ubank: From 01 Oct 2025, Save Account Balance Must Grow to Earn Bonus Interest

SBOB on 15/07/2025 - 07:48
Last edited 15/07/2025 - 08:04 by 1 other user

As this just isn't the usual tweak to interest rates, and may impact those that use their account where the balance doesn't always increase, worth noting the new change ubank just announced on their website.

I know for me that makes ubank unsuitable and now need to find an alternative for daily banking over the new couple months.

https://www.ubank.com.au/savings-update

From 1 October 2025 (so there’s nothing for you to do now)

We’re evolving the way you qualify for bonus interest on your Save accounts. From 1 October 2025, you’ll need to grow your combined balance across all your Save accounts (excluding linked offsets and excluding any interest credits) by $1 each month.

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Comments

  • sakanasama on 15/07/2025 - 11:49
    +6

    Nope, ubank has now lost the plot…pulling away…..

    Macquarie: Thanks for the free promo ubank

  • CaptainJack on 15/07/2025 - 12:02
    +19

    Does anyone hate the language the banks use in these communications?

    "Evolving the way you qualify for interest". Do they mean de-evolving?

    • DoaAn on 15/07/2025 - 20:51
      +5

      They desperately try to make it sound like it's not enshitification. Like how Ubank claimed removing the ability to pay out of savings accounts was making things better for us.

  • ATangk on 15/07/2025 - 12:05
    +1

    Wow how exciting. Thanks NAB.

    • Frosty17 on 16/07/2025 - 09:45
      +1

      It's gone to shit after NAB took over

      • gamma on 19/07/2025 - 11:11

        It was always under NAB but its true that NAB seem to have a knack for enshitification of anything and everything they touch.. 86400 (which caused the beginning of UBank's downward trend), Citi…
        I guess they try to bring everything down to their own level

  • Guybrush57 on 15/07/2025 - 12:06

    Who is everyone going with?

    • timwog on 15/07/2025 - 12:43
      +3

      Macquarie

    • scalebearer on 15/07/2025 - 15:13
      +31

      At the moment, there are 3 obvious choices for people who liked ubank's low hoop approach.

      ME Bank's HomeME: 4.85% for $2k monthly deposit, no withdrawal or balance growth conditions, up to $100k.

      $100k cap for a home deposit seems a bit odd, but that's just the branding. You can use it for whatever you want.

      If you already use HSBC's 2% off transaction account, then you can transfer the same $2k between HSBC and ME Bank to kill two birds with one stone.

      Australian Unity's Freedom Saver offers 4.85% up to $50k and 4.5% up to $250k with zero hoops.

      For giant balances and zero hoops, Macquarie offers 4.5% up to $1 mil.

      There's 2.5 months until ubank's changes takes effect, so I think everyone should breath, take some time to think things through and make a final decision in September.

      It's also worth noting that some banks (like ubank already has) may lower their rates out of cycle with the RBA, so the exact numbers and positioning may shift by September/October.

      • Iggemo on 15/07/2025 - 20:07
        +1

        This is a really helpful comment, thanks for posting it. As it stands i'll go with Aus Unity but, as you say, we'll see in a couple of months i guess.

        • scalebearer on 15/07/2025 - 21:51
          +2

          One thing I haven't mentioned is usability and ease of access.
          I.e. how are the mobile apps, whether they are mobile only and the desktop interface (if it exists at all).

          https://play.google.com/store/apps/details?id=au.com.macquar…
          https://play.google.com/store/apps/details?id=au.com.mebank.…
          https://play.google.com/store/apps/details?id=au.com.austral…

          It's noteworthy that Macquarie has 500k downloads with 1k ratings averaging 3 stars, while the other 2 have far less downloads and are averaging 2 stars.
          ME Bank have more than 3 times the reviews of Macquarie despite having fewer users and Australian Unity has only ~50 reviews.

          It's quite clear that although the people aren't completely happy with Macquarie's app, they are okay with it and it is more mature with more users.
          ME Bank has more users than Australian Unity, but people are complaining a lot more about it.
          Australian Unity has the fewest users and fewest reviews.

          Also, Macquarie last updated their mobile app this month, Australian Unity last updated their app in March and ME Bank hasn't touched their app since September last year.

