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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 (2002 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

Referral Links

Referral: random (1049)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Financial Bank Account Savings Account

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closed Comments

            • Iggemo on 06/06/2023 - 16:03
              +11

              @lovindeals:

              If you can't deposit or save 1k a month something is seriously wrong.

              Very judgmental comment in the current climate, not everyone can afford or has cash to hand to do so.

              • Igaf on 06/06/2023 - 16:11

                @Iggemo: Most people have to deposit their pensions/pay somewhere, and the vast majority get more than $12K a year. People with less won't be arsed about fights over interest returns on investments.

            • capslock janitor on 06/06/2023 - 16:42
              +9

              @lovindeals:

              Takes 2 minutes to make 5 transactions.

              uBank takes 0 minutes.

              • lovindeals on 06/06/2023 - 16:44
                -2

                @capslock janitor: And as I've said I've done the math above. That extra 2 minutes a month gives me an extra 2.5k a year compared to Ubanks crumby rates.

              • Igaf on 06/06/2023 - 17:13

                @capslock janitor: My 5 transactions take 0 extra minutes also becuase they're part of everyday living. If you eat, buy staples, purchase things occasionally, go out, buy fuel or catch public transport…. then the same could easily apply.

                • capslock janitor on 06/06/2023 - 17:43
                  +1

                  @Igaf: i already do a simpler way to fulfill the 5 txns from my sofa

                  rather use my 2%HSBC or AmEx for those everyday livings

                  • Igaf on 06/06/2023 - 17:47

                    @capslock janitor: Yep everyone is different. Some suggested they wouldn't spend <$1 on an ING card because they get points on other cards.

            • ScruffTheJanitor on 06/06/2023 - 21:40
              +5

              @lovindeals: It's not just about ease to do, it's only a tiny bit more and IF you forget to do it just 1 month.

              If you have $100k you are getting an extra $8 a month and risking $425 if you forget. Then just remember for 51 months in a row to make up for it

              • lovindeals on 06/06/2023 - 23:54
                -1

                @ScruffTheJanitor: I wouldn't forget because i don't have dementia. And like i said, it's not just a "little" bit more for me. The math works out and I wouldn't ever waste my time with Ubank, as the returns from other MUCH higher savers os substantial.

                • ScruffTheJanitor on 07/06/2023 - 05:23
                  +1

                  @lovindeals: Dementia? What are you going about now. Calm down.

                  Ok, how much more is it? .

                  • lovindeals on 07/06/2023 - 06:25

                    @ScruffTheJanitor: Its not hard or difficult to make 5 transactions.

                    An extra 24 minutes a year gains me 2.5k extra a year

                    • ScruffTheJanitor on 07/06/2023 - 06:44
                      +1

                      @lovindeals: As I already, it's not. The gain is so little and the risk of missing a month puts you literally years behind.

                      2.5k. righto mate. At the 0.3% difference that's like $800k in the bank. Don't forget to minus the tax which puts you down. At $1.7k.
                      So really $140 extra a month….with $800k in the bank. So worth.

                      Maybe stop being so pretentious for a second maybe think about the average person?

                      Average savings for 19-29 is $18k. So $54 a years, so $4.50 a month pre tax.
                      Average savings for 30-49 yo is $27k. So $81 a years, $6.75 a month pre tax.

                      Yeh so worth it. Haha.

                      • lovindeals on 07/06/2023 - 07:20

                        @ScruffTheJanitor: It isn't 0.3%. It's more. Other banks will increase before Ubank even moves.

                        Doesn't matter what the average savings per age is. I worked hard and have made smart financial decisions to get to where i am.

                        Most posters here sound like they come straight from r /Australia economics school

                        • ScruffTheJanitor on 07/06/2023 - 11:17

                          @lovindeals: Boq is 5.3% and Ubank is 5%.

                          Tell me how that is more than 0.3%?

                          Yes it does actually. The point is pretty clear, mate. You have to have very large amount of cash in the bank for it to be worth doing anything for an extra 0.3%.

