Here we go again
From 1 October 2022, we’ll be increasing our bonus interest rate to 3.25% 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 3.35% p.a. across all your eligible ubank accounts.
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
i'm with ING at the moment and very disillusioned with jumping through hoops just to get a bit of interest
ubank looks good i think i'll switch over
Same here. The online banking experience (web + app) is also significantly better. ING's is getting a bit long in the tooth and missing spending insights and other goodies.
ING will not just have to match the current best rate but beat it by at least 10% to keep my cash….
ING is relying on people to miss the hoop, not a good bank.
Ubank just easier and better, one hoop not 3 or 5
Automated Direct deposit of $200 PCM to Ubank and unlimited withdrawals. I am very happy with its simplicity.
Does anyone know if this will be the same deal for accounts that were taken over from the 86400 bank merger?
yep. same rate and qualification criteria for the legacy Ubank and the the 86400 accounts.
Legend, thanks for the reply.
Can someone tell me please what the various Ubank rates were during 2021/22 financial year.
I have $150k in Aust. Super cash option. 2021/22 earnt $320 income and deducted $370 fees :'(
At 70 I see no benefit in leaving it in Super! It IS counted by Centrelink as a financial asset, and earnings in the fund are tax-free.
But I think that I would be better off having the $150K in Ubank (Still counted as fin. asset), and paying tax at my marginal rate of 37%.
Your super fund does not put your cash under the ‘cash’ option in UBank. They would be in liquid notes paying 0.2%
Yes. Really bad return there, Peck.
Even with flat 1% rate last year, you would earn about $1.5K. Even with max tax rate, you would still better off.
No I know. I just wanted to compare returns.
Messaged MeBank for a match, otherwise, I'm gone.
What's the quickest way to move around 100+k? Last time it took many, individual transactions.
Cheers
Most banks you can ring to increase the limit with a couple you have to fill out a form.
ME bank is a PITA to move large amounts of money (looked into as we were attending an auction and would have needed to pay teh deposit on a Sat). Limit is 20k (per account holder so if you have a joint account you could do $40k in a day) otherwise there's a direct credit form you can fill out and they then do the transfer (Mon-Fri working hours or something like that, which wouldn'tr have worked in our auction scenario, but prob fine for switching bank accounts)
You can do it in one go. You Just need to call meBank.
I think UBANK transfer out can do 100k easy once you linked the account.
Been using for a while. Very happy.
Wanted straightforward savings without restrictions, catches and hoops to jump through.
If ubank increases the interest rate later again, will that be applied to the existing accounts ?
Yes.
Thanks, then we can start even at current 2.85% . Will it increase automatically to 3.35 next month?
Sigh, yes.
If, for whatever reason, the interest drop to 0% next year, you'll earn nothing .
do we have to deposit in September to get the rate for October?
No. It used to be like this but no longer. As long as you deposit $200 or more you will get the bonus interest.
Cheers
To save you guys trouble.. don't join ubank. My account is locked for no reasons after joining them for 3 weeks, they can't explain, they can't locate my id and my account and I have enough balance in it to stress me out now.
how r ur money now/.?
you contact AFCA for advice?
I was about to change from boq to ubank when I noticed there's no way to set limits on payments and there's no security measures when trasfering money. for instance with boq even if its $1 I need get SMS to allow the transfer but with ubank anyone can access my account and transfer up to the limit whatever it may be without getting 1 security check such as SMS, or fingerprint or code nothing.
You do get security codes before transferring. I do anyway.
I transferred $20 on payID and got 0 security code or notification, tried looking into security tab and found nothing.
I just transferred $2 and got a security code. Using the app. I'm on the old UBank.
@HunterxHunter9000: Yeah you're on the new UBank. Guess it's different there. I'm on legacy/old UBank.
@kerfuffle: Yeah anyone new from last month can only use the new one, I tried the old one but wouldn't let you.
New Ubank app (purple) is showing 3.35% interest today.
The original Ubank app (green) is showing 2.85% interest.
Couldn’t find any information on whether both are changing to 3.35% today.
Does anyone have any info?
I have found that the older app takes a little longer to update, give it a day or 2.
Thanks. You are correct. It has updated in the green app to 3.35% now.
why my online ubank desktop version (original Ubank) is still showing:
PLEASE NOTE INTEREST RATE EFFECTIVE FROM 01-Oct-2022 IS : 0.1 % P.A..
PLEASE NOTE INTEREST RATE MARGIN EFFECTIVE FROM 01-Sep-2022 TO 30-Sep-2022 IS : 2.75 %..
only adds up to 2.85%, a long way to 3.35%
Because that's what it says at the end of every month. Clearly did not read the dates for the 2.75% rate.
Derp question but does the $200 deposit need to be in the spend, or save account?
Either.
Good on you. There is no points working hard for your money if you let your money be lazy.