God, Ubank are snakes (missed email about the increase from $200 to $500)

cannedhams on 10/01/2025 - 16:20

I missed the email earlier last year where Ubank changed the rules on earning bonus interest from $200 to $500 - you have to deposit in excess of that balance to qualify for interest. You effectively get zero interest if you don't see these rule changes in time. This was effective from 1 July 2024, apparently. So seven months. Zero interest on a $170k odd balance. I had continued to deposit $250 a month thinking everything was okay.

Lost about $6K in interest. What absolute shysters.

Yes, I should have been looking at it more closely. I was busy with kids, work, etc. Didnt see the email.

Must be at least hundreds of people in the same boat. Ubank must be absolutely minting it off tactics like this.

Lost about 2K when they changed their BSB and payments sent to the old BSB didnt qualify.

Pretty depressing really. No one can afford a house anymore and you have to deal with coin clipping antics like this from supposedly reputable financial institutions.

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Comments

  • askbargain on 10/01/2025 - 16:22
    +143

    sob story for someone who has 170k in their secondary bank lol

    go use a term deposit if you're too busy

    • cannedhams on 10/01/2025 - 16:27
      +56

      Dont have a house. Im 46. Its all I have in the whole fricking world.

      • Bruceflix on 10/01/2025 - 16:41
        +99

        Well, perhaps you should look after it better.

        • cannedhams on 10/01/2025 - 16:42
          -4

          Thanks for that Bruce mate. All the best.

            • ProlapsedHeinous on 12/01/2025 - 19:34

              @RTX9090Ti: Imagine being able to buy a whole bitcoin in 2025 and not actually going through with it… eeeek talk about a missed opportunity.

            • dowhatuwant2 on 14/01/2025 - 13:05

              @RTX9090Ti: Ponzi schemes are great for early adopters as long as they get out in time.

          • shreav on 11/01/2025 - 10:29
            +26

            @cannedhams: Hey man, sorry about your situation. But in your opinion what could they have done better? From my perspective, an email seems decent enough of a heads up. They could have sent more but you have a responsibility to read your emails, right?

            On another note, power to you for saving up that much.

            • foxmulder on 11/01/2025 - 10:34
              +6

              @shreav: Probably an email following up a missed month titled IMPORTANT You have missed interest last month, thank you.

              • spaceflight on 11/01/2025 - 23:52
                +3

                @foxmulder: If you were borrowing someone else's money would you send them a reminder to do something that would cost you money?

              • dasher86 on 12/01/2025 - 16:09
                +1

                @foxmulder: In App if you access your savings account there is a big info graphic saying that you need to make a transfer and the value or that your bonus interest is activated.
                It's right there at the top can't miss it.

        • Analytical Therapist on 11/01/2025 - 19:59

          Oof

      • pharkurnell on 10/01/2025 - 19:36
        -1

        Your 170,000 better off than lots of people…

        and why are they snakes?

        • paulojr on 12/01/2025 - 21:01
          -1

          Some people spend money on instant gratification like me, others save for retirement. Respect his choice is my view.

          OP is calling them snakes probably due to their repeated failure to comply to the banking code of practice. :)

          (banking royal commission wasn't enough for NAB it seems) Ubank is a sub-brand of NAB.)

          anyway to the OP just raise a case with ombudsman and if they are at fault it will be sorted out.

      • brendanm on 10/01/2025 - 20:02
        +2

        Use it to buy a house.

      • cashless on 10/01/2025 - 23:37
        +15

        If it’s all you have in the whole world then you’d better keep a monthly eye on it. Wondering why there’s no interest being paid. Month after month.
        You have kids? Yes, many of us do, but we also keep an eye on our finances. Regularly.
        You screwed up by not paying attention

        • lddv04 on 11/01/2025 - 17:13
          +1

          Yep, I only missed 1 month of no interest. Then I investigated and set things right.

      • stewy on 11/01/2025 - 00:14
        +4

        Unless you are planning on buying a house, personally I'd do something more useful (eg. consider adding to super and/or purchase ETFs) with your money than leaving it in the bank earning barely above inflation.

      • RTX9090Ti on 11/01/2025 - 08:03
        +5

        No, you don't, you have kids, they surely mean more to you than your $170k, so its not all you have.

      • turbochris on 11/01/2025 - 13:45
        +5

        Sounds almost like you don't keep track of your finances…

        • Protractor on 11/01/2025 - 15:00
          +1

          H-hm
          That's the job of Ozbargain. Reverse engineered financial guardianship

      • SoapyWooder on 11/01/2025 - 16:22

        No Superannuation?

