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Earn up to 1.85% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank

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Earn up to 1.85% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank
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me1stt on 16/06/2022 - 12:10 ubank.com.au (1038 clicks)
Last edited 06/07/2022 - 11:27 by 1 other user

From 1 July 2022, we’ll be increasing our bonus interest rate to 1.75% p.a. for both our Save and USave accounts. Our base rate will remain at 0.10% p.a., meaning you’ll be able to earn interest up to 1.85% p.a. across all your eligible ubank accounts.

You’ll need a Spend account and deposit $200+ per month into any of your Spend or Save accounts (not including internal transfers) to get the bonus interest rate and that’s it.

Take money out at any time without affecting your bonus rate.

Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.

Get bonus interest on a combined balance of up to $250K across all your Save accounts.

Don’t miss out on bonus interest with the help of our friendly nudges.

Referral Links

Referral: random (1270)

Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.

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closed Comments

  • Kyle-K on 05/07/2022 - 18:49
    +1

    Today :ubank pushed out Internet banking for :86 400 customers and eventually legacy customers once migrated to the new tech platform.

    Visit https://www.ubank.com.au/ to start the set up you will probably need your debit card if you don't want to make a phone call. Legacy customers will have to keep using the existing system until they are migrated.

  • Jason Genova on 16/06/2022 - 12:13
    +5

    nice! this beats the macquarie one

  • [Deactivated] on 16/06/2022 - 12:14
    +30

    Here we go. Much better. I hate those spend conditions on the ING one. Expect this to go to 2%+ very soon.

    • sonic2011 on 16/06/2022 - 12:24
      +3

      still ING for now until ubank match it…

      • Jason Genova on 16/06/2022 - 12:25
        +14

        you have to do the dance though to get it, not worth the hassle

        • dyziplen on 16/06/2022 - 12:29

          Pretty easy dance though, add 1cent to it every month and transfer 1k in/out, and do a bit of shopping with the card. Not exactly a big deal.

          • airpoe on 16/06/2022 - 12:42
            +7

            @dyziplen: limit is 100k, plus you need to increase your balance every month to get the 2.1% interest.

            So if you had the max 100k; you would get an extra $20.833 a month, if you miss a month or 2 you are already behind.

            • denserham on 16/06/2022 - 12:45
              +1

              @airpoe: If you miss a month transfer to ubank for that month then back the next, why get a worse rate? $20 a month is $240 a year.

              • airpoe on 16/06/2022 - 13:23
                +1

                @denserham: if you forget a "hoop"; you would most likely forget to transfer & lost the interest.

              • denserham on 16/06/2022 - 16:52

                @denserham: I'm not talking about forgetting. I am talking about if you need to decrease your balance for any reason.

            • spiderman on 16/06/2022 - 13:11
              +14

              @airpoe: For those who had trouble following the math (like I did):

              ING: $100,000 * 2.1% / 12 = $175
              Ubank: $100,000 * 1.85% / 12 = $154.1667

              Difference = $175 - $154.1667 = $20.8333

              • hobo123 on 16/06/2022 - 14:18
                +1

                @spiderman: After tax its even less.

              • danielh on 20/06/2022 - 19:05

                @spiderman: Then there is that one month where you forgot to transfer back in some cash or you were trying to be too tricky and was off by one cent and lost out on a whole month of interest.
                This had happened to me a few times. Twice they were nice enough to credit me the interest as they could see that the transfer I made was sent before the due date but just arrived late due to weekend times or banking issues but the third time they wouldn't and so I just left them to join uBank.
                The good thing with uBank is that I can just have $250k in the bank and not worry about it. ING is capped at $100k so is more annoying. My plan was to just put in $80k and then auto send $1,001 each month and then do 5 x 1c transactions in Coles. After 20 months I'd have to take an interest rate hit to reduce the cash again. I just felt that this was an annoying cycle to deal with.
                Alternatively, following the example above where I put in $100k all up into ING. I would then be putting in $1k a month for 0.10% interest as I would be at the cap.

