Earn up to 4.75% p.a. on your savings
Hi,
We're increasing our bonus interest rate again, to help you get ahead with money.
What does this mean for your Save account? 💸
From 1 June 2023, you can earn up to 4.75% p.a. on your Save account when you deposit $200 or more per month into any of your Spend or Save accounts – it's that easy.
The new bonus rate is 4.65% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Speak soon,
Team ubank
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
With the NAB stock on the rocks this is what you get.
Not happy with this rate. Cummon guys you can surely do better!
Not good enough ubank
4.6 to 4.75! Lack of words.
oof, this is not the response I was expecting after seeing ING's increase the other day.
Might have to look into opening an account over there more seriously :/
I find the ING criteria to annoying. Other people make it work with multiple $1 transactions and the like but I'm to lazy that the extra bit of interest isnt worth the hassle… Which is exactly what ubank is banking on.
The main issue now is that the gap has increased to 0.5%, which is a lot.
I mean it depends on the deposit and what one person might see as a lot another won't.
Honestly that part doesn't bother me, I'm the type of guy who would do about a dozen mini 'spot' shops at colesworth to and from work in any given month rather than doing a big shopping trip, so that seems simple enough.
Trying to remain humble here but it's moreso the 100k cap coupled with the new 'Grow your balance' stipulation that seems like the annoying hurdle. Seems like a lot of juggling would need to be done between that and another account to maintain a good rate while not going over the cap, and then possibly missing out on a month of eligibility when moving funds around etc. etc.
Yes, that's the issue. 'Grow your balance'. If you only need to draw down on it once a year, the difference to Ubank is almost gone. If you do in two different month, you've lost out and had to put up with the annoying requirements for 10 months…
Sad about this bad news, but still staying with Ubank.
@team teri: Hehe, I may have to cross that bridge when I come to it. Just went and opened an ING account (Surprisingly quick and easy)
That 0.5% difference is hard to ignore..
I've read from some of the other financial threads that you can sort of get around it by 'nominating' another account every now and then and moving funds? I will have to investigate further.
@team teri: It is a bugger, but you might be able to get around it by pulling the entire balance out on the first day of the month and parking it in another account (maybe one with a teaser rate) less the funds you needed to draw down, so you get interest from that account instead, then at the start of the next month transfer back to ING. It's annoying that they make you do it but it should be doable.
the 100k cap
Yep.
Don't even need to do mini shops. Just go to self checkout with any item, and split payment into 5x payments (eg 1c each, 5c, whatever you feel like). So easy, done and dusted in 30 secs
If you are in a payroll, just make them your main bank. Problem solved. Honestly for what they offer on top of their interest rates, I can't find a better bank to use as my main
I wish my monthly salary was higher than any possible monthly expense i might have.
what about virgin money? 4.80% and 5.1% locked, $1000k depoit + 5x transaction?
Geez $1000k deposit required. That's a million dollars !
easiest way to do the multiple transactions for ING and others, is to press "split payment" when you use the self checkout at colesworths, and then do 5x $0.1 transactions, then pay the remainder.
The hassle is remembering to do this EVERY month, lest you forfeit the bonus interest (which if you have 100k, just missing one month is $400 or so lost)
Online shopping counts with ING. If they are your main bank the only hoop is growing your savings balance and there are detailed ways around this if you need to draw down from fellow ozbargainers in the ING post.
It is much actually easier, just scan any 5 items in your cart separately at the beginning of the month.
Where is CBA in all of this?
4.4% goalsaver
The profits come more from the home loan business
@ilovefullprice: It is but you brought up the profits…?
We were talking interest rates till you brought it up 😆
Boo UBank. Boo.
Are you saying boo or buu-urns
I was saying boo-urns
It's JoeyJoeJoe!
Lame, but at least now we know.
Bit of a disappointing increase, but an increase nonetheless. Closes the gap between Ubank & ING
Nah, gap has grown.
boo
Dont want to sound ungrateful but gee Ubank could offer a bit better incentive than the $30 sign up.
Kind of why bother amount. Extremely meh
Go have a word to up who sit at $8 and were at 5 for an age
Wat
Has anyone really been far even as decided to use even go want to do look more like?
Remember to provide ubank with feedback that you're not impressed with them not passing on the full rate rise.
[email protected]
They also waited until the middle of the month so that they can make people wait until the first of next month for the rate to take effects
Ehhh.. They make you wait until next month even if they announce the day after the Fed' rate rise. Standars behavious to keep a few more weeks of interest in their pocket
True, but wasn't this month 's one earlier than usual? Like first or second of may?
they also only change their home loan rates on the first, so I doubt they're making much if anything by delaying the changes.
They likely took this long to announce it because they didn't have a plan in place – the latest interest rate rise was apparently unexpected by any of the experts.
Done cheer, hopefully more do this if your dissapointed
Even better, transfer your money out. That will have a bigger impact if enough people do it.
they know, dont waste time, just move your money somewhere else.
