Our savings rates are changing. From 1 April 2025, you can earn up to 5.10% p.a. bonus interest on combined savings from $0 up to $100K and then 4.65% p.a. bonus interest on any combined savings between $100K up to $250K.
All you need to do is deposit $500 a month into one of your Ubank accounts, and you’ll earn up to 5.10% p.a. on your savings.
Time to start looking at competitors. They've been good for quite some time but all good things must come to an end.
They are still one of the lowest fuss/condition for the highest interest rate.
Macq bank is a close second.
It is still below par to ING, and the higher rate matters most.
Besides it is not OzLazy… it is OzBargain.
I've been with them for a few years. I hate that you have to jump through hoops to get bonus interest rate. Plus that you can't transfer your money straight out of the higher interest account. I've been looking around for a while for a new bank
Title is a bit incorrect - should be 5.10% for up to $100k not $50k
my apologies, you are correct. i think i have the new rates right now
@MS Paint
Snakes send emails?
I'm running ubank up to $100k and Rabobank for everything else.
This'll be the last straw, i'll start settling them into ETF's if it continues.
Isn't Rabobank only around 4% though? Or do you mean you have it for more than just a HISA?
Rabobank - 5.10% premium saver up t0 $250,000, i think i am just going to settle for 4.90% at St George who also do up to $250,000
as @Qazxswec said Rabobank premium saver at 5.1% is the key, don't go for the high interest saver with it's intro rate.
Just wondering - should you go high interest saver for intro rate, then switch to premium saver? Or does that not work for some reason?
i suspect rabobank will drop rates again soon
ETFs are risky while there is an orange ape running the White House.
We moved our 100k+ to ME Bank, so far so good.
Isnt ME bank 5%?
Yeah looks like it's down to 5.0%, Still better than Ubank 100k+ rate. Will wait till 1st April to see which bank shakes out the best.
Zero to UBank and all in offset
Thanks for the reminder to get my account under $100k.
I have an opportunity for your consideration, I have connections to a supplier of magic beans
Benefits of not having $100k is you don't have to do anything in this scenario.
The first 100k would be with ING.
Ing is still at 5.4%. note even if you did the song and dance in first month, you will only get the interest next month.
Don’t like the grow balance criteria with ING. Some months I have to spend more on Rego etc.
If they removed the grow balance criteria they would get a lot more customers
Yes, ing works best as just a saving accoun.
Maybe they don't want more customers
You know 99% of all your spendings per annum, and especially your Rego. Can you opt opt pay monthly?
Perhaps you just need to learn to better manage and budget. And use a second Account to move funds around, to stay on top of the simple Rules.
It’s not the only thing mate. Rego, strata, rates.
Lot to manage for little gain with ING. I was considering it but if it takes me too much time to manage it’s not worth it. But happy if others keep with ING as it keeps others competitive
The race to the bottom is GO !!!!
I've read a lot about ubank, especially on Product Review. I'm not sure if it is really that bad for taking money out. I tried signing up with my DL as my ID and it isn't able to verify my ID. Also, although the site literally mentions "you could also try using your Medicare card for improving your chances to get verified" there is no option while signing up to choose Medicare Card.
I have just recently got my DL, is this the reason why they aren't able to verify? I read all the details about them using Equifax/etc. and if they cant verify using Equifax, I cant bank with them.
Any ideas what are my options, and any suggestions if I should actually go for ubank after reading all those reviews?
Do you have any accounts that get reported to Equifax?
How do I find out? I have other Bank accounts if that counts - but unsure if they get reported.
I think accounts only get reported in Australia if you (are able to) borrow money on them i.e. overdraft, credit card, mortgage, BNPL
Clearscore should be able to give you your equifax report quickly. If they can't find you then I suspect ubank also won't be able to and it seems ubank have decided to reject applications from such people
It means "We don't need your money".