              • Captain Hindsight on 25/06/2022 - 07:25

                @spiderman: Hey Spiderman is that correct maths, I thought they use compound not simple interest?

          • denserham on 16/06/2022 - 12:42
            +2

            @dyziplen: I do 5 x 1 cent transactions and it works no problem.

          • muwu on 16/06/2022 - 13:26
            +16

            @dyziplen:

            (do something once/month)… and… (do something twice/month)… and… (do something five times/month)…

            Sounds like a f**cking dance to me!

            • eggboi on 16/06/2022 - 14:48
              +5

              @muwu: The ING hokey pokey:

              You put your left foot in, you take your left foot out…
              No, you have to leave your left foot in. If you take it out you don’t get the bonus interest. And then you have to spend on the debit card. But if you spend more than a certain amount then you don’t get the interest either
              …and that’s what it’s all about!

          • johnmelb on 17/06/2022 - 11:14

            @dyziplen: I had several months with $0.10 and $0.50 that didn't work so had to increase with $1.
            I transferred it, waited for 2 business days then checked the interest tab on the savings account and number 3 "Grow this savings account balance (excl. interest) " would still say "not yet".

            • Yola on 17/06/2022 - 11:31

              @johnmelb: I have done .01 cent x 5 from PayPal for over 6 month always worked.

              • BuyNow Think Later on 18/06/2022 - 13:51

                @Yola: Pls share how to do the PayPal transactions?

                • Yola on 25/06/2022 - 08:50

                  @BuyNow Think Later: You put the ING card in your wallet. Then you make a 1 cent payment from your account using the card to the account of a friend/family. You need to get the persons PayPal details and set up as a payment. All easy. I did it and I am a senior citizen.

        • DoaAn on 16/06/2022 - 13:16
          +3

          Yeah, the transaction requirements are annoying, and I'd be worried about potentially losing the interest if a big bill knocks the balance down below the previous months amount.

  • reactor-au on 16/06/2022 - 12:17
    +16

    You know, I don't recall getting notice that they had decreased interest rates but they sure do send emails to say they are increasing interest rates. Is it just me or what?

    • [Deactivated] on 16/06/2022 - 12:18
      +16

      You are very correct about that. I've been with them for 8 years now and they never tell you about savings rate drops. You get an unpleasant surprise from nowhere.

      • reactor-au on 16/06/2022 - 12:25
        +7

        Thanks for confirming because when the email says "Good news, our rate is INCREASING to1.75%" and I'm like wait isn't that a DECREASE from the 1.95% just recently, only to realise it must have decreased while I was sleeping and now its increasing again.

      • xdigger on 16/06/2022 - 14:09
        +4

        Ubank is quite risky in this regard, theoretically this could be a marketing gimmick to get funds in now, and then ubank drops the rate a few months later without telling us. Currently with AMP and still comtemplating transferring back to ubank.

        What do you guys think? Any other reliable high interest savers accounts to switch to next month when RBA hikes the rates again?

        • Dobe on 16/06/2022 - 17:50
          +8

          Wrong.
          I have used Ubank since 2010 and they have never done what you are suggesting.
          They are the digital banking arm of NAB with no physical bank.
          It is easy to setup a monthly transfer of $200 from another bank so you always earn the higher interest. Mine has been happily working for over a decade.
          After 12 years I can give uBank the full 10 stars as a reliable bank with high interest rates.
          Finally, their telephone customer service is perfect and fast and I have no association with them.

          • webkit on 18/06/2022 - 23:53

            @Dobe: Just FYI this is the new Ubank (ex 86400) not the old Ubank that has been around for 12 years.
            But yes, most of what you said applied to new Ubank too.

            • mac2403 on 19/06/2022 - 13:50
              +1

              @webkit: Different companies? This one says it's under nab too? Is there a difference between old and new ubank?

              • webkit on 19/06/2022 - 13:58

                @mac2403: Yes, they're both under NAB, but they are still different organisations with different support staff, different app, different features, different rates and products, and the like.
                I believe the plan is to eventually roll people on the old UBank over to the new ubank (86400) but no idea on what that will look like or timelines.
                I'm sure there's still features of the old UBank like sweeps that the new app doesn't have, so I doubt everyone will be happy with the merger.