          Some people may be swayed by Macquarie being more on top of their software updates, having more app users and higher app store ratings.
          Others may be more willing to put up with bad software.

          • Bargain Bin Bernie on 15/07/2025 - 22:12
            +4

            @scalebearer: I just switched to Macquarie.
            The App is slick and the signup process is flawless via the app.
            Just signed up a joint transaction account and individual accounts in less than 20min.
            The App also allows users to switch between users/account holders on the one device.
            Macquarie makes uBank look like a 3rd rate outfit.

          • scotty on 15/07/2025 - 22:15

            @scalebearer: Macquarie has been in the top 3 in this recent OzBargain poll of best banking apps.

        • naviln on 16/07/2025 - 17:15
          +4

          I replied elsewhere in this thread, just be careful with Australian Unity:

          "When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.":

          https://www.australianunity.com.au/banking/savings-accounts/…

          1 The ongoing variable interest rate applicable to the Freedom Saver Account is determined by the value of the balance in the Freedom Saver Account. Balances up to $5,000,000.00 are eligible to earn interest as outlined by the interest tiering structure set out in the Schedule of Interest Rates – Transaction and Savings Accounts. When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.

          This means if you are lucky enough to have more than 50k in your account, say 50,001 dollars, you lose a chunk of interest immediately.

          • Iggemo on 16/07/2025 - 17:37
            +1

            @naviln: Yeah that's stupid. I assumed it would be like marginal tax rates where it's applied to the balance above a threshold cos, you know, that makes sense. To apply it to the entire balance is really stupid. Anyway im not that close to 50k myself but obv this would be a dealbreaker for those who are over it.

      • Moo Deng on 16/07/2025 - 13:21

        Does Australian Unity have Osko and PayID?

      • foxmulder on 19/08/2025 - 12:29

        For HSBC I only need to do the transfer thingy every second month. Last time I did was early July, August still generates cashbacks.

  • niknah on 15/07/2025 - 12:07
    +3

    For a list of all the savings accounts…
    https://goo.gl/FufTQP

    I'm off to Australian Unity, 4.85%, no playing around with transfers, purchases, balances, etc.

    • Leiothrix on 15/07/2025 - 12:22

      Depends on your balance.

      I can't see it clearly stated if these are interest bands or if the rate applies to your entire balance.

      https://www.australianunity.com.au/banking/savings-accounts/…

      Account balance range — Variable interest rate
      Up to $50,000 — 4.85% p.a.
      Over $50,000 to $250,000 — 4.50% p.a.
      Over $250,000 to $500,000 — 3.75% p.a.
      Over $500,000 to $5M — 3.25% p.a.

      • naviln on 16/07/2025 - 17:11
        +1

        Check the website, I think it is terrible: "When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.":

        https://www.australianunity.com.au/banking/savings-accounts/…

        1 The ongoing variable interest rate applicable to the Freedom Saver Account is determined by the value of the balance in the Freedom Saver Account. Balances up to $5,000,000.00 are eligible to earn interest as outlined by the interest tiering structure set out in the Schedule of Interest Rates – Transaction and Savings Accounts. When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.

    • surfingedge on 15/07/2025 - 12:59
      +6

      Awful service and procedures. I deposited $50k then they dropped the rate from 5.5% to 5.2%. Max withdrawal $1250 per day, so I withdrew $1250 and then they said I had to call them to increase the limit.

      When I called, they said a "manager" was required to authorise it but she was on leave, so they blocked my account until she returned. 2 weeks later, insisted on doing a full KYC that required taking a selfie video, sending 3 different certified ID proofs and a copy of the bank statement from where I sent the $50k.

      Then a 1-hour phone interrogation about every transaction on that bank statement, which revealed that she did not understand her own bank's products (found it "suspicious" that I sent $1250 to the transaction account and then $1250 from the transaction account to my other bank - because the saver account doesn't allow external withdrawals), did not understand the difference between citizenship and tax residency, and thought that I was being scammed by sending money from my other account to my broker to invest in the VGS ETF.

      • nukewell on 15/07/2025 - 22:13
        +1

        Wtf, that's wild

      • niknah on 16/07/2025 - 15:20

        I had no such problems. It was quick, don't even remember doing it. Just know that I have a $10k transfer limit.

