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

  • Jared17 on 16/07/2025 - 16:05

    Oh this is deal breaker unfortunately for me. Will switch to Macquarie

  • MeesusEff on 16/07/2025 - 17:23

    Ffs, i ditched amp and ing because i cbfed with the grow bs, now gotta switch again

    Does anyone know if Macquarie consider the first 4 months as the date you sign up, or calendar months?

    • Vanjane on 16/07/2025 - 19:16
      +1

      Just checked..

      applies for four months, from the date the account is opened;

      • MeesusEff on 17/07/2025 - 13:37

        Thanks, guess ill open it on the 1st

  • hasher22 on 16/07/2025 - 19:14
    +1

    ubank is pathetic now……

    I had a major illegal process to pick with them when I said a JP cannot sign a ubank form which states my DL is identical to the original. In NSW JPs can only sign photocopies of original documents, they cannot sign paperwork to state original documents are true and identical of copies. The JP even highlighted the section in the JP handbook stating it's illegal.

    I went back to ubank and said "you do know what you're asking in NSW is illegal from a JP, here's the law"… gave them the link and also the JP handbook.

    I got an email back stating they needed the form to be signed by a JP not even addressing the illegal concerns.

    I made an ombudsman complaint, a ubank senior complaints rep got back to me and he didn't address that what I've given them and their process is illegal….. he brushed it off…..

    How can a bank be so ignorant?

  • Alley Cat on 17/07/2025 - 00:21
    +1

    If I had two accounts with different banks that have some growth requirements, all I need to do is transfer the entire balance once a month to the other one, right? I only have a few k so this shouldn't be an issue, but if the bonus only kicks in the next month, then I'll have to manage three accounts?

    • squeeb on 17/07/2025 - 10:27
      +2

      Just make sure that you are playing by their rules eg with ING you need to meet their criteria in the current month to earn bonus interest in the following month.

    • thebombout on 17/07/2025 - 12:30

      It was this very reason that I opened the ubank acct. Purchased a car from money in ING savings and needed somewhere to sit the remainder of the cash for the rest on the month. I'll just swap it back if I need a large withdraw in the future.

  • Cluster on 17/07/2025 - 00:37
    +12

    UBank has followed ING's game plan: Implement as many trip hazards as possible to avoid paying bonus (the vast bulk) of interest.

    • Swa8821 on 17/07/2025 - 01:46

      true
      wonder if other banks implement, what will the average customer do

      • sangohan on 19/07/2025 - 20:34

        The bank that doesn't implement these hoops will get more deposits, which lowers their cost of capital in making loans. Unless if they can't get their loans up, which can happen i suppose.

    • Mad Max on 17/07/2025 - 12:53
      +3

      Yes, but at least with ING you get paid 5% interest to dodge trip hazards! UBank wants you to do it for 4.6%…

      • Neoika on 17/07/2025 - 12:55

        You forget to add: with no card purchase and much higher cap.

      • Fobsessive on 18/07/2025 - 01:15

        Isn't Ubank 5% up to $100k?

        • MeesusEff on 18/07/2025 - 01:35
          +2

          Nope, now its just a blanket 4.6% this month

          • Fobsessive on 19/07/2025 - 02:54
            +1

            @MeesusEff: Yikes. I joined 2 weeks ago and this is a horrible start.

  • Uncaged on 17/07/2025 - 08:06
    +7

    Sheesh… I had just opened an account 12 days ago, but I've yet to transfer any money into it. I might as well just close it now and sign up with Macquarie.

  • leeroys_dad on 17/07/2025 - 09:52

    5 minute call, no wait to increase balance to 100k.
    Instant out.
    Don't forget to still deposit 501 into u bank to collect this (half)month's interest

    • DoctorCalculon on 17/07/2025 - 16:02
      -5

      Don't forget to still deposit 501 into u bank to collect this (half)month's interest

      Did you read the part where they state in a bold heading?