                • mac2403 on 19/06/2022 - 14:31

                  @webkit: Thanks for the info I had no idea, thought it was the same ubank I heard of years ago. I guess no real drawbacks but had more trust thinking it was the old one!

                • Yola on 19/06/2022 - 17:52

                  @webkit: Also it appears that the new ubank will not have the $100k daily transfer limit the old one had once you linked it to your account at another bank.

                • Yola on 19/06/2022 - 17:55

                  @webkit: So it appears that the 1.85% rate will apply to both until fully amalgamated?

                  • webkit on 19/06/2022 - 20:20

                    @Yola: It appears that's the case, they don't make it easy to find but navigating through the new website it is possible to find the old USpend and USave accounts which apparently will get the bump too
                    https://www.ubank.com.au/original-products/usave

                  • Kyle-K on 20/06/2022 - 13:13

                    @Yola: Yep this happened with the last rate rise.

    • tdw on 16/06/2022 - 13:55
      +1

      and you'll still need to wait 2 weeks to get the bonus rate. it's been a week since ING and macquarie announced their rate increases and it'll be in effect today and tomorrow

      • [Deactivated] on 16/06/2022 - 14:28
        +3

        unless you met the ing requirements last month you won’t be getting it until next month

    • firestint on 16/06/2022 - 15:29
      +2

      Just like Coles and Woolies, they announce price drop for like a million times but never once they inform you about price increase and they just do it quietly.

    • Kyle-K on 16/06/2022 - 16:17
      +1

      :86 400's communication used to be pretty good when they were dropping the rates as well.

      Given the two have merged and :86 400 has one out, if the rate was to drop again :ubank customers would be notified. I would imagine.

      • reactor-au on 16/06/2022 - 17:09

        I think the banks are all the same, I don't get saving rate communication from the others either.

        • Kyle-K on 16/06/2022 - 17:12
          +1

          I've always gotten communications from :86 400 now the new :ubank, Up, Macquarie, ANZ, Suncorp, Volt, ING and others.

  • Remorhaz on 16/06/2022 - 12:21
    +1

    Nice - won't have to bother transferring to my Macquarie account now

  • AussieDaddy on 16/06/2022 - 12:23

    I'm with CommBank, where you get almost to nothing on your savings accounts. Never dealt with UBank. How easy is it to open an account, transfer most of my savings and set a $200 monthly deposit from my Commbank acc. to UBank?

    • [Deactivated] on 16/06/2022 - 12:26
      +7

      Very easy and my experience with them has always been positive. It seems Macquarie makes people wait but Ubank was pretty much instant but I opened my account a few years ago now.

      Ubank is NAB.

      • AussieDaddy on 16/06/2022 - 12:29

        Nice. Will open an account and give them a try. Cheers

        • me1stt on 16/06/2022 - 12:29
          +4

          Don't forget to use referral.

          • AussieDaddy on 16/06/2022 - 12:37

            @me1stt: Don't know anyone to refer, unfortunately.

            • OZKap on 16/06/2022 - 12:59
              +1

              @AussieDaddy: Below this post, just before the comments section is a "referral links" section. Click random and it'll bring up the referral code that another ozbargain user has entered in their account settings. Once you have a ubank account you can add your own referral code by clicking "edit" in the referral links section.

              • AussieDaddy on 17/06/2022 - 14:08

                @OZKap: Perfect. Thanks

              • blurn on 01/07/2022 - 11:09

                @OZKap: I don't see the referral section?

                • OZKap on 01/07/2022 - 15:29

                  @blurn: Below the text of the post, and above the "share link" section with all the social media logos is a "Referral links" section highlighted with grey background.

                  • blurn on 01/07/2022 - 17:39

                    @OZKap: I swear that wasn't there this morning. I did a search for referral. Thanks

        • Chickenleg on 16/06/2022 - 12:31
          +1

          I switched from Up savers to Ubank/86 400 last year and so far so good.

