Small but an increase, better than nothing and considering they have been the market leader guess they will stay ahead but by not as much as before
Probably in response to Rabobanks 5.50 premium saver account (up .25%) - which has limitations like balance must increase over the month (you can make withdrawals but by end of month balance must be higher than last month to get higher rate
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
yes you can
I can't seem to find the way of withdrawing money to the linked account. can you help pls? Is there a limit?
Hello,
If you're looking at transferring from your UBank USaver to your linked account, select "Payments" then "One off transfer" and enter in the details of the linked account. Payments made before 4pm Syd/Mel time generally reach the destination account the next business day.
Hint: Setup a Payee Category named "My Accounts" (or whatever suits you), you can then add all your bank accounts outside of UBank as Payees to make the payments process faster.
Hope this helps.
Speak soon,
Monty H
@UBank: Hi UBank,
I had trouble to use the Pay Anyone function on my usaver account, so I'd like to try the One Off Tranfer instead. However it seems the One Off Transfer can only be used to deposit money into usaver from the linked account, not the opposite way. The only option I have on the webpage is:
From Linked Account: *
To UBank Account: *
It's quite different from what you said above.
@mily: Hi Mily,
Without looking at your specific account we can't solve this one right here.
Best option is to call us (13 30 80 or skype: ubank.com.au), we're open 24x7 and can look at your specific account and hopefully resolve this easily for you.
One reason why you may not be able to transfer out of your UBank account is if you've not completed your identification check (in most cases this can be done online). We are required by regulatory controls complete identification before funds can be withdrawn from the account.
I hope we can resolve this for you ASAP
Speak soon,
Monty H
@UBank: Hi Monty,
My pay anyone problem has been fixed, so it doesn't matter if I can use another function to do it. Thanks anyway.
cheers!
Oh, I forgot - The daily limit is $20,000 online, however through our 24x7 Direct Banking Centre (call 13 30 80) there is no limit. Thanks, Monty H
I couldn't pay anyone from my ubank, it simply reject my transfer. Calling them once and transfered some money out manually, but the problem is still there on my account. Don't know why. It was investigated a few weeks before, but never heard from them afterward.
Did you use firefox or IE? Their website have some hiccups with FF.
I tried both FF and IE under either Linux or Windows XP, and it just won't go through. Have no idea about this problem, maybe will try a few more times on different machines.
@mily: Hello - it definitely does work. We have 10's of thousands of customers using this functionality. Would you mind emailing me at [email protected] so we can sort this out? Also, I'd like to follow up on the investigation you mention above.
Thanks so much.
Gerd
@ggschenkel: I think I speak for everyone here to say that it's nice that the General Manager answers our questions personally :)
Keep your rates higher than your competitors. Loyalty only goes so far :). The smart people at ozbargain will stick with you only if that happens.
UBank jump a wopping 0.05%! Better put my money elsewhere. 1 less customer for u UBank!!! :)
Ha - just tell us where Dont cut of nose etc etc… - We know that they said they wouldn't drop the rates lower than others, but reality is they are still the highest at call for deposits, so while we can be peeved, we are still making more here. Obviously if we dont need money for 12 months then there are TD's and the interest rate rise saga is still to be played out, the banks are usually a few weeks behind with deposit rates, so just wait a little. Have seen one regional BSoc up rates to 6.9% 12 month TD with monthly payments giving effective 7.12% annually
which building society is that please ozpete? i am watching closely and will put a fair amount in a TD soon so want to keep tabs on the different offers. thanks
Maitland Mutual Building Society
Hello - In terms of rates we have independently sourced rates for comparison. See here for savings accounts https://secure1.ubank.com.au/ub/web/usaver/online-savings-co… and here for term deposits https://secure1.ubank.com.au/ub/web/term-deposits/term-depos….
In terms of non rate comparison, you'll need to form your own opinion. From our perspective, we pride ourselves in offering high quality service through our website and our 24/7 Direct Banking Centre on 133080.
For the USaver, we also offer our Rate Assurance which is detailed here https://secure1.ubank.com.au/ub/web/usaver/online-savings-ra…
Speak soon,
Gerd
Out of all the competitions, Ubank is great balance between rate and condition IMO
No dirty trick up the sleeve like other nasty banks in Aussie lando
at least for now, we'll see how they go next year lol
i still can't bring myself to use ubank.
Mainly because of the poor term deposits and the lack of security token.