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

      • Neoika on 17/07/2025 - 16:07
        +2

        "there’s nothing you need to do differently right now."

        $500 deposit is still required till September.

        • leeroys_dad on 17/07/2025 - 16:25
          +1

          If you wait until 1 October, you will forfeit all the bonus interest if you choose to leave.
          Id recommend moving now, or next month at the latest

          • Neoika on 17/07/2025 - 16:30

            @leeroys_dad: You worried too much as people are in different situations and with different strategies. I didn't neg your comment.

            • leeroys_dad on 17/07/2025 - 18:01
              +1

              @Neoika: Sorry my reply was meant for the books above you. I agree with your comment

          • Vanjane on 17/07/2025 - 19:16
            +1

            @leeroys_dad: Now I’m confusing myself. When is the best time to move all my $$ out? After I have done the $500 deposit for the month?
            I don’t want to make a costly mistake. This is doing my head in and making me so anxious 😥

            • leeroys_dad on 17/07/2025 - 19:21
              +6

              @Vanjane: All good. As long as you transfer out before 30 Sep, you'll still be given the bonus interest (providing you met criteria).
              If you transfer all your funds on/after 1 October, then you won't earn bonus interest.

              To quality for bonus interest, just deposit $501 each month.

              So your plan could be this:
              1. Deposit $501 into Ubank (e.g. 17 July) to qualify for bonus interest
              2. The next day (18 July), move all funds from UBank to another high interest savings such as MeBank
              3. On 1st of Aug, move the uBank bonus interest into MeBank

              Or substitute dates so that 1 and 2 are both before 30 Sep

              • Vanjane on 17/07/2025 - 19:40
                +1

                @leeroys_dad: Ahh, thank you so much. You are very kind. I have a lot on my plate at the moment and I really appreciate this. All the best 👍

              • compound on 18/07/2025 - 16:00
                +2

                @leeroys_dad: Then close the ubank account after 1st of August.

          • Bargaphile on 01/08/2025 - 12:02

            @leeroys_dad: When is the best time to leave ubank so I dont lose my interest?

            • leeroys_dad on 01/08/2025 - 16:18
              +1

              @Bargaphile: The best way is to leave anytime during August and September after you have deposited $501 that month. You won't lose interest during Aug or Sep. You'll only lose interest from 1st October if you balance doesn't increase by the end of the month.
              I'd suggest setting up your new bank account first (e.g. Macquarie), depositing $501 into Ubank in Aug, then transferring all Ubank money into Macquarie. Then check Ubank on 1 Sep and transfer Ubank interest into Macquarie

    • Neoika on 17/07/2025 - 12:18
      +11

      Ubank's hidden plan is to not pay a customer one month interest per year on average. One person is highly likely to have big spend in one month in a year.

      For example, one person buys a holiday package or car for the price more than his monthly income. In that month, he is unlikely to grow the balance unless he plans it ahead. But after that month, he can grow the balance as normal.

      Another example, one person pulls out all the money out for a new homeloan. The date is unlikely to be the very beginning of a month. He'll get paid no interest for the last month with Ubank.

    • SBOB on 17/07/2025 - 14:05
      +11

      I feel very sorry for y'all that can't comprehend financial t's and c's and how various people may utilise their accounts differently.

      If I wanted funds locked up with penalties for occasionally using them I'd open a term deposit.

      • Logical on 17/07/2025 - 14:14
        +1

        at first I understood that we will only be required to add $1 of new funds per month to qualify for the bonus interest rate. But what you are saying is that the nett balance of your account/s must grow by $1 with new funds, so if you make a $1000 withdrawal during a month, you will need to put it back in there in the same month to qualify for the high interest. This is not made very clear by ubank via their examples. I will reach out to them to confirm.

        • hasher22 on 17/07/2025 - 14:18
          +1

          This is my understanding.