          See if you can use this deal for some extra free money https://www.ozbargain.com.au/node/680998

      • [Deactivated] on 16/06/2022 - 12:37

        the merger with 86400 hasn’t been seamless for me, stopped letting me log into the website on mobile

        • AussieDaddy on 16/06/2022 - 12:39

          The merger? You mean you had site issues with them after you opened a new account?

        • mantra on 17/06/2022 - 08:48
          +1

          wonder what will happen for those who have ubank and 86 400 account
          two separate apps on my phone with no way to login to my old ubank account on the web
          as 86 400 took over the ubank.com.au domain can only login via the old ubank app

          nvm username is mobile number for 86 400 (new ubank) and email address for old ubank, just a little confusing considering mobile number is associated with both accounts

          login via email address loaded up legacy ubank interface 😊

          • cumova on 17/06/2022 - 08:56

            @mantra: i was told profiles will be merged in the next couple months unfortunately. no exact time frames.

            • Yola on 17/06/2022 - 11:35

              @cumova: Fortunately I think. This is a good time to be able to move $100k in one go with no hoops. Also at the moment we can get the bonus on 2 x $250k when they merge it will most likely be only $250k.

          • Kyle-K on 17/06/2022 - 11:50
            +1

            @mantra: You should check your emails but essentially the gist is migration won't start until after the first of next month.

            As far as we have been told and understand data matching will occur where possible and accounts will be merged.

            From what we understand also Internet banking for the :86 400 tech platform will launch first.

            And Ubank legacy customers will be affected as account numbers and BSB's will be changing a long we've been issued new cards.

            No formal time frame other than it will start after July 1.

    • amorn on 16/06/2022 - 12:28

      yes, they are very sleek.

    • Scalding Coffee Cup on 16/06/2022 - 16:23

      This is exactly my situation (except the auto deposit). I have a Commbank account and transfer to my Ubank to put into savings.

      Very simple!

    • Dobe on 16/06/2022 - 17:51

      easy, read my earlier reply above

  • samfisher5986 on 16/06/2022 - 12:33

    better then ING unless that 0.25% extra makes up for the losses you will make on withdrawal.

  • gadgetguy on 16/06/2022 - 12:37
    +1

    Do they have NPP so we can transfer in and out quickly? If so, what's the daily limit?

  • Gavman on 16/06/2022 - 12:45
    +6

    its from From 1 July 2022 so got couple weeks to see if current lender matches it. Im with AMP and they do 1.35% hoping they up the ante in the next week or so otherwise may need to open an account

    • [Deactivated] on 16/06/2022 - 12:46
      +1

      lender?

    • souths123 on 16/06/2022 - 15:03

      yes, I am waiting to see what AMP are going to do too, although I have money in ING and some in My State as well. Hopefully they will do an announcement tomorrow.

      • FujiFruit on 16/06/2022 - 22:21

        Same here I have it in amp. I have filled out the request to move funds however they emailed me to call them to confirm. I hope amp updates their rates , what a hassle to move, amp is always very good at beating rates.
        Is amp making a announcement tomorrow?

        • souths123 on 16/06/2022 - 22:38

          Idk, I was hoping it might be tomorrow. Guess we will see. In their general announcement on the 10th, nothing was mentioned about the online saver account

  • Jimbot2000 on 16/06/2022 - 12:55
    +5

    why 15 days and a piddle rise in deeming interest rate? Australian banks hate deposit account holders. Looking for better options than this - not good enough.

    • [Deactivated] on 16/06/2022 - 12:59

      nah account holders dgaf

    • ripoffmerchant on 16/06/2022 - 13:30
      +1

      They don't need your money as much as you'd like to believe it

  • noskich on 16/06/2022 - 13:05
    -4

    Virgin money is the best IMO, 250k, 5 transactions per month and 2000 deposited to a transaction account (can take it out). For 2% savings interest rate you need to lock your money for 32 days notice. So far so good. ING is only 100K and cannot take the money out which is a dealbreaker for me.

