Changes to ubank Save Account

RichardL on 27/05/2024 - 23:30
Last edited 18/06/2024 - 15:21

Just received an email from ubank for changes to the ubank Save Account.

Hi,

We’re making some changes to our General Terms, which will apply from 1 July 2024.

Here are the main changes:

  1. Bonus Eligibility Criteria: we’re increasing the amount you need to deposit to qualify for bonus interest. Starting from 1 July, you’ll need to deposit $500 or more into either your Spend, Bills or Save account each month from an external bank account (like your salary).
  2. How we calculate interest on your Savings: We’re introducing interest rate tiers to our Save account, which will change how interest is calculated. We’ll be in touch soon with the rates that apply to each tier. For more info visit ubank.com.au/banking/savings-account/whats-new. We’ll be in touch very soon with more on this.
  3. Removing Outbound Payments from Save: You’ll no longer be able to make most external payments directly from your Save account. You'll still be able to receive external payments into Save. It's all about keeping your savings separate. Make sure to update any recurring payments, like Netflix or your phone bill, to come out of your Bills or Spend account(s) or Visa Debit cards. We’ll send reminders about this closer to the time.
  4. Passkeys: We’re introducing an easier and more secure alternative to log in to the app. This won’t be available for everyone yet; we’ll be in touch when it’s available for you.

All of the changes we’re making to the General terms are set out in detail at the start of the new terms. Please make sure you read them, so you understand what’s changing.

For more information about the upcoming changes to the Save click here.

Speak soon,
Team ubank

Update: Bonus interest rate tiers from July 1st (Deal Post):

Tiers Amount Rate
Tier 1 $0 to $100K 5.5%
Tier 2 $100K to $250K 5.0%
Tier 3 Over $250K 0%

Overall an increase (assuming 250k)

  • Current Rate of 5.1% = $12750pa
  • New Tier Rate of up to 5.5% = $13000pa
Financial Bank Account Savings Account

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Comments

        • Grok on 09/08/2024 - 22:53

          I am against governments doing it.

          UBank is just covering its arse. I’m a big bank investor, activists go after them for everything. The banks royal commission was total bollocks. So now the banks have become ridiculously socially risk averse and become the biggest woke enterprises going.

          • Ave Maria on 10/08/2024 - 00:22
            +1

            @Grok: re: "I’m a big bank investor"

            I was going to ask if you work as a bank manager but decided not to in my initial reply -:)

            As a bank investor you have a vested interest in banks remaining profitable, so your position is strongly biased on profit and not customer service.

            Banks can remain profitable & secure without putting cutomers in general & specifically savers last by making it harder to acess their money.

            In the name of profit banks are closing down branches (not just in remote areas), pushing for smart apps rather than online access (one of the reasons ubank removed the "trusted" device feature). If ubank wanted to make online access more secure I would have no objection if they have done it via an authenticator app (like MS) that would not rely on customers also having a mobile service. The expectation that in order to do online banking you must also have a mobile phone service is extremely unreasonable. There are many other options to stay in touch and make calls other that using a mobile service provider: Voice over the internet, Viber, Skype, MS Teams, Webex etc etc.. Personally I do not walk down the street with a mobile phone glued to my face. I do have one but rarely used and it is not my preferred method of doing banking.

            • finbar on 10/08/2024 - 08:53

              @Ave Maria: Correct. It doesn't have to be one or the other. They're not mutually exclusive. It requires hard work and intelligence to get it right but seems some greedy people are just lazy.

            • Grok on 10/08/2024 - 09:07

              @Ave Maria: The use of the personal mobile phone as a means of identification is becoming universal.

              The use of phone Passkeys is becoming common across more than just the banks, it is regarded as the gold standard in security so not doing could be regarded as a dereliction of security responsibility in the courts so it overrides “customer service” experience.

              Governments have effectively forced UBank to do what they did.

              My main issue with them at UBank was the same as yours, but yes I am against the Nanny state in general.

              My investment exposure to banks is maybe 30% so I do not live or die by the banks.

  • Ave Maria on 10/08/2024 - 12:42
    +3

    Im my case, I use a pin code to unlock my android phone When I generated the passkey (I think I cancelled the 1st attempt as it gave me something I could not possibly remeber), on the second attempt it gave me my actual 10 digit phone number (whether that is a bug/feature who knows).I thought that is not secure but let's try and see what happens. After accepting it, to my suprise, instead of asked to enter the passkey (phone number), I was asked to enter my phone's unlocking pin. So yes to me it all seemd about nothing, except when I realised that I could no longer logon online without also getting an SMS code. The worst part is that you cannot disable the use of a passkey and go back to the way things where before the change.There was no advice from UBANK that would occur, otherwise I would not switch & not use the app at all & just use online banking with a simple password login (from my trusted device/pc). That is what mostly pissed me off, the unexpected/undesirable side-effect that I was not adviced it will happen in advance. So now if I do not have my mobile phone with me, or I am overseas with no active SMS mobile service, I cannot do online banking - That ABSOLUTELY sucks and IT IS NOT an acceptable level of service.

    So if you have not done that yet (passkey on the app) and you mostly do your banking online from a trusted device - DO NOT DO WHAT UBANK asks you to do, They are the absolute worst on caring for customer needs or beeing transparent (or care) of what actual impact their changes have on customers.

    • finbar on 10/08/2024 - 16:54

      It doesn't make a difference in the long run. It seems like everyone will eventually be forced to use passkeys anyway. New customers are already forced. Sadly it won't be optional in the future.

  • fedupwithjunk on 23/08/2024 - 01:07
    +1

    Can everyone give feedback asking for the return of sweep?

    [email protected]

    Ubank have wrecked everything, their emails seem to be increasingly smug, stating the clusters needs are important to them when every move is made to maximise their profit even if it shafts customers.

    Maybe if enough ask there is a chance sweep will return, they seem to be making changes all over the place ( mostly pointless woke stuff)

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