Given UBank's onerous conditions to obtain a decent interest rate on deposits I was wondering how many other people have made the shift to another bank?
I have no doubt management did their sums as to the net cost of the value of deposits they would lose, and the net average cost of deposits for those that remain with them.
You have to grow your account each month…
ubank: From 01 Oct 2025, Save Account Balance Must Grow to Earn Bonus Interest
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.
Wow that is outrageous.
It's outrageous, egregious, preposterous!
@payton: That a lot of hoops (hoop) to jump, I can't imagine having to set up an auto transfer of $1 per month to my Save account to earn the bonus interest. Just pure hell, by the sounds of it. Screams all the profanities plus some…
*Signing up on October 1st ;)
@SimAus007: Might be fine if you don't need to use the money in the ubank accounts
If you get caught out one month because your balance is lower than previous month due to some unexpected factor, oof its like having a parking ranger, speed camera and crotch cam penalise you all at once, the pain …
@payton: Oh yeah, of course. If you expect that could happen it might not be for you. Depends on the person and their situation, but valid point.
For others this is pretty much unbeatable.
What are the onerous conditions?
You need to make a deposit.
Hope they or someone runs a $100 referral campaign again lmao
What are Mac Bank and AMP the only singular options?
All the others have dumbarse requirements worse than ubank. Altho Aus Unity Freedom Saver should really be there too for ppl with less than 50k.
Might shift to Macbank too …
didn't know McDonalds has diversified into banking now
You have to McDeposit your McSavings every McMonth into your McAccount to be McEligible
I moved my money to Macquarie, and still have money in ING and Rabobank.
I like what I see so far:
What I don't like: can't withdraw cash in atm - but I still have HSBC global saver for it's cashbacks, thus I will use this for cash withdrawal too.
Actually you can access the gift card marketplace in the app, but it is hidden.
Tap on the red button that says "$ Pay" then a menu appears with the marketplace link.
I see it now. Thank you.
Why can't U use an ATM? Macquarie has been my main account for 4+ years and I use it in the ATM all the time.
Sorry, don't know why I said that, I tried withdraw some cash today in CBA atm and it was fine.
You can withdraw cash and they reimburse the fee in Australia. Make sure you choose credit option.
I press ‘savings’ and have no issues too.
Fair enough, they advise credit - especially overseas.
I'm not moving. All I have to do now is deposit $1 a month compared to $500 previously, plus I now get the rate on all of my balance instead of only some of it. It's also a higher rate than Macquarie.
They(those bastards) know people with over $250k still support them. It is definitely a different story for under $100k.
Each month has to be, at least, $1 more than the previous month. Growing indefinitely.
Just cant withdraw when needed. Only the last and final time. Fine for pure Savings only.
You'd have to pull it all out at the start of the month and keep it somewhere else till the next month.
$20k buffer trick for Ubank Loyalties: create a $20k buffer every month by move out $20k on the last day of a month and move back on the first day of the next month, i.e. one day in a no hoop (or deposit requirement only) bank's saver. By doing so, you can spend the $19,999 plus interest earned next month.
I completely forgot all about Ubank as an option, will set up an account and move 250k to them for at least the first 4 months for 5% if all I have to do is set up an auto deposit of $1 a month, that's insanely good interest, at least at the start.
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.
Maybe I'm misreading this, but couldn't you just create a dedicated Save account, set up an automated payment from another bank account to deposit $1 into it per month and let that ride? Or does "grow your combined balance across all your Save accounts" mean that even if you "grow" that dedicated account by $1 (having then met the condition) you wouldn't be able to withdraw from any of the other ubank Save accounts without losing all interest accrued that month?
Most realize a trap until after they have a big emergency spend.
if im not mistaken based on the wording its grow ur accounts by $1 each month so if i put $2000 in this month i have to put $2001 next month not add $1 per month
I moved my savings out of ubank and closed off the account. Now that my ex-citibank current NAB debit card isn't cut out for international transaction anymore, I'm back looking at ubank for this purpose haha
Wise card.
MEBank’s HomeME account just needs a $2k deposit into it’s linked trans account (can go straight back out again) to qualify for the bonus rate of 4.6%
Also no fx trans fees. It has a $100k cap so I split between here and Macq
Just transfer $1 and leave it, you won't miss it - I promise.
I've only just jumped to uBank so am currently milking their intro offer and will bail immediately after that. But I'd much rather send $2k to a trans account for a day every month and have the freedom to withdraw from my savings rather than get penalised if something unforeseen happens.
