Looks like the honeymoon is over :(
A .4% drop to coincide with a .25% drop in interest rates. I'm guessing the other groups will adjust their rates too with the RBA announcement.
"With USaver you're also benefiting from the UBank USaver rate assurance." - I guess because the RaboDirect and Virgin rates of 6.51% are considered promotional UBank will not match them.
MOD: Further discussions on UBank interest rates
those who locked into the term deposit back here before are laughing now!
Time to go open a new bank account….
Hahah my UBank account is still empty since I opened it, haven't deposited a single cent yet lol.
Deposit 1c and they'll have to pay you 1c in interest each month so then you remove that 1c at the start of every month,that's a 1200% pa return!
You'd have to be the ultimate tightass to actually do this of course lol
HAHAHAHAHAHAH
you legend!!!!!
Yes its true that they have reduced the interest..but per their site information abot assurance policy claims that they are still giving the best standard variable rate as compared to other big banks..and it also mentions that if other big banks increase the rates then ubank will beat their rates..so i would say not a bad idea to stay with ubank if u are targeting a long run..rest is ur decision..my disclaimer :-)
Yeah compared to the big banks…. Everyone knows it's with the smaller online only banks that the interests are at like VirginMoney and RaboDirect
yep but the things with the online banks like the virginmoney/rabodirect is that they offer the higher rates just for 3-4 months..when they come back to their standard rates then its below the ubank rates…thats the reason i mentioned that its better to stick with ubank if you are looking for longer terms…and again its my view :-))…here is the link of their statement… http://www.ubank.com.au/ub/web/usaver/online-savings-rate-as… …
I am just going to bounce around whichever has the best rate (even introductary). The 50$ bonus that is offered by virgin also makes up for the 2-3 days my money is without interest… :D SO works out well IMO.
Ideally its easier to stick with one account…however I am willing to spend 30 minutes every few months if i have to, to get the best rates
I am furious about this, goodbye UBANK, you want to use my money cheap, you can goto hell, I am moving my money over to virgin saver or Rabo. Bad enough following the RBA rate move (understandable) but to drop it a further .15% points is completely unacceptable and will not at all be tolerated by me and many other people. Virgin Saver gave me $100 afew months ago to move over to them @ 6.51%, you have given me nothing, no $100 or gifts like others do. Oh and by the way, the people on your telephone support sound gay, instead of saying 'goodbye' they say 'ok, speak soon' in the campiest voice I have ever heard, WHAT THE HELL IS THAT??
UBANK YOU HAVE JUST LOST A CUSTOMER TODAY AND MANY MORE WILL SOON FOLLOW, YOU ARE NOT THE BEST DEAL IN TOWN.
why dont you say what you really think??
i mean, we are all friends here - no need to hold back like that
ROFL, i think fmh was having a bad day, he's given some good advice in the past! Though there is a point in there re rate dropping much greater than RBA's.
Yes and no.
Under point 3. Assuming that in feb we get another .25% cut
And I am trying to keep the scenario simple (forgetting compound rates mid month changes etc)
using Ubank as the base
Oct Nov Dec Jan Feb Mar
6.5 6.11 6.11 6.11 5.85 5.85 = av of 6.1%
Vs 6.5 for $10K for 6 months (6% int plus $50)
Vs 6.05% for $100K for 6 months.
So if I had $10K to invest then ING would look like the better deal, but having $100K its Ubank
That said, like always we (the mods) ask that negative votes not be used because a deal doesnt suit you, its to highlight something fundamentally wrong with a deal.
Something some here just cant seem to understand, believing that if it doesnt suit them, it shouldn't be allowed for anyone.
Can someone please explain why ubank isn't the best saving account to use?
Most people don't want to change banks every month when a new promotional offer is available
Hold your horses people, with the RBA dropping interest rates for loans, its not going to be long before the savers get hit.
Problem is most of our journos are in hock so they push the lowering of rates, or loans. That then means a lowering of rates on savings. Ubank has dropped theirs, rushing out to other banks might only be a temporary respite. They can and probably will drop their rates soon.
Just don't react too fast. Take some deep breaths and wait a few days to see where the market settles
already moved my money to virgin at the time being.
also set up a 7% regular saver at bankwest and put aside $500 there a month to compensate the drop.
just started a mortgage two months ago… no money to save. :(
UBank is still the best after discounting the introductory offers. Not worth the move.
Last week Bankwest were advertising a rate of 6.30% which seemed like the better deal.
NOW - they've dropped the rate down to 6.05%……whilst Ubank is still steady at 6.11%
Not impressed with bankwest's effort - has to be said!
Which is just standard operating procedure for most of the banks. One starts a week or so later the others follow, so jumping around quickly doesnt make a great amount of sense until things settle down.
Often actions by another bank take a little time to go through committees etc, you know so that they can justify their executive salary and bonuses, and that works for up and downs
Thx for letting us know, will find other alternatives!!