Good news! We’re increasing our saving rates again, so that you can continue to get ahead with money.
From 1 September 2022, you can earn up to 2.85% p.a. on your Save account.
We’ve made it easy for you…
Simply deposit at least $200 per month into any of your Spend or Save accounts (not including internal transfers) and the bonus interest is yours. Seriously, that’s it.
The new bonus rate is 2.75% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
If I was indeed using it for "business purposes" I would obviously comment my experience.
I don't know why anyone is saying UP is a good bank when they don't have the best of anything in the market, maybe thats why their customer service is better?
Yeah UP bank doesn't have the best rates, but their customer service is really really good and I really like the app.
New ubank don't want me as a customer. Their terms and conditions (which they copy and pasted from 86400) says you need to be a PR/citizen. Their previous T&Cs (before 86400 merger) said you only need to be a resident in Australia. Their loss, not mine.
Why would they want that? Sounds stupid af
Nothing was really copied other than the name was changed on the terms and conditions :86 400 is essentially the new ubank product offering in terms are exactly the same as what :86 400 offered.
So after setting up with BoQ 3% and going through all the hoops… I might as well put my money back in UBank as BoQ haven't passed on any of the rate increases.
That's exactly what I did
BOQ says at least 5 eligible transactions such as BPAY, ATM withdrawal and online purchases but I have been able to get bonus rate with just 1 purchase and 4 transfers between my everyday and saver accounts so quite easy to hit
"w.e.f 1st September 2022" should be highlighted in bold, OP. Shame that Ubank chooses to wait for the whole month before passing the new rate.
It’s NAB in disguise. These are not the droids good guys you’re looking for
i'm a sectarian! jedi mind tricks don't work on me only money 💵
Well, there’s more to life than money. Hahahahaha… I crack myself up, sometimes
Although we have to wait another month and it's >3% which sucks, the requirement to meet the bonus interest rate only takes a couple of minutes each month and applies to everyone regardless of sign up period. just transfer $200 out and in again and you're done.
Can you set up joint savings account. Might put our mortgage savings in as won't be buying anytime soon
Yes
Eneloops are the only way to tackle inflation, these rates can't keep up
We might be in a little bit of trouble if you were in charge
Who said I wasn't in charge?
Inflation is the reason that rates started to go back up but it's been a stupid policy to go down to basically zero in the first place. The reserve banks across the globe failed in their economic policies during the pandemic mainly due to the self congratulations after the the GFC. Interest rates in Australia are usually at around 5%. They will inevitably go back to that trend. Households that are young or have short memories are under the impression that low interest rates are normal. Maybe in some countries but not in Australia. We are economically very strong and relatively wealthy so we need the government and media to point that out instead of constantly making it sound like this Armageddon has arrived.
Haven’t you heard? Somewhere in Australia, the price of a house went down by $1!!?? The sky is clearly falling!
😂 yeah it seems if house prices don't go up forever the economy is going to implode. Shows that those in the media are so invested in the market themselves. No such a thing as unbiased news coverage anymore. If there was in fact any hint of it in the past.
that's low - close to neg but - Rabo bank will be 3.1 - Macquarie already has a saver account thats 3.1% (into period)
Only the first 4 months though
Waiting for ING to increase their rate now
Should be passed on immediately…. But you know profit.
Signed up for ubank a couple months ago. Bonus interest has been hassle free. Nice to see they're increasing rates again.
PS. Cheers to the random person who signed up with my referral and gave me a surprise $20.
Citibank has been good so far. Haven’t needed the money back so will how that goes when the time comes.
You can withdraw $100k in one go without any approvals so easier than any other bank I know.
Hey just had a look … MACQ B 3.10% for 4mths intro. Doesn’t seem like many conditions. That’s where I’m going next.
4/mths sucks
tbf In 4 months time (more likely 1 or 2 months), the 3.1% rate won't be anything special
time for ING!
For the $20 bonus credit, can you do 3 X $1 transaction when next at Coles on the self pay terminal?
I did 3 1 cent transactions and it worked. Not at Coles tho
Are these number of transactions required by ING or uBank?
ING requires 5 and ubank require require 0.
He's probably referring to the new user/referral promotion where you get $20 if you make 3 transactions within the first month.
@non-core promise: Yep signed up for ubank for this great rate, used someone on Ozbargains referral code so will both get extra $20
Got an online banking interface for new customers yet?
Does Ubank have/support the fast EFT transfer ASko?
Yes. I got cash from cba to ubank in 1 min just tonight.
