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.
No Osko huh, that's a bummer.
@Hiphopopotamus: No osko out only, so yes, could be a bummer if you need regular transfer out. But ok to stash fund there.
Macquarie?
Anz +?
No eftpos on their bank cards. Otherwise I’d have switched to them from Up instead of going with ubank :/
What's wrong with ubank? I love em, can't see a reason to leave.
the only thing they had going for them is the high savings rate, the website and app have been terrible to use for regular transactions and customer support is terrible, so if they lose the high savings rate they basically have nothing left to me
I've seen Ubank say "but we don't have all the hoops you you have to jump through eith other bank" when ually when someone pointed out the lower rate and the the rste is not effective until the first of the next month. I wonder what they will say this time.
Passing on 10 out of 25 bps means they kept 60% of the increase for themselves.
Really disappointing move from UBank.
Since there is a high likelihood that the cash rate will be around 3.8% for a while (it might even go higher), I'd encourage anyone reading this to ensure they're getting the best rate.
Here are some higher interest-rate accounts for you to consider:
- ING Savings Maximiser (5.25%)
- Virgin Money Boost Saver (5.10%)
- Great Southern Bank Homer Saver (5.00%)
- BoQ Smart Saver (4.85%), or 5.30% if you're under 35 (Future Saver)
- St George/BoM/BankSA Incentive Saver (4.75%, plus 0.10% for 3 months if you sign up online)
Full list with conditions here.
Voting with your wallet works, especially when we're talking about a bank, which is effectively a corporate money manager.
Note ING is up to 100k, if anyone has over 100k best to go with virgin money(up to 250k). Same hoops and requirements I believe.
While I agree it's not good enough from ubank and people should move if they want, people should also remember that if you have $100000 then ING will make you $500 more a year than ubank.
Not exactly a huge amount of money for $100000 invested and if you miss just 1 making of meeting the criteria on ING (?which includes the balance going down I think) then it could wipe most of this out anyway.
Exactly… for me i will struggle keeping the balance up every second month cos as i use my balance for bills/rent, i get paid monthly so the risk is my balance will be down for a month and i wont get the 5.25% that month anyways.. on top of that trasnaction hoops as well.. ING is NOT a good option for everyone!
Since when is Great Southern bank 5% ? Can’t find anything on website.
I believe it's from the 25th of this month - note also that it's capped at $100K and has a $2K deposit & 5 transactions per month requirement
CUCK
They mentioned it on their Facebook page here.
We are also increasing savings rates on some products - our Goal Saver rate will increase by 0.25% to 5.10% p.a., while Home Saver will increase by 0.25% to 5.00% (including bonus interest where applicable). New savings rates take effect on 25 May 2023.
ohhh nice !
Edit: Sorry, they passed on 15 out of 25 bps, so they kept 40%* to themselves.
This is still 40% too much, not least because they passed on the full rate increase to their home loan customers.
I've already started to migrate mine to the >5% accounts, but ubank with it's low requirements and not-awful rate is still useful as a overflow account.
Shame on uBank.
I recently got moved over to the new ubank (86400) and its terrible. They changed all my account #'s and cards.
Looking to move to AMP at the end of the month (4.80%). Hopefully they pass the rate to take it to 5%. Only hoop is $1000 deposit per month
Note if you plan to move to AMP at the end of the month - open the account (if you havn't already) and deposit $1K before the end of this month (to get bonus interest from next month)
NAB reported a 17 per cent jump in its half-year profits to a record $4.1 billion, fuelled by a surge in net interest income. They clearly have to keep pulling every string including waiting weeks and then being stingy with RBA rate rises with savers, while passing it on in full to mortgage holders ASAP to keep raking in that dough
I hate greed. This stinks.
good point - absolute greed on the part of NAB
Is anyone's ubank app bugged out? Taking forever to log in and can't display accounts. Might be everyone jumping ship.
Just tried mine and it just keeps trying to load.
The new app is very clunky compared to the old app. And making deposits can take up to two days unlike the old app where it was instant transfers. To see things you have to scroll up and down the screen now and press more buttons to view more pages to get to what you want to see. The main bugbear is that if you transfer funds it can take up to two days of lost interest to reach your ubank account. 👎
The new app must have been designed by someone who put looks over practicality.