    • naviln on 16/07/2025 - 17:13
      +1

      Check the website, I think it is terrible: "When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.":

      https://www.australianunity.com.au/banking/savings-accounts/…

      1 The ongoing variable interest rate applicable to the Freedom Saver Account is determined by the value of the balance in the Freedom Saver Account. Balances up to $5,000,000.00 are eligible to earn interest as outlined by the interest tiering structure set out in the Schedule of Interest Rates – Transaction and Savings Accounts. When your balance increases to the next interest rate tier you will receive the interest rate for that tier on the entire balance of your Freedom Saver Account.

      This means if you are lucky enough to have more than 50k in your account, say 50,001 dollars, you lose a chunk of interest immediately.

  • mrshorty on 15/07/2025 - 12:33

    just got the email reducing the rate to 4.6%

    guess its back to ING then

    • ATangk on 16/07/2025 - 10:27

      ING isn’t all that bad if you do use it as your international transaction acc. If you can’t hit the savings increase, just go on the internet banking site and change your next months interest bonus acc to another savings maximiser, put in $1 and transfer your money at the beginning of the next month.

      • mrshorty on 16/07/2025 - 15:40

        Thanks - better off using a fx fee free credit card for international purchases and can always do 5 x 1c partial transactions at self checkout at supermarkets. Just hassle of running through hoops every month and then transferring if you dont get bonus interest!

  • MaxiPower on 15/07/2025 - 12:36
    +11

    The amount of changes you need to keep track of with this bank are crazy.

    I will put my hand up and say , yes I very rarely read these emails, and previously lost a bit of money when i never read the email that started i needed to deposit a certain amount each month to activate bonus interest. Had been with them for years, this was my set and forget account where if I had extra money it went into an account.

    Then came the one where I need to create a new savings account, get a card just to activate interest on my accounts?

    I joined this place when it was just an online thing….

    I cant keep up.

    What ever happen to : account gives you xx% interest.

    Now its like, twist this knob, press this button, jump over this square get your savings interest rate.

    Forget an email, withdrawal some $ from it. no soup for you.

    • try2bhelpful on 15/07/2025 - 13:23
      +2

      It is called the lazy tax. If you want the interest rates you jump through hoops. It is why the old “high interest” accounts drop off the rate to make way for the new ones.

  • paddle pop lion on 15/07/2025 - 12:46
    +5

    Macquarie is the last dog in the fight for no hoops savings - 4.5% up to $1M

    All other banks have too many hoops and/or low max balance.

      • Agarwal on 15/07/2025 - 13:17

        That's for the intro rate of 4.85%, afterwards it is 4.50%

      • try2bhelpful on 15/07/2025 - 13:24
        +8

        Stop posting the same thing over and over again. The ongoing interest rate isn’t too bad either for no hoops.

        • topherboi on 16/07/2025 - 08:09

          just for 4months only - 1 time

      • paddle pop lion on 15/07/2025 - 13:48
        +1

        It's not a honey moon rate and it is the best you're going to find with no hoops or small max balance. You trolling?

          • try2bhelpful on 15/07/2025 - 15:45

            @Swa8821: You are continuing to post the same comments over and over again with nothing to justify them.

            • Swa8821 on 15/07/2025 - 16:00
              -8

              @try2bhelpful: I have justified with other posts when a poster asked

              Answer : ING

  • thwarted on 15/07/2025 - 12:53
    +8

    SEND THEM A MESSAGE: I've just messaged UBank through their app (very easy to do) and told them I will be closing my acct if they go ahead with the change to bonus interest on 1st Oct. I also told them that others I knew only joined them because of their approach to bonus interest. Will it work? Dunno, maybe not, but if enough people message them with similar sentiment they may take pause. This is often what happens when small, innovative companies get taken over by bigger companies - NAB bought the online bank "86400" in 2021 and merged it with UBank. The acquirer then gradually imposes their processes and strategies, pretty well negating the value that made the target company attractive in the first place. Has happened with Telstra and others.

    • Swa8821 on 15/07/2025 - 12:55
      -1

      change in bonus rate has been already effective from today not 1st oct. u wasting your time on Ubank

      • thwarted on 15/07/2025 - 13:22
        +2

        The change I am referring to is the change that is taking effect from 1st Oct (which is how to qualify for bonus interest).