                          Some maybe stop acting like your situation is normal? It's worth for you, great. It's not for the average Australian, gettit?

                          Not to mention with that much cash in the bank, there are plenty of much better ways to make money lmao.

                • cookie2 on 07/06/2023 - 07:36
                  +1

                  @lovindeals: How are you a working and functioning adult if your response to the possibility of forgetting something (and not directed at your forgetfulness) makes your response about the fact that you don't have dementia?
                  You do know that forgetting something doesn't= dementia? And I'm assuming you realise that most people have busy lives and unless you do jack all with your time, there's a potential to forget something.
                  I'm with @ScruffTheJanitor, forget once and you realise how nice it is to have 4 less things to do every month ( 5 -1 deposit of $200+ per month). Unlike you, I've shown my calculation for context.

                  • lovindeals on 07/06/2023 - 07:40

                    @cookie2: Because making 5 transactions isn't rocket science lol. Alot of poeple here make it seem like it's the most difficult and time consuming thing in the universe LOL

                    • ScruffTheJanitor on 07/06/2023 - 11:14

                      @lovindeals: Nice cope.

                      No one saying it's difficult, what they are saying is you can forget.

                      Maybe stop and think that you are not in a normal situation. If you've got so much cash in the bank that 0.3% makes you $2.5k in a year, then maybe you're not living in the same world as the normal Aussie.

                      Do you think it might be a bit easier to forget something like this if you're let's say, working 2 jobs? Stressed out just surviving?

                      And as I said before, you are an extreme. For someone with the average about of savings, the difference of under $10 per month is not worth it.

                      • lovindeals on 07/06/2023 - 11:18

                        @ScruffTheJanitor: You sound like you're coping.

                        If they don't make 5 transactions in a month whether it's fuel, shopping, bills, junkfood then I don't know what to say because they certainly aren't paying any bills.

                        If they're in that much financial stress they should br maximising their returns.

                        • Igaf on 07/06/2023 - 14:09
                          +1

                          @lovindeals: Wasting your time I'm afraid. Spending 10 mins or so max a month is too hard for some. They prefer to spend hours on Ozbargain spending the money they didn't make on better interest.

                          • lovindeals on 07/06/2023 - 15:28

                            @Igaf: Yeah agreed.

                            Maybe I was a little harsh before with the comment about not being able to save 1k a month. However I fully stick by what I said regarding how easy it is to make 5 transactions in a month. If you can't do 5 transactions a month you're literally not even spending any money.

                            BoQ Now: 5.3%
                            ING Now: 5.25%
                            Virigin Now: 5.1%

                            These 3 banks will increase the savings rates again even before Ubanks slow 3 week delay to 5%, dividing the gap further. BoQ is already 0.6% higher NOW compared to Ubanks 4.7% and It'll probably be 0.85% higher then Ubank for 1-2 weeks

        • archiexyz on 06/06/2023 - 21:54
          +2

          Not to mention that boq and virgin app is awful and limited to 1k fast payment per day, compared to 20k fast payments for ubank

          • wonderboy on 07/06/2023 - 03:26
            +1

            @archiexyz: BOQ app is slow but I transferred over 100k from Ubank to BOQ and it was there immediately.

            • capslock janitor on 07/06/2023 - 12:20

              @wonderboy: Oh BOQ owns vieginmoneyaus

            • archiexyz on 07/06/2023 - 18:18

              @wonderboy: I'm taking about transferring out of BOQ being slow apart from the first 1000$ a day. Ubank is great for fast payments out. 20k is the default daily limit for ubank as I understand it but clearly you can raise it and still have it go via osko

          • capslock janitor on 07/06/2023 - 10:43

            @archiexyz: They both look like same app design, what's up with thatt

            • archiexyz on 07/06/2023 - 18:17
              +1

              @capslock janitor: BOQ owns Virgin money, virgin was its test run before bringing the app over to BOQ

      • FrenchiePerth on 06/06/2023 - 15:51

        I believe Virgin is at 5.1% once locked not including the hypotectical increase resulting from today's RBA annoucement.

