From 1 March 2023, ubank will offer savers a rate of up to 4.35% p.a. on Save accounts. All you have to do is deposit $200 or more per month into any of your Spend or Save accounts.
The new bonus rate is 4.25% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Read more: https://www.savings.com.au/news/rba-savers-february-2023
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
can i put in $200 every month to Ubank and transfer out $1000 from Ubank every month, does the 4.35% interest still apply even though the balance now is lower compared to last month?
Yes
Yes.
theres no rule to limit withdrawals
the app will also say if you qualify for the bonus
Yes you can.
Source: I’ve done this before. They only care if the $200 is deposited.
Thanks a lot All :) I also just realised that the bonus interest only applies up to $250k
Money bags over here
In that case you need multiple banks. Start with Virgin, then ING, then if you still have funds Ubank :).
Got a lazy $300,000 have we 👀
Yes, and that is the reason I prefer Ubank over ING despite the lower interest rate.
Yep that’s fine.
The virgin saver with lock is higher interest ?
yep 4.6 percent and likely to increase in a few days time…… https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Too many hoops
Ok, Ubank. By then RBA would be close to increasing the rate by another 0.25%. Almost 25 days of lag isn't reasonable! First to announce, last to be effective.
It's still easier to cop this from Ubank than dealing with AMP's tactics, who have been passing on the increases every 2nd month since about August last year.
Eg. Assuming AMP again choose not to pass on today's RBA 0.25% increase. If the RBA then increases another 0.25% at the start of March, AMP will then announce a "double rate" increase of 0.50%, which they further delay until the start of April for it to take effect.
This makes it look like AMP are staying competitive when in reality they are lagging 50-60 days behind everyone else.
They sure will put it in bold on their website though.
I wonder if UBank/Nab give their home loan customers 22 days notice, before increasing their interest rates?
22 days? We are a caring bank and understand the life struggles of a real living human. In 23 days we will increase your interest rate.
Note: interest backdated 3 months.
If you've maxed out the 250k limit on your personal Ubank, and you have a joint ubank account with your partner. Can you put the excess money in the joint account and get the bonus rate? (Assuming they havent maxed out the 250k limit on their personal account)
Yes
I don't have an answer to your question, but even if you can get the bonus interest, are you sure you're protected by the gov 250k guarantee in that situation? I'd assume not.
You can have sole accounts in both you and your partners name, and a joint account, and get the bonus interest on all 3.
I just changed my homeloan to Ubank. Does anyone know if the account designated for homeloan offset also provides interest?
I presume not as this is double dipping.
it effectively gives you interest rate equal to that of your home loan rate, so it's a much better rate storing money in offset vs savings account
I wonder if Bank of Melbourne are going to raise their rates, they are behind.
Looking at opening a joint savings account. So just had a look at Ubank reviews.
They are not favourable at all!
They can be an absolute pain - slow customer service, issues with the products. However, it seems similar with others, eg ING, Virgin, ANZ+. It's not clear to me if any of the high-interest savings accounts are from a reputable, solid & consistent bank. Macquarie has been the easiest for me to deal with so far.
I've had a Ubank account for the last 6 months or so. No issues at all so far. Although, I've never had to contact customer service which is the most common complaint. But for a digital bank, that's expected.
My experience has been positive. You can set up direct debit from your Save account so no need to keep shifting money between your Spend and Save accounts (except for manual payments). Also the app is good and OSKO works to and from all banks that I've tried.
This better or ING?
@50cent what matters the most to you? The higher interest rate or easy of use (read less hoops). If it is the former then ING, if latter Ubank.
Ubank - monthly $200 deposit to qualify for bonus
ING - monthly 1K deposit + 5 transactions + grow your balance
Both. The 1st 100k in ING. The rest ubank.
Yea, and the tax system reduces 45% of it
Strictly true but I feel it's better to consider it income the same as your wages and work out the effective tax rate rather than the flat tax rate on the earned amount.
45 percent? I thought they taxed you in the highest tax bracket you are in which depends on your income?
