Good news for you and your savings! From 1 December 2023, you could be earning up to 5.10% p.a. 🚀
It’s easy for you to earn more on your savings
To get the bonus interest rate on your Save account all you need to do is have a Spend account and deposit at least $200 per month into any Spend or Save accounts (not including internal transfers). Simple.
Your new bonus rate is 5.00% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
Did any other banks increase their rates this time around?
And what is the rate after the introductory bonus rate ends after 3-4 months?
They also delay raising their home loan rates, unlike the other banks.
fcukers, this is the second time they've done this.
June 2022
ubank 1.85% - RBA 0.85%
Spread 1%
November 2023
ubank 5.1% - RBA 4.35%
Spread 0.75%
ubank is now 1 full rate increase behind.
You need to judge this on the merits of the rate against the bank quality, app quality, service, hoops, etc.
This is objectively a better deal than Macquarie's for people with balances under 250k that don't mind depositing a couple of hundred dollars per month. Just because Macquarie went up by .25 and ubank went up .1, it doesn't make this deal worse.
Oh well, time to transfer my funds to another bank.
move on to another bank with introductory rates as normally those introductory rate has no restriction on fund withdrawal… !
Very unsatisfactory indeed given Macquarie passed on the full 0.25% on both Transaction and savings accounts.
very very paultry UBank !
Given the new rate of 5.1% (after 5% bonus is applied) only applies to Ubank's Save account (NIL% on Spend account) you cant go past Macquarie's (Australia's best) Transaction account which now pays 4.75% (from Friday) with no conditions whatsoever.
And comes with Platinum Mastecard debit card too.
I note St George is now playing games as well, applying a lower rate of interest (4.85%) on balances above $250K on thier Incentive saver. And they havent (yet) increased thier savings rate. Seems to be a wait and see game with them.
Huh? You're saying you should take full .35% cut on interest for the benefit of a few tiny benefits you can receive by using a credit card? Macquarie bank is passing on the full amount but started at a lower amount… Why reward them for being 'generous' now against a benchmark of earlier stinginess?
You are incorrect in your proposition.
Unfortunately you have missed the point completely my friend.
The Macquarie Every day TRANSACTION account with Platinum mastercard debit card is the only one offering decent interest, let alone one of the highest rates in town!
Its the No1 Transaction account in Australia !!!!!!
Hence you can put ALL OF YOUR MONEY INTO ONE ACCOUNT and earn interest on the lot!
No splitting money between a SAVE and SPEND account on which you earn NIL interest.
No failed payments or inability to access all your money
And no hoops to jump so no chance in missing out on full interest EVERY MONTH my friend.
Its all about "RISK FREE" high interest with high convenience
And for most here the difference in the interst earnings will be negligible.
Beauty is in the eye of the beholder
@HeWhoKnows: Are you paid by Macquarie? Your spruiking feels like you have skin in the game…
Everything I pay for goes through my credit card. I don't have a cent in any transaction account, everything is in high interest savings accounts or my offsets… Then my credit card gets direct debit paid off in full at the end of every cycle. Credit cards are superior to transaction accounts in virtually every circumstance, unless there's a high extra transaction fee (which is very rare). You get points, better protections and frequently insurance.
I still don't get why you would forego .35% in interest for no real benefit.
@bobswinkle: Ive pointed that there are REAL benefits.
Unless you have $250,000 to invest it makes little difference.
Most here have little savings so its better to have everything in the Macquarie transaction account earning 4.75% interest rather than split between 2 accounts with one earn NIL interest
But yes, using the bank's money with your credit card and paying full balance when its due is a good strategy. especially if coming out of the Ubank SAVE account and you have made the minimum $200 deposit.
For the record I do have both Ubank and Macquarie.
The Ubank Visa debit card also has no foreign transaction fees which is good news but its linked to your spend account unfortunately. So you need to have adequate funds there which earn no interest.
And always one of the slowest to reflect the increase
People seem to have very short memories (or my memory must be wrong).
Last year when rates started to increase, UBank would announce the increase soon after the RBA announcement and implement it the same month. It's only been in the more recent/latest hikes that they've slowed down, i.e. they would announce a week or so after the rate hike and then hike the rate the month after. I don't think it's right to say they are "always one of the slowest to reflect the increase".
8 out of 11 RBA meetings last year resulted in a rate hike, 5 out of 10 RBA meetings this year have resulted in a hike and we haven't had a hike since June. I think recency bias is affecting people's memories when it comes to this aspect of UBank's recent savings rate hikes.