Also 4.60 is bigger than 4.35
Technically, this post is a dup as there are already closely related topics on the first page.
apples & oranges
Yup, the Accounts Leaderboard page for instance is frequently updated, despite claims to the contrary.
The Arab Bank account looks pretty good.
@nfr: Ahhh nice one thank you! I intended on doing a deep dive today but you've just saved me the hassle. Cheers
The great UBank exodus has well and truly begun.
October 1 move all UBank funds to Macquarie.
Decide how much money I know I will not need for a year or more and on November 1 move this money back to UBank.
Set up an auto transfer of $1 per month into UBank.
Possibly repeat this process after a year.
No, you start from zero balance last month from Oct's perspective if you move all money out by the end of 30 Sep.
Empty all savers on the last day of a month makes growth easy. I haven't seen the exact terms but I can image a customer's Sep balance is captured at 11.30pm AEST 30 Sep.
It seems Ubank now changes conditions every year to screw up loyal customers. I doubt it won't change in 2026. The $500 deposit was in effect in July 2024 or so.
If you move all your money out from Ubank in September, remember to NOT close the account yet, wait till early October for due interest to appear then withdraw that interest then close account.
I’m not closing the account, I’m just taking most out and then feeding a $1 back each month. Partly because the UBank ATM worked well when I went overseas last year but mostly to say screw em. They can bear the cost of keeping my piddly accounts open.
We were with Ubank for 15yrs or so. Gave them the flick about a year ago and went with Macquarie - have not looked back. So much more functionality, admitedly in a boring old school type approach but to be honest I don't mind my bank acting like it's a grown up. Excellent security, apps and value add features - no more stuffing around to be paid the scant interest one gets.
I like how with Macquarie you can easily move up to 100k a day without having to call them. Unlike Ubank which has a tiny 20k limit. Just one more terrible hoop that Ubank had.
UBank has been great for depositing crypto quickly, might have to keep it open due to this.
I'm stuck with analysis paralysis. I only use uBank as a savings acct and rarely withdraw money. In the past couple of years my balance has only reduced one month. Having said that I do have an expense coming up next month that will also reduce my balance. I am really not sure what to do, I might just leave my money there, withdraw the money I need for next month now, and see how I go.
Presume that you will miss growing your balance for 3 months every year (or more or less, you decide). Now calculate the effective interest earned for your balance (top rate for 9 months and zero for 3 months).
Now calculate the interest earned by simply keeping the money in a Mac account at the slightly lower interest but without worrying about balance fluctuations.
It's important to note that your stress about withdrawing has a cost to your health, so that has to be considered as well. If UBank is still significantly higher (in your opinion), then continue with UBank. If it's not that big a difference, then move to Mac.
Some good points.
ING and now ubank both have the same issue, you need to grow your balance each month to get the bonus interest. On the surface it sounds easy enough to automate a $1 deposit, but the real problem shows up when you actually need to use your savings. If you make a large withdrawal, you’ll miss out on the entire month’s bonus interest. That can be a big hit, and at that point, it doesn’t matter if their advertised rate is higher than another bank’s because you’re effectively penalised for accessing your own money.
A work around could be splitting savings into multiple smaller accounts and only dipping into one at a time. But that just makes things messy.
Thanks for the prompt OP, I'll be transferring back to Macquarie. I’ve been with them for a few years, and while the rate may be slightly lower at times, there aren't silly hoops to jump through yet. You can actually spend your money without losing out.
I'm already gone to MB - I just left $1 in UBank in case they change again.
Latest readings suggest UBank doesn't care about keeping deposits, especially if it might COST them interest, and are instead chasing new young borrowers who are more profitable and more likely not to notice the new conditions of needing to grow the balance each month or get ZERO interest on deposits.
I'm with ING 4.8% - the hoops are not as onerous as what lazy people claim it to be
“To get the best interest rates on savings accounts, ING customers typically need an Orange Everyday account and a Savings Maximiser account, requiring monthly deposits of at least $1,000, 5+ card purchases, and growing the Savings Maximiser balance. For a Savings Accelerator account, the requirements are generally different, involving higher balances to earn the top rates and a limited-time kick starter rate for new customers.”
Give me lazy rather than a few fractions of a percent extra.
On a $100,000 balance that equates to $550 Lazy Tax per year for depositing in the Macquarie "no hoops" account
Yup, but with Macquarie I guarantee I get the interest every month without doing anything. Also I don’t have to guarantee I will grow my account every month.
@try2bhelpful: I use to avoid ING as I didn't like the hoops but it's really not that hard once you know the tricks.
Look up the flip flop technique for ING… you won't need to grow your balance every month.
