We’ve got more good news for your savings. After the Reserve Bank of Australia announcement, we’ll be increasing our bonus interest rate (yet again!) to 4.00% p.a.
From 1 January 2023, you can earn up to 4.10% p.a. on your Save account. All you have to do is deposit $200 or more per month into any of your Spend or Save accounts – it's that easy!
The new bonus rate is 4.00% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
nah just bored
and it just amazes me why people think its to hard to to jump the hoops but go crazy for $1 of batteries.
some people saying they have 250k, so easy to put 90k in ing, put rest in ubank and set up auto transfers
and ubank seems a bit shonky too, and pass on the rate very delayed
from a quick scroll it looks to me like Donald J Hump is a shill for ING
The biggest problem with ING is it has a low limit like 1k on instant OSKO transfer. Ubank allows me to do 4k transfer to my commbank instantly. Not a huge deal but really a let-off when I need to do transfers of over 1k for shits like too much browsing Ozbargain.
Yep. Exactly why I changed from ING. See their Twitter thread in this issue it goes back over 5 years and they reply the same message to people that they’ll consider it in the future all this time. SMH
threadlink
Will move back from St George Maxi rate in Feb when honeymoon rate is over.
same here….. :)
Not for nothing but St. George have another account type "incentive saver" that's currently 4%/month with bonus conditions that aren't too onerous.
Already getting 4% intetest incentive saver with BOM before the latest interest rate rise.
don't forget the 4.10 percent for Bank of Melbourne/BankSA/St George MaxiSaver Account for any balance, even greater than $250,000 (for a 3 month honeymoon period though)
Hope BoQ raises their rate as well from 4.35%
The customer service atrocious. Takes over an hour to talk to someone. Good luck.
Who cares. I haven't had to speak with any bank on the phone for a savings account in years.
Setup and management is all done online/via app.
They're one of the best when it comes to hoops vs interest rate in my opinion, 2-3 weeks slower to implement rate rises but I just think of that as another hoop like their $200 monthly deposit.
I recently opened an ING account too, and their hoops so far haven't been too difficult. I would recommend them if you have more than 100k. You will need to move some money around each month to satisfy the deposit and balance increase, for the 5 monthly minimum spends I just added the card to PayPal, CR and SB (for gift cards). 0.45% of 95k is $427/year or $35/month, which isn't bad at all.
To be fair, the hoops with ING are far more complicated than uBank, I'm still annoyed I missed out on a couple of bonus interest payments with ING during lockdown :(
The important thing isn't to pick one bank or the other, but to use both to your benefit.
Absolutely, I only opened an account with ING after they went from 0.25% to 0.45% higher than ubank.
Something ING does well though is show you clearly what you need to do/have already done. And your eligibility is for the next month, so if you are short you have the chance to move all of your money to another account until you're eligible again.
Any deposit condition with ubank? ING has too many requirements to fulfill thinking of switching
$200/month
Is the account balance has to be higher than previous month ?
Nope
No. Ubank has minimal restrictions among those banks. Rate is also good enough.
no
Does UBank still require you keep the linked Transaction Account topped up with $100 to get the Bonus Interest (with an auto sweep transfer to maintain the minimium balance?
Apparently sweeps are gone with the new accounts. Thankfully they haven’t “upgraded” mine yet, still have my precious sweeps.
Thx for info
but why do you want them to impose a minimum $100 in your account?
So if i have $ sitting in another acc with a diff bank am I able to just transfer back and forth to cash in on the interest?
Not sure what you mean, but it's calculated daily on the balance at the end of each day, then totaled up and paid after each month ends. So to earn any significant interest your money has to sit there 24/7.
So if you're thinking you can transfer $100K in Monday morning, then transfer it back out that same afternoon or night, you'd get $0 interest. And if you transferred it out on Tuesday then you'd get only one day of interest (a few $).
destroy this deal
And once it's found, it will be returned….
This is nearly a full month away. If this were a mortgage rate increase it would be in effect within minutes.
That's just media nonsense.
Just like this was Announced today, rate hikes are in the Future.
Is their app any better yet? One reason I wouldn't switch from ING.
I assume so after the merge with the neo bank, but thoughts?
I think their app is garbage.
Always errors on google play services that I have to dismiss.
There is no customising. I want to see account balances NOT money in/out.
It's so slow.
Web banking, whilst much appreciated, is just underwhleming.
Okay so nothings changed then lol
the new app ubank is much better than the old app UBank
if you only used the old one it might be worth trying the new app before making a decision
I assume so after the merge with the neo bank
The old ubank has a few features which are better. For a while, they acted as if they were interested in such feedback to incorporate into the new ubank app. I even posted encouraging old ubank customers who feel a similar way to send feedback. But looks like it is a ruse. They are upgrading people now and I would not be surprised if they will simply ignore our feedback.