0.1% increase!! Greedy bastards, definitely pulling out my millions 😁
Yeah, couldn’t sleep on it, way too excited 😝
I don't have millions but I may find a new home for my 250k ：）
Maybe buy a new home :)
what else is out there without alot of conditions
Better than nothing i guess
Thanks for nothing UBank , where's the full 0.25%
No one else is .. ING haven't increase it at all.
Macquarie have by 0.25%, albeit not the best rate but no hoops.
Yeh but their basic rate was trash or it was only first 4 months
still 5.1% vs 4.75?
Since January I've moved my funds in between few banks to utilise introductory rates. Macquarie has been the worst bank so far. When I started to pull my funds out at the end of introductory period, Macquarie locked my account so I couldn't complete full transfer to another bank. Called them and someone was available to talk after 1 hours and 15 minutes wait only to tell me that they have decided to close my account with them ! No specific reason provided and I was denied access to my own money. I had to complain to ombudsman to get my remaining funds back. The whole process took couple of months and during this period I didn't have access to my funds. They give good introductory rate but worst bank to deal with when you've decided to move to another bank.
@apptrack: Not sure how I triggered AML checks when all funds were transfered between my own accounts. Anyway, they ended up issuing an apology for their conduct. I feel it was because they didn't check my IDs manually. Only time IDs were verified was at the time I opened the accounts and that too automatic online verification.
@Igaf: No, I realised it's not worth my time. Just got my money back and closed the complaint. Although, before accepting Macquarie's response I asked AFCA if that would be useful if I don't accept Macquarie's terms of complaint closure and ask them to provide evidence of what steps they'll take that such incidences are not repeated with anyone in future. They told me to seek legal advise on this. I chose to close the complaint after writing to Macquarie that I would like to see changes in their policy to avoid these type of incidences in future. Not sure if that would make any difference but it's better than just accept their terms without stressing on my concerns.
@SuperLate: You did well.
So AFCA is like many if these industry "regulators" mainly for show. You'd think after the RC that the feds would start an independent FI ombudsman.
@SuperLate: Recently did this. I had no issues moving out of macquarie after the intro rate. If you install the authenticator app you can do 100k xfers a day, which imo safer than transferring 250k in one go.
@flipfire: Yes, I had authenticator app and moved money multiple times during introductory period. It was only after introductory period was over and I didn't deposit back in the account when they locked it. May be my complaints made a difference or as someone said earlier I triggered their system as NPA or AML, so they might have made some changes.
ANZ Plus passed on the full 0.25 too. Went from 4.65 to 4.90, no BS hoops either.
Only on thier Digital currency ANZ plus account.
Not for me, sorry
@HeWhoKnows: What do you mean only their digital currency account? They're all digital.
They arent going to give you interest on your savings if its hidden under your mattress.
4.9% v 5.1% ANZ trash
BOQ actually reduced rates!
They must have too much money
I've pull out of BoQ when they announced the reduce rates.
Virgin Money did prior to the decision.
What a bunch of pricks!
They have done this before.
Either skipped a rate inctrease or only increased thier rate by 0.1%
Must keep an eye on them every month!
pathetic
Disappointing.
but it hasnt so dont talk sh!t. last cash rate increase was june and they increased it then to 5%
they didnt pass on a full rate increase earlier (thats why i parked some funds into mystate)
What a naive comment. read a book
5.49%p.a. variable bonus rate, 0.01%p.a variable base rate
No maximum deposit limits ^^ (Deposits over $5,000,000 are subject to acceptance at the bank’s discretion)
$0 monthly account fees
To qualify for your bonus interest, all you have to do each month is:
Deposit a minimum of $1000
Make no withdrawals***
Keep a positive balance in your account at all times
*** this is the deal killer. must keep a certain amount out for spending / raining day money.. end up being the same as getting 5.1% on all your money
Make no withdrawals***
i dont understand what happens when you want to move all your money somewhere else. im not saying $1,000. say you had $100,000. loosing interest for that whole month would be killer. would you have to take it out on the 1st? also do they have the ability to transfer it all in one go?
not worth the extra 0.4% to find out..
you just make sure you have another account ready to go when you need to take money out, move whatever you need to your main account and the rest to a different high interest account, can move it back the next month if you want
you can open up to 3 accounts all able to get the bonus rate as long as you do everything they say…..so, essentially if you wanted money, wait till the first of the month and move the money you want the bonus on to another of your accounts and withdraw the money you need that is left in the account you are withdrawing from. Has to be the 1st of the month though…..or don't use this savings account for money you might need to touch. Get an ING Maximiser account etc….theirs is 5.5% as well; $1000 deposit per month to transaction account (you can take it out again whenever you want) and 5 x card transactions, or ME home saver 5.55%
@cumnova Haven't read the details for Hiver (Teachers) but interest is calcd daily on most of these. You qualify for the current month rate by meeting any criteria the previous month.