    • Bruceflix on 10/01/2025 - 16:47

      Sounds like it was an inheritance

      • cannedhams on 10/01/2025 - 16:52

        Yeah sure why not.

    • JIMB0 on 10/01/2025 - 22:56
      +3

      $170k isn't that much money, hardly a brag.

      • RTX9090Ti on 11/01/2025 - 08:01
        +1

        Agree, that's why OP was whinging as he lost $6k interest income on 'all he has' in the world.

        • pjetson on 12/01/2025 - 15:57
          +2

          On the positive side, the OP didn't have to pay tax on the 6K.

      • hopper on 14/01/2025 - 12:08

        can't even buy a car like Bentley :(

        — typing from a second hand i30 2014

    • HeWhoKnows on 11/01/2025 - 17:48
      -3

      And OP blames everyone else except themself for thier own miskakes.
      And is foolish enough to let everyone know here on OB. LOL LOL LOL LOL

      It seems everyone else got the note and took the appropraite action.
      I certainly did.
      Its also posted on their website for all to see the new condition so its no secret at all.
      and there was a press release as well.

      Surely OP should be checking thier account at lease once a month and therfore should have noticed they were no longer getting any interest.
      And surely OP has the uBank app on thier phone so its just a tap on the uBank icon…yes?

      But OP missed another very important point.
      That with this increase to $500 minimum monthly deposit also came an increase in interest from 5.0% to 5.5% on deposits up to $100,000 and then 5.0% on the balance from $100,001 to $250,000
      So OPs loss is actually a lot more!!!

      So cheers to uBank for making this POSITIVE change and telling everyone.

      So OP didnt read the email OR check the uBank web site for interest rate changes/conditions OR check the app on thier phone OR see the press release OR check any savings account comparison websites for a better deal.

      PS. I hope uBank takes legal action against OP for Defamation

      • dbun1 on 12/01/2025 - 09:51

        This is society these days. Everything is someone else’s fault.

  • NeoX on 10/01/2025 - 16:25
    +94

    So why is it ubank's a snake if it's your fault?

    Why are people always trying to blame others and not accept fault of their own?

      • Mechz on 10/01/2025 - 20:34
        +25

        How much flag waiving and attention grabbing do you need to keep tabs on your finances?

      • devize on 10/01/2025 - 21:52
        +30

        They literally have a big banner on the app that says whether you've activated your bonus interest for the month or not. If you looked at the app once in the last 6 months you would have seen it.

        • Trekky on 11/01/2025 - 09:13
          +12

          Not only that, but if you'd checked the account for the interest every month, you would have noticed NO INTEREST that first month!!! If I had missing interest, you'd better believe that I would check out why I didn't get it.

      • Joey2scoops on 11/01/2025 - 08:06
        +7

        Really? It's supposed to be an incentive. Every bank has similar arrangements and they also change their Ts & Cs. I understand that you're upset but it's not necessary to dream up a conspiracy theory to cover you're own mistakes.

        • spaceflight on 11/01/2025 - 23:55

          It's supposed to be an incentive.

          No it's marketed as an incentive but is designed to allow the bank to save paying you extra interest as doing so earns them more money

      • reactor-au on 11/01/2025 - 09:00
        +3

        I mean, I also got caught out the first month but only because I thought they had changed it to 250 and not 500. I was pretty miffed but shit happens and that's life. Can't really blame ubank.

      • HeWhoKnows on 11/01/2025 - 18:12
        +6

        OP didnt…
        Read the email OR
        Check the uBank web site for interest rate changes/conditions OR
        Check the app on thier phone to see how much interest was paid in any month or what thier current balance is OR
        See the press release OR
        check any of the many savings account comparison websites for a better deal.

        Mate your got your head buried deep down in the sand, is all I've got to say.
        Fool be you in more ways than one

      • HeWhoKnows on 11/01/2025 - 18:20
        +5

        Dear OP
        Let me suggest you move some of your hard earnt cash into the Macquarie Savings account
        Its specially designed for people like you!

        It pays 5% interest on balances up to $1M with absolutely NO CONDITIONS!
        So you dont have to remember to make any deposits at all

        And you can use it as your main internet banking account to pay bills and transfer money without any penalties.

        Furthermore if you need debit card access, Macquarie's Transaction account, which pays 2.75% interest, gives you daily access to your "spending" money with thier PREMIUM Debit Mastercard.
        This debit card has no overseas transaction fees and comes with some nice insurances as well
        And you can use it to pay for purchases via your digital phone wallet
        NOTE: Most transaction accounts pay NIL or NEAR ZERO interest including uBank.