          If you withdraw $1000, you need to put back in $1000.01 (for example) to incur the bonus interest.

          Same process as ING when I was with them.

          • Hangryuman on 17/07/2025 - 14:34
            +2

            @hasher22: 'If you withdraw $1000, you need to put back in $1000.01 (for example) to incur the bonus interest'

            I think you meant 'you need to put back in $1001'

            • hasher22 on 17/07/2025 - 15:41

              @Hangryuman: Oh it has to grow by $1 or more? Bruh lol

              So it even has a minimum deposit…. When I was with ing, if I remember correctly, it can be 1c added to incur interest.

    • scalebearer on 17/07/2025 - 14:10
      +3

      I feel sorry for anyone who believes a bank holding your own money hostage in any way is acceptable.

      The entire point of saving is to eventually spend it, whether it be on a large purchase like a car/holiday or an unexpected expense.

      By accepting an increased balance condition, it effectively restricts any spending to below the average amount you save every month, all year round, forcing you to have a backup savings account just for those occasions where you do have to dip a bit more into your savings.

      Why do that when options like ME Bank's HomeME exist where they just ask for a $2k monthly deposit for the same rate/slightly higher?

      • Hangryuman on 17/07/2025 - 14:39
        +4

        'I feel sorry for anyone who believes a bank holding your own money hostage in any way is acceptable'

        yairs it's absolutely outrageous - but waddya gonna doo … ?

        in other news, your money is not held hostage - I expect you are free to transfer it out anytime you choose - and believe you are tangentially complaining about free market changes to offerings - where the business has chosen to change what they offer.

        I learned about effective communication - first clarify the actual problem, then work out what you are going to do about it.

        But complaining about your money being held 'hostage' … um, yeah nah sorry …

        • try2bhelpful on 17/07/2025 - 14:47
          -4

          You have hit the nail on the head here. People are free to remove their money at any time if they want to so it isn’t being held hostage. They can pick and choose what institution they want to store their money and at what conditions they want that to occur. They could pull out all their money and go to other investment options or work out how to store it securely. The emotive language is not conducive to the reality of the situation.

        • compound on 18/07/2025 - 10:45
          -2

          Complaints actually work. It's called feedback and is factored in as data for businesses, companies and organisations.
          Especially when it's affecting their bottom line businesses/clients look at these.
          So I don't know what the downvotes are for - it's a completely valid point.

          • surfingedge on 18/07/2025 - 10:50
            +2

            @compound: Complaining isn't going to make them put their rate (for existing customers) back to 5%

            • compound on 18/07/2025 - 19:02

              @surfingedge: Not going to, but when they see their customer base moving assets post complaining might make them reconsider.

        • bamzero on 19/07/2025 - 17:33
          +1

          Once they finally get rid of cash, then we'll really be at their mercy.. be it with negative interest rates or who knows what else.

          For now the only hostage situation is under the guise of KYC

  • crazyhor77 on 17/07/2025 - 16:19
    +2

    i dont like hoops, let alone jumping through them :’(

  • Ave Maria on 18/07/2025 - 14:25
    +3

    I was looking around where I can move my remaining Ubank savings to & noticed that Unity Bank is also dropping their up to $50K rate from 4.85% to 4.60% (it is contageous)

    https://www.australianunity.com.au/banking/-/media/Banking/D…

    but at least they are doing it at the end of the month and there is an advanced header notification on their web site.

  • Uncle Roger on 18/07/2025 - 15:19
    +1

    Dang it, was just really starting to get used to uBank… Off to Macquarie haiyaaa

  • cucumber on 18/07/2025 - 16:26

    their interest rate dropped too. Moved to amp @ 4.7% up to $0.5m balance instead.

    • Igaf on 18/07/2025 - 16:35
      +2

      Leaderboard says you have to grow your account by $250 with AMP. On $200,000 for example that equates to a >$1K (~$783+250 in the first month) increase in your balance, increasing EVERY month.