      • Capitalshark on 06/06/2023 - 17:34

        StGeorge only has a $50 increase a month requirement and it’s 4.75% uncapped. about to be 5% (I assume)

        • browser on 06/06/2023 - 22:33
          +3

          Problem with this type of "growing" account is that you "cannot" withdraw. If you do, either prepare to earn no interest the following month or the hassle to move a large portion of the balance to other high interest account to minimise interest lost.

          With ubank, as long as you deposit $300, they don't care if you withdraw $3,000 later in the month.

  • crue on 06/06/2023 - 15:41
    +20

    I switched to Ubank because I am over all the hoops required to get interest with other banks, easier to dump and forget

    • Gavman on 06/06/2023 - 18:53

      True Dat

    • danielh on 06/06/2023 - 19:09
      +2

      I’m the same. I used to be with ING but after forgetting to do the necessary transactions or discovering that the ones I did the Friday before the end of the month were not counted and lost all my interest etc that I just gave up and loaded up on ubank and Macquarrie (as I trade on that platform).

  • JSONBourne on 06/06/2023 - 15:42
    +1

    So far behind ING at this rate, bring it back up to be competitive!

    • solidsnek on 06/06/2023 - 15:44
      +1

      Not really when ING is only for balances of up to 100k. If your balance is significantly above that then there is a good chance Ubank is the better choice.

      • JSONBourne on 06/06/2023 - 15:45
        +6

        Sure, obviously it depends on your circumstances. But objectively ING has the higher rate and you would be wise to put your first $100k in ING and the remainder in UBank (as I have been doing).

        • Stoibs on 06/06/2023 - 15:46
          +1

          Yeah this seems to be the go-to. I finally jumped onboard and did the same last month.

          Might have to do some juggling when ING gets close to 100k with the new grow your balance hoops +1k deposit though :/

          • JSONBourne on 06/06/2023 - 15:47
            +3

            @Stoibs: Can be automated, just grow your balance by $20 each month and move $1k in and then out automatically and you've satisfied the criteria.

            • Stoibs on 06/06/2023 - 15:48

              @JSONBourne: Oh is that valid? I thought it had to be previous month +1k..

              Interesting thanks!

              • JSONBourne on 06/06/2023 - 15:51
                +4

                @Stoibs: Yep but you just keep paying it forward. Just automate this from your UBank account:

                • Transfer $1020 to your ING from Ubank on the 1st of the month

                • Transfer $1000 out from your ING to Ubank on the 27th of the month

                That way you'll grow your balance and satisfy the UBank and ING criteria all in one. The only thing that you have to manually do is the 5 card purchases thereafter.

                • Stoibs on 06/06/2023 - 15:54

                  @JSONBourne: Thanks for the tips!

                  Yeah the card transactions are easy enough when you do semi-daily morning shops at colesworth on the way to work instead of going weekly/fortnightly. I'm already 3/5 done for July according to the app.

                • capslock janitor on 06/06/2023 - 16:55

                  @JSONBourne: can the $20//grow balance be lower like $1 instead

                  also extra step dont you need to move it between ING Saving and ING TRANSACT accs, then out to uBank?

                  • tekisei on 06/06/2023 - 17:25
                    +3

                    @capslock janitor: If you reach 100k, you might worry that eventually your growth balance limit might exceed 100k, so some people recommend having 2 Maximisers and swapping between them to split the growth between 2. But there is a semi-automated method to do it with 3 accounts that resets the growth limit for each one.

