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Earn up to 5.00% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank

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Earn up to 5.00% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank
Go to Deal
nootboii on 06/06/2023 - 15:27 ubank.com.au (1991 clicks)
Last edited 16/11/2023 - 11:01 by 1 other user

More good news for your savings! After the Reserve Bank of Australia announcement today to raise the cash rate, we’ll be increasing our bonus interest rate to 4.90% p.a. – passing the full increase onto you 🥳

We don’t make you jump through hoops 🏀

From 1 July 2023, you can earn up to 5.00% p.a. on your Save account when you deposit $200 or more per month into any of your Spend or Save accounts – that’s it!

The new bonus rate is 4.90% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Earn up to 5.00% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank

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closed Comments

  • nxllson on 06/06/2023 - 15:27
    +123

    Fastest to announce but still the slowest to implement.

    Starts 1 July 2023.

    • Gavman on 06/06/2023 - 15:35

      old news

      • Slo20 on 06/06/2023 - 16:39
        +4

        Probably why they said still the slowest.

    • annarchon on 06/06/2023 - 15:35
      -2

      They missed an entire cycle last month. They are the slowest to announce and slowest to implement.

      • Jorkus on 06/06/2023 - 15:44
        +17

        They increased by 0.15% instead of the 0.25% people were expecting.

        • Gavman on 06/06/2023 - 15:53
          +2

          No hoops though - cost of doing business

      • sa-ozzie on 06/06/2023 - 16:30
        +22

        @annarchon Incorrect on 2 pointsLast month they were the slowest to announce, every other month they have been first to announce.
        They did not miss a cycle , they did not pass on the full rate
        2 out of 3 of your points are incorrect but u have 5 upvotes..let’s get facts correct

    • wonderboy on 07/06/2023 - 03:16

      And won't see the money until August.

  • Unorthodox on 06/06/2023 - 15:28
    +37

    Must have 'forgotten' about last month's ;)

  • Ghost47 on 06/06/2023 - 15:29
    +13

    Woohoo! Who else wants rates to increase? Imagine a 100% cash rate 😱 I could double my savings every year (at least!)

    • TheCunningLinguist on 06/06/2023 - 15:38
      +17

      Silly comment

      • Ghost47 on 06/06/2023 - 15:48
        +35

        Not as silly as borrowing 6-7x your income 🤣

        • Igaf on 06/06/2023 - 15:59
          +11

          Nonsensical comment. There's good and bad debt. Your ability to service the debt in times of rising interest rates and inflation should always be a consideration, as shoud the tax implications of investment V paying off debt.

          • Ghost47 on 06/06/2023 - 16:03
            -6

            @Igaf: Yeah I’m sure there are plenty of people out there who have borrowed 6-7x their income to buy a house who aren’t complaining about these rate rises.

            If my comment is nonsensical do you think borrowing 6-7x your income is a sensible decision?

            • Igaf on 06/06/2023 - 16:05
              +2

              @Ghost47: I've already answered that, as have you.

                • Igaf on 06/06/2023 - 16:26
                  +1

                  @Ghost47: Have another think, and re-read my comment above https://www.ozbargain.com.au/comment/13855996/redir . Better still google and read expert commentary on debt and the many factors you should consider when borrowing. It's not rocket science and individual circumstances will differ markedly.

                  • Ghost47 on 06/06/2023 - 16:30
                    +2

                    @Igaf: You should have another think. I don’t disagree that there is good and bad debt, but that has nothing to do with how serviceable the debt is.

                    Borrowing 6-7x your income could be a good debt if you expect whatever you’ve purchased to skyrocket in price. It also could be a good debt if you don’t have to take up a second or third job, or go without food, or sacrifice turning the heater on to service that debt.

                    By your logic HECS debt must always be good, even if someone has a massive debt from staying at uni too long and they get a job that doesn’t pay well after.