  • 69dollars on 18/07/2025 - 22:27
    +1

    Anyone with Rabobank? They're offering 5.15% HISA for four months for new customers. I joined Ubank on June 30 so am a bit annoyed. Will move the money out elsewhere and cancel account.

    • surfingedge on 19/07/2025 - 07:36
      +2

      Bankwest 5.15% is easier - rabobank only allows transfer out to one linked account, no OSKO so transfers take a few hours and not on weekends

      • ringofan on 19/07/2025 - 23:56

        Thank you. Completely forgot about BW!

        • Igaf on 20/07/2025 - 00:27
          +1

          Reverts to 3.6% after the honeymoon period. Okay if you're happy to grab and go.

  • splicer on 18/07/2025 - 23:25
    -6

    Commbank Goal Saver has %5 interest, and you just need it to go up each month. You can withdraw, but bonus won't happen that month.

    • surfingedge on 19/07/2025 - 07:34

      ?? their website says it's 4.45%

      • splicer on 19/07/2025 - 12:45

        Yeah sorry, I should have checked. I thought it was 4.45, plus a bonus, but that's inclusive. Still I find it better than other banks where you have to meet several requirements to hit it (when it's not your main bank account)

  • flapperino on 19/07/2025 - 00:48
    +2

    AMP Cash Manager is 4.5% no hoops, for 10k to 250k balances. For those looking for someone other than Macquarie. But Macquarie has a lot better online banking experience.

    • MeesusEff on 19/07/2025 - 16:57

      Feels like a ANZ - ANZ Plus product, which eventually also implemented the growth hoop. And AMP alteady introduced the growth hoop so i would say itsnjust a matter of time

    • sangohan on 19/07/2025 - 20:43

      the amp cash manager account has some eligibility requirements.

      You have to be

      • Companies or organisations (including financial institutions)
      • Non-SMSF trusts
      • Government entities
      • Charities
      • Partnerships
      • flapperino on 20/07/2025 - 02:00
        +2

        Oh I just realised the link I had was for the business banking site, they don't have it listed on the on the personal banking page, perhaps to push customers to the pending grow your balance product.

        But I think they do let individuals sign up for it too, that's what I did via the "My AMP" app, they just needed personal ID, asked nothing about entities.

        Their interest rates for AMP Cash Manager are displayed on their personal banking page too where it says:

        Eligible parties include:
        - Personal Customers
        - Sole Traders

  • AeymothSky on 19/07/2025 - 06:01
    +5

    Boooo Big L by UBank

  • Igaf on 19/07/2025 - 10:56
    -2

    I dont follow bank activities closely but this is likely one of the reasons for the Ubk interest drop and new rule.
    "In May, NAB posted a 1 per cent jump in cash profit to $3.58 billion for the first half, with revenue for the period rising 1.7 per cent to $10.3 billion, helped by higher income from its markets trading divisions. The bank’s net interest margin (its funding costs compared with what it charges for loans) was flat.

    In short they need to skim OUR margin to boost THEIR margin and hope inertia stops most of us from moving. I'll wait until the RBA does what it should have done earlier this month and see where investor rates sit then. Almost certainly 0.25% lower given the unemployment numbers. Next meeting is mid August.

    Meanwhile, if you need a laugh (and who doesn't these days) head over to the shovel: RBA Reassures Australians They’ll Lower Interest Rates as Soon as Economy Collapses

  • leeroys_dad on 19/07/2025 - 15:08

    Anyone moving to MeBank, don't forgot to transfer $2001 into your spendMe account this month, to activate bonus interest in your saveMe for next month!