Yeah I’m not a fan of the new app either compared to the legacy black and white app (on iOS anyway). Also when you transfer cash the font sizes are all different, and often the “From” account name gets cut off. It’s colourful but I prefer the no frills approach.
Features like Pay ID and being able to BPAY out of your USave accounts are good though.
Also, does not display the last transaction on the account for a few hours even though the account balance has updated correctly.
104 people upvoted the ANZ 4.50 % interest rate announced and u can’t even creat a pay Id with the app.
UBank is much nearer the top than bottom for interest rates
This bank is very, very dodgy. They would not let me take my money out because of their severe long term technical issues when the bank was aquired by that other dodgy microbanking group '86400' in the end it took threats, and they finally did it. But it took around 15-20 hours in total with hold times and speaking to different levels of impotent people in this horrific bank. STAY AWAY FROM MICROBANKS. Do not put your money in these dodgy online banks for an extra .2% interest.
Commbank is doing a 5 month introductory rate of 4.25% flat with NO special requirements to meet the bonus rate blah blah its just too easy. Put your money in the account and forget about it for 5 months.
Introductory, then you need to shop around again…
And Microbank: Ubank is NAB.
86400 was acquired by UBank.
Had a similar experience. I got "upgraded" and the only prior notification from them was a short SMS like few hours before the actual upgrade. I was then effectively locked out of all my accounts because apparently I was one of the edge cases customers with accounts in the original Ubank plus original 86400. And no one from their upgrade or experience team had thought about this.
So after countless hours of being on the line waiting, holding, being transferred here and there, I still couldn't log in. I had to keep trying via different browsers and mobile apps to be able to login via Chrome finally. Took the chance to get all my money out then.
They were good before the upgrade/
Tens of thousands of customers had the exact same type of issues, with varying degrees of severity. It was all over the news and complaints plastered everywhere. It was an industry level embarrassment resulting in large scale loss of customers.
UBank is wholly owned and operated by NAB
NAB is the worst of the big 4, not that your comment had any relevance at all. Regardless of ownership, Ubank is its own separate entity. It is a steaming pile of crap.
Very disappointing, especially after passing on the full rate rise for loans.
They are not a charity. They don’t even have to pass on a single percent. Just take your money out and go elsewhere, if enough ppl took the money out at the same time you could even bankrupt them. Ppl power. Love to see the institution being overthrown.
Yeah nah, staying away from these guys.
Does anyone know if these customers got their money back?
https://www.news.com.au/finance/business/banking/western-aus…
https://www.news.com.au/finance/business/banking/melbourne-m…
News.com most hit grabbing sensationlist news site. If this was true All they needed to do is contact financial service ombudsman and it woulda been resolved a day. But who knows. Wouldnt be suprise if these people got scammed and blamed the bank
Vote with your money ladies and gents - move your money to ING
The ING deal is limited to less than $100,000 from memory
Either way, good to spread your funds around (due to the 250k limits)
Pathetic Ubank/NAB !!!! Passing on 15 out of 25 bps means they kept a huge portion of the increase for themselves - then ask their customers to wait until June!!!…. Even AMP offers a higher saver account rate at 4.8 percent!!!
I vote negative to this deal only because of Ubank/NAB and this poor rate…. thanks OP for posting anyway.
You would think with all these migration problems that they would try and look after and retain their customers. Instead they are dragging the chain and peeing off customers. The wheels have fallen off….
If my home loan is fixed for next two years at sub 2%, I guess it might make sense to look into putting my offset cash in an account like this.
Too slow and if you put in a bit more effort you can use BOQ under 35 or over 35 depending on your age. You can meet the debit requirements with 5 beem transactions for free per month + $1k recurring deposit from another account/paycheque.
Move back my money to AMP
Just moved $20k from Ubank to AMP.
I'm moving my money away from Ubank and I've already let them know too. Disgusting filth NAB are. This behaviour should not be rewarded.
to where?
ING/Virgin Money
enjoy jumping them hoops
@umoddbro: Ez if you have a pot of cash you dont touch much… soon as the balance goes down for 1 month (when u need to pay for something out of the blue.. u dont get that months bonus interest… which in that case renders INGs yearly rate lower then UBANK.
This is the passive income all dem YouTubers have been raving about
Macquarie bank 5.05% intro rate better than this one … !
4 months only
the negs seem so silly to me. this is - if nothing else - perhaps a 'deal' to those who already have ubank accounts, much like how movies being added to paid streaming services is considered a 'deal'. but what do i know.