The app always feels 10 years behind every other banks app
For me, look and feel is less important than functionality, I would happily use it even if it lags behind in this regard.
Another thing old ubank has is a browser interface. That is quite useful - provides a backup method when the app is problematic, say, due to an update. Like now - cannot add a new payee (BSB/Acct). This is simply comparing old and new ubank, but overall, it is still pretty good compared to some others.
They are migrating all customers to new app, by stages. Had my new CC in the mail 2 weeks ago, waiting for the sms to allow me to migrate. YMMV
They had an app BEFORE? LOL. I didn't even know.
And I "upgraded" without installing their app. They say you need to install it to activate the new card but that's false. I tried to pay for something using the old card. It was rejected and I thought, "[Sigh!] I know there's an email telling me to upgrade but I don't want their stupid app. I have no use for it. I just want to use the card like I always have. Guess I'll have to log in and see what it says about activating the new card…"
… I forget the details now because I was struggling to stay awake at the time, but after logging in there was a way to activate the new card without installing the app. I think they sent an SMS code you have to enter and it never said anything about their app.
From 1 January 2023
This is annoying!
If you liked 2022, then you’ll love 2023!
Been within UBank for like 2 years. All smooth! Only thing is you need to call them every time you want to increase your daily transfer limit.
Which is actually quite a major negative as the call wait times are atrocious
Oh yeh admitted this is annoying :(
Linked account after 10 days can allow you to transfer up to 100k a day.
What is linked account please? Did you mean this https://www.ubank.com.au/help/original/og-everyday-banking/a…
It’s been grandfathered :/
Yep that was in the old Ubank but most people were migrated over last month
@uwuwu: That was exactly what I meant. There seems to be no such thing as “linked account” in the new UBank. Am I missing something?
@GEE-SHOCK: I have spoken to them, and they said there will not be linked accounts, at least in the near future.
@Yola: Oh, that is sad to hear. I tried to call new ubank once to increase the limit but eventually gave up. They will not talk to you, if the call is from an unlisted landline. The wait in the queue was so long (others also said the same).
@uwuwu: mine still hasn't been migrated…receive my new debit card last week, but still waiting for the sms to let me know they have migrated my accounts
@souths123: yeh apparently it's happening in phases so just hang tight, won't be long before you receive the sms
@souths123: Oh interesting as I was with the old 86400 neo bank previously and have been automatically migrated to the new UBank in May this year.
For osko transfers ubank have been pretty good. 20k done instantly without needing to do anything.
Osko transfers via ING are limited to 1k which is pretty small now days. At least with ING you can increase your limit via the app pretty easy and although the transfer isn't instant all mine have been done by the end of the day which works for savings.
At least with ING you can increase your limit via the app pretty easy
You can increase the Pay Anyone daily limit, but the $1000 limit on Osko still remains.
Let's hope rates will keep rising.
I am hoping it will reach 10%.
hahahahahaha…10%, I wish. I would say the cash rate might flatten out at around 4%…which is still good for savers and not too onerous on the economy
People who have mortgages are are resentful of this hike because now they have to delay purchasing their next iphone or ipad.
Can you change the description Op
Says 4% not 4.1%
Or maybe you need to read the description properly.
Bonus rate: 4%
Bonus rate + base rate: 4.1%
thanks for the clarifying that.
Thanks!
From next year, I will start saving my money with Ubank. Am I have to quit OZB first?
but how else will you find these awesome deals!!!
Removing sweeps has been a deal-breaker for me. Off to ING.
So, if there is no sweep do we need to keep money to cover auto debits in the Pay account and does it pay any interest? Luckily, I have not been migrated yet but need to prepare.
No, with new ubank (ex-86400) you can just…
Pay straight from your Save account
☑️ No more transferring to your Spend accounts just to cover those upcoming bills.
☑️ Make payments, set up direct debits and pay bills using BPAY straight from your Save accounts just to make your life a little easier.
https://www.ubank.com.au/banking/savings-account
Since you can have up to 10 Save accounts, if you feel nervous about having direct debits coming out of your mother lode, just keep a small amount in one account for bills (e.g. $10k) and the rest in a separate one purely for the bulk of your savings. You’ll earn interest on both so none of it is sitting around as ‘lazy cash’ earning zilch (only need to deposit the $200 per month in one of your accounts).
The only reason you would need to have any cash in the Spend account is if you pay via the Visa debit card or withdraw cash from ATMs.
ooh thanks for the clarification! i was getting a bit nervous about the removal of the Sweep option with the upcoming migration. this in fact, makes it heaps easier. cheers mate.