        • Swa8821 on 15/07/2025 - 13:51
          -4

          yes but that is very later. I moved all my money today only.

    • WillKillfor5Cents on 19/07/2025 - 00:47

      Do you mind sharing what you write? Keen to add bodies to the campagin but too lazy too think. Will use AI to reword so it's not identical with yours. Cheers!

  • jizmo on 15/07/2025 - 13:23
    +1

    NAB retracted that fiasco with 28 Degrees not that long ago. I closed my account 2 days before they withdrew, "new fees"? I think it was.
    I wonder if they crumble under pressure again?
    5 minutes to sign up with Macquarie, I'll be transferring all my dollars on the 1st of next month to MQ and UBank can manage my 48 cents.

    • Richfield on 15/07/2025 - 18:54

      What does NAB have to do with 28 Degrees?

    • TilacVIP on 17/07/2025 - 16:15
      +1

      I'm with Macquarie, but don't be surprised to see them drop their rates as well, even before the next RBA meeting. They're all doing it.

    • MaxiPower on 15/07/2025 - 13:29
      +4

      The problem is if you withdraw any money you cancel that months interest.

        • clover on 15/07/2025 - 13:59

          Let's say you have $100 at the end of September. You deposit $10 in Oct. Your account balance is $150 now. On the 30 Oct, you have an expense/or you need to repay for credit card an amount of $50. Now your account is only $60. Since $60 < $100, you earn no bonus. You need the account to be at least 101 to get the bonus rates.

          • cashless on 15/07/2025 - 14:21

            @clover:

            Let's say you have $100 at the end of September. You deposit $10 in Oct. Your account balance is $150 now.

            Bad maffs. Back to school with you.

            • Swa8821 on 15/07/2025 - 17:54

              @cashless: so can you explain whether this $1 is similar to ING 3rd condition of growing balance or worse than it?

      • try2bhelpful on 15/07/2025 - 13:36
        +4

        Not the way I would read it.
        “From 1 October, in order to earn bonus interest, by the end of the month, the sum of the balances in your non-offset Save accounts must be at least $1 more than the sum of your balances at the end of the prior month, excluding any interest credits you may have earned.
        For this purpose, month end is at 11.30pm (Sydney time) on the last calendar day of the month.
        For example, if you had $1000 across your eligible Save accounts at the end of the month, earned bonus interest of $5 combined, by the end of the following month, you’ll need to have $1006 across your eligible Save accounts to earn bonus interest.
        We’ll also make some changes to the app and online banking experience to help customers see whether they’ve met the bonus interest criteria for the month.”

        I think as long as the amount is more than $1 above on the last calendar day of the month then the rest of the month doesn’t matter.

        • MaxiPower on 15/07/2025 - 14:09
          +5

          This is the problem :
          You have $100,000 in your saving account, and every month you put in $1.
          Then you get your $375 (what ever the monthly interest rate is)

          Then you use you hard earned saving and take the yearly holiday. lets say $10,000.

          Now your account is $90,000
          Now you are not over, you are under your previous amount, and you just forfeit that $375 interest you get, now you got $0

          All fun and games saving, but there will be a time you use that savings account, you know saving for something…. then you lose

          • try2bhelpful on 15/07/2025 - 15:47
            +2

            @MaxiPower: Yes, but it doesn’t mean you can’t withdraw money ever it just means you need to make sure it is topped up by the end of the month.

          • jizmo on 15/07/2025 - 18:49

            @MaxiPower: Bang on, so they've just clipped around 8.3% of what you would have earned over the annum for every month you fail to meet their guidelines.

          • Hangryuman on 15/07/2025 - 22:12
            +1

            @MaxiPower: $100K losing one month's interest of 4.6%/12=0.383% would lose $4600/12=$383 every month you don't have an increased balance after (prev.month's?) interest.

            so each month like that reduces your effective interest rate from 4.6% to 4.2%, 3.8%, 3.5%, 3.1%, 2.7%, 2.3%, 1.9%, 1.5%, 1.2%, 0.8%, 0.4%, 0.04%

            so after 6 months you might as well have put it in Macq Svgs at 2.5%pa

        • Igaf on 18/07/2025 - 16:15

          Yep, same process as ING. EoM balance needs to be: PM Balance AFTER interest + $1 (ING is $0.01). You will see your EoM balance (with interest) sometime on the 1st of next month, after they've done all processing.