                    • Igaf on 06/06/2023 - 16:38
                      +5

                      @Ghost47: By my logic? They're YOUR words and assumptions pal, not mine. I've said nothing about HECS debt, which may or may not be a good investment. Your original comment about borrowing 6-7 times your income was generalised waffle which shows a fundamental lack of financial mgt basics.

                      • Ghost47 on 06/06/2023 - 16:39
                        -3

                        @Igaf: I haven’t borrowed 6-7x my income, so I’m good there. Don’t know why you’re so salty, guess you must’ve borrowed that much.

                        • Igaf on 06/06/2023 - 16:46
                          +2

                          @Ghost47: I'm "salty" because I answered your inane investment and straw men comments? Try a different arguing technique, preferably something less childish and obvious. Have another guess, like your previous stabs in the dark you're wrong again.

                          • Ghost47 on 06/06/2023 - 16:48
                            -3

                            @Igaf: I was simply pointing out that borrowing 6-7x income is a completely silly idea, you threw in a silly straw man about good and bad debt which wasn’t relevant to my point, that it is an objective fact that borrowing 6-7x your income is a silly move.

                            • Igaf on 06/06/2023 - 16:54
                              +3

                              @Ghost47: You don't know what a straw man is obviously. Fits with the rest of your comments.

                              Yes we know what you were "pointing out" (suggesting is the proper word - it's not even vaguely factual). As anyone with a modicum of financial knowledge and experience can tell you, your opinion is generalised nonsense. I've already said why but you shouldn't take my word for it, drop the "I know best" and do some basic research into debt. Hopefully you might learn why my good and bad debt comment was relevant.

                              • Ghost47 on 06/06/2023 - 16:57
                                -2

                                @Igaf: Ok buddy, go borrow 6-7x your income on some “good debt”.

                                • Slo20 on 06/06/2023 - 17:03
                                  +4

                                  @Ghost47: I’ve borrowed over 6-7x my income, my PPOR is 100% offset and have no issues servicing the loans.

                                  • Ghost47 on 06/06/2023 - 17:05
                                    +1

                                    @Slo20: That’s really good for you, but you can’t expect everyone to be in the same boat, can you?

                                  • Igaf on 06/06/2023 - 17:06
                                    +1

                                    @Slo20: Plenty have borrowed far more and are sitting on very good investments. Some have borrowed less and are not so well off. Far too many variables to generalise as he did, as your situation shows.

                                • Igaf on 06/06/2023 - 17:03

                                  @Ghost47: Same puerile arguing technique. Ego can be good and bad also. Having too much to admit you need to brush up on debt is at the bad end of the spectrum.

            • elecpurch on 06/06/2023 - 17:27

              @Ghost47: Might not be a sensible decision but what options are there these days? If someone earns $100k (which is not that common), can they even get a house which is 4 x their income? Most houses cost $500k to $600k. People don't want to rent forever and pay their landlords mortgage. The rates were down and a clown said it's not going up till 2024. People saw an opportunity to finally own a house and they went for it.

              • Ghost47 on 06/06/2023 - 17:55
                +1

                @elecpurch: There are still options, it’s just that the options are probably undesirable for most people. Here are some:

                • Marry someone and buy together (I’ve seen plenty of people do this and it’s probably one of the most common ways for FHBs to get a PPOR, aside from the bank of mum and dad). Obviously make sure you’re marrying for the right reasons
                • Move back in with mum and dad to save as much as you can, or move into a share house
                • Start really small, there are units/apartments in Melbourne that I’ve seen go for $500k in the SE suburbs
                • Meal prep or skip meals, cut back on subscriptions, drink instant coffee etc. do whatever you can to reduce your expenses
                • Get a second part time job working weeknights or weekends (yes it’ll be hard depending on your age, but this is an option)

                Obviously these options are against the backdrop where you’re continually investing in yourself and learning new skills and/or either working on a side hustle or getting a new job to increase your salary. If you’re earning minimum wage in retail or hospitality for example you need to upskill and get another job. IMO you don’t work in retail or hospitality as a career (unless you’re calling the shots) because the money just isn’t there.

