You KNOW you're dealing with another Non-Competitive, Aussie dinosaur when:
Mug's bank, IMO: NAB's "Internet-wannabe" UBank claims to offer its "USaver Ultra" account with "No monthly account keeping fees" but a required deposit, in Zero-Interest "Ultra" account comprises a de facto monthly fee - from $3.62 to $18.10 per Year, in interest loss, by each customer, who wants (free) Visa debit card access to their "Ultra" money.
In fact, they require loss-of-interest up to $18.10 / Year (at current interest rates), ie, by requiring that $100 (after arranging 5 times as much) be kept in each Zero-interest "USaver Ultra" account.
UBank actually start up a new "USave Ultra" account set to keep 500% more in the account - ie, $500 - which (if customer doesn't know to reduce it) can cost interest-losses of $ 18.10 / Year.
Not much, perhaps, but (up to) over $1.50 / month (if $500 default stays).
=== Here's how a new UBank "Ultra" account-holder put it (in a Secure eMail to UBank, offering "Online Banking Feedback"), edited by us:
"I'm disappointed that UBank would set, for newly-created Ultra accounts - by default - a 500% (ie, 5 times) HIGHER-than-Minimum-required 'Sweep-balance' for these Zero-Interest "Ultra" accounts.
Specifically, UBank sets the new account's Sweep balance at $500, when only $100 is actually required to lose interest in, each day, by sitting in the Sweep category, from the start of each day.
UBank's default thereby insults its customers' intelligence by assuming they'd choose - by default - to pay FIVE TIMES the minimum required de facto monthly Account-Keeping fee.
I suspect this costs some (to many) UBank customers unnecessary losses of interest, each month, eg, if they don't know or think to change it, ie, down from default $500 to the minimum required $100 Ultra balance.
The implication of NOT manually doing so, is that - if customer spends or withdraws from their Ultra account (using their Visa debit card), across the day - an end-of-day auto-Sweep process tops it up, daily, from the only interest-bearing account of the two (ie, USaver), thereby causing a loss of interest, from the customers' perspective.
This amounts to a de facto Acc't Keeping fee (currently, up to $3.62 / mon) - for the Zero-Interest Ultra account, and CONTRADICTS the claimed "No Account-Keeping fees" attribute of the (& these) account(s), stated elsewhere.
If UBank needs Donations to survive, I suggest it request them, openly."
===
Here's how UBank say their "Sweep" works:
"Every night, the SWEEP automatically moves available funds between your accounts to help ensure you keep just the right amount of cash available in your Ultra account.
The SWEEP is based on limits you set, with a minimum ‘sweep to’ limit of $100.
To set your limits, go to:
My Money > Managing > Accounts
When setting your limits, remember that balances held in your Ultra don’t earn interest.
You can set the minimum ($100) and maximum amount of cash you want to keep in your Ultra by going to My Money > Managing > Accounts.
Ultra balance too low?
The SWEEP will automatically top up your Ultra from your USaver (assuming there are sufficient funds available) to make sure you have cash available the next morning.
Ultra balance too high?
The SWEEP will transfer money back from your Ultra to your linked USaver to make sure your extra cash benefits from the competitive interest (and bonus rate if eligible) in the USaver.
Earn up to 3.62% p.a.* on balances held in the USaver Savings account linked to your Ultra.
(*Variable interest rate including the Ultra Bonus currently 1.06% p.a.)
To earn the Ultra Bonus Rate you must:
Deposit at least $200 into your Ultra or linked USaver from an external source.
Maintain a total balance of not more than $200,000 across all your USaver and USaver Ultra accounts, inclusive of all joint accounts.
If you meet these criteria in any month, the Ultra Bonus Rate will be paid on your linked USaver for the following month."
Note: That NO mention is made of UBank's default Sweep setting ($500);
customers have to notice it themselves; who would think to look for it?
===
Interest - I'm told - is "calculated Daily" but "NOT compounded" (rather, it's paid in the following month, resulting in lower interest earnings).
Steer clear of them then,stash your money to ING or RAMS.No need to complain.