Find anz to ubank is instant but maquarie to ubank took 5 hours, both a small amount of money as a test
Macquarie only supports inbound Fast Payment. You will need to use payid.
Macquarie to Ubank should now be instant. The first transfer is not instant but any subsequent transfers to the same Ubank account will be instant.
Does not have to be done using PayID. Works with traditional BSB and Account number.
I've been with UBank for around 20 years.
Great customer service and highly competitive at call rates.
The only hurdle to get the bonus interest is to deposit at least $200 into the account each month. Compared to most other high interest online banks, this hurdle (to qualify for your bonus interest rate) is relatively easy to meet.
How can you have been with UBank for around 20 years when they were first established in 2008?
Then I say I have been with UBank since they first established. The best thing, for me, is that I can BPay myself to my UBank accounts.
what does "BPay myself to my UBank accounts" mean?
@denserham: All UBank accounts have biller code, 082911, and reference number which is your account number. In the past when transfer from external bank accounts takes more than a day I just BPay from my Westpac account to my UBank account. As long as BPay submitted before 6pm Sydney time, billers have to acknowledge that funds received on the same day. So when I have money coming into my Westpac account in the afternoon I just BPay to my UBank account where I started to earn interest from that day although funds won't clear 2 days later.
@bbking18: Interesting could be useful in some cases, but I recently just transferred 25k PayID osko instantly from Westpac to BOQ so not sure why you would use for Westpac. Maybe could be useful to get around ING's ridiculous $1000 daily osko limit or other banks with weird limitations like that new ANZ plus?
@denserham: Sorry I made a mistake. The biller code for UBank accounts is 768374. 082991 is BSB.
Exactly, could be useful in some cases. In my case, I have been with Westpac for a long time and have quite a few accounts (including trading/investment account) with them, mainly for transaction purchase. Hence have funds paid into Westpac account quite often. Sometimes, large amount hitting my westpac account late afternoon and I just Bpay to my account at UBank. Useful for me. I try not to leave large sum at Westpac unless I got too busy at work and forget.
Also westpac doesn't charge me any fees and I don't have to maintain min balance in my choice account. They also waive our credit card fee. So we will stay with them.
With Westpac I am also able to set a daiy limit at $155,000.
Yes, I also don't don't like ING's daily osko limit of $1000. Just give you a warning, BOQ has the same $1000 daily OSKO limit. Be prepared if you ever need to transfer large amount out of BOQ.
But I do find nowadays transfers between banks using pay anyone are a lot faster.
@bbking18: Yeah my last big transfer from BOQ to ING was really fast despite not being osko. But yeah that bpay trick could potentially help in the future i need to try it out.
Did you just call and ask for no fees?
@denserham: No, we didn't call. It is complicated. In the past there was shareholder benefit scheme which no longer exist. Also branch manager loaded a code into system for our accounts including credit card account. So a few benefits combined together resulting in we don't have any fees to our accounts.
@denserham: Also in BOQ app it shows daily transfer limit is $20k. But it didn't stop me transferring out 3 lots of $20k within minutes. UBank uses Fast Payment system, not osko. However I found transfers from Ubank to Westpac, ING, BOQ are all instant. But not the other way around although still only take a few hours. Between AMP and UBank slightly slower, but still within the same business day if initiate transfer before 3:30pm. This is only my experiences.
@heytherehoney: Must be the new UBank. The old UBank use Fast Payment. With Osko, different bank setup different daily limit for real time transfers. With BOQ it is $2000 a day and ING is $1000 although transfers of larger than these limit only takes about half a day, in my experience. I haven't found out how much is Westpac's osko daily limit. So far any amount I have done from Westpac have instantly hit other osko accounts.
@denserham: I also have a no fee Westpac account. It was set up by their Private Banker so if you have one it could be done.
@bbking18: I also had one for NAB but they downgraded me. I am not silly enough to have money sitting in their piddling interest accounts.
@Yola: Exactly, we don't have money sitting in their accounts too. Nowadays, we hardly use our westpac credit card so I won't be surprised if they start to charge us annual fee soon.
How can you have been with UBank for around 20 years when they were first established in 2008?
Maybe they combining the years they were at :ubank and :86 400 together? Regardless a recommendation like this means nothing given the fact that you bank has essentially been gutted and it's :86 400 essentially rebranded.
July was 1.75% apy, August 2.35%apy, Sept 2.85%apy, what is oct, nov, dec?
Can someone explain to me why this is a good deal when it comes to tax time the government will tax you on your interest earnt on savings account? What's the point of this you might as well put your savings in your super or offset home loan account?
