Savings accounts Ubank vs ANZ vs Macquarie

watupman on 13/08/2022 - 10:14
Last edited 13/08/2022 - 10:38

Hi, ozbargainers :)

I currently have ING saving maximiser and NAB saving account and looking for two additional savings accounts so I can move my money from low interest NAB saving accounts :( I wouldn't want to keep switching banks in the future so accounts that frequently lower their interest rate wouldn't suit me. I am pretty sure they are all government guarantee saving accounts up to $250.000

If you had to choose two out of those 3 accounts, which one would you go for it and why? I never had any experience with ubank and macquarie bank so I would love to know your opinion if they have any difficulties (e,g, transferring money between accounts, customer service), frequent interest rate changes and so on. I used to have savings account with ANZ ages ago but they reduced the rate significantly after a while.

ANZ plus - 2.5%
Upside for me is ANZ has many branches. downside is they only allow $5000 per day.

Ubank - 2.85% from september 1 (deposit $200 per month required)
I am not so familiar with the bank but I am aware that they are from nab.

Macquarie - 2.25% (3.1% first 4 months)

Please share your experience and opinions on these banks. I would love to open two saving accounts.
Thank you so much !

Financial Bank Account Savings Account

Comments

  • kerfuffle on 13/08/2022 - 10:29
    +5

    Macquarie is 2.25% not 2.35%.

    I have savings with both UBank and Macquarie (as well as Citibank); no complaints from me

    • watupman on 13/08/2022 - 10:40

      Oops, my bad. Edited. Thanks so much my man

    • HeWhoKnows on 14/08/2022 - 18:13

      Same here
      OP should look at AMP as well 2.6%

  • avoidfullprice on 13/08/2022 - 10:42
    +1

    No difficulties using either ubank or macq. Never dealt with their customer support

    accounts that frequently lower their interest rate wouldn't suit me.

    Which one did recently?

    If you had to choose two out of those 3 accounts, which one would you go for it and why?

    I use all three. I keep ubank and macq for their transaction accounts

    • watupman on 13/08/2022 - 11:07

      It was one of the ANZ savings account years ago haha

    • watupman on 13/08/2022 - 11:09

      Thanks so much man!

  • avoidfullprice on 13/08/2022 - 10:43
    +6

    ANZ plus - 2.5%.Upside for me is ANZ has many branches.

    Pretty sure this is supported by their online only division like uBank. Walking into a branch won’t help you

    • watupman on 13/08/2022 - 11:11
      +1

      I did not know this! Thanks so much man. Seems like ANZ is a no go with that $5000 daily limit :(. I mean imagine trying to move $250.000 to another account in the future. It will take 50 days!

      • kerfuffle on 13/08/2022 - 12:15
        +1

        Pretty sure any bank will let you move that much if you ask them and explain why?

        • Yola on 14/08/2022 - 08:44

          Few people have mentioned that there is no way to do that and it is very unusual.

          • tulip99 on 14/08/2022 - 10:20

            @Yola: Ring up the bank and ask to get your daily limit increased for a once off transaction. I did that last year.

            • Yola on 14/08/2022 - 18:43

              @tulip99: For ANZ?

              • tulip99 on 15/08/2022 - 08:53

                @Yola: I think it was ING, but it can't hurt to ring up ANZ and ask them.

          • Yola on 15/08/2022 - 09:01

            @Yola: I have now read someone stating that they managed to get it increased to $25k but still too low.

          • fattymattyd on 07/09/2022 - 17:51
            +1

            @Yola: Just wanted to post to say that you can get around the $5000 daily limit by messaging their support through the app and they'll do the transfer for you.

    • aidenh37 on 14/08/2022 - 21:11

      ANZ Plus have two branches with Coaches that can help - Richmond VIC and Potts Point NSW.

    • NoPetNoKid on 14/08/2022 - 22:00

      ANZ Plus is very much supported at branches, afaik

  • prisonmike on 13/08/2022 - 10:50
    +9

    Ubank is great with low deposit requirement unlike ING. Also the bonus interest rate is applied across all your saving account not just one like many others where they make you nominate one account to earn the bonus interest.
    The phone support with ubank has been fine too. Ccuple of rings and I got connected to the local support team.

    • watupman on 13/08/2022 - 11:08

      Definitely will go for ubank then. Thanks so much man! Now I gotta decide between Macquarie vs ANZ haha

  • Bayleaf on 13/08/2022 - 12:14
    +3

    Out of the 3 in the title, I bank with Macquarie. Reasonable good interest rate without the need to meet monthly requirement like ING. What I also like about them is the Gift Card Marketplace where I can get discounted gift cards, eg: Woolworths (4% off), Coles (3% off), Kmart (3.5% off), Big W (3% off), etc.
    But a small thing I don't like about Macquarie is to apply for their term deposit. With ING and CommBank is quite straightforward, I can set up term deposit through my online account. But with Macquarie, even if I have an online account with them, they still require me to fill out an online form with all my details.