I am not happy, considering to move my money now. Ubank is behind way behind now. Time to pack up and go
Wow, how shameful. I had recently opened account with them. Will be taking my money somewhere else.
So 75 +ve vote on Red Roosters having a 19% increase in the cost of their 1/4 chicken & chips meal.
And 12 -'ve vote on a bank increasing their deposit rates, thus giving you more money.
Geez the world has gone mad. I'm going to enjoy my extra $5/week, pity it won't buy me a Red Rooster 1/4 chicken & chips… I might have to move to WA for that.
I think its about the double standard of passing the full rate to home loans but only a percentage to saver accounts.
I think it’s the fact that UBank have previously hiked by the full 25 bps whenever a rate rise was announced, but now they’re slowing down when other banks are already at +5%. This announcement has come two weeks after the RBA announcement as well.
Neg for not passing on the full rate, obviously people would still find them the best option if they can't or don't want to bother with the fulfilling the requirements… The neg itself is my personal opinion, isn't that what it's for?
Jumping through hoops looks pretty good now hey!
Banks need savers and their savings to keep their business afloat otherwise they can’t lend money nor meet government requirements. If all savers withdrew their money from the bank, it would send a very powerful message. IMO it would bring on an increase to the savings rate as panic would set in. The reality is too many people are too lazy to do anything about moving their money to the highest possible interest rate so banks get away with short changing customers.
They do need savings but it's one of their many sources. They also issue capital notes, bonds and currently borrow billions via TFF facility from the RBA at almost no cost. It's worth noting that many people are sort of stuck if they have company accounts with a bank or trusts as it would often be too hard to easily move banks.
NAB make record quarterly profits & respond by trying to make more money at the expense of savers.
That’ll be a downvote from me then
Making billions in profits ripping off customers and then still not passing on the full rate. Man these banks are pure evil.
4.1B in profit. No excuse NAB. Not good enough. I will be moving my money.
Thanks Ubank, now I know that I don't have to wait to move my fund to VM, BoQ or AMP - also checking at St George.
Where's the deal?
Moving any money out of Ubank!
I am.
Currently with move 5%
Not happy, only passing on 15 out of 25 bps
I'll be moving to GSB
For those moving to ING, remember you don't start earning the bonus interest until the next month after jumping the hoops the month before.
I'm not sure that's right, I think meeting the criteria for the first month or two on a new account is automatic.
Correct
Would it be best to transfer to ING on the 1st of next month?
Poor form uBank. You use to pride yourself always trying to have the best rate.
For those who voted ubank as the best Australian high interest savings account in 2023, you can actually change your vote.
So I won't meet the requirements for ING this month. If I transfer to ubank will I get the interest bonus through them?
Yes.
Poor form - last to announce and also not passing on the full rate!
Disappointing. However, I already moved most of my deposit elsewhere.
Neg for not passing on the full rate.
I was unsure about moving to Virgin money before as the difference was relatively slim and I enjoyed the easy criteria to get the Ubank bonus. I've setup Virgin anyway and thanks to the recommendation from others on the Virgin OB post, I've setup the 5x $0.01 Bpay to my CC (just make sure your CC has no associated fees). Once setup, it's as easy as Ubank, i.e. it's all automatic and nothing to do manually. The key advantage of Virgin compared to ING is that Virgin does not have a requirement to increase your $ on the saving account and it's up to $250k. If you get close to the limit (lucky you…), no need to get something complicated in place, just move the extra money somewhere else. I've started moving my money to Virgin now, and it makes feel better not to leave it with Ubank/NAB taking advantage of the situation to increase even more their insane profits.
Why not BoQ?
I wish I were in the right age group for BOQ. Definitively an option to consider if you are!
with virgin m, you also get reward points, 8 points each transaction, not much but at least you get something back
I got two emails from Ubank today:
1. home loan rate going up by 25bps
2. saving rate going up by 10bps
Nice one Ubank!
CORRECTION: saving rate going up by 15bps (4.60 to 4.75)
damn, it's been a long road ubank, you were always good but now sadly it's time to look elsewhere
I hate the new Ubank App. I can't login to multiple accounts unlike NAB. It's so crap. I like the old Ubank App better.
yes but no Osko support for 0.05% its not worth the hassle