UBank are fast to it as always. Just got this email:
You may have heard that the Reserve Bank of Australia (RBA) just announced that there’ll be a lift to the cash rate. Once again, we’ll be passing on the rate, with a new bonus interest rate of 3.50% p.a. It's just another way to help you get ahead with money.
From 1 November 2022, you can earn up to 3.60% p.a. on your Save account.
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
Don Torertto says winning is winning 🏆
"1 point is 1 point", Liverpool FC
Need 2 midfielders mate 😊
yeah, its win win for everyone
Hector is going to be running 3 Honda Civics with spoon engines. And on top of that he just came into Harry's and he ordered 3 T66 turbos, with NOS, and a Motec system exhaust
So did Dom
Haha..
Going through comments the next day looking for typos must be an amazing feeling.
@Shaquille Oatmeal: Sure, don't sit on here every minute like most.
At least get the quote right .. cluttering the thread.
@Shaquille Oatmeal: Oh right.
Member since 2017.. avg 2.9 comments per day.
Member since 05/2022.. avg 1.5 comments per day
UBank are fast to it as always.
They're fast in regards to emailing out notifications.
However, they're not fast in regards to actually raising their interest rates. (Not as fast as ING in the past, anyway, which implemented their last rate rise mid-last month.)
IN 28 DAYS
Just in time for next rate rise.
Yeah would be nice if Ubank would feel the pressure and change their ways. If anyone decides to leave Ubank for this reason, make sure to tell them that this is why (:
It would be nice if ubank would raise their rates faster, but I see it as a trade-off (especially when compared with ING).
In terms of some of the differences I can think of between ING and ubank:
| Factors | ING | ubank |
|---|---|---|
| Rate rise effective date | Middle of the same month after RBA rate rise | Start of the next month after RBA rate rise |
| Osko daily transfer limit | $1,000 | $20,000 |
| Criteria for receiving bonus interest rate in current month | In the previous month, make at least 5 settled transactions and deposit $1,000 and increase balance of savings account (excluding interest). | Deposit $200 in the current month |
| Maximum account balance that will earn bonus rate | $100,000 | $250,000 |
| Referral bonus | $50 or $100, assuming you are targeted for a specific referral campaign | $20 |
| Support for adding digital card to mobile wallet without debit card details | No | Apple Pay and Google Wallet only |
| Support for EFTPOS transactions on mobile wallets | No | Apple Pay only |
| Support for Samsung Pay | No | Yes |
| International transaction fee | 0% (only if you meet fee waiver criteria) or 3% | 0% |
| ATM fee rebate | Up to 5 rebates per calendar month (only if you meet fee waiver criteria) | No |
| Cashback on payments to selected utility companies | 1% (direct debit from bank account and BPAY payments only) | No |
| Support for real-time push notifications on app for incoming payments | No - it was actually a feature, but it was so unreliable that ING removed this feature | Yes |
Seems like Ubank really comes ahead on all fronts? Is it as good for a travel card as ING?
@JSONBourne: ubank comes out ahead on enough fronts that a lot of people on OzBargain will happily accept a lower interest rate in return of less hoops to jump through. (To be fair, my comparison was not intended to be a full side-by-side comparison, so there are probably factors that I have not considered that would be relevant to you. I only listed out factors that came to mind earlier today.)
Btw, I have no experience using the ubank debit card as a travel card, so I cannot comment on that. On the surface though…:
At least with ubank, you don’t need to worry about fulfilling criteria in the previous month in order to unlock the 0% international transaction fee.
ubank does not offer any ATM fee rebates whatsoever. When I was last travelling overseas, I found that a lot of shops would not accept credit transactions, so I relied a lot on cash (and as a consequence, ATMs). The (then unlimited) ATM fee rebate on an ING debit card was fantastic!
ubank is supported on Samsung Pay, so it would have been handy on my last overseas trip to have a ubank debit card saved onto Samsung Pay, and then confuse shop staff when I proceed to tap my phone against the EFTPOS terminal, even when there was a sign next to the terminal saying that contactless payments were not supported.