  • lzaonne on 16/06/2022 - 13:31

    Surprised no one mention/concern about tax. Why not put these savings into your offset or loan to reduce the interest?

    • pyramid on 16/06/2022 - 13:35
      +4

      This deal is for people who have enough money in offset to offset interest on their loan…

      • virhlpool on 16/06/2022 - 14:01
        +10

        Or have no loans yet. :)

    • muwu on 16/06/2022 - 13:49

      You're right. An offset is the best return on your cash holdings.

      Not everyone will have a property loan. If you've made an investment into a PPoR or a income-generating property, it is recommended you structure the loan to have an offset account.

      I'm probably one of the relatively few people who have a PPoR and have maxed out my offset account. I use a savings account for my surplus cash. I intend to have a second property loan with offset account soon for investing reasons, so look forward to gaining a better yield for both my cash and my property income.

  • Ocker on 16/06/2022 - 13:35
    +19

    Marvelous how the banks pass on the rate hike the same day, yet take 3 weeks to pass it on to depositer's

  • virhlpool on 16/06/2022 - 14:00

    Several banks have increased the interest rates from 15th Jun (e.g. ING). Ubank is a bit late, from 1st Jul.. Just an observation as some of the comments above indicate too.

    • archiexyz on 17/06/2022 - 08:19

      But ubank increased rates after the first rise too, no other bank had done both (apart from ING which combined the two)

  • xdigger on 16/06/2022 - 14:06
    +2

    Have some funds in AMP, how long does it take for AMP to transfer funds out?

    Have a dormant ubank account, if you fulfil the criteria this month it will only give you the bonus rate in the following month?

    • [Deactivated] on 16/06/2022 - 14:31
      +3

      since AMP is ancient and refuses to use osko (yet - they're working on it), it'll probably take a day as usual. but I've had amp call me almost every time I made a transaction over 10k, especially if out of the blue.

    • souths123 on 16/06/2022 - 15:01

      I think you can up the bonus rate in the same month you put the money in, same with My State Bank, just transfer $20 or something to trigger the bonus so anything you transfer there over $20 on 1st July will trigger the bonus rate

    • airpoe on 16/06/2022 - 15:37

      I did a transfer today from AMP to BOQ; was around 3-4 hrs. not instant as others though

    • FujiFruit on 16/06/2022 - 22:23
      +1

      You can only move $20k or $25k per day, and you have to make a request to move larger than that. So yeah I rather wait till amp bumps up their rates then move it back and forth .

  • EBC on 16/06/2022 - 14:33
    +1

    Is there any problem transferring reasonably large amounts of money via internet banking (around the max limit for this deal)? Does that have to be done over the phone/in person?

    • [Deactivated] on 16/06/2022 - 14:46

      it's definitely do-able, just need a phone call with the bank.

  • Drakesy on 16/06/2022 - 14:52
    +1

    Took a while

  • Jason Genova on 16/06/2022 - 15:25
    +2

    hoping BOQ remove the 50k cap on their savings rates

  • kgree92 on 16/06/2022 - 17:51
    +1

    Reckon AMP will increase? Zzz

  • timliu1996 on 16/06/2022 - 19:39
    +1

    IF you are between 18-29 years old and having saving less than $30,000 (broke uni student like me), you COULD get the Westpac 2% p.a. rate.

    • Base interest on your Life account savings: 0.15% p.a.
    • Bonus interest each month you grow your savings: 0.35% p.a. (ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0)
    • Spend&Save bonus interest each month debit card is used 5+ times: 1.50% p.a.
    • Total interest including bonuses: 2.00% p.a.*

    All rates are variable and subject to change. The Spend&Save bonus applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.50% bonus does not apply to savings above that balance.

    https://www.westpac.com.au/personal-banking/bank-accounts/sa…

    • thetrain on 16/06/2022 - 21:51

      If you are 18-29, go with BOQ. Currently 3% p.a.

      • kicha on 16/06/2022 - 21:56
        +1

        BOQ also includes up to 35 year olds

      • yphuongd on 16/06/2022 - 23:11

        Any up limit? $250,000?

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