When you do your tax return they take money out of your interest earnt is the most ridiculous thing that is allowed. Such a rort. We are already paying tax for our wages, shares etc as they all considered as taxable incoming. It's bs
Not everyone pays Tax.
Lol every interest rate account you have to pay tax under personal income tax return
Tax evasion good on you!
No, my only income is a tax free pension from my SMSF and interest income that is less than the tax threshold. Lol.
Becareful when you trying to do transfer from NAB branch. I went to NAB branch to process the transfer and was told because uBank is part of NAB so they could do check deposit, so no $35 cost for the EFT payment process fee. But the transfer was bonced back. I rang uBank to check and they told me this 2 dots APP is actually for a financial company they recently bought, which is the seperate system with the traditional old uBank system (which showing big U on the APP). Therefore he transftered the phone call to another team to check, and been told they don't accetp the check deposit. It's very confusing relationship between the NAB and 2 different uBank system. You'd be careful when to deposit fund into this uBank saving account. EFT only, no cheque deposit.
Sounds like the teller confused the :ubank which is the old 86400 and UBank. UBank has been owned by NAB for several years but :ubank for only couple of months and the systems of the 2 have not been integrated.
To qualify for bonus interest, is it just deposit $200 or more per month? But you can withdraw $300 and still qualify for bonus interest?
Usually big banks require overall balance to increase by certain amount to qualify for bonus interest.
To qualify for bonus interest, is it just deposit $200 or more per month? But you can withdraw $300 and still qualify for bonus interest?
Yes
Sounds good, was thinking of applying for the fee free debit card, now more reasons to.
Usually big banks require overall balance to increase by certain amount to qualify for bonus interest.
Not usually at all. The only 2 I can think of are ING and Credit Union SA.
Am I right in saying the bonus interest is only activated for the current month after the $200 deposit is made?
This is different to ING where the hoops to jump through must be done for the upcoming month… I could be wrong but their terms are misleading.
If I'm right schedule a $200 payment for first day of the month, because interest is calculated per day, it's important to trigger the bonus interest immediately..
Yes, ubank deposit requirements are met by depositing in the current month which is much easier than doing it in the month prior. Although if you just opened an ING account you get 2 months' grace. However, you can deposit the $200 any time during the month and you will receive the bonus interest for the whole month. You can also withdraw these funds immediately.
All Bank accounts with a deposit requirement work this way except that with some if you withdraw anything you will not get the bonus and/or you must increase the balance by the end of the month. With ING you can withdraw the funds but must return them and increase the balance by the end of the month.
Say you have $110k in ING and want to maximise your earning interest.
You're only earning the 3.1% on the first $100k, but by moving the extra $10k to Ubank, you'll miss out on a month's ING interest ($258.33), as you're balance hasn't increased.
The $10k at Ubank will earn you $23.75pm interest, so it will take almost 11 months at current rates to make up the loss, before you're in front.
Firstly, you can return your funds to ING the following month and maybe start from $95k. Secondly, I also have over $100k in ING. On the first of the month, I withdraw anything over $100k to another FI. On the last day of the month I deposit it back plus 1c, check the amount ING tells you you must be above. I have been doing this for months and never miss out on the bonus interest. Also apparently there is a workaround to this problem as described by souths123 here
https://www.ozbargain.com.au/node/716924?page=1#comment
Thank you Yola. I appreciate your reply. This has taken a bit to get my head around and I've read Souths123's comments. Is the hack of switching monthly between two ING accounts so that their systems aren't seeing a drop in each account's balance.
For example: You start with $100k in ING savings max account 1.
1> At the beginning of the following month, you skim the $260 interest into uBank (or other 3rd party bank)
2> Nominate account #2 as the bonus interest earner
3> Move the $100k there
4> Add $0.01 before month's end
5> Then at the beginning of the following month, move it back and rinse/repeat? And keep skimming each month's earned interest to the 3rd party bank?
I cannot really answer your questions as this is not the method I follow. Maybe go back to the thread I linked and ask souths123, I would just say if you move less than $100k you would not need to move the interest out or keep switching the nominated account until each months interest grows to $100k again.
Could someone just confirm; if you sign up today, you're not locked into the lower interest rate once Sept 1 begins right? It'll just go up to 2.85? And should interest rates go up again, the interest on the account will follow the proceeding month. Thanks.
Yes and not the proceeding month, but when UBank say they'll raise interest rates. It's just been the first of the month lately.
proceeding month
Does it mean the following month?
No