                    Month 0:
                    Savings A - $XXX (active Bonus)
                    Savings B - $0
                    Savings C - $0

                    Month 1, Day 1, Set next month active bonus to Savings B:
                    (AUTO $1 into Savings B)
                    Savings A - $XXX (active Bonus)
                    Savings B - $1 (has grown by $1)
                    Savings C - $0

                    Month 2, Day 1, Set next month active bonus to Savings C:
                    (AUTO $1 into Savings C, AUTO $XXX into Savings B)
                    Savings A - $0
                    Savings B - $XXX (active Bonus)
                    Savings C - $1 (has grown by $1)

                    Month 3, Day 1, Set next month active bonus to Savings A:
                    (AUTO $1 into Savings A, AUTO $XXX into Savings C)
                    Savings A - $1 (has grown by $1)
                    Savings B - $0
                    Savings C - $XXX (active Bonus)

                    Month 4, Day 1, repeat… etc

                    This way the active bonus account growth balance is always set to $0. If your XXX is 100k, then the automatic transfer should be $XXX-1. The $1 and $XXX scheduled transfers are quarterly, but each step is separated by a month. The only thing that can't be automated is the 5 transaction and the active bonus nomination swap.

                    @capslock yes, need to go ING Savings -> ING Transaction, ING Transaction -> Ubank, with both transactions on a different day. I prefer to have my income directly into ING Savings, then separately AUTO have $200 from Ubank to ING Transaction to Ubank.

                    • capslock janitor on 07/06/2023 - 19:38

                      @tekisei: cheers for infos, takes a lot for my braincells

                      as for the simpler way i'll just automate $500 monthly back from ING Svaings into ING Transact and keep it internal for now, since I use it to pay for 1% utilities perk anyway

                    • udyz on 08/06/2023 - 00:17

                      @tekisei: How do you nominate an account for higher interest? I dont seem to be able to find it in the app.

                      • Magic Mirror on 08/06/2023 - 00:43
                        +2

                        @udyz: You can't do it in the app. That option is only in web banking.

              • Igaf on 06/06/2023 - 17:21
                +1

                @Stoibs: You can withdraw all but $0.01 of that $1K deposit every month.

                The "grow" reqt means that your balance at the end of (say) June must be > the balance at the end of May + the ING May interest which is paid on the last day of every month.

                June Balance => Your May Balance + ING's May Interest payment + $0.01

                • Stoibs on 06/06/2023 - 17:23
                  +1

                  @Igaf: Cheers fellas. This and the other reply has put my mind at ease. Still new to ING and learning the ropes ;)

                  • capslock janitor on 06/06/2023 - 17:52
                    +1

                    @Stoibs: uve luckily got it really easy here ahaha i had to scroll so many pages on older threads to have the slighest idea wtf was going on

        • solidsnek on 06/06/2023 - 15:50
          +5

          Plus you'd need to "Make 5+ eligible ING card purchases that are settled (not pending) each month, plus grow your nominated Savings Maximiser balance so that there's more in it at the end of the current month"
          On top of that another $200 to Ubank to get their bonus interest.
          You're correct, obviously, it depends on your circumstances, but that is too many hoops each month for my liking.

        • Gavman on 06/06/2023 - 15:55
          +5

          Its a "higher" rate on paper sure… but in reality, if you drop the ball for even 1 month then it becomes a significantly LOWER rate than UBANK.

          • Igaf on 06/06/2023 - 17:26

            @Gavman: That isn't the case until Ubank's new rate kicks in (approx 5.25/12*11= 4.81% - depends on days in the month) and is relatively easily overcome by having two SM accounts or a UBank account you use for the off month.

            • Gavman on 06/06/2023 - 17:29

              @Igaf: Sounds like a pain in the a$$..

              • Igaf on 06/06/2023 - 17:34

                @Gavman: But you're on Ozb where saving/making money is key yes?

                Yep, money mgt takes some effort, but once you've established your ING system it actually isn't as onerous or complex as it seems. Not for everyone.

                • Gavman on 06/06/2023 - 18:59
                  +3

                  @Igaf: Yes, but i also have a life. and I also like plonking my wage into savings from day i get it and then withdraw for Rent and Bills etc. as I go along… if i have a month where i have to outlay more than i earnt for that month, I in turn have not grown my savings and would forgo that month's BONUS interest with ING but not with UBANK. I got a family so unexpected expenses can crop up.. If this happens even for 1 month ING is already not worth the hassle (not to mention the other hoops i.e. the 5 debitcard transactions). But I agree, this might not for be the same everyone.