                I know people will think these options suck but it’s either that or fall further behind financially.

                The rates were down and a clown said it's not going up till 2024.

                I get that back then people saw Lowe as a subject matter expert (especially those who don’t understand how the economy or finance works), but no one can forecast how rates will move especially after such a turbulent economic period both here and abroad. Even the weather man isn’t always right. People should never have taken what he said with more than a grain of salt, and that goes for everyone who gives advice, lawyers, GPs, financial advisers etc.

                • elecpurch on 06/06/2023 - 18:18
                  +3

                  @Ghost47: You've listed some good options there but unfortunately not everyone is the same so these options are not available for everyone.
                  * I've already got a partner and yes we did have to use both of our incomes to even qualify for a loan.
                  * Not all of us have mum and dad still around :( and I'd hate to move into a share house with a child. With this comment of yours, for a moment I thought it was Lowe on ozbargain 😂
                  * We started with a 5 year old townhouse in the western burbs. Approx $550k
                  * Great suggestion on the reduction of unnecessary expenses. We've already started doing this some months back. Feel sorry for the small businesses because there are a lot of people doing the same (packing lunches from home for work, cutting down on coffee, etc). We can't stop buying from Coles/Woolies as these are essentials. Again, the rich (large corporations) are getting richer and the small businesses are losing out!

                  • Ghost47 on 06/06/2023 - 18:52
                    +1

                    @elecpurch:

                    unfortunately not everyone is the same so these options are not available for everyone.

                    Yep, there might be some people out there who they are all applicable to but it wouldn’t be everyone.

                    Not all of us have mum and dad still around :( and I'd hate to move into a share house with a child. With this comment of yours, for a moment I thought it was Lowe on ozbargain

                    Yeah that sucks if your folks aren’t around. What’s sad is that with how things are going, people relying on an inheritance to buy a house are going to end up losing their folks just to be able to buy a house one day. I wouldn’t be surprised if we start to see more of that, but that’s the way things are headed now. It would be really undesirable to move into a share house with a baby, but it’s probably going to happen at some point in this country to some people (if it isn’t already).

                    We started with a 5 year old townhouse in the western burbs. Approx $550k

                    Not bad. Starting small with a small mortgage is much wiser than borrowing 6-7x income. If you and your partner are both on $50k (being very conservative) and borrowed $440k assuming a 20% deposit you’ve only borrowed 4.4x income which would be way less stressful to have compared to 6-7x income.

                    Again, the rich (large corporations) are getting richer and the small businesses are losing out!

                    Yep, and that applies to individuals too. It’s as if everything is affected by house prices in one way or another. Just wait until the younger generations become more jaded as the Australian dream slips out of their reach, productivity will plummet and then we’ll be in real trouble and rely even more on immigration.

        • OzzyOzbourne on 06/06/2023 - 23:52
          +5

          As long as you can afford the repayments, the government all but guarantees your property will double in value every 7 to 10 years. To big to fail, that's why we need to keep immigration high and building low. Also helps to keep our wages down.

          None of which I like or agree with

          • Ghost47 on 06/06/2023 - 23:54
            +1

            @OzzyOzbourne: 100%.

            If it does fail it’s going to be absolutely devastating.

    • Quppa on 06/06/2023 - 16:05
      +9

      Argentina's official rate is 97%.

    • JIMB0 on 06/06/2023 - 22:46
      +2

      I could double my savings every year

      Find an account that compounds monthly and you'll get 2.61x your savings annually.

    • Pacify on 07/06/2023 - 10:23
      +1

      Ask how thats going for people in argentina….

  • Stoibs on 06/06/2023 - 15:31
    +24

    I've already been Wololo'd to ING after last month's poor showing :/

    • capslock janitor on 06/06/2023 - 15:58

      ??

