UBank USaver Ultra Sweep Feature

wcm8382 on 04/08/2014 - 13:40

This transaction account is creating a bit of confusion and I've started this topic to clear some things up. In regards to the minimum and maximum amount for 'sweep', the minimum is $100 (but can be more) so your USaver Ultra account will always have a least $100 in it (at least by the morning after any applicable sweeps). This is not a big deal but it's the maximum amount that is creating a bit of complaints. The maximum amount starts at $1000 so this means that if you choose $1000 as maximum (you can choose up to $2500 I think), any money above $1000 will automatically be 'sweeped' into your linked savings account every night. First of all, $1000 is way too much to have in an account earning no interest and defies the purpose of USaver Ultra. What I suggest people to do is set the minimum to $100 and set the maximum to $1000 but only keep $100 in the USaver Ultra account and transfer the rest of the funds (if any) manually to the savings account. Share your thoughts on what you think of this new account and its features.

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Comments

  • unco on 04/08/2014 - 14:17

    That's exactly what I do, $100 minimum, $1000 maximum but I never keep anything more than the minimum available.
    It's better off in the linked USaver earning interest.

  • cloudy on 04/08/2014 - 15:22
    +6

    All i see is a wall of text and i gave up reading. Sorry OP

    • adante on 01/09/2014 - 06:22

      iamalsochucklingatapostdesignedtoclearthingsupbutreadslikeastreamofconsciousness

  • lolmao on 04/08/2014 - 15:34
    +3

    One good thing about the sweep is that if you have a scheduled BPAY payment or direct debit payment from the Ultra account, you don't have to have the money in the Ultra account (as long as you have enough in your USaver).

    Just leave the Ultra balance at the minimum $100 and the remaining funds required for the BPAY/direct debit payment will be swept into the Ultra account prior the payment.

    • tanoshiiki on 04/08/2014 - 15:39

      That's a good tip, that I think I have forgotten about.

      It's possible to have $0 in your ultra.

      • wcm8382 on 04/08/2014 - 16:51

        You need to have at least $100 in your USaver Ultra account or else the $100 will automatically be transferred over from your USaver account.

    • wcm8382 on 04/08/2014 - 16:55
      +1

      As lolmao mentioned, yes, that's one of the benefits. Also there's this:

      What happens if I don’t have enough money in my USaver Ultra to complete a transaction?

      There are circumstances when we will perform a "Real Time Sweep" and move money from your Linked USaver to your USaver Ultra, to allow a transaction to go through.

      A Real Time Sweep will only happen when:
      •Selecting "Savings" in a store or at an ATM. (Up to $1,000).
      •Receiving a Direct Debit request on your USaver Ultra BSB and account number.
      •Transferring out of your USaver Ultra using BPAY or "Money Out" from Online Banking.

      In all other circumstances, the transaction will be declined. You can only transfer or spend up to your USaver Ultra available balance.

    • FirstWizard on 30/08/2014 - 15:44

      Thanks something that I didnt know,

      With commonwealth bank I have a scheduled transaction to pay rent on the 01st of every month. But the bank downst alow scheduled transaction from savings accounts. so If I forget to move money manually before 1st from savings to the txn account after two days they charge me an overdraft fee even though I have money!!

      Guess I'm switching to Ubank

  • [Deactivated] on 27/08/2014 - 13:26

    Sorry, but WHERE is this "sweep"… Where is it in the UBank menu, so I can set it up?

    Never mind… found it. Man, what a confusing bank!

    • [Deactivated] on 27/08/2014 - 21:01
      -1

      Yep. If I wanted two Ubank accounts I'd have them. Bye bye Ubank

  • noob999 on 03/09/2014 - 23:45

    Using the Sweep feature of min$100/max$1000, your Ultra account fills to $100 but will auto drain back extra funds over $1000 from/to your linked Saver account. This way you can have between $100-$1000 in Ultra sitting there for emergency funds on the VISA Debit.
    This is because you add funds to Ultra (eg wages) or your $200 monthly deposit, and any extra balance in Ultra over the $1000 is put back into the Saver account nightly.

    You only have to deposit $200 min into either Saver or Ultra to get Ultra 1.06% bonus

    To get most interest in your pocket, you have to manually transfer every $ over $100 sitting in the Ultra (getting 0% interest), back in the Saver account which gets 4.17%

    This way the Ultra Account only has $100 min available on the VISA Debit card earning 0%, and 4.17% interest is paid on the bulk of your saving sitting in Saver account.

    If you want to set a MAX higher (eg $2500) so you can buy larger items - you still need the balance to grow upto the $2500 value (or just top it up yourself) - as you can only spend what balance is in there and it will be between $100 and $2500.

  • noob999 on 04/09/2014 - 00:25
    +1

    NOTE: Be careful what time you create this account I created an Ultra account before midnight and then at midnight it automagically transferred $500 into my Ultra account - this is because UBANK has a default sweep setup for you of min$500-max$2500

    I did not have a chance to edit the Sweep before midnight to min$100-max$1000

    So… what happens if you do not have any funds in the Saver account of have less than $500???

  • ethereal88 on 04/09/2014 - 07:26

    This is the most retarded bank I've ever seen. Sweep this, ultra that, throw in a visa debit, lets change the terms and conditions every three months, rubbish junk online banking. Why bother? All they do is &^!! around with your money for fun day in day out.

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