07/2022 - 13:26

      This deal is for $250k not $100k

      • Yola on 01/07/2022 - 13:46

        He is talking about ING.

  • Peck on 17/06/2022 - 12:06
    +1

    I have had a Ubank Usaver account for ages, and it is a 'piece of cake'.
    I have an auto transfer 'in' of $200 per month from a savings account.
    You can still withdraw from the Usaver account and get the bonus rate. Even if your balance drops below the previous month's balance.

  • Popo on 17/06/2022 - 12:08
    +1

    Don't they have a $50K limit per save account? and there was something about up to 3 save accounts allowed. Or has this all changed now they are NAB?

    • Kyle-K on 17/06/2022 - 14:11
      +2

      You can read all about their products here https://www.ubank.com.au/banking/savings-account.

      But to answer the question before the change to :ubank branding :86 400 changed all that. You're allowed to open up to 10 Save accounts and you can have as much as you like in them and interest is paid up to $250k across all accounts combined.

  • ichatting on 17/06/2022 - 12:25

    all the best to those with huge loans, the tables are turning

  • sicaboy on 17/06/2022 - 14:22

    Is it higher than the interest in my home loan offset?

    • Peck on 17/06/2022 - 15:35
      +1

      I doubt it. Variable mortgage rates are over 3% to my knowledge. And the offsetting interest is tax free.

      • kacak on 17/06/2022 - 16:48
        +1

        Yep and that’s a very important point: offset interest savings needs to be compared with any deposit interest rate minus tax

  • bitcoinorbust on 17/06/2022 - 14:42

    I am doing ING for the 15 days till end of month to gain $31 interest over ubank. Good thing ING has the grace period so dont have to do their dance. On the 1st I am going back to ubank.

  • Ozbar Gain on 17/06/2022 - 21:36

    Sweet deal! Thanks.
    I just signed up and the Ubank UI is 😍 (I'm an Up user myself)

  • Tevada on 19/06/2022 - 23:40
    +2

    I have been with commbank my entire life but now I don't feel like being ripped off by them anymore with their ridiculously low saving interest rates and absolutely slow ass attempt to pass the higher rates back to savers.

    This will be my first time venturing outside Big4 so feeling a bit nervous. I know all regulated banks are guaranteed by the government to some extent but is there anything I need to worry about from security perspective?

    The online process to open ubank account was very straight forward which I was able to complete in less than 2 mins; but that's exactly what got me worry about how easy it was to open an account (then again the last time I open a bank account with Commbank was 15 years ago in branch physically with a process that, as I remember, feels a lot heftier).

    Also does anyone know what is the maximum I can transfer out of ubank account at one time? I'm hoping it can be as flexible as possible in case I see some opportunity for me to invest my money.

    • airpoe on 20/06/2022 - 00:10

      ubank is owned by nab.

      20k transfer or 100k to linked account per day

      • Tevada on 20/06/2022 - 01:24

        Thanks.

        The linked account can be an account with another bank?

        • Yola on 20/06/2022 - 07:09

          Yes.

          • Tevada on 20/06/2022 - 12:37

            @Yola: Thanks but i thought the external linked account is only for viewing balances in one place only. Did not know that it automatically increases the transfer limit as well.

    • Yola on 20/06/2022 - 07:26
      +3

      Well done venturing out of your comfort zone and especially leaving the Commonwealth Bank which is arguably the worst Bank in Australia. You only have to look at the findings of the Royal Commission.
      I have been banking with UBank and around 20 other non big 4 Banks for many years. The main thing you need to reassure yourself is to check that the bank is eligible for the government guarantee for bank deposits. This Scheme ensures that depositors are guaranteed repayment of their savings in the extremely unlikely event that any banking institution fails. Under the Scheme, eligible deposits are protected up to a limit of $250,000 for each account holder per authorised deposit-taking institution. I am not saying this because any of our banks may fail but because this is an easy way to check a financial institution's bona fides.
      This is an informative article that lists all the Banks in the scheme.
      https://www.finder.com.au/bank-protect-money
      Also a link to detailed discussion on ubank on Whirlppol.
      https://forums.whirlpool.net.au/thread/90kv06m3?p=309

      The online process to open ubank account was very straight forward which I was able to complete in less than 2 mins; but that's exactly what got me worry about how easy it was to open an account

      It has gotten easier and this is great and thanks to the gods of data matching.

      You are welcome to PM me if you have any other questions.

      • Jason Genova on 20/06/2022 - 08:40
        -2

        why do you need to use 20 other banks?

