A heads up: Ubank have dropped their USaver rates again to 4.91% including bonus, effective 21/11
21/11/2012 PLEASE NOTE INTEREST RATE EFFECTIVE FROM 21-Nov-2012 IS : 4.91 % P.A..
MOD: Please use this unified thread to discuss UBank interest rate changes on its products.
I saw this, the third drop in the last while so I've just removed everything from there and put it into ING account @ 5.35% (now 5.10% for new setups).
I'll say a new forum post whenever UBank dropping their interest rate is completely unnecessary.
USaver 6.11%, Term Deposit 5.91%, USaver 6.01%, interest rate didn't change.
I'll rename this forum thread to "UBank USaver/Term Deposit Interest Rate Discussions" and please just use this to announce the rate changes.
Ubank have lost the plot, totally uncompetitive now. I'm earning 5.46% at Rabo. ING with all their cash promotions lately are a good option too.
Ubank lucky to be third in line now after so long being numero uno.
Yep, have stuck loyally (or selfishly) by Ubank for quite some time- but now, its time to change! Just applied for a new Bankwest account, they are offering 5.25% variable for 6 months. At least that is something.
Are there better deals than this out there though?
https://www.ubank.com.au/ubank/web/compare-rates/compare-hig… suggests citibank, ingdirect and rabodirect as other candidates when your introductory period ends.
But is it really worth the effort? I just did some very quick, probably not very accurate maths, and on $100,000 the amount extra you'd make between the highest I could find (5.35%) and Ubank (4.91%) over the 4 month introductory period was about $150 - not taking into account anything you'd lose through delays in transferring money and what not…
But yes, are there any better deals? May as well reward whoever has the best deal I suppose?
Thanks for the heads up OP. They don't give much warning about rate changes, do they. Seems a little sneaky to me.
That's one thing I like about Rabo - they send you an email when the the rate is going to change, not just change it without informing you and hope you don't notice.
UBank lost the plot and try to slip outrageous rate reduction by sending only internal email.
How many people are reading regularly this mail ?
It is easy to lose hard won customers looks like to to cover losses overseas ( US subprime )…
All OZ banks losing $$$ everywhere , except Australia with out government giving them free hand to
our pockets!
NAB ( and UBANK, as part of it ) try to promome image , as friendly and different.
So what is now ???
Vote with the legs and be smart to " keep the bastards honest ".
Just find out yesterday, i have more than 200k for the last 6 months. It did not give me 0.7 bonus interest!
Heads up UBANK down again to 4.66 %
Sad :(
So where is best now? The best I can see is 5.1% introductory offers (Bankwest, Citibank)
yep unfortunately… not happy- most of the deals are only for a few months now
mebank are currently offering 5.10%. great thing is the introductory bonus period lasts 12 months https://www.mebank.com.au/personal/savings_accounts/online_s…
no monthly account keeping fees on their transaction account
ubank have certainly gone down the gurgler in the last couple of months
Variable base rate of 3.50% that can change any day now. Only the bonus is guaranted @ 1.60% … i.e. it's not a guaranteed 5.1% for 12 months.
of course, i didn't mention anything about a guarantee. the point is the introductory period is 12 months vs ~4 months at other banks. at the moment mebank's best interest rate is 5.1% which is well above ubank's rate of 4.66%, without the need for an asp. the money is also at call if you link it to their transaction account.
i also scored a $50 bonus for opening an account a month or two back (promotion now finished)
Regardless of the interest rate, I'm sick of their new 'fancy' website and all the errors it has. Can't even sign up to a term deposit if I want to!
Thanks for the update…shame news is BAD (except for mortgage holders ;)