From 1 December 2022, we’ll be increasing our bonus interest rate to 3.75% 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 3.85% p.a. across all your eligible ubank accounts.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
If you are talking about Mac banks term-deposits, the rate is fixed from when you signed on (different product). The issue with Term-deposits is when the rates increase, yours doesn't until you renew it or take the 25% hit for early exit. If ING passes on the full rate (we will have to wait and see) it will be ~4.30% (currently 4.05%) without being locked into a term deposit for up to $100k and a few hoops to jump through each month. I'm gathering from recent history we should hear from ING this week or next regarding the rise in rate.
doesn't matter if you already have an account with them. i am at 3.70 , next month moving everything back to ubank.
I don't have an account with them, thats why im asking haha. I know once you open an account with them with the special rate, you're stuck with it for 4 months as they won't increase
You can still move your money elsewhere.
and the official inflation is 8% by the end of the year…
And? Can't see a problem unless you are the working middle class.
First to send out rates increase email, last to actually increase their rates
True, but it's not like rates will be increasing in perpetuity. When rates hit their ceiling, ubank looks very attractive.
Very attractive is generous, ING are 4.05% pre likely increase. Only possibles downsides are extra hoop jumping and lower limit with ING
With ING you have to:
With ubank you only need to deposit $200 per month. ubank also arguably has the best banking app atm, up to 10 accounts and is paid up to 250k.
To me, not jumping through ridiculous hoops for a savings account is worth a fraction of a percent.
@ginormousgiraffe: Yeah, that's a lot of hoops.
Especially since that 0.2% extra only equates to $200 over 12 months on a full $100k balance.
Miss one month and you're likely worse off.
@ginormousgiraffe: To clarify, you don't need to keep the balance under $100k I thought? The bonus rate just doesn't apply for any money over $100k
@ginormousgiraffe: Best banking app? Are you on iOS? Because the Android app is terrible and has been for years at this point. It was such a downgrade moving over from Commbank's app :(
@JimJim: NAB bought 86400 and has rolled UBANK into that, so they have a new APP, both are on the store. NAB bought 86400 specifically for the tech,
@JimJim: Using the new ubank app, the old one was disgraceful tbh. The number of clicks to do anything on the new app is almost always under 3 which is fantastic. CommBank have the habit of hiding things within a few menu choices.
@CyberMurning: I don't believe so, I ended up making a new account. Eventually they plan on migrating everyone, but they haven't been clear on a timeline.
@CyberMurning: Same and I also am an old customer of the previous 86400. They just let me use the new app with existing 86400 accounts (prior to that I already closed all my old ubank accounts)
@Donaldhump: again love the down votes. it literally takes 5 mins every month to earn maybe $50 extra a month
yet people think that is too much effort, but froth over $1 off eneloop deals every day
@ginormousgiraffe: The big upside for Ubank is you can withdraw whatever amount and not forfeit the month. $250k is pretty neat, assuming you don't have a savings account with NAB
@virhlpool: Gvt ensure up to $250k per bank. NAB and Ubank contribute both to that threshold.
Hence best to spread. Just in case…
@ShouldIBuyIt: u can do that with ING, if you use common sense too
its not rocket science to work out a work around
They didn't wait 30days to raise their borrower's rates.
This is gold. Ubank needs to read this comment.
anyone else actually getting annoyed that it takes a month for them to pass on the rate increase :(
Banks don't make money from people saving money, they make money from people without money borrowing money.
which is partly funded by people saving money and having savings in the bank… money makes money
depends if they source locally or on the international market. Generally a mix
They need to have good debt-to-equity ratios though, so they need savings to be able to give out more loans and make more money.
It's what banks do (serve their stakeholders). I think at the moment I'm just glad they are passing on the full rates, not that this means much with inflation.
On the bright side, when you consider all banks drag their feet in raising their rates for savers (in stark contrast to rates for borrowers of course), it’s good we at least know straight away if ubank will be passing on the full RBA increase or not. Others generally keep us guessing until later and are already trailing ubank (e.g. NAB stablemate Citi).
@BOQ
i was just wondering if they are increasing from this month or not
3.60% now
Wait one month -> 3.85%
yeah that i know, i was just in general telling my cousin about interest i got. that he should move his money in one of these banks. and after 10 mins. i see this deal, its like they heard me saying. we both are thinking about buying S23 ultra when it releases.
Who’s your cousin?
Correct me if I’m wrong, but you’d want to be depositing $200 into your UBank account on the 1st of each month to receive the bonus rate for the full month, not just the month part from when the first $200 was received. Something I never thought about until a few months ago.
So now I transfer $200 out a few days before the end of the month, then transfer the same $200 back on the 1st. Scheduled of course.
Happy to correct you! You can deposit the $200 at any time during the month and it gives you the bonus for the whole month, including any days before you put the money in.
Yep pretty sure this is correct
To earn our bonus interest rate on your Save accounts, you must have a Spend account and put $200+ each month into any of your Spend or Save accounts before 11:30pm (Sydney time) on the last day of each month. This doesn’t include internal transfers between accounts.