      • bbinc on 16/07/2025 - 09:46
        +1

        Exactly. It’s basically a 1 month term deposit. Macquarie is at call. And depending on your balance it can take days to move it with the transaction limit of $20,000. I understand it’s possible to call them and organise a one off larger transaction, but that involves call wait times and a bit of stuffing around.

    • Leiothrix on 15/07/2025 - 13:37
      +6

      This isn't adding $1 per month, it is having the balance at the end of the month being $1 higher than the at start of the month.

      If you buy something and decrease your balance it could cost you an extra $1000 in lost interest.

    • Grok on 15/07/2025 - 14:26
      +6

      You are missing the fact the UBank savings account has become a defacto Term Deposit.

      You can’t pull money out and get paid interest.

      • Smilence03 on 15/07/2025 - 20:47
        +1

        Names checks out - good summarising and analytical skill there

        • Iggemo on 16/07/2025 - 12:56
          +1

          Can't be the real MechaHitler as no Nazism detected, though.

      • Igaf on 18/07/2025 - 11:15
        -1

        You can, as long as it's replaced before the eom. Nothing like a term deposit although I get your point.

        One option is to use your Ubk for savings and have an alternative transaction account.

        Obviously situations vary for individuals and this is a backward step for many customers.

  • Pufff on 15/07/2025 - 13:28
    +3

    The grow balance requirement shouldn't impact anyone because if you haven't moved elsewhere by Oct then nothing would make you change banks.

    Has anyone used P&N bank? Whats the experience considering there is no way to check if conditions have been met for bonus interest?

  • silenthillrocks on 15/07/2025 - 13:39
    +5

    Just move to Macquarie. 0.1% less but no effort.

  • thwarted on 15/07/2025 - 13:48
    +3

    GAME THE SYSTEM? If you have $50,000 in a Save account and on the last day of the month you move $49,000 to your Spend account for a day, that means your Save account total is $1,000. Next day you move the $49,000 back into Save to earn interest until the last day of the new month when you move $48,999 (or whatever amount leaves you with at least $1 more in your Save account) to your Spend account for a day. This means you're missing out on interest for 2 days in the month, which effectively reduces the 4.60% to 4.30% in this extreme example. On the plus side you get the interest on balances up to $1M. On the down side it's another hoop and the interest rate gets reduced. Maybe a middle ground where you just float out $10k at the end of every month to account for a need to withdraw?

    • Swa8821 on 15/07/2025 - 13:53

      dont have that much time to spend on them

    • Neoika on 15/07/2025 - 15:05
      +1

      Set a buffer amount and put in a no condition (or condition is just deposit done by the buffer amount any way) saving account in another bank.

      The key seems to be not let Ubank capture your full money on the last day of any month if you can't grow the money by yourself but still stay with it.

    • quick-dry on 17/07/2025 - 11:57
      +1

      in that example, rather than changing the amount you move each time, set 3 scheduled payments
      1. move the 49k from Save to Spend on last day of month,
      2. move $1 from Spend to Save on last day of month (guarantee Save increases by $1)
      3. move 49k from Spend to Save on 1st of month

      this change is annoying as (besides another hoop to keep track of), it's out of sync with my HSBC schedule for the 2% cashback, which I already had set as an auto 2k Spend-to-Save-HSBC-uBankSave cycle for the 1st of the month not the end.

      Besides interst rate I liked uBank (86400 when I joined) for not having foreign transaction fees. Looks like Macquarie is the only one with all the former benefits of uBank, and the interest rate (as is) might as well be the same if you're giving up interest on any days in order to have a transaction buffer.

  • M00Cow on 15/07/2025 - 13:48

    well time to invest in Bank Stocks

    • try2bhelpful on 15/07/2025 - 15:56

      Already there. If you have Super then it likely includes bank stocks.

      • M00Cow on 15/07/2025 - 17:36
        +1

        i pulled out 30k out 6mth months ago and went 15 each in NAB & Westpac, they're paying close to 4.5% + 30% franking credits… essentially (for me earning under $135k), it's taxfree. if you're under $45,000 you'll get money back from the ato. it's nice to out 20% aside to work harder.

