UBank Ultra Interest Rate Dropped from 2.60% to 2.41%

LDavidMcAfee on 19/07/2019 - 09:50

UBank have officially reduced the interest rate on their Ultra account by 19 basis points from 2.60% p.a. to 2.41% p.a following an RBA rate cut in July. The new rate is comprised of a 1.35% p.a. standard variable rate and a 1.06% p.a. bonus variable rate which is obtained by depositing at least $200 each month.

Hence, the new rates for the three major digital banks are now:
ING Savings Maximiser - 2.30% p.a.
MeBank High Interest Savings Account - 2.35% p.a.
UBank Ultra - 2.41% p.a.

Markets are predicting another possible RBA rate cut in November.

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Comments

  • CyberMurning on 19/07/2019 - 09:56
    +2

    thanks so ubank is still the best. (not counting honeymoon rate or no-withdrawal policy crap thingie)
    thanks so now everyone will just buy shares instead of keeping cash

    • DavidMcAfee on 19/07/2019 - 10:05
      +1

      The only other bank that may still beat UBank is Bank of Queensland. They are currently 2.50% p.a. for their Fast Track Saver after the July cut (or 3.5% p.a. for their Fast Track Starter if you are 14-25 years old and your balance is <$10k). Unlimited withdrawals on both accounts and you get the bonus rate as long as you deposit $1000 (for Fast Track Saver) or $200 (for Fast Track Starter). But I must warn you, their app and website are absolutely terrible.

      Fast Track Starter: https://www.boq.com.au/personal/banking/savings-and-term-dep…
      Fast Track Saver: https://www.boq.com.au/personal/banking/savings-and-term-dep…

      Personally, I am looking into ASX listed ETF's (exchange traded funds).

      • CyberMurning on 19/07/2019 - 10:25
        +2

        the saver isnt bad. but the starter, balance is <$10k, thats like pocket money. anyone own less than 10k shouldnt be worry about their money is growing or not, in australia at the moment. the answer is not.

        but im also worry about nobies that think oh well cash interest is so low lets play shares… after few month they might lost everything…… so peeps, 2% interest is way better than negative, remember this.

      • Scantu on 19/07/2019 - 11:37

        (Australian Stock Exchange)

        • CyberMurning on 19/07/2019 - 11:39
          +1

          yeah dont get confused with Abu-Dhabi Stock Exchange
          lol

      • idonotknowwhy on 19/07/2019 - 13:30
        +1

        Personally, I am looking into ASX listed ETF's (exchange traded funds).

        VDHG. Or if you're concerned about our economy and want less wealth stored here, VGS.

    • Eeples on 19/07/2019 - 10:28

      I thought all the cash is still going in to pay mortgages.

      • CyberMurning on 19/07/2019 - 10:36

        nah, shares can give you 6-7-8-9% why offsetting something as low as 3-4-5% ? yes you can have 1 property and work hard put every single cents to the mortgage. maybe you pay it off sooner than others but in the long run, you will have just that one property instead of multiple like other slightly smarter people

        • Bargain80 on 19/07/2019 - 15:58

          only if you have enough savings to pay deposit and enough salary to pay at least one loan and one interest only loan.

  • PissLUR on 19/07/2019 - 11:58
    +1

    RAMS. 2.55%.

    • carlJack on 19/07/2019 - 12:25

      No Withdrawals though.

      • PissLUR on 19/07/2019 - 12:36

        There are workarounds.

        • Donaldhump on 19/07/2019 - 13:39

          they are right, just move on the 1st to on a sub account.

          anyway i have got to the point where these piddly rates arent worth the effort anymore

    • hayfeverman on 19/07/2019 - 15:21

      Is this the first drop or the second drop?

    • Toph Beifong on 19/07/2019 - 16:49

      Fairly confident that they will cut it over the weekend, there is scheduled maintenance on their site tomorrow

  • JohnB100 on 19/07/2019 - 19:51

    High interest savings accounts in Europe pay about 0.2% atm. Big banks more like 0.05%
    We have a long way down to go…

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