                • Nom on 07/06/2023 - 15:39

                  @Igaf:

                  But you're on Ozb where saving/making money is key yes?

                  That's an interesting description - OzB is all about spending your money, not saving it !

                  • Igaf on 08/06/2023 - 12:08

                    @Nom: The point is that Ozb helps people SAVE money on their spends, whether discretionary or unavoidable. Reducing your spend on any item your purchase is no different to saving money on your daily food/clothing/shelter needs and other non-discretionary spends such as insurance, energy, medical, education, financial fees (cards, super, bank accts etc). Saving is not just about what's left after your bills are paid.

  • freedomofspeech on 06/06/2023 - 15:44
    +3

    boq is already 5.3 will be 5.55 soon

    • HomebrewFC on 06/06/2023 - 15:47
      +1

      Only up to 50k

      • deal-fomo on 06/06/2023 - 15:56
        +8

        this is technically incorrect

        you can open multiple future saver accounts and earn 5.3% on each, even if the total across them is more than 50K (so long as each account does not exceed 50K)

        • Gavman on 06/06/2023 - 15:57
          +1

          Have to be under 35

          • deal-fomo on 06/06/2023 - 15:58
            +2

            @Gavman: that’s besides the point. I’m simply correcting the information about the 50K. If you’re over 35, you can forget about the 5.3% rate all together

        • umoddbro on 06/06/2023 - 15:59
          +1

          Is this just a glitch though? If they fix it then you're out of a months interest.

          • deal-fomo on 06/06/2023 - 16:03

            @umoddbro: Not sure but I’ve been successful every month since February. You can check comments on other posts on myBOQ to get other examples

        • HomebrewFC on 06/06/2023 - 16:03

          Maybe it works, maybe it doesn't. Can you confirm you've tried it?

          When interpreting their website, it reads as if they calculate interest from the total balance across all accounts, not each account individually.

          Not saying it doesn't work, I'm just sceptical, and as @umoddbro mentioned, they could fix this at any time without notice.

          • deal-fomo on 06/06/2023 - 16:06
            +2

            @HomebrewFC: I’ve been successful every month since February. But it’s a valid point that they could take it away unannounced at any time, in which case something like ubank would be the place to put your excess over 50K.

            If you have a very large amount over 50K, perhaps it’s not worth the risk.

      • countmein on 06/06/2023 - 16:26

        Who does have 50k in saving accounts /s
        Im broke

  • Taro Milk Tea on 06/06/2023 - 15:45
    -3

    More good news for your savings!

    Good news for the rich people…

    • JSONBourne on 06/06/2023 - 15:46
      +2

      RBA putting rates up is designed to ease inflation, which helps everyone.

      Inflation hurts those who are poor first, as they are usually paying higher prices for consumables and getting none of the returns on higher asset prices (like investments) as the 'rich' would.

      So if anything in the long term this is better for those who are 'poor' and need price stability.

      • Taro Milk Tea on 06/06/2023 - 15:52
        +1

        RBA putting rates up is designed to ease inflation, which helps everyone.

        There has not been any real proof that this is working….look at the spending levels in the last year with the rate keep increasing.

        • JSONBourne on 06/06/2023 - 15:53
          +1

          It's how it always has worked through time. Inflation back in the 70s was high resulting in the interest rate being in the double digits. A higher interest rate then brought inflation under control.

          And consumer spending most definitely is down, just not as down as they would like it. You might need to have a look at history to see that this method works, the RBA just hasn't gone hard enough and has drawn this out too long.

          • umoddbro on 06/06/2023 - 16:16

            @JSONBourne: As the saying goes past performance doesn't indicate future results…. You can't compare what worked in the 70's to now. Different economy, lifestyle and even family demographic, property market, consumer spending.