When checking my earnings this morning for the month of October, I noticed that this month of November already had the 'bonus activated' green tick of approval.. :S
Decided to deposit 200 anyway to make doubly sure, was a little strange.
Thanks both. Though I still can’t see the bit where UBank says we’ll earn the bonus rate for the whole month prior to meeting the bonus rate criteria.
Guess there’s no harm in what I’m doing, except the loss of a few cents bonus interest on my $200 for a couple of days at the end of each month.
@muncan: I couldn't find it either so I contacted support and this was their response:
"If you meet the bonus interest criteria in the current calendar month, you will earn the USave Bonus variable rate on eligible balances that same month. The rate will be calculated for the entire month and not from when you met the criteria.
From now on interest payments will appear as two credits in your USave account(s):
• The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month.
• The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.
Prior to March 1st 2021, this was paid as a single payment calculated at the combined base and bonus interest rate.
You can make withdrawals from either the USave savings account or its linked USpend transaction account without affecting your eligibility for the bonus rate."
Anyone know what happens if you have over $250k in your account for the month? Do you receive the bonus rate on the first $250k or do you become ineligible for any bonus rate?
You receive bonus on 250 and then 0.1% anything left over 250k
Believe that you receive the bonus rate on the $250k but only the base rate on any amount over that.
I spoke with them on this yesterday. The only way around it is to have a joint account they said :(
How did they say it works with a joint account and bonus interest for accounts over 250? I can't find details on their site
I didn't ask too much because I dont want to joint. But Id imagine your individual one + joint with your partner can get another 250k?
Theoretically that should mean the partner could have an individual one as well? But yeah I didn't ask.
Keep 249k so no issues happen. At the current rate it's around $5-600 interest per month
When will these rate hikes stop?
When discretionary spending stops. Ha!
So never
When the Ozbargain site goes down for a day…
With black friday deals coming soon I don't expect discretionary spending to slow down..
Probably some time in 2023.
RBA should announce rate raises at end of each month!
Almost is. 1st tuesday of every month
Too late for the month prior.
Then it will pass it on at end of each month.
ING always a bit slower. Hopefully they take the full 0.25.
but always pass it on before and always more
You have to be joking. ing rate is higher than the proposed ubank rate. ubanks will probably be applicable in couple of months. they just shoot email quickly but it does not apply right away. Just FYI if you werent aware.
Time to empty my offset account lol
Anyone have experience with their shared accounts and the 250k limit for bonus interest? I thought I read previously that both account holders can earn bonus interest but can't find that on their site anymore.
just split it in half
For anyone wondering I found it on their website…..
With shared Save accounts, you’ll get bonus interest on half of your balance. For example, if you and your partner-in-finance have an account balance of $500K, you will just earn bonus interest on $250K of your balance. If your partner-in-finance is eligible, they’ll get bonus interest on their half of the account balance too.
In this above example, you will not receive bonus interest on any other Save accounts because you have already earned bonus interest on the $250K in your shared Save account. As your partner-in-finance has also already earned bonus interest on $250K in your shared Save account, they will not earn bonus interest on any of their other Save accounts.
Does it mean the cap is double i.e. $500k for a joint acct?
BOQ 4%. But need $1000 deposit monthly but withrawalable.
Any age limit though?
https://www.boq.com.au/personal/banking/savings-and-term-dep…
That seems worse than ING
@ShouldIBuyIt: Not a fan of ING’s monthly balance having to increase. If you buy a big ticket item , you lose the bonus interest for the next month
Should add
- it’s 4.1%
- can only use myBOQ app – no internet banking available for the 4.1% future saver account
Isnt ING higher than this already?
Yes, but only up to 100K.
Why is Westpac so slack with their interest rate?
because their customers are slack at leaving
If my wife and I have two accounts, I assume that we get the bonus interest up to $250k, on each of our accounts? (there's no limit, "$250k per household" ?)
Silly question I know.
It’s per account holder, unless it’s a joint account
Does anyone have the old ubank accounts? I noticed that I don't actually have PayID or Osko. Was wondering whether I'll need to open a new account
Yes, unless you’re happy waiting for the eventual migration of legacy UBank accounts that was mooted earlier in the year, you’d need to open new ubank accounts if you want PayID/Osko now.
Can some please explain the spend and save accounts…I have account with them for ages and not sure what I’m supposed to do to ensure extra interest…cheers
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.
Save account is the one with bonus interest and they have a “deposit $200 per month” requirement to get that interest. Spend account is just an everyday transaction account, with debit card, no fees or deposit requirements, but negligible interest (probably 0.01%)
Cheers I have a save account so I will get the interest ?
Feel free to let us know next month, after you find out 😃
You need to have $100 in the Linked Spend Account also.
Sigh… then I remembered that I have to pay almost 40% tax on the interest earnt which leaves me with barely anything.
I feel your pain.
Will Macquarie go up to 4.25?