I'm not willing to put $$$ into a bank that can be stolen easily.
You realise that you can't take any money out without an sms pin? (or change your personal details)
It way more secure than either my CBA or Wespac accounts.
I'm not sure of Wespac but for CBA they do have sms security too!
Yes but UBank is more secure than CBA.
Eg, With CBA I can send payments to people in my address book or Billpay book without SMS verification. With UBank you always need to put in the code.
@Hellfire: This is a quite a pain if you need to transfer money to new account while you are overseas and don't have your mobile on roaming….as i found out with my CBA netbank while i was OS.
I think they should have some option to turn it off manually or have other ways of online verification like emails.
how about online saving… any plan to increase the rate ????
Just remember not to use ASP to transfer money into or out of the ubank as it takes foreverrrrrrr!
Agreed…it cost me almost a week!
ASP works fine for me. I also used the schedule payment once to deduct money from my linked account in CBA, it also works fine. But I agree the rate of Usaver doesn't look attractive now..
This is becoming worse and worse. Ubank rate now is just 5.51% and it takes ages to transfer the money in and out. StGeorge and ING also offer the same rate with much better service than Ubank.
So I don't recommend anyone to use Ubank anymore. I highly recommend
- StGeorge if you need to access large amount of cash (>$4400) and still earn the interest for the money overnight.
- ING if you want to immediately access $4400 in cash. Also ING Transaction account is FREE of monthly fee and they even pay you if you withdraw $200 or more at Post Office or at Woolworth Self-Checkout counter.
I mentioned $4400 with ING is because you can withdraw $2200/day from your transaction account and you are allowed to open 2 transaction accounts.
Nah..you don't know what you're talking about.Ubank is the best out there in the market for most people….you say you wouldn't recommend to anyone….but i don't think the average saver needs access to $2000-$4000 cash instantly on any given day.
In fact, i think it'd be fair to say that needing that much would place you probably in a very very small minority. Not going to be much of a saver spending that kind of cash all the time (unless you have a very high executive like income).
Ubank's online account is linked to your nominated account, but it transfers the money overnight like all banks do, when they send to each other.
The beauty of Ubank, unlike bankwest/ing etc online accounts, is that you can do transfers to any bank account. So technically, you could use the Usaver as an online transaction account/high interest savings account all rolled into one.
And the ING/StGeorge rates are INTRO rates so after 4 or so months it drops down.
All of what you say is true, but keep it in perspective. It would appear that the balance is now shifted to TD's as the higher interest earning option, at least while TD's were quite poor in return Ubank gave some relief.
However my guess is that larger amounts will now shift to TD's with online deposit accounts being used for those who need flexible money options
Hello,
We have a $20,000 daily limit for online transfers (and no limit over the telephone), if you make these before 4pm Syd/Mel time they'll generally reach the destination account - this is the same for all Australian banks.
Payments into your UBank USaver can be made directly to your UBank BSB and Account Number from your other bank account, or via direct debit (either Automatic Savings Plan or One-off). These transactions credit the next day, however the direct debit scheme requires that we place these funds on hold (UBank holds these for four days) to ensure your other bank account has adequate time to decline the transaction (eg. insufficient funds) - Of course you earn interest from the day the funds credit, not after the hold period.
Hope this helps provide some insight, the banking system/payments between banks is not perfect or 'instant' however we all work within the same constrains :)
Speak soon,
Monty H
UBank - Head of Online
Why is there a limit for online transfer to my verified linked account? Other bank's online account do not have this restriction. Transfers over the phone is such a painful process, it must have took me atleast 20 minutes to complete the transfer because I had to repeat the process twice due to a disconnection.
Good deal
It's a pathetic increase of 0.05%, hardly worth a mention
maybe…but every little bit helps :)
Though Ubank promises to have the highest rates until 31 March 2010, the interest rate margin over other banks has narrowed considerably.
By comparison with Commbank:
* Today: NetBank Saver at 5.25% promo rate. Ubank at 5.51%. Difference 26bp.
* Original (8/2009): NetBank Saver at 2.75% (non-promo). Ubank at 5.11%. Difference 236bp.
So true, thats why we need to realise that loyalty with banks - for depositors probably goes hand in hand with the return they are offering and the costs of switching - time etc
on $2000 its probably not worth switching ($5) but at $200,000 ($500) then it pays to switch
Previous rate changes have appeared in the account details section of my account, this one hasn't. Does any know why not?