  • SBOB on 19/07/2025 - 15:12
    +2

    need to find an alternative for daily banking

    Macquarie made the cut
    Zero hoop jumping , close enough to a good interest rate.
    Now to hope they don't change to introduce hoops :)

  • Ave Maria on 19/07/2025 - 18:04
    +5

    For any one cosidering P&N or BCU (same bank), as an UBank replacement, be aware they will require you to provide them with a selfie (it is an easy pass for me).
    No bank should have a selfie as an identity confirmation/verification requirement. It is not a legaly mandatory requirement & infringes on privacy laws.
    This is just a lot of BS from some banks that think that they are a law above everyone else (ok they are Police affiliated - that explains it -:).

    Requirements to open a P&N account
    If you’re new to P&N Bank you can use either of the following photo identify documents to open your account online via our website:
    a valid Australian Drivers Licence, or an Australian Passport
    You will also need access to your mobile phone with a camera and will be asked to take a photo of your identity document and a selfie.
    This is so that we can confirm your identity with official record holders.
    • compound on 19/07/2025 - 19:49
      -1

      This is the same as Macquarie bank.
      They don't tell you this optional though, it's a sly and sneaky tactic to get implied consent for digital face fingerprinting.

      • SBOB on 19/07/2025 - 19:56
        +3

        Opened accounts today with Macquarie and required no selfie or images of identity documents

        • sangohan on 19/07/2025 - 20:45
          -1

          they'll eventually ask you to give them (digitally) some ID like driver license or passport (which have photo).

          They don't do it on account open to prevent friction to opening an account.

          • SBOB on 19/07/2025 - 20:50
            +1

            @sangohan: you mean separate to providing identity document details which are validated during sign up (numbers, state etc only, no actual upload of images)?
            ive seen no mention of that in any other macquarie threads or discussions elsewhere :/

        • compound on 19/07/2025 - 22:32

          Asked me to go through their app when I tried to log in after being communicated via their login page to contact direct and was sent a link.
          Link sent me to their app to scan my face.
          Just a heads up.

          This was after I scanned my passport via their app.

    • Mad Max on 20/07/2025 - 08:34
      +2

      Same for BankWest. I called them to check before starting the application, so I didn't give them any personal information unnecessarily.
      It looks like so many banks are requesting that now. They all want to know everything about you and if that wasn't enough they also want your photo. Just so YOU can give THEM YOUR money to keep!
      And they keep all this information on their data storages and backups around the world. For ever. Ready to be hacked. Medibank, Optus, Qantas. And probably many more that we don't even know about. Who will be next?
      And when that happens they get away with just a useles "sorry".
      If more people refused they would be forced to back down, since it is not a legal requirement. But the majority of people just comply. As usual…

      • Igaf on 20/07/2025 - 10:54
        +1

        Dead right. These issues were brought up during one the the earlier major hacking events but I've seen little evidence of compliance or change with the storage of ID data, let alone regulator action. Banks are certainly being given rev ups wrt bogus accounts used for washing cash associated with crime but that seems to be the extent of it.

        Surveys are likely even worse with many I've come across actually being hosted (supposedly) by American entities.

        DVS services already exist, sometimes via an intermediary - although they may not always work as I dscovered with a super transfer a fdew months ago.

        For those who aren't aware:
        https://www.idmatch.gov.au/
        More detail here - esp wrt face recognition: https://www.idmatch.gov.au/access-our-services

        "Most organisations using the Identity Verification Services will not need to keep copies of your identity documents, which helps to protect your privacy.

        The Document Verification Service (DVS) checks whether the biographic information on your identity document matches the original record. The result will simply be "yes" or "no". The Document Verification Service does not check facial images. There are currently 14 different identity documents are verifiable through the Document Verification Service, including birth certificates, driver licences and Medicare cards.

        Currently, access to the Face Verification Services (FVS) is only for immigration documents (visa and citizenship) and passports. States and territories have agreed to provide driver licence images under an intergovernmental agreement signed by the Council of Australian Governments in 2017.

        Tasmania, Victoria and South Australia are the first states to provide their data, with others to follow in a phased rollout over the next two years."