Wonderful thing these interest rates
Not when inflation is clearly outpacing the rates you earn 😑
Fair point fair point
Been shafted in this country not just buying a dozen houses when I was young
Great to finally have some savings…
Anyone know if the bonus rate applies to the entire month retrospectively or do you only get the bonus from the day you transfer until the end of the month?
Can deposit $200 any time during the month and you get the bonus interest for the entire month.
Applies the entire month irrespective when your bonus interest rate is activated in the month by the qualifying deposit (eg $200 or more) and balance is less than $250k.
Think I might finally make the jump to another bank for savings.
Is it difficult to create a UBank joint account? How’s their UI/app/online banking?
Long ago, ING customer for the 2% cash back. Then a credit card was my everyday spending account. So probably won’t go back there for the hoops required.
I just switched from ING to uBank for savings.
10/15 minutes and you can open your sole Cash and Savings account. Then same for your partner. Then you can create a joint savings account in 2 mins.
Unlike some banks, their mortgage also gets increased at the 1st of each month.
Also if you want the trigger the bonus interest. Send $200 out via PayID and send it right back.
With ING I transfer enough money the day before the last day of the month from Maximiser account
to Everyday account to leave an increase of just $5 more than previous months balance. On the 1st day of the next month I transfer it all back to Maximiser account. I repeat this procedure each month
Nice , now we’re only losing 3.4% of our moneys value !
Did you factor in tax?
Is there a reason why Macquarie savings is not talked about? Currently 4.5% and likely to increase to 4.75% in 10 days or so? Nothing you really need to do (no minimum deposits or monthly spend). Higher interest rate applies for 4 months for balances under $250k.
Maybe because it's 4.5% for new accounts for the first 4 months and only 3.75% for existing customers whereas ubank are giving 4.1% atm.
First to come* last to last. 😉
Anyone on the old ubank and had auto-sweep on to USaver Ultra/ USpend?
I can’t get out the $500 that auto-sweeped into that account. It doesn’t allow me to select that account at all to transfer or pay anyone.
following this, as yes, you can't access the money in sweep. I just have the min in there ($100), but how do you get it out? I haven't been migrated to the new system yet, so I might contact them tomorrow to find out about that
Ok, I have never used the card attached to the account, so just set that up. I will transfer all the money from savings to mystate next week when their rate goes to 4.35 and then on wed I am getting our car serviced, so I will use the $100 to help pay for that, then will wait for the migration process and see what happens
Ok, I got this working. I turned off auto-sweep, transferred 1 cent from another bank into USaver Ultra to reactivate the account and was able to transfer it out.
I finally realised that HSBC are now paying me 0% interest, so I'll be looking at that spreadsheet very carefully.
Be careful with UBank. Friend just got into trouble of getting his due interests and capital back and had to lodge complaints. Many reported similar drama. You can search report from Sydney Morning Herald.
Haven’t had issues with UBank myself. Was able to get the money for my car out of my savings account without difficulty
My State just notified they are going to 4.35% on 13th, so don't have to wait as long and only a $20 deposit to the savings account each month to qualify
Plus you need 5 eligible transactions per month.
yes, I thought of that later…haven't used that account for a while…in the process of activating the bonus for this month now
Western Australian man’s $580k live savings disappears from Ubank account
https://www.news.com.au/finance/business/banking/western-aus…
real or fake news?
seems legit….his identity must have been compromised by scammers to be able to do this
Anyone know where I can find a history of ubank savings rates w/ bonus rate over the last few years?
This thread is the only place I know. People usually post rate increases and effective dates. I recommend going to the archive view and doing a word search on ubank/rate increase.
To get the top rate every day do u have to deposit $200 on first day of month or can it be any day in the month? Ie if i deposit the $200 on 2nd day of month will i get the bonus interest for 1st day too? Thanks!
Any day in the month
Thankyou
The Accounts Leaderboard Comparison spreadsheet is an excellent tool on all saving rates in the market - https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…