      • Jonzay on 06/06/2023 - 17:11
        +10

        I'll beat you back to Age of Empires!

    • Shiva24488 on 06/06/2023 - 15:58
      +7

      I did that too.. and was pretty happy with myself until landlord decided to slap a 200 dollar increase to rent every week..

      • Stoibs on 06/06/2023 - 15:59
        +2

        Oof, sorry =(

        • capslock janitor on 06/06/2023 - 16:08

          wym wololwo'd ?

          • Stoibs on 06/06/2023 - 16:10
            +19

            @capslock janitor: It's an old Age of Empires meme. It's the noise a unit makes when converting a unit to another team.

            • mith on 06/06/2023 - 19:03
              +6

              @Stoibs: Now I feel like playing Age of Empires

      • staz on 06/06/2023 - 16:57

        $200/week is insane. What is that as a proportion of your current rent? It's a landlord's world.

        • phoenixpan on 06/06/2023 - 20:31

          The landlord is probably paying $400/week more due to the increased interest rate. Which happens to my own unit…

          • staz on 06/06/2023 - 22:35
            +2

            @phoenixpan: Thank you. I understand the likely context of the rent increase.

        • Shiva24488 on 07/06/2023 - 17:47
          +1

          Went up from 520 to 720.. 2 bhk.. around 40 percent hike

    • JoJoker on 07/06/2023 - 09:56

      14

    • Bdawg on 09/06/2023 - 15:26
      +1

      I'm thinking of dropping ING, the hoops are unacceptable. I just want an interest bearing account to temporarily dump money into now and then, I don't want to build up a pile of money slowly inflating away.

      • Stoibs on 09/06/2023 - 15:36

        I only joined in May, and I guess as part of the signup I got May+June's hoops automatically covered.

        I'm already checked off for July, will see how I go in the following months and how much of a burden it feels like I guess.

  • cashless on 06/06/2023 - 15:33
    +33

    passing the full increase onto you

    Unlike what they did last month

    • Appleboat on 06/06/2023 - 15:35
      +7

      Yes still unhappy about that

      • capslock janitor on 06/06/2023 - 15:58

        where did the rest go to

        • chyawala on 06/06/2023 - 16:07
          +2

          And they don't make you jump through hoops, only jump through a month of being stooged.

          • capslock janitor on 06/06/2023 - 16:08

            @chyawala: if they dont pass full increase, does the remainder go their profits or something/.?

  • Stopback on 06/06/2023 - 15:34
    +3

    Come on ING and virgin

    • capslock janitor on 06/06/2023 - 16:16

      cmon boq

      • souths123 on 06/06/2023 - 16:27
        +1

        they won't announce until at least mid next week for the thu(15th), but maybe the following week on the we for the thu (22nd)

  • log0008 on 06/06/2023 - 15:35
    +5

    Passing on the full rate is enough to keep me. Never thought I'd see 5% savings rates, lucky to be in a position where in the last year i've been able to start saving a big chunk of my income for the first time. Hopefully, rates stay high for another 12-18 months and then come down and then i'll have a nice healthy deposit for my first home.

    • annarchon on 06/06/2023 - 15:37
      -4

      Did you not pay attention? They missed last month. They are an increase behind.

      • log0008 on 06/06/2023 - 15:39
        +5

        Thus why I said committing this time is enough for me. If they didn't pass on the full rate this time around I would have been gone.

      • basilv on 06/06/2023 - 16:48
        +4

        They aren't an increase behind. They increased last month just it was only 0.15 rather than 0.25.

      • Drakesy on 06/06/2023 - 19:14
        +3

        They didnt miss it
        They chose to pass on 0.15% rather than the full 0.25%

    • mulder1989 on 06/06/2023 - 15:39
      +1

      How big is your large chunk ? 30%?

