Anyone else here with ubank? Does anyone know with the 4.76% ultra account if you have $200000 deposited and deposited $2000 per month for the extra interest, would I still receive the extra rate with withdrawn $2000 and transferre again into my ultra still give me the bonus rate? Because the maximum is $200000 for the ultra interest, hope this makes sense.
Not really the answer to your question, but I can confirm that if the sum of your UBank account(s) goes over $200,000, your interest rate will fall to the base variable rate (~3.56%) across all of your deposit, not just the amount over $200,000. What compounds this annoyance further is that it will take up to 2 months to return to the bonus rate - as you will lose the bonus for the month you went over the limit, and you must then satisfy the $2000 deposit during the next month. Only at the start of the 3rd month will you return to the 4.62% rate.
Moral to the story, stay a few thousand off the limit so your monthly interest payment + $2000 deposit doesn't accidentally burn you.
Or calculate approx interest for the month,withdraw 2000 + interest calculated on 25-26 and payy 2000 into Ultra before the end of the month. I hope it helps and it is now only 4.62% max.
out of interest, how does the $500 sweep work. does it sweep every evening, or morning or what. if i move the entire $500 from the transaction account to the savings account does it just come back again?
yes it will swap $500 from the savings account,if transaction account cleared…
Good luck to those worried about the $200k cap! I can't comment on that, but the auto sweep can be a bit annoying for maximising interest as the lowest MAX you can have for Ultra is $1,000 and you don't earn interest on the Ultra account, only on the saver (check your accounts->interest statements and see your ytd figures) the lowest MIN is $500 so, you have to have at least $500 in it, otherwise it will auto sweep back to top-up. I've done a manual transfer of $500 out to savings several times to just leave $500 in there and it won't top-up - and now an extra $500 is earning interest - don't laugh, every 6.3c/day adds up!
too many discussion on this already, better go to whirlpool forum where sometimes ubank staff is around and respond directly