            • JSONBourne on 06/06/2023 - 16:18

              @umoddbro: Inflation by its very definition is too many dollars chasing the same amount, or too few, products. Since demand is higher than supply, prices rise.

              Raising interest rates decreases the amount of money people have for discretionary expenses and also reduces high-risk loans within the economy meaning that money only goes where it is most needed. Therefore, businesses have to fight with lower prices to be competitive and move products for those fewer dollars that are going around. This therefore reduces inflation.

              So by its very definition, interest rates are a very effective tool to fight inflation. Its just a very blunt tool and effects everyone. Although when the pain is supply side instead of wage side, it does involve some pain as people can afford less which naturally people are unhappy about.

            • Igaf on 06/06/2023 - 18:51

              @umoddbro: Agree. Markets and consumer/investor sentiments are FAR more volatile and far less reliable these days, for many reasons - including political instability and huge shifts in economic power. The RBA didn't read consumer sentiment changes adequately, and Lowe's off the cuff public comment about future rates should not have been made without massive caveats, preferably not at all.

      • Igaf on 06/06/2023 - 17:00

        Too simplistic imo. If the economy slows markedly those same poor people will also be on the receiving end. Its a very difficult balancing act.

        • JSONBourne on 06/06/2023 - 17:23
          +1

          It sure is, but over the long term inflation unchecked is far worse.

          • Igaf on 06/06/2023 - 17:30

            @JSONBourne: Depends on what's driving the inflation rate and what govt does to offset it for the less well off, but in general I agree.

  • Bullion78 on 06/06/2023 - 15:46
    -8

    I took mine out of ubank. Refuse to support such shady practices. But that's nab for you.

    • onetwothreefour on 06/06/2023 - 15:51

      What shady practices?

      • Bullion78 on 06/06/2023 - 16:24

        Not passing on the full 25 basis points like they did last month and taking close to a full month to do it. They also make absolute bank on the difference in days between they put mortgage rates up and when they eventually react on deposit rates.

        • onetwothreefour on 06/06/2023 - 16:46

          Ok do they have to pass on the full amount on the same day the increase gets announced by the RBA? They are a business after all.

      • lachlantula on 06/06/2023 - 18:11

        the shady practice of a company making money

  • JiggyJiggy361 on 06/06/2023 - 15:48
    +10

    UBank is fantastic. Most simple and easy to use app by far (even moreso than Up IMO).

    I don't understand the amount of hate in the previous post due to missing the full rate only one time. It was a bit extreme if you ask me.

    Once the 'Sweep' feature returns, I don't think there is any reason not to join (aside from maybe the long call wait times).

    • JSONBourne on 06/06/2023 - 15:52
      +15

      It's a good bank, but people are annoyed that they didn't pass on the full rate last time. That's just absorbing the rate rise to profit. They also are the first to announce, but the last to enact the rate. So people are calling out that it isn't always a deal.

    • ttt888 on 06/06/2023 - 15:53
      +1

      So far only Bank of melb/St george incentive saver is as good or maybe better than Ubank.
      NOthing else comes close in regards to hoops and limits.
      The former is even better no limit..

    • danielh on 07/06/2023 - 09:29

      I like how uBank is trying to be an aggregator of all your accounts. I have successfully linked my NAB and Australian Super to the app. My Macquarrie only updates the once and then nothing after that.

  • peter on 06/06/2023 - 15:55

    Ubank offers to "Get automatic predictions of your regular payments, bills, and subscriptions from over 200 companies, and track your spending with Spending Footprint." This does work, however sometimes the predictions are wrong and I would actually prefer to have direct control over them and be able to change or delete them at will. Is there a way to remove a prediction that's no longer correct? Maybe these incorrect predictions drop off over time, can a more experienced Ubank user shed any light on this?

  • umoddbro on 06/06/2023 - 15:56
    +8

    Don't forget they skimped us of the 15 basis points last month and kept it for themselves.

  • GeoK on 06/06/2023 - 15:59

    Boo. ING still more!!

  • sajuuk on 06/06/2023 - 16:03

    waiting for ING…

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