  • Grok on 15/07/2025 - 14:12
    +7

    The change on increasing balance makes UBank completely unsuitable for me.

    You can’t even use it to pay bills as when you debit the account you lose the interest.

    UBank have turned their “savings account” into effectively a one month term deposit.

    I already have a Macquarie account so will move everything there. The big hassle is that I have to create a whole bunch of billers in Macquarie that I used to pay from UBank.

  • AlbiesDad on 15/07/2025 - 14:15

    This sucks so bad. Might even just keep my cash in AAA on Betashares Direct. 50% CGT Discount almost gets it to bank interest levels.

    • thebombout on 15/07/2025 - 15:08

      Just thinking aloud here. Please correct me if I'm wrong, but given the "interest" is paid as distributions, the 50% CGT discount doesn't come in to play, does it? Or can this be achieved with a DRP?

      • AlbiesDad on 15/07/2025 - 15:20

        Shit, you are completely right. That kills it. Off to Macquarie then.

  • junet on 15/07/2025 - 14:23
    +2

    Would be interesting if this starts a bank run with everyone pulling their funds out of ubank. At least with the latitude credit card fee thing people didn't have deposits with them.

    • bbinc on 16/07/2025 - 10:01

      Interesting thought. I’m guessing most UB customers will not notice it unless it bites them. I’m sure UB have done their market research. I think they are hoping to attract the over 250k balances they haven’t had before, which is a different type of customer.

      • junet on 16/07/2025 - 10:35
        +3

        I think if you had over 250k it would be better to spread the funds over different ADIs as your deposit is only guaranteed for 250k per ADI. A lot of people have noticed this ubank change and are pulling funds out, myself included. At least it's backed by NAB in case there is a bank run.

  • Bystander on 15/07/2025 - 14:32
    +1

    Yet another example of why we need portable bank account numbers.

    It was discussed in parliament some years ago but the banks complained loudly that if the policy was mandated then they would have to be more competitive to keep customers.

    • Grok on 15/07/2025 - 14:51

      That is a bit like wanting a portable personal home street address.

      The 6-digit BSB number actually stands for Bank-State-Branch. So with portable bank account numbers you won’t be able to know what bank it is from the number.

      • M00Cow on 15/07/2025 - 14:59
        +1

        no it's like having a portable phone number. I mean think of the poor telcos if you had the right to switch between them and you got to keep your number! all the paperwork they'd have to di!

        • Grok on 15/07/2025 - 15:08
          +1

          The only reason a portable phone number became important is that banks, companies and institutions started using mobile phone numbers as authentication and two factor authentication systems because privacy groups decreed that an Australia Card Number was a bad thing.

          The BSB is different but yes it can be changed but also make the system less robust.

          Plus the biggest problem for me is not the BSB, it all the billers I have to re-enter in another bank.

          • M00Cow on 15/07/2025 - 18:02
            +3

            @Grok:

            The only reason a portable phone number became important is that banks, companies and institutions started using mobile phone numbers as authentication and two factor authentication systems

            Nope, they were portable well before sms.2fa.
            It's the exactly same excuse the Telcos used against number portability. ACCC forced the introduction of Mobile Number Portability on 25 September 2001.

            CBA didn't introduce SMS OTP until.2007, NAB were trialing it in 2005, but didn't introduce it until 2007, Westpac didn't introduce it until 2009 for non-businesses customers ANZ who knows but they were using sexurID only back in 2008.

            So you are wrong about it being anything to do with banking, it was all about the ACCC giving customers the ability to have choices. The Telcos used the same "it's complicated", "it's burdensome", "it's a security risk", "Fraud will increase", "Customer confusion and service disruption", "Customer retention issues", "Contractual & Technical issues". all sound recently familiar? Same BS excuses.uaed by the Telcos 25-30yrs ago.

      • Bystander on 15/07/2025 - 19:09
        +1

        Can't say I've ever cared which bank my money is going to or from so long as it goes to the correct person/entity.
        The current PayID system does not show the BSB number or the account number and I doubt that will be changing.

        If it really were important for users to see which bank was involved it would be simple to add a prefix or suffix to the account number.

        BTW, one of the reasons that account number portability was discussed was that it would mean that existing direct debit and direct credit details would move with the account meaning that there would be no need to re-enter details for billers etc.

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