        • Mad Max on 20/07/2025 - 12:58

          States and territories have agreed to provide driver licence images under an intergovernmental agreement signed by the Council of Australian Governments in 2017.

          So they already have your photo and can apply any facial recognition to anything they want and for any purpose they want. And also provide that facility to banks or whoever else they see fit or whoever pays a fee for the service.
          Any form of privacy is really dead for ever.

          • Igaf on 20/07/2025 - 16:53
            -1

            @Mad Max: Try reading the link instead of making wild assumptions maxie.

            • Mad Max on 20/07/2025 - 21:32
              +1

              @Igaf: Don't have time for your links gaffe

              • Igaf on 21/07/2025 - 11:16

                @Mad Max: But you do have time to post misleading rubbish apparently. Common affliction, which has a cure - do some basic effing research before you give us the benefit of your opinion.

                • Mad Max on 21/07/2025 - 13:49

                  @Igaf: Yeah, sometimes, not very often, I have time to comment on OZB. Unlike you that seem to be always here posting bs all the time. I guess you don't have much better to do with your life.

                  • Igaf on 21/07/2025 - 14:16
                    +1

                    @Mad Max: I get it. You prefer quality over quantity, as your post above so clearly demonstrates /s.

                    I broadly agree with your sentiments wrt personal security but that doesn't excuse your ignorant rant above, especially since there's plenty of good information in the links I posted. As I said, common enough affliction.

  • cheapsk8t on 20/07/2025 - 09:33
    +1

    I am little confused

    "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."

    For an example scenario:

    Just say I have $250K balance in the save account at the end of October, UBANK will provide the interest of $1K on the 1st of November. I then spent the $1K on the 1st of November. At this time, the balance is back to $250K on the 1st of November. Before the end of November I transferred $1 into the save account, so by the end of November the save account balance is now at $250.001K.

    On the 1st of December, would UBANK provide the interest of another $1K?

    • Igaf on 20/07/2025 - 11:17

      Agree,Ubk have not been clear about this (just as they haven't been explicit about the 0% interest payable if you dont grow your save accounts by $1 - by not doing so they've probably violated the Banking Code of Practice and possibly FI reguations wrt transarency for customers).

      I've raised a written query with Ubk but it hasn't been answered yet. I suspect they will do what ING does. ING claculates your interest on 1 Nov but backdates it to 31 Oct, so in effect your eom Oct balance is $251,000 which is then your new target for Nov. Many people would assume that Ubk's target will be +$1/month (plus any other net deposits) - eg $250,001, $250,0002 etc - because they state "excluding any interest credits."

      VERY poor all round.

    • Ave Maria on 20/07/2025 - 13:07
      +3

      The balace incease requrement is the same for all banks

      Balance at end of month (before interet is paid) must grow next month by whatever interest is paid for the previous month + the amount required to add (e.g. $1, $200, $250 etc.)

      So f you take the interest out and add $1 you no longer qualify for the bonus (well any interest really) for that month …

      • Igaf on 20/07/2025 - 16:57

        Probably, but have you confirmed it with Ubank?

        • Ave Maria on 20/07/2025 - 21:36

          extract from Ubank email - it clearly states that increase must be in addition to any interest earned - if still in doubt please do call them

          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) by $1 each month.

          This means your total savings balance on eligible accounts needs to increase by $1 as at the end of the month. For example, if your combined balance is $1,000 at the end of October, it would need to be $1,001 at the end of November (excluding any interest credits you may have earned).

          • Igaf on 21/07/2025 - 09:24

            @Ave Maria: Yes read that. It isn't explicit about interest allocation and muddies the waters by multiple references to the "+$1" requirement (likely actually "interest+$1" as you say). For example, if interest is allocated on 1st of next month then the +$1 they've trumpeted is indeed that, because you can move the interest out before the new eom. If they do as ING does (very likely) and backdate interest then the +$1 claim is massively diluted.