Yes, I set aside a savings account for direct debits, with just enough funds to cover the DD payments. With BPAY, I just schedule straight from the main savings account. So far, seems to work quite well. Preparing for the eventual transition.
From 1 January 2023…
I find this so sneaky as many will get the notification and don't read it properly…
St George incentive saver is already at 4.00% with no hoops and could move to 4.25% (they’re yet to announce). They also let you invest over $250k and retain the higher interest rate.
But you can't withdraw
You just need to grow your account balance by $50 per the Ts and Cs?
Isn't that a 'hoop'?
Is this suitable for kids bank accounts? Curious to know what other people are using for their kids' bank accounts
Refer above - St George Incentive saver is applicable. A lot of these digital / neo banks can’t facilitate kids accounts.
If this rate is not available to business accounts, what are there rates for business accounts?
In the General terms it states only for personal use
you may need to look at alternative options from NAB
Hey guys.
This is IMPORTANT
I just received a text from ubank number (same phone number as other legit past legit text from ubank), as follow:
"A new device has been successfully registered on 06/12. If this was NOT you, please call our automated line to secure your funds on +61257610044."
This is a scam text, not sure how they spoofed to look like a text from UBank. Do not call them.
https://www.reverseau.com/0257610044.html
So did I. Is this phishing cannon blasting to anyone or targeted to Ubank users? The latter is somewhat worrisome.. ie has userbase data been compromised..
SMS I got today
We're aware of a scam pretending to be from ubank. The SMS may even claim to be from ubank and appear in the same thread as legitimate ubank SMSs. Don't call the number, click on any links or send any info to them. Ubank would never ask you to transfer money or enter banking details this way. Our phone number is 13 30 80, so please don't call us on any other number that comes to you via text. Please be alert this holiday period.
I received the same SMS today. A bit troubling if our data has been compromised (again)
Before their new version came out I had an auto debit of $200 going into Ubank to get the bonus interest. Since they've changed everything, have they dropped the auto debit too? i.e. Do I have to deposit the $200 manually now, or is the auto debit going to continue? (I asked them days ago but they haven't replied.)
The BSB and account numbers have changed so cancel the old one and create a new one.
Thanks.
I do remember reading it somewhere, they reminded people to cancel their auto debits. In saying that, they will auto transfer it over to your new account for you but it wasn't clear how long they would do this for.
Thanks.
I haven't used UBank for a while and it worked fine last week depositing $200 but then I try to login with new app and it says my account is blocked.
Then their number says "1 hour hold time" and I'm overseas now and wishing to transfer my savings.
Wish their new app could use VoIP and make a call or request a callback or their support was a bit more 2022.
With Up bank anytime I have a question I get a human texting me back in 5-10 minutes with an answer.
Sorry if asked before, I am confused. I rang the call centre but they weren't helpful. I am an old 86400 customer and a legacy Ubank customer. So have 2 apps and haven't been migrated. When I migrate over, will my account numbers on the new purple Ubank app stay the same? i.e. so I can transfer my pay over and direct debits to the new Ubank in advance? Or when I migrate will I get a totally new account number? Otherwise I'll have 7 days apparently and it will be a rush. Thankyou :)
There's no migration announced for users who have both accounts already.
Just wait until they announce what they're doing to do for these users (there's plenty of us).
Well I have no idea what's going on here now.
They changed our cards, numbers, and even the BSB. I read above there's only one account now, but I still see two accounts when I login (the one under my name, and "Usaver Ultra"). Someone above said Ubank told us to cancel our monthly $200 ASP but I can't even find it upon logging in. In fact I can't find any info about anything because the only kind of "help" I can find is the "Contact Us" link - and surely they don't want us phoning/emailing about EVERY detail. i.e. Where has the online help and private messaging gone!? Oh and my ASP used to happen on the first day of each month but didn't happen this month. So I don't know if I'm supposed to deposit $200 manually or not, or if it will even count for bonus interest.
WHAT A COMPLETE F___K UP THEY ARE. WHY couldn't they just leave our cards, account numbers, and BSB alone - and do whatever changes they "needed" to behind the scenes so it all just kept working for us as it already was!? Is it because they had a data breach they haven't told us about?
This is what I found in one of the emails I received
What to do next
•Update direct debits: For any recurring direct debits (like subscriptions or memberships) make sure you update these with your new account details to ensure no payments missed
Yeah that's electricity bills, etc which sends out, whereas the ASP draws money in. But thanks. :-)
Donald bump gets the hump on the Ubank thread every month
He must have a real beef about this bank. Either that or it’s just the time of the month