UBank is lifting the savings interest rate to 5.75% effective from 12 March.
With Ubank’s 0.1% loyalty bonus that’s 5.85%.
UBank Is Lifting The Savings Interest Rate up to 5.85% Effective 12/3/10
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yay 5.85%!
http://www.hunterunited.com.au/products-services-savings-pre…
5.88% yes, but min. $5000 & no withdrawlswhat's the loyalty bonus? is that with the ASP set up or?
Also i noticed looking at the Ubank website now, if u use their comparison u can see that they are 5.62 to ING's 5.85. So given this rate is going up to 5.75 i guess that guarantee about matching competitors is over?
Give them another week. It takes them a week to respond as they only review rates every Friday.
Also, as mentioned below, I think it's a savings bonus for setting up an ASP, that is 0.1%
The "loyalty" bonus, I think, is what they pay if you have a term deposit with them and you choose to roll over your term deposit monies into another UBank term deposit, at maturity, rather than take the money and put it in another account.
On their Home page:
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.
I set this up for exactly $100 and receive my extra 0.10%It's shame the increase only takes effect on Mar 12th, other like Rabo has already increased their rate, by a full 0.25% compared with 0.13% by Ubank.
According to UBank on Twitter (http://twitter.com/UBANK)
They haven't made the final decision yet. "We'll review USaver rate by this Friday per our rate assurance & advise outcome - 11 mintues ago."
It's possible the standard variable rate will be 5.85% therefore 5.95% with ASP bonus.
Iggys81, ING's rate is actually 4.5% with a 4-month bonus to take it to 5.85 - I'd rather be with uBank who isn't doing this loyalty bonus crap.
And if you're an existing customer then ING Direct's offer cannot be used. I am tired of special 3 month rates to new users, or bonus rates only if you don't withdraw any money in a month. Banks, cut the crap. Customers see through these silly little tricks.
Just apply for ING's Orange account and get $120 + $20 bonus via money's link.
What $120 and what link?
Thanks.
They used to offer to existing customers, increase your balance and they'll pay the bonus rate on the difference in balance.
:S
They don't seem to mention that this time, though :(
@Jassep
Same here, dont get me wrong i was with ING and switched to Ubank some time ago since ING have no reward for existing customers, and i've spoken on that in other threads.
What im merely saying here is that my understanding was that Ubank would match competitors rates. Now I understand this was not meant to include the bonus 0.1% offered by establishing an ASP, it was intended that Ubank would match any of their listed competitors with their base savings rate.
I love ubank and im not saying ING is a better deal, believe me i know Ubank is heaps better, im just saying that if that highest rate assurance guarantee they were proudly proclaiming not so long ago still applies, then the rate rise should not be only to 5.75% but rather to 5.85 to match ING. Know what i mean? I realise the ING plan has strings attached but that's not the point - the point is Ubank GUARANTEED to match competitors if they had strings or not, so why not comply to that earlier promise?
From memory - the rate guarantee was planned to be ongoing until 31 March 2010. After that the T&C's said that they would review their position.
I am voting this down because:
- Yes, this is one of the highest standard rates available, but I don't consider it to be a bargain
- If say, UBank also offered $100 for signing up, I would consider it a bargain
- I see it becoming more and more common to post every change to any interest rate to OzBargain (there's been a few in the last day: Ing Direct, Rabo etc.), which means OzB is becoming an interest rate comparison site
- As interest rates continue to climb this year, does that mean we have a new bargain submitted for every time a bank changes its rate?
- There are already interest rate comparison sites available, which should be used when choosing to deposit your money (see http://www.ratecity.com.au/savings-accounts/high-interest/ and http://mozo.com.au/savings-accounts)
You can say the same for the TPG "Bargain"
Note though, that some comparison sites do not review all banks and all accounts. Others contain some out of date information.
Comparison sites can be useful, but I guess I'm saying, I personally find it more useful to see notices posted here about what people find to be the best rate out at the moment (and/or good rate increases by banks and such that I use).
It's a valid criticism and I've wondered about this too: where do you draw the line about 0.1 or 0.2% rate increases? UBank seems to be the current darling of OzBargain (and my main savings account). I personally find it useful to have the highest available at-call online savings account posted here. However the key requirement is no special introductory period, the account has to be available to new and existing customers, and no limits on withdrawals.
Online savings accounts also don't change rates that often. Only a few banks are competitive with UBank, and most don't change their rates on a weekly basis. That hardly causes a flood of announcements on OzBargain. I would like to see the announcements continue.
this ubank account is the best of its kind as there are no conditions on the rate. the best is a bargain IMO, neg the other crappy bank deals
always a + when interest rises.
I don't think i've ever loved a bank as much as I do UBank.
They just seem so sparkly and friendly and i love my interest ^.^
I love interest too…until I file a tax return :|
The rate assurance ends on 31st March, unless extended. At the moment, there is no word on the website as to whether it will be extended.
Good to have a rise but not the full .25%.
If only this created as much uproar as the banks increasing by more than the .25%
I guess savers are in the minority in Australia though.
Cool deal but I won't vote positive after their last fiasco.
Cool!
well I replied too soon … UBank have matched ING's rate tonight with a 5.85% base/5.95% with ASP. Citibank however have a 5.88% rate so UBank still behind
Just checking my UBank statement and wondering, why does it say
01-Mar-2010 PLEASE NOTE YOUR CURRENT CREDIT INTEREST RATE IS: 5.72% P.A.
when the rate is supposed to be 5.75%?
Pity they don't use Hunter United as a comparision as it is paying 5.88%