            Being explicit about conditions is a (quasi) legal requirement. Failing to explain the process they will use in simple, easy to understand language contravenes the Banking Code of Practice and possibly FI regulations, as I wrote elsewhere.

            They've done a similar thing with their "bonus" interest, which isn't "bonus interest" at all since it appears it's an either/or situation. Either you get ZERO interest or you meet their "interest?+$1" and get 4.6%. Explaining both things simply and clearly isn't rocket science - they can easily rework other banks' explanations if they don't have internal competence.

  • Ave Maria on 20/07/2025 - 15:25
    +9

    Bank Saving accounts that currently have no increase (or a work around) and no ZERO withdrawals requirement (but may have applicable criteria for max rate).

    All of the below are fairly easy to open online by providing just a passport or driver licence + Medicare number (no requirement for a Selfie - at least in my own past experience).

    ING is the best rate on offer and even thought techically has a growth requirement (and hoops) those can be bypassed (documented elsewhere - just do a search).

    CBA is listed as I can easily visit a branch and can do up to $250K OSKO daily transfers to my other accounts and every now and then offers a competitive rate.

    St George is a very special case, as it used to be no limits & best rate but gradually became a very restrictive product (like what AMP and UBank have been up to), however it has accessible brances and a $100K daily OSKO limit from transaction account plus direct debits from Incentive account. It is much better than what Ubank offers at present.

    For a set & forget, no hoops, no hard limits account Macquarie bank is the clear winner. Which account to use is a personal choise based on priorities and convinience.

    Financial Institution Product Name Max Amount Interest Rate Card Trans Deposit to Transaction Grow by Daily Transfer Limit Scheduled Payments Direct Debit Useful Tips
    ING Bank Savings Maximiser $100K 5.00% 5 $1000 1 cent $20K - $5K OSKO - Higher via App - from Orange No No Buy 5x$1 Amazon Gift Cards. Flip between 2-3 accounts each month to bypass growth requirement.
    Members Equity Bank Home Saver $100K 4.85% N/A $2000 N/A $20K - $5K OSKO - Higher via App - from Spend No No Transfers between BOQ & MEB are instant.
    Bank of Queensland Smart Saver $250K 4.75% 5 $1000 N/A $25K - $5K OSKO - Higher via App - from Everyday No No Buy 5x$1 Amazon Gift Cards - Transfers between BOQ & MEB are instant.
    Great Southern Bank Home Saver $100K 4.75% 5 $2000 N/A $30K - $5K OSKO - Higher via Call Yes No Buy 5x$1 Amazon Gift Cards - Instant OSKO Transfer for Deposit in/out.
    St George Bank Incentive Saver $249.99K 4.65% N/A N/A $50 $100K - OSKO only from Freedom Account Yes Yes Multiple Incentive accounts allow unlimited deposits. Flip between account pairs to bypass growth requirement.
    Macquarie Bank Savings Account $1 Million 4.50% N/A N/A N/A $100K NPP with Authenticator App Yes Yes Multiple Accounts allowed. Macquarie Market Place offers Gift Card discounts.
    Commonwealth Bank Goal Saver No Limit 4.45% N/A N/A 1 cent $20K normally but can be increased permamently to $100K-$250K* OSKO No** No Flip between 2 Goal Saver accounts each month to bypass the growth requirement. *$100K at branch $250K relationship manager. **Payments allowed but not Scheduled.
  • Al Roper on 21/07/2025 - 16:00
    +4

    Good thread. Ubank was the last holdout I used that did not have an increase balance hoop. Add the low rate, lose interest rate for month withdrawal penalty, it is over between us. Only point I have to add to the discussion is, I am also done with chasing slightly higher interest at the expense of supplying my email, mobile, passport or drivers license or medicare care card. Corporate Australia has proven (hacks) that they don’t care about protecting your information, Australia consumer personal information privacy laws are some of the weakest in the “western” world. Data can be held indefinitely, even decades after quitting as a customer, and under the “know your customer” rule/law, they don’t have to delete your data, even when requested in writing, as in the UK, EU. I was shocked recently to experience this with CBA. They had all my personal data, even though I quit using them in 2009. Refused to delete.