    • Drakesy on 10/01/2025 - 17:56

      Admittedly this exact condition is designed to catch out people on monthly direct debits.

      It's a bit sh1t, same as when they brought down the interest rate to only apply to the first $100k. Everything over that was a reduction.

      Very scummy.

      Admittedly my money is sitting between rabobank and ubank so i don't go over the limits.

      • Joey2scoops on 11/01/2025 - 08:10
        +1

        Another crock. Wow, banks are not very high on the trustworthy list but if you think they spend time to deliberately and maliciously come up with ways to screw customers then maybe a tin foil hat might be required.

      • HeWhoKnows on 11/01/2025 - 18:30
        +1

        @ Drakesy
        You appear to have no idea whats going on with ubank

        1. You can update a direct debit any time and it costs you nothing.
          And surely most people comply with this condition via a monthly direct debit and made the change to $500 (as I did)
        2. uBank actually INCREASED THE INTEREST RATE mate.
          From 5.0% to 5.5% up to $100K and still pay the same 5.0% on balances from $101K to $250K.
          So NO mate, NO REDUCTION THERE AT ALL
        3. Its obvious who are being scummy here and its not uBank
        4. I hope your money is in the Rabo Premium saver (paying 5.35%) and you are making that $200 deposit each month
          Because the interest on thier High Interest account drops back to 4.35% after 4 months.
          (yes I've also got my money across both so at least your got that part figured out correctly)

        I will let you dwell over this and try to figure it out (again)

  • Hybroid on 10/01/2025 - 16:25
    +3

    Since ANZ Plus introduced the +$100/month deposit to get interest, the app shows whether or not you are track. Does Ubank not have the same?

      • jetblack on 10/01/2025 - 16:35
        +20

        Click on your saving account. Right there, just below your balance:

        Activate bonus interest for this month by depositing $500.00

        • cannedhams on 10/01/2025 - 16:44
          -7

          On my app, immediately below the balance, there are two green tabs "transfer" and "set savings target". Thats it.

          • try2bhelpful on 11/01/2025 - 06:58
            +5

            @cannedhams: When I use the App on the iPad the account it shows a message to say if you have activated the interest rate this month.

      • KangaDrew on 10/01/2025 - 17:59
        +19

        There's literally a message on screen when viewing your savings account(s) (highlighted in an orangey coloured box) that says [Bonus interest activated for 'month'] if you've deposited $500 or more that month. And that message is replaced at the start of each new month with another on screen message saying that you need to deposit $500 to activate the bonus interest.

        If you're not checking your emails or logging into your bank accounts more often than once every 7 months, that's a u problem, not a ubank problem.

          • Cheapskate Paul on 10/01/2025 - 19:53
            +14

            @cannedhams:

            I wonder how many people would do that religiously every month?

            The vast majority I would think. Especially those with significant balances.

          • KangaDrew on 10/01/2025 - 21:09
            +24

            @cannedhams: You're trying to make it sound like the whole exercise is labour intensive and time consuming… that it's just so incredibly taxing on your time that you can't believe you have to do this once a month. Woe is me!

            You spent more time writing that paragraph than it would have taken you to press your phone screen a few times to get your balance once a month.

            I wonder how many people would do that religiously every month?

            If you're not religiously monitoring your finances, that's on you. The bank's aren't gonna do it for you. They've given you the tools and the information you need. Asking them to save you 5 seconds and two taps of your finger is beyond 'first world problems' 🙄

            • Protractor on 11/01/2025 - 15:03
              +2

              @KangaDrew: You can't expect a man to click twice,read once to save $6K.I mean, he's not an animal.

          • Ade99 on 11/01/2025 - 08:29
            +3

            @cannedhams: I would assume that you logged into the account at least once in 6 months if not to just get your interest numbers for the yearly ATO return at which time something may have triggered you to wonder why there was no interest after the change? 🤔

      • HeWhoKnows on 11/01/2025 - 18:49
        +2

        WRONG! WRONG! WRONG! WRONG!
        Stop trying to deny the truth and blaming uBank for your mistakes.
        There are too many people here banking with uBank so you cant fool anyone

        The uBank app tells you that you have qualified for Bonus interest every month as soon as you make the $500 deposit !!!

        Mine clearly says "Bonus Interest Activated for January"
        and it labels the interest when its paid each month as "Bonus interest activated" if you bothered to check.

        Its just that you didnt bother to check and furthermore didnt qualify, so you wont see this.notice.

