Moving Most of Money out of Ubank

[Deactivated] on 08/05/2015 - 04:23

I have to check this, but I suspect UBank's regular interest rate drops have dragged interest down to the point where, the thickest individual could make more in dividends, from the safest shares available. So I'm considering transfering the majority of my money into the stock market.

Does anyone know if I keep the monthly $200 auto-debit, and say $1000 in UBank… Do I still get unlimited free transactions; BPAY; and one-off and ongoing account transfers?

i.e.

  1. Paying for petrol at petrol stations
  2. Withdrawing cash at petrol stations
  3. Withdrawing cash from NAB ATMs
  4. Paying for groceries at Coles/Woolworths terminals
  5. Sending one-off payments to BPAY billers such as Telstra
  6. Sending one-off or regular payments to personal Australian bank accounts

Thanks for reading.

Financial

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Comments

  • Steptoe on 08/05/2015 - 06:54

    If you are just after transaction functions, I'd get something with PayPass Cash Back from ME Bsnk (5% for 6 months) then move to ING (2% ongoing)

  • CheapandUsed on 08/05/2015 - 08:58
    +1

    " the thickest individual could make more in dividends, from the safest shares available"

    I laughed, great comment. ETF's seem to be getting more popular for this reason.

    I moved everything from Ubank to ING last month, best choice I've made for a long time, ease of use of the ING website is amazing coming from Ubank's mess.

    • hashtagbargain on 08/05/2015 - 10:36

      I'm in a similar boat, could you please say what the advantages with ING is? Better interest rate? Better usability?

    • 7Alice7 on 09/05/2015 - 10:48

      I was happy till they dropped their interest rate to 3.5%

  • shortgum on 08/05/2015 - 09:51

    we just witness a Bear market from cba in aus and markets around world. So not sure you say where is safest

    • cloudy on 08/05/2015 - 10:50

      I just waiting for the next average joe to say get into property, it never ever falls in price.

      • tooblue on 08/05/2015 - 11:56
        +4

        Get into property, it never ever falls in price

        • cloudy on 08/05/2015 - 16:12

          Hi average joe :)

        • sickllama on 09/05/2015 - 02:20
          +4

          I hear this, that's why I, a savvy first time investor, has taken a 5% deposit from mom and dad, got a 850k mortgage to buy a median priced house in Sydney.

          Now I didn't have a 20% deposit, so I had to pay LMI and no reputable lender would lend me that kind of money on my median salary, so I am paying an uncompetitive interest rate, but when prices double in seven years (which is practically guaranteed, right?) I am going to be rich!

          /sarcasm

  • sickllama on 09/05/2015 - 02:12
    +1

    CBA Australia's most valuable company and one of the safest banks in the world has dropped >10% in the last few weeks. Now it has had an amazing run, but if you had invested $10k a couple weeks ago and you now had lost $1k, how would you feel? If you're attitude is, over the long run (7 years plus) shares will most likely outperform cash, so I am okay with short term losses, go for it. Besure to get some financial education to ensure you understand what you're investing in an that you're diversifying ( I.e. Not putting all your eggs in one basket)

    Shares have a higher risk profile than cash. It's not as simple as, my bank account interest rate has dropped, time to invest in shares.

    By some metrics, Australian shares are currently hovering around expensive. So it might be wise to take say 20% of the total you want to invest in shares and invest it every 6 months. That way you'll be reducing the risk you're buying at the top of the cycle.

    I am not a financial advisor, so be sure to do your own research and seek professional advice.

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