  • playbargain on 21/07/2025 - 18:41

    Has anyone who signed up with Macquarie recently following the ubank change received your debit card? If so is the expiry month July or some other month?

    Just received mine and the expiry is in Nov for some reason. Not a big deal but never had a card that doesn't expire the same month it was issued in.

    • alaska28 on 21/07/2025 - 22:50

      Haven't received mine yet, but had the same thing with my new CBA card. Old card expired in March, new card arrived and has a January expiry.

  • BargainHunterDon on 22/07/2025 - 11:00
    -1

    Great thread, agree that Macquarie is still the best from a bank perspective (fantastic app and 4.5% is still a very strong rate these days).

    There are some non-bank options out there too, I've been using Earnr for the last year or so and get 6.00% up to $50k with no growth requirements (even better rates if you don't need the cash for a while).

    • muwu on 22/07/2025 - 12:14

      Interesting!

      What's Earnr, exactly?

      • scotty on 22/07/2025 - 12:30
        +1

        It's not a HISA but an investment product. Check their PDS on how they use investors' deposit.

        • muwu on 22/07/2025 - 12:42
          +1

          Yeah, I've had a bit of a read.

          Sounds like it's a fixed income product, offering units in a trust that invests in different tranches of cash deposit and credit and riskier property securities, which pay a return post management fee (not guaranteed) rather than an interest rate, and in the case of insolvency the creditors may not be able to return some or all of the investor's capital. Managed by corporate financial fundies operating under Bendigo & Adelaide bank.

          I may have got some of those deets wrong, I did a quick read not a proper study.

          I wouldn't say it's a "bad" product, but it's definitely a different product. In fact, I'm interested in reading more and on similar fixed income products that offer on-call liquidity. But, due to being on a higher point of the risk/return curve, this doesn't sound like where most people want to be parking their savings…

    • muwu on 22/07/2025 - 12:44

      @BargainHunterDon What percentage do you invest in the Earnr Everyday compared to conventional bank deposits elsewhere?

      • BargainHunterDon on 22/07/2025 - 16:43

        It varies (~25% at present) but like I said I've been using them for the last year or so and it beats having to constantly review the eligibility rules.

        As an aside they've paid the 6.00% every single month without fail

        • muwu on 22/07/2025 - 16:49

          25% kinda sounds like a sweet spot.

          Yeah, I liked reading up on it, I'm interested. I'd like to do a more extensive search on products like this that have higher fixed interest returns which have the same on-call liquidity as a bank deposit.

          Obviously, the key difference is that it's investable capital that has at least some degree of loss risk. Understanding the product and risk and getting the balance right for your needs is where the personalised approach to it is needed.

          It won't take away from the need to continue allocating a majority of savings into cash deposits, as you can't take any capital loss risk when the goals of your savings is to ensure safety in preservation and access to cashflowing your expenses needs and short-term future needs for emergency funds or savings goals.

        • surfingedge on 22/07/2025 - 21:06

          Do they prefill ATO

  • payless69 on 23/07/2025 - 14:57
    -1

    Bye NAB and subs…
    From Macca to MQG. who cares?

    • muwu on 23/07/2025 - 15:30
      +1

      Macca?

    • timhn on 24/07/2025 - 15:41

      MQG ?

      • muwu on 24/07/2025 - 17:30
        +1

        Macquarie Group

        Not sure about Macca, though. Maybe it's colloquial for Macquarie too, but I've never heard it, and I'm not sure @payless69's comment would make sense 🤷🏼‍♂️

  • Bargaphile on 01/08/2025 - 12:39

    When is the best time to move out of Ubank? Also what is the max transfer limit? How do people move their money? Bit by bit?

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