        Its not up to the bank to force you to qualify for bonus interest.
        That just set the conditions and you are responsible for making sure you qualify

      • smartazz104 on 11/01/2025 - 22:44

        The total amount not increasing might have been a clue…

    • billy3000 on 10/01/2025 - 19:28
      +8

      Yes. It's very obvious when you have qualified. I do it every month to double check. It's worth 2 mins of my time.

      • nobro25 on 11/01/2025 - 05:36
        +5

        Exactly you can probably do it within 30 seconds whilst sitting on the can. OP has zero excuse not to know.

      • HeWhoKnows on 11/01/2025 - 18:54
        +2

        Actually only takes 5 secs when you tap the uBank app

  • jetblack on 10/01/2025 - 16:33
    +30

    What do you realistically want them to do that they haven't already? They sent an email (you missed/ignored/didn't pay attention to), and the app itself tells you on the page for the account in question if you have no hit your minimum deposit.

      • jetblack on 10/01/2025 - 16:45
        +2

        I get it, it sucks to miss out on $2k you were expecting, but it's not going to make or break your ability to buy a place, and you need to put your energy toward something productive.

        • cannedhams on 10/01/2025 - 16:50
          +1

          Mate, I'm not going to go and neck myself over 6K if thats what you're saying. As you said, it sucks. Maybe this prompts some other people to check their balances and avert a similar mistake. I'll get up tomorrow and put my pants on like I would normally.

          • mattmel96 on 11/01/2025 - 09:20
            +4

            @cannedhams: So is it $200 (equals $2400/yr) or $6000 ($1000/mth)?
            Your numbers keep changing which suggests that you really don't have a handle on your finances.
            Do you not check transaction receipts against your bank records, considering assertion that they are out to screw you over?

          • cloudy on 12/01/2025 - 07:28

            @cannedhams: He’s not telling you to not neck yourself. Doing something productive is something different.

      • iguana on 10/01/2025 - 17:05
        +11

        Yeah, they should have emailed you, sent you a text, given you a phone call, sent out some snail mail, posted a banner on their home page, added a note on your account details page too. How about take some responsibility? Why don't you read emails from your bank?

          • photonbuddy on 10/01/2025 - 21:25
            +6

            @cannedhams:

            Yep, they could have done one or more of those exact things … Isn't it interesting that they did none of those things?

            They did one of those things. They e-mailed you! You chose not to action it.

        • niggardly on 10/01/2025 - 20:47
          +3

          Doesnt the bank have info of where you work? They should of called his manager

          • MS Paint on 10/01/2025 - 23:20
            +3

            @niggardly: His manager probably would have emailed OP and then it would just be another missed opportunity.

        • ThithLord on 13/01/2025 - 09:59

          Don't be ridiculous.

          They should have taken out a 30s advertisement slot during the Cricket specifically tailored to CannedHams

    • HeWhoKnows on 11/01/2025 - 18:56
      +1

      Thats not all….
      OP didnt Read the email. Thats correct.
      NOR
      Check the uBank web site for interest rate changes/conditions
      NOR
      Check the app on thier phone to see if they qualified for bonus interest, nor check how much interest was paid in any month nor what thier current balance is
      NOR
      See the press release
      NOR
      check any of the many savings account comparison websites for a better deal.

      So OP has got thier head buried deep down in the sand, is all I've got to say.

  • sckill2712 on 10/01/2025 - 16:38
    +47

    Just accept your mistake instead of blaming others please.

      • Molebag on 10/01/2025 - 22:08
        +3

        You missed out. Should have posted yesterday when everyone was siding with the poor sod who blames everyone else for their problems.

      • PopCounty on 11/01/2025 - 02:04
        +1

        Probably this is the reason you couldn’t earn interest. Missing out things.

        More so, how on earth someone could miss the interest earning check for 6 continuous months?

        Hindsight, I will be mad as you are. No matter what. Hope you ok.

      • HeWhoKnows on 11/01/2025 - 19:00
        +2

        Just give it up
        Nobody is on your side

  • foxmulder on 10/01/2025 - 16:39
    +6

    Ubank increased their interest from 5 to 5.5 thus why the extra song/dance.

    I suggest you check your interests at beginning of the month.

      • Mechz on 10/01/2025 - 20:37
        +4

        So you pay attention to the advertising but not the direct communications they send you. Smart.