0.5p lower than ing!! Not good enough
How does this qualify as a bargain? Bring in the PSA tag on Ozbargain!
Prostate specific antigen?
Proper sports attire
Proper Sports Attire? Seriously? I'm getting too old for this site.
@peter: Peter, I thought you were joking around and I was going along with it.
PSA is generally Public Service Announcement
@King Tightarse: I was joking around but proper sports attire sounded believable for some reason. Time for an Aldi coffee break.
I opened a BOQ account the other day. Considering opening an ING account too but the hoops are much worse IMO.
Wonder if there’s someone at UBank analysing how much money is flowing out of their coffers due to their rate not being very competitive anymore. They used to be consistently top 3 but have slipped in the past several months I think.
I'm sure they know we are not happy. just move your money out.
How much is BOQ if you are over 35?
4.85% if you meet bonus criteria.
It'd be more acceptable if they did 0.2% instead of 0.15%. Makes them look bad.
What the ??
Yuck. Getting worse since getting acquired by NAB.
yep and same is happening to Citibank since their retail products were acquired by NAB.
Yep & the ACCC stated that there was no way they would let one of the big 4 banks aquire citibank then what do they let it happen the toothless Tigar accc once again .
Ubank has always been part of NAB. The recent change is because they bought a startup bank "86 400" for $221 million to use their app. Apparently that was cheaper than designing their own app.
Probably some executives getting kickbacks
perhaps acquiring their couple hundred staff was part of the reason too
They already had a ubank app and it worked perfectly fine.
Probably after buying 86400 they figured it was cheaper to migrate ubank system to 86400 system than the other way around.
It didn't work for them, and it was actually pretty ugly.
The only value 86400 provided was the innovative app. They couldn't have had that many customers, however I'm sure they had impressive customer growth rates among youth customers. Ubank executives are expecting that growth rate to continue now that their product has the app.
It would definitely have been cheaper and easier to transition the 86400 customers to ubank rather than the other way around.
Just like Qantas acquired Jetstar?
🙄
I hate it when you tell your friends and family about Ubank and how good they are and then they go and do something dumb dumb like this and make me feel all stupid for recommending them :)
It's a hisa. It requires no effort to open a new one.
You can open one in a day
Do you not have any friends or family that find these things difficult? Very closed minded view
go open it for them then
Saved the worst till last….. Time to make the great switch… Just about had it with this mob slowest to pass on rates (always next month) and now worst rate offering.
Yep, this is not a great rate at all.
Virgin Money is offering 5.10% for up to 250k with the Lock in Saver and still more than this without the 1 month lock in rate.
Terms (hoops) are more than easy to meet each month with VM and no need.to wait 16 days to get this rate, it's on offer now.
If under 100k look at ING Direct's rate, higher than this also.
Worse rate offered are u sure ?
And all it requires is $1000 deposit the previous month.
How the mighty have fallen, ubank no longer has the best rate if you're looking for an account that is almost hoop free.
The only good things it has now is no currency conversion fees and referral/sign-up bonuses.
Does the new ubank (ex 86400) have the no currency conversion fees aspect - I believe the old legacy ubank did have this but am not sure that has carried over?
Yes, no currency conversion fees.
Yes no fees, used it OS recently and was great, the push notifications gave me the amount in AUD so real time conversion and was a great rate
Checked site - it is $1000/m!
When did min deposit of $250/m change to $1000?
Just noticed my interest has dropped from over $100 to under $20/m start of this month. Just made a deposit & changed auto transfer to $1000/m.
When Ubank combined my accounts with 86400, realised its now getting less interest as have too much in Ubank. Sending money to AMP.
When did min deposit of $250/m change to $1000?
Around November 2022.
@vicerum: I've been distracted. Luckily wasn't much in account.
Found 1 of the emails I missed:
In December 2022, we informed you of upcoming changes to your AMP Saver Account. Just a reminder that we increased the AMP Saver Account minimum Deposit Bonus eligibility criteria from $250 per month to $1,000 per month, from 1 February 2023.
Said they would waive qualification for Feb, so received the bonus interest in March.
Received ~$100/m interest until 31/3.
Missed $1000 deposit in March, resulting in lower interest on 30/4 of only $20!
Fixed now. Increased interest on much larger balance from start of next month.
Was sending 2 x $200 deposits to Ubank / 86400. Now just 1.
Thanks for posting this. It IS tempting to move. Worth noting this account does not support direct debits, but apart from that, it looks good.
I have banked with AMP as well as ING and Virgin Money for a long-while now. AMP is offering a good deal and their customer service is great.
What's the rate after $250k?
0.10%
Wow, that's crap!
any bank better than ubank but less hoops than ing
AMP has 4.8% with $1000 deposit the previous month.
If you want higher you'll have to start looking into accounts with transaction requirements.
They didn’t pass down the full 0.25% cash rate from RBA…