        • Yola on 20/06/2022 - 11:49

          Over the years there have been introductory offers like the current one for IMB and the rest just chasing the best rates. At any one time I only use around 5.

      • Tevada on 20/06/2022 - 12:36
        +1

        Thanks! This helps

  • Gazpacho on 25/06/2022 - 21:15

    If you sign up now as a new customer (having never been with either uBank or 86400) - do you have access to a online banking through a browser (rather than through an app)?

    • me1stt on 25/06/2022 - 23:14

      https://www.ubank.com.au/help/current/everyday-banking/using…

      Internet banking is currently only available for original ubank customers.

      So app only for now.

      • danielh on 26/06/2022 - 06:55

        As an original uBank customer, trying to log into my account via the internet gets me this message:

        “We're retiring this mobile version of internet banking on 30 Jan 2022

        Download the UBank app to access all your accounts on your mobile.”

        • me1stt on 26/06/2022 - 10:23
          +1

          Desktop only.

      • Gazpacho on 26/06/2022 - 11:30

        Thanks all

    • Kyle-K on 26/06/2022 - 01:22

      It's app only. browser version should launch before migration starts expected sometime next month, but there is reports that migration has been pushed back.

      • Gazpacho on 26/06/2022 - 11:31

        Interesting and helpful to know! Thank you

  • kgree92 on 26/06/2022 - 13:28

    I have a ubank account and 86400 account prior to the merger. When I log into ubank.com.au I can only see the ubank account, are people having same issue?

    • me1stt on 26/06/2022 - 13:29
      +1

      Internet banking is only for original ubank now.

      • kgree92 on 26/06/2022 - 13:50

        Cheers

  • Mr Buggles on 28/06/2022 - 15:02

    Is anyone having any issues getting verified? I received an email saying my (new) accounts are currently locked, and a text message linking to an ID verification system yesterday, both of which I did/responded to, then have the email again today, with a different reference number? Is this a bit sus, or just normal for setting up a new customer? Recently joined AMP and Macquarie, both also online, and had no issues.

  • blurn on 01/07/2022 - 10:48

    How are people feeling about using ubank in light of recent news of Volt bank collapsing (another digital bank)? I was considering switching but now I'm unsure.

    • me1stt on 01/07/2022 - 10:55
      +3

      Ubank is owned by NAB.

  • FiDad on 04/07/2022 - 23:52

    Stupid question here but here goes, i have a Ubank online saving account from about 9 years ago would i get bonus interest in this account or need to add another account to it. Asking as deal description says "You’ll need a Spend account and deposit $200+ per month into any of your Spend or Save accounts"

    • tdw on 05/07/2022 - 02:34
      +1

      if you had an "ultra" account from several years back, that counts as a spend account. when you log into online banking/app you'll see your accounts grouped into either spend or save

      • FiDad on 05/07/2022 - 10:03

        No i just have the usave account. i guess will just have to open a uspend account, just wanted to avoid another transaction account.

        • me1stt on 05/07/2022 - 13:04
          +1

          Yours is the original ubank, but you will still need to open a USpend transaction account: https://www.ubank.com.au/help/original/og-everyday-banking/a…

          • Kyle-K on 05/07/2022 - 18:54

            @me1stt: Which they will not be able to complete on the legacy platform, They'll have to wait for migration or sign up for the new :ubank the former :86 400.

            • FiDad on 05/07/2022 - 21:28

              @Kyle-K: i guess i am not that legacy. Managed to open a uspend account online

              • Kyle-K on 05/07/2022 - 23:19

                @FiDad: If your account is nine years old like you said above you're on the legacy Ubank platform and as far as I'm aware you should not be able to open any new products that are on the legacy platform.

                You can open products and a new account with :ubank the former :86 400.

                • FiDad on 05/07/2022 - 23:45

                  @Kyle-K: Just checked i opened my usave account in July 2012, didnt login since 2014 i think but logged in last night to ubank.com.au after resetting password and managed to create a new uspend account and it only took 2 mins. got the welcome email and account is showing under my online banking. Not much across the whole 86 400 thing though so not sure if i should have been able to do this or not.

  • kanter on 13/07/2022 - 14:22
    +3

    Signed up, thank you for that. And to whoever gets the $20 referral, you're welcome! :)

  • ZepH on 28/07/2022 - 22:32

    Does anyone know if the new ubank (app) supports step up authentication? I was able to add an account and transfer money out without a sms or email code at the minimum

    • FiDad on 29/07/2022 - 10:38

      This is strange my old Ubank(legacy account) app wont even let me transfer between linked u spend and usave accounts without a sms code

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