On ANY account which is only getting the low base rate you should move (all/most of) your money asap elsewhere. Transfer may be instant, may take up to 2 business days depending on the FI's rules. Leaving it in a low interest account will cost ~$350-400 a month.
What you do is you take it out at the beginning of the month, open a new account, move all money into new account. That gets the interest for the month.
The no withdrawal is a deal killer indeed. Reason im with ubank is because of the 250 deposit a month requirement only.
200 deposit a month requirement only
Agreed. Its not comparing apples to apples.
Take money out once per year and then you're only getting 5.05%…
withdraw full balance at start of the month, then move whatever you don’t need to another account
This is the answer but that’s still a lot less flexible than UBank. Assuming you have another bank account the $200 deposit isn't much of a hoop since you could send it straight back out again with an automatic payment if you wanted.
Agreed
This is where Ubank and Macquarie win hands down
No penalties for withdrawals or spending your hard earnt cash.
Perfect for every day accounts
Pointless having a great rate that is so limiting.
But ideal for long term savings such as saving a deposit for your dream home
Hoops:
Deposit a minimum of $1000
Make no withdrawals
Keep a positive balance in your account at all times
It is a TARGET SAVER account!
Not an every day transaction account
I never understand this. What is the difference between high interest vs standard savings account. Why would anyone want low return on their account
Yes but it's not for everyone, only essential workers etc
You can be an Australian uni graduate or current student.
There's other things too listed, yes I know, I'm just saying it's a condition and lot of us may not be fulfilling it. 99% of other banks don't require certain profession etc. To bank with them so it's probably a deal breaker for lot of us.
There was a spreadsheet going around with all of the bank's interest rates + requirements, does anyone have a link to it? Should have bookmarked it!
Edit: Found it!
Can anyone apply for hiver bank accout？ I thought it's targeted
Anyone can
but who will meet the Bonus interest criteria each and every month????
Fed up of jumping through hoops for ‘bonus’ interest, stop raking in profit from other people’s money
To be fair, depositing $200 once a month (and being able to withdraw it back anyway) is a pretty easy hoop to jump through.
It's a bit disappointing it's only a 0.1% increase instead of the full 0.25%, but this is still the best deal out there imo.
Oh you mean the renters and tax payers who pays the landlord.
Macquarie bank now paying 4.75% on their every day Transaction account on balances up to $1M.
No hoops or conditions
Thanks for the useless piece of information
4.75%<5.1% last time I checked. Auto deposit $200/mth is such a deal breaker tho yehhh
Disappointing, but at least they're upping it.. waiting for the other banks to follow suit?
Disappointing that they have not passed on the full rate but also not applying it immediately
Yes most banks are dragging thier heels.
Seems to be a "wait and see" game.
Anyone thinking of joining this poor excuse for a bank, think again.Trust me from lived experience these lot are the ABSOLUTE WORST.
I have had so many issues with them, the latest of which was them locking our card down while on our honeymoon, despite us telling them via their form that we would be overseas. Was a total F around and they were zero help. Closing our accounts and will give them a big FU and never look back.
AVOID!
Never had an issue with using my physical Ubank card overseas and for international transactions. I wonder what happened in your situation
Never had an issue with using my physical Ubank card overseas
How was your experience using their card for instore payments, ATM withdrawals etc? I used to be with ING but not anymore so just trying to work out the best card to use overseas!
Ive used mine in Singapore, Malaysia and Japan no problems. Mostly the digital card via iphone wallet. End of the day its a visa debit card so works everywhere that visa works.
No fees and good exchange rates.
ATM withdrawals were painless. Notification was almost instant but it didnt show you how much the transaction was in local currency and no geolocation tagging. Payments were also easy, jus tap and proceed like any other transaction at terminal (choose payment currency and sign if needed)
@Kremleen: @Kremleen awesome, thanks - so there is no ATM withdrawal fee as well? That will be amazing :)
@IMadeYouReadThis: no ATM withdrawal fee from Ubank when I travelled Vietnam. There might still be ATM withdrawal fee from the local bank/ATM operator though
Hopefully they have sorted out the account number transition issues from 86400 bank.
Remember you have to call ubank to make a larger withdrawl.
I'm not downplaying your experience but my experience has only been positive. App is good, instant payments seem to work to/form most banks, can direct debit directly from savings account, and I've used my card overseas (Italy and Japan) with no issues.
Did not pass down the full 25 basis point that was announced from RBA…
And always one of the slowest to reflect the increase