      • log0008 on 06/06/2023 - 15:48
        +5

        ~40%, while renting in Melbourne and in my early 20s

        • mulder1989 on 06/06/2023 - 16:04

          That's impressive , good luck !

    • ibuy on 06/06/2023 - 15:45
      +8

      I remember in the 80s I was receiving up to 17% on my term deposits and home loans were running at 23% interest. I still have the passbooks with those rates printed in them from banks like Challenge Bank and Dandenong Westernport if anyone can remember those? Then we had the “recession we had to have”😫. Hopefully we don’t end up in one as many countries are now into recession.

      • HomebrewFC on 06/06/2023 - 15:51
        +2

        How did you find the recession impacted on your day to day life? In what way? As a guy who grew up during prolonged economic growth it's hard to understand what recession would actually mean for an individual.

        • MITM on 06/06/2023 - 15:56
          +3

          How about having a full time job with ample overtime to suddenly cutting back your hours (getting a phone call in the morning to come in for a couple of hours, a few days a week.) while paying the mortgage at 17%

        • ibuy on 06/06/2023 - 21:24
          +4

          I was lucky as three out of four family members were working so we could still do most of the things we wanted to do. It meant though if we wanted something it took a bit longer before we could get it. Credit cards weren’t as heavily used as they are now. Nothing like Afterpay or Zip, laybys meant you didn’t get your goods until fully paid out. No internet so anything you wanted took a bit of time to get. Common things like a TV, fridge, microwave, car were still expensive. Can you imagine paying $500+ for a 14” TV and a VCR was about $1,000+ and you needed a trolley to cart it to the car, and cars were mostly Aussie or Japanese due to the high cost before all the duties were relaxed. I must say though housing was still within the reach of (almost) everyone even though the interest rates were high. I could have bought a 2 bedroom apartment in Hawthorn (upper middle class area at the time, now just upper class) for about $80-$100k and earning $26-$40k a year meant it wasn’t too hard to pay off. Travel was still expensive and trips overseas was only once every 3-4 years. Flights to Sydney were about $200-$300 which doesn’t sound much now but then you could do a lot with $200-$300. Food prices were reasonable as we are the land of milk and honey but anything “exotic” was still expensive. (Food we take for granted like tofu, asian veggies, curry powder, French Cheese were all expensive and difficult to obtain). Chicko rolls, large dim sims, were considered exotic although Yum Cha was making an appearance and more easily available in the 80s. We are very spoilt now with the range of food options we have here. Every era has something good about it. We just have to live in the era we are in and make the most of it not easy but if we don’t then we are not living in the moment and making the most of our time here.

      • MITM on 06/06/2023 - 15:53

        and the '89 pilot strike which brought tourism (and the country) to a grinding halt.

      • souths123 on 06/06/2023 - 16:28
        +1

        where on earth were home loans 23%??? lol

        • Zodiacmindwarp on 06/06/2023 - 17:43

          They weren't for a standard variable mortgage. They topped out at 17% for the major banks. I was getting 15% on 6 month term deposits at their height

          • ibuy on 06/06/2023 - 21:36

            @Zodiacmindwarp: I was working in one of the big four banks and remember doing mortgage contracts via a flexible home loan product that ran at 23%. You could pay back what you wanted subject to the limit not being exceeded and it could be used to finance almost anything. You didn’t need to take out a home equity loan to buy other items you needed like a car. It was still much less than a personal loan. It was a very popular product with higher income earners who wanted to have control over their loan.

          • packeteer on 07/06/2023 - 09:29

            @Zodiacmindwarp: I had a 5 year compounding term deposit at 15%. spent it the day it matured :/

            • Zodiacmindwarp on 07/06/2023 - 14:31

              @packeteer: The good old tax free days if you happened to forget to declare your interest

      • Yola on 08/06/2023 - 09:57

        and Pyramid.

    • Igaf on 06/06/2023 - 16:04

      @log0008 Unfortunately high inflation, your tax bill, supply and skilled people shortages, and the mad Russian's megalomania have killed off most if not all of the benefits.