The $1k monthly deposit is easily automated. Run a float account with Macquarie (which everyone really should for direct debits) and bounce $1k from Mac savings into Orange Everyday and out again via schedule monthly transfers a day apart.
And the 5x card transactions can be done online via paypal (set up two paypal accounts and send 5x 1c transactions from one to the other paid from the ING debit card… or do $1 if you are concerned 1c is too little.
You can be crafty and deposit $1k from Mac into Orange Everyday via osko, then use paypal to transfer 5x $200 from OE to a second paypal account, then deposit that $1k back into Macquarie savings account… that can done in less than 5min on your phone while having tea and scones/coffee and a pastie/capp and a wrap/smoke and a pancake on the first weekend of every month.
Additionally, ME Bank offers a higher interest rate than Macquarie for a simple monthly $2k deposit… again, bounce $2k in and out of the Spend ME account and it's done. Easily automated.
@try2bhelpful: It's not rocket science, it's easy peasy money-moving methodology. I didn't technically "grow" my balance last month but still got the high interest.
myBoq has served me very well for the past year or so. Need to be under 35 but very easy to meet their criteria. Downside is app only, very few branches and customer support can be difficult to reach. Great otherwise.
myBOQ rate for over 35 is 4.6% which is still better than ubank.
ME bank is the same bank as myBOQ, also pays 4.6%, and it's even easier to meet the criteria of $2k in every month (no need to grow balance). Just send $2k to BOQ and back, takes 20 seconds.
I don't understand why anyone continues to bother with ubank since ubank dropped to 4.35%.
ME has instant transfers to and from myBOQ for any amount even though their daily osko limit is $5k, though ME only pays high interest up to $100k.
They only count the combined balance in Save accounts, not Everyday accounts. This means there’s a simpler way to earn bonus interest from ubank without needing another bank.
On the last day of each month, transfer all the money from your Save account(s) into your Everyday account, leaving only the minimum required balance to qualify for bonus interest. Then, on the first day of the new month, move the money back into your Save account(s). This way, your Save account’s closing balance stays low at month-end, making it much easier to meet the “balance growth” condition and avoid losing bonus interest.
Example:
You start with $10,000 in your Save account.
On 30 Sep, transfer it all to your Everyday account. Your Save account’s closing balance is now $0.
On 1 Oct, assuming $35 interest is deposited. Move the $10,000 back, so your Save account balance is $10,035.
In October, you spend $5,000. Your Save account balance is $5,035.
On 31 Oct, transfer almost everything to your Everyday account, leaving only $36 ($35 interest + $1 growth) in your Save account(s).
Because your Save account(s) grow by $1 compared to September, you still earn bonus interest across the entire balance—even though you actually spent $5,000 during the month.
On 1 Nov, you receive $15 interest. So on 30 Nov, you’d only need to leave $52 ($36 + $15 + $1) in your Save account to keep qualifying.
Repeat this process each month.
You lost 1 day a month of interest or 12 days a year.
A year is 360 days, thus you only get 360-12 days = 348 days of interests. 348/360 x4.35%= guess? 4.2% pretty much what Macquarie offers without your need to do acrobatics in your accounts.
Yes, you are right.
Both the Macquarie Bank Savings account and the AMP Bank GO Save offer 4.25%.
Which one is better?
Not sure on AMP but Macquarie have a 4 month bonus % on top of joining for the first time.
It won't last ages at Mac or amp either. Amp got done being dodgy as and Mac are still relatively new for retail banking so they both need uptake.
Really wish this poll had a "**** Ubank/Nab" option. Would have felt good choosing that one.
Will be moving all $ out on Monday!
Don't forget to go back for the interest on Wednesday.
Smarters move out before 1 Oct as there'll be a crash or line congestion.
This. Dad has been shuffling funds out $20k at a time with the rest going out before the end of the month. He'll get his interest out come first of next month… once his $100 for referring my bro comes through, we'll just leave ubank's debit card as a travel back up since it's quite annoying opening up new accounts now with all the KYC crap that is required.
If only ING would hurry up with opening his account.
Any limitation or delay from them for the move?
Bankwest ask ChatGPT
This so called online only bank has a wait time of more than 25 minutes when you call them.
I decided to call them after waiting an hour after I raised a request on their chat support from the U bank app.
With such a we dont care experience from an online only bank and now with this new T&C to earn higher interest rate on savings is a deal-breaker.
NAB played really smart here. If you cann't compete, kill the competition.
How is Maquarie bank? Search on Google Map showing none.
What are the new conditions?