      • HeWhoKnows on 11/01/2025 - 19:02

        Pls leave us alone
        You wont accept judgement here, nor good advice.
        You've got multiple neg votes on very reply

        You just dont get it, just like you didnt get the email

  • Bruceflix on 10/01/2025 - 16:46
    +18

    Think of the positives, you'll pay less tax this year

  • askbargain on 10/01/2025 - 16:52
    +7

    UBank makes 80% of their profit from 20% of their laziest customers

    • cannedhams on 10/01/2025 - 16:57
      -7

      Which again, means that their primary incentive is to try and take advantage of people.

      "Look at all the money we made from burying that change in a 36-page email! We should make it 50 pages next year!"

      • KangaDrew on 10/01/2025 - 18:03
        +6

        The primary incentive for EVERY bank is to take advantage of people. Build a bridge.

        • cannedhams on 10/01/2025 - 18:19
          -2

          Which is why we have responsible lending practices, to stop banks from fleecing their borrowers. Maybe we need similar laws to stop banks from fleecing their depositors.

          • KangaDrew on 10/01/2025 - 22:06
            +22

            @cannedhams: You weren't fleeced - you simply didn't adhere to the T&C's.

            • You were notified about the change
            • You didn't increase the deposit amount as needed
            • You didn't look at your savings account for 7 months
            • And now, you have to accept responsibility that you stuffed up
          • mattmel96 on 11/01/2025 - 09:28
            +7

            @cannedhams: And if we did, they would be compliant.

            They sent you an email - You didn't read it
            They placed in prominently on their website - You didn't log in

            You want an SMS, but would probably have ignored it as Spam.
            If they hired a plane and wrote it in the sky, you would argue that you didn't look up that particular day.

            You mentioned that you have kids, so how about you take some responsibility for being an adult/parent and stop blaming everyone else for your laziness?

      • HeWhoKnows on 11/01/2025 - 19:04

        Dear OP

        Check out the (not 1 but) 4 conditions that must be met each month to earn Bonus interest on the ING Maximizer.
        And its ZERO interest on balances over $100K
        Then come back here and apologize

        For your convenience

        Firstly you need an Orange Everyday bank account but lets call than No.4

        ING's highest variable rate

        For customers who also have an Orange Everyday bank account and do these things each month:
        1. Deposit at least $1,000 from an external source to any personal ING account in their name
        2. Make 5 or more settled (not pending) eligible ING card purchases
        3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).
        When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.

  • stickingly on 10/01/2025 - 16:53
    +6

    Same here, I missed it as well and was also peed off at the time.

    I was not made clear - it was one of a list of items in a long email titled "changes to our terms and conditions" that looked like the usual junk you always get from a range of providers and don't read every word.

    • cannedhams on 10/01/2025 - 17:00
      -5

      Yeah, they would anticipate a lot of people would miss it. Both the wife and I are quite time poor. We both work close to full time jobs. Three kids, one of whom is severely autistic. I missed the email. My bad I guess. But seriously anyone who can't see this business model for what it is…

      • cloudy on 12/01/2025 - 07:22
        +5

        The time you’ve spent posting and replying here is 10x the time required to login and check your account daily, it’s 100x the effect to check your account monthly.

  • dtxau on 10/01/2025 - 16:54
    +3

    @cannedhams they have listened to your feedback and will shortly implement a "Notify Mum" feature so that you will never miss another change.

  • plmko on 10/01/2025 - 16:58
    +3

    How is it that you were too busy to check but had the time to write this rant on Ozb.

    There was literally a massive PSA thread that floated to the top telling everyone on Ozb about the increase. Obviously you did not read it.

    The changes have been in effect since July, but you decided to cry now?

    Yes mate everything is against you. /s

    • cannedhams on 10/01/2025 - 17:04

      I didn't see that. Link?

      • scotty on 10/01/2025 - 17:38
        +7

        Pages of discussions in May last year.

        • cannedhams on 10/01/2025 - 17:58
          -1

          Respectfully, that was not a post from Ubank, but from a community member who thought to put the word out, probably anticipating that otherwise a lot of people might miss it. As such, it hardly qualifies as a "PSA" as implied by the poster above. It seems as though the bank themselves went out of their way to make the change as inconspicuous as possible.

          I didn't see the post. My bad. Of course, not every bank depositor frequents Ozbargain.

          • Ade99 on 11/01/2025 - 08:38
            +1

            @cannedhams: Seems that you have missed lots of Emails….even if they SMS'ed I wonder if you would have missed that too 🤔

          • NatoTomato on 13/01/2025 - 10:25

            @cannedhams: You expect Ubank to personally post on Ozbargain to tell people their policies are changing? lmao.

      • Shitforbrains on 10/01/2025 - 17:54
        +4

        If you spent more time on the Ozbargain forums and saw that discussion you could have saved $6000.

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