  • OzBargainerMel on 06/06/2023 - 15:38
    +9

    Hey U, don't you forget you owe us 0.1% from the last increase?

    • solidsnek on 06/06/2023 - 15:42
      +14

      Let's be real, their rate is still better than anywhere else with a 250k balance. Ubank is acting far more fairly than most of the others.

      • OzBargainerMel on 06/06/2023 - 15:45

        Agree, but I hope they can do 0.001 better:)

      • lovindeals on 06/06/2023 - 15:47
        +4

        Nope. Virgin and BoQ, 5.1% and 5.25%. Far higher then crappy Ubank

        • FuRyZ on 06/06/2023 - 15:54
          +11

          Not an apples to apples comparison.

          BoQ Future saver with a rate of 5.3% is age limited to under 35s. The regular Smart Saver interest rate is only 4.85% and forces you to make annoying transactions etc.

          Same thing with Virgin, you need to deposit at least $1k per month (higher than the $200 with Ubank) and 5 transactions to get 5.1%.

          • lovindeals on 06/06/2023 - 15:56
            -5

            @FuRyZ: Takes 2 minutes to make 5 transactions. If you can't deposit or save 1k a month something is seriously wrong.

            • FuRyZ on 06/06/2023 - 15:58
              +13

              @lovindeals: Have at it if you want to jump through the hoops. I used to do it, doing multiple $1 transactions through a Coles self checkout, I have got to a point financially that my time is now worth more than a slightly higher interest rate.

              • lovindeals on 06/06/2023 - 16:09

                @FuRyZ: Based on rough sums, It's worth an extra 2.5k a year for me to not use Ubank. Takes 2 minutes a month. So yeah, I know what the correct answer is here.

                • Igaf on 06/06/2023 - 16:21

                  @lovindeals: Seems very odd to me but it's not the first time that someone who wastes time on trivial Ozb deals has claimed their time was so valuable they couldn't spend a very tiny portion of it managing their money. Personal choice of course.

                • EBC on 06/06/2023 - 16:24
                  +7

                  @lovindeals: Either you have a crazy amount of cash (and are way over the relevant total deposit limits) or you have miscalculated. Ubank at 5% vs Virgin at 5.1% with $250k deposit is $250 difference in annual interest.

                  And BoQ deposit limit is $50k so doesn't fit solidsnek's $250k criterion.

                    • EBC on 06/06/2023 - 16:35
                      +2

                      @lovindeals: Maybe I am misinformed then. I thought the BoQ future saver account only gave 3% interest over $50k?

                      What rate are you getting with BoQ? And what are you comparing your BoQ rate to to come up with the $2.5k pa difference in interest?

                      • lovindeals on 06/06/2023 - 16:38

                        @EBC: You can have 9 future savers tied to the one account. 5.3% on 9 savers with 50k.

                        I'm comparing BoQ to Ubank. Haven't included my maxed out accounts with ING and virgin either.

                        • OzzyOzbourne on 06/06/2023 - 23:56

                          @lovindeals: Please include your maxed out accounts. How much do you have saved in those?

                • DarrylKerrigan on 06/06/2023 - 16:32
                  +5

                  @lovindeals: Neglecting compounding, you would need upwards of 500K sitting in your bank accounts for this statement to check out ('accounts' because the ones you mentioned all have caps on the balance which attracts bonus interest). Would be worth far more than 2.5K a year to investigate alternative investment options rather than worry about small differences in bank interest rates.

              • cookie2 on 07/06/2023 - 07:26
                +2

                @FuRyZ: Agreed. Miss 1 month and it hurts. I'm too forgetful to rely on myself doing the transactions. Plus, though I'm on izb, I actually don't shop much.
                I had an auto deposit of $200 pm with ubank before the switch, which had been in place for 3 years. Disappointed they removed that one.

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