Hello huwcar,
You should see 5.51%p.a. (or 5.61%p.a. if you have the ASP Savings Bonus) - However if your account inactive (i.e. no debits/credits made since it was opened) you'll see "0". We've just tested this with several different accounts and can confirm it's all working from our end (this also forms part of our Quality Assurance when we change rates). If you're seeing the old rate, give us a call on 13 30 80 (or skype: ubank.com.au) and we'll get onto it right away.
Speak soon,
Monty H - UBank
The line is appearing in the account details now as expected:
PLEASE NOTE YOUR CURRENT CREDIT INTEREST RATE IS: 5.61% P.A.
But it wasn't there this morning when I checked. Even though it has yesterday's date, I suppose it may have taken some time to come though.
Hello,
Don't forget with UBank USaver you have the option of earning up to 5.61%p.a. (effective 9 Dec) with our Savings Bonus.
Set up a monthly Automatic Savings Plan for $100 (or more) and receive a Savings Bonus of 0.10%p.a. for balances up to $150,000
Check out more info here:
https://secure2.ubank.com.au/ub/web/usaver/online-savings-ov…
Thanks for your continued support, we're very happy to be able to take your questions and feedback here on OzBargain.
Speak soon,
Monty H - UBank
Hi Monty,
I have always been with ING Direct in the past and have been happy with their service over the years. In the past few months I have seen that you have been giving much better rates on your savings accounts and I am now considering switching to UBank.
I notice that BankWest are now offering a generous rate of 6.00% for their regular saver account. see http://www.bankwest.com.au/regularsaver/
Also received an email from ING Direct stating that they are now offering a 180 day term deposit at 6.10%.
Do you think UBank will be able to compete with the rates if I move my money over?
Hello deancox,
Thanks for your post.
We remain committed to competitive pricing which is why we have launched the USaver Rate Assurance - http://www.ubank.com.au/ub/web/usaver/online-savings-rate-as…
Whilst it's not our position to comment on competitors products, it is important to compare apples with apples - the UBank USaver is a fully featured online savings account, for example:
- you'll earn the same great rate when you make withdrawals
- we don't have 'intro' rates that expire, our USaver interest rate applies to all account holders
Regarding Term Deposits - our current 12 month Term Deposit rate is 12 Months 6.81% and also has the option of monthly/quarterly/half-yearly interest payments.
Of course any advice I've included has been prepared without taking into account your objectives, financial situation and needs. Before acting on this advice, you should consider its appropriateness to you.
Speak soon,
Monty H, UBank
that initial higher comparison rate combined with a lot of online ads was obviously there just to attract new customers, now that their customer base has grown they only want to beat others by 0.01% or so, no 6% for us…
Oh ffs sake stop complaining people! Can't you all see that UBANK has offered the banking market some competition and we (the consumer) are reaping the rewards, regardless of whether you're a Ubanker or not!
So what if it's only 0.05%, it's still an increase and it's UBANK keeping their promise to us.
Thank you for your updates Monty H, you're doing a fantastic job, you and the team there! Keep that competitive nature and you'll have yourself one happy customer for life.
Has all the negativity come from those that don't have a UBANK acc?
You're absolutely right….I'm pretty annoyed at all the dumbass comments…Ubank increased their rates above 5% waay before any of the other banks or reserve bank rate rises…
CBA….pfft….They only put up those promo (i.e temporary) rates to neutralise Ubank…if they weren't there, new CBA savers would still probably be getting 4%. anybody who saves with them is going to earn less interest in the long run, cause CBA makes it's money from their customer's apathy and lack of knowledge of what the market leading rate is.
yep i concur. Because of the promise to be higher and adding in the ASP bonus of .1% we get at least a superior rate of 0.11%. So from now until when that promise comes off i do not need to look about or search for better rates (other than TD - on the assumption the lower rate only applies to at call deposits). So i am a loyal customer until the ending of that promise. I guess that is about as loyal as an rational, interested and active saver can be these days :)
I agree with lovedeals and abchakraborty, but at the same time do remember these are banks and have their own "interest" at heart here. By indicating our sensitivity to the return being offered keeps them on their toes - that's in our "interest"
Like others here - it is refreshing to see that at least Ubank has a customer focus and that helps - so all other things being equal (or close) then thats what we want.
Good deal! I just joined UBANK last night!!
can you transfer money out of ubank account to the linked account? or you'll have to do it as pay anyone?