    • watupman on 13/08/2022 - 14:29

      Oh wow, haven't thought of gift and market place. Thank you so much for your thorough explanation. Has Macquarie savings account always been quite competitive in terms of interest rate?

      Thanks :)

      • avoidfullprice on 13/08/2022 - 15:10
        +2

        Macq has been competitive, but not the most competitive.

        You’ve got to realise in the last decade, RBA cash rates have been lowering and different banks been responding differently. You will find banks will react again different to the past with rising interest rate.

        Consider open all these accounts, use them all at once for a month or two and decide. They are fee free…

        • watupman on 13/08/2022 - 15:15

          Will most bank allow us to transfer large amounts of money at once when we continue to switch our savings account like 50 plus grand?

          • avoidfullprice on 13/08/2022 - 17:24
            +1

            @watupman: I can’t speak on their behalf. You should call them so they know you are not laundering money.

          • Cheapskate Paul on 13/08/2022 - 19:58

            @watupman: UBank allows transfers of $100,000 per day to a linked account at a different bank. Linking an account takes 10 days.

            • leigh8904 on 13/08/2022 - 22:27
              +2

              @Cheapskate Paul: I think linked accounts only applies to legacy / original UBank, not the new :ubank (rebranded 86400).

          • Yola on 14/08/2022 - 08:49

            @watupman: They are all happy to take your money getting it out is more difficult. The only one that has caused me problems getting money in has been Citi where I had to go through the KYC (Know your Customer) process. When they requested it a second time I did not comply and they closed my accounts.

  • Drakesy on 13/08/2022 - 12:33
    +3

    Ubank all the way

    • watupman on 13/08/2022 - 14:27

      Let's go!!

  • FujiFruit on 13/08/2022 - 15:17

    Is rba going to increase again?

    • Ryk on 13/08/2022 - 21:04

      more likely than not.

  • Ghost47 on 13/08/2022 - 19:07
    +4

    UBank 100%. Only a $200 deposit per month without any other silly requirements like 5 card taps a month and their interest rate has always been competitive.

    • TilacVIP on 14/08/2022 - 07:51
      +3

      Also you can withdraw any amount without losing your bonus. Only requirement is that minimum $200 per month.

      • watupman on 14/08/2022 - 14:08

        Thanks man! 2.85 interest rate does sound very good!

        • TilacVIP on 14/08/2022 - 15:52

          On the current trend that they have been increasing their interest rate, expect higher rates from October if [very likely] there is a rate rise in September.

  • Dslrfirst on 14/08/2022 - 10:07
    +1

    Use one of the a/cs as a linked a/c to a La Trobe Term Deposit @ 4.7 % pa & 250 QFF points/$1000.

    • 17833 on 14/08/2022 - 10:42
      +1

      Not sure if you are aware, but La Trobe has a very different risk profile compared to a large bank. While they have been around for a long time, if they should collapse you risk losing all of your money.

      • Dslrfirst on 15/08/2022 - 10:00

        The term drposit is backed by mortgages-only a very very slight risk for 4.7%pa.

        • Yola on 15/08/2022 - 10:10

          The Treasurer of Victoria said there was no risk with Pyramid. After the bail out from state go. I still lost 50% of my deposit.

    • watupman on 14/08/2022 - 14:08

      Thanks for your feedback. I did hear about them but I think they are not government guarantee right?

      • 17833 on 14/08/2022 - 14:21
        +2

        Hi, if you are talking about La Trobe then no, they are not a bank and there is not government guarantee. In fact the website states "When considering whether to acquire or to continue to hold an interest in the Fund, you should remember that (1) an investment in the Fund is not a bank deposit or a term deposit, and is not covered by the Australian Government’s deposit guarantee scheme. Investing in the Fund has a higher level of risk compared to investing in a term deposit issued by a bank and (2) there are other risks associated with an investment in the Fund. The key risks of investing in the Fund are explained in section 9 of the PDS".

        • Dslrfirst on 16/08/2022 - 09:38
          +1

          Thats why the return is higher.

  • neffy on 14/08/2022 - 10:13

    Suncorp has 2.4% with their goal saver.
    It has no max $ limit you can have in the accounts like the others mentioned.
    Scaling down with higher amounts you put in.

  • Leroy Brown on 05/09/2022 - 19:11

    I'd opened an account with UBank in hope I'd make some nice interest on my savings.

    I was only paid around half of what they said. They can't figure out why…. still waiting for them to sort it out or I'll move my money else where.

  • mushroomgod123 on 06/09/2022 - 16:18
    +3

    uBank is 3.35% from Oct 1st

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