I have no idea what exchange rate ubank uses for foreign currency transactions. ING uses the Visa wholesale exchange rate, which is actually alright. I remember when I paid for a hotel on my last trip, the EFTPOS terminal gave me the option to pay in the local currency or in AUD. However, I later calculated that I paid AUD$12 less for letting ING handle the currency conversion, rather than the hotel’s bank do the currency conversion (unsurprisingly).
@WookieMonster: Agree, ubank seems the best overall, least number of hoops etc. I just use for saving, better using and transferring to different cards for travel (citi/28d).
Btw that reminds me, was meant to get a free $20 for opening those new accounts and never did.
@G-rig: Guess I didn't make 3 card purchases in the first 30 days.. didn't even want a card or open the account for that.
@JSONBourne: ubank are matching the old rates for ING, so in a week or so ING will likely overtake them again, if the restrictions suit your needs. BOQ (haven't raised rates yet) are another good choice with with 3.50% / 4.00% depending on your age
Wow the Osko pay limit was a bit of a surprise to me!
@doobey1231: Fairly certain this is due to the core banking platform it's using - same as BoQ and Virgin Money
Excellent analysis! Makes it really easy to compare the features in your table format. It is good to have both accounts and use them for their different strengths.
One other excellent feature of the old uBank is their sweep feature so that you can keep all of your money in the high interest account and earn earn interest. Any direct debts or future dated BPays are automatically swept from your uSave account as needed.
With the new uBank app, you can transfer straight from your uSaver account. With ING you have to transfer to your Orange Everyday account and then transfer out and can only BPay from Orange Everyday.
@WookieMonster Are you sure about the push notifications for incoming payments? I've only ever had the push notifications for the xfer security pins.
I just had a skim thru the app and couldn't find it either. Would be handy to use tho!
@somelad: Yep, I received an Osko bank transfer to my ubank account today and I got a push notification on my phone’s Lock Screen.
@WookieMonster: @WookieMonster Thanks for confirming. I think I figured it out…
I'm still using the pre-merger app, whoopsie. I forgot about that merger..
@hashtagbargain: Sadly, it is no longer offered to new customers. And those of us that have it may be migrated (or combined, if we have both apps). No dates were given, although months have been thrown around by cust support.
Osko daily transfer limit $1,000
That's only a security measure you can change that to what ever you want in settings. beyond 20K if needsd
Spot on, they can increase the rate on property loan right away but you need to wait till start of next month to get the increase on your savings account? Double standard
Macquarie is 3.7% for 4 months and that started in September
Yeah but they lock you into that rate as a new customer promotion. So if you go with ubank, it's likely to increase every month with the RBA rate changes.
Can put your money in MB for 4 months then move to Ubank after ($84 profit with $250K)
I signed up to Macquarie in 2019
What I'm saying is, assuming RBA increases rates by 0.25% for the next two months - if ubank passes it all back as they have been then: 1st Dec their rate would be 3.85%, 1st January would be 4.05%. MB for the next 4 months would still be 3.7%.
Yes u can move it after one month if u want. I have been with Macquarie 3.7% for a few days but will jump ship if there is higher interest rates.
Can u open a new save account and get the promotional rate?
Would it work if i close my account then open new one to get 3.7%?
No, that only works with Citi introductory rate.
Prepare for a shit fight if anything goes wrong. 1.4 stars on product review and with good reason. Going with Mac bank has been my worst experience with a bank in my entire life and I strongly suggest people read the reviews and think hard about signing up for any of their products. I would also wait a few days as banks like BOQ (Currently 3.5%), Virgin Money (3.30% or 3.60%) and ING (3.60%) are yet to increase their rates (there is many more options out there).
ING and Virgin Money has many hoops to jump across in order to get the bonus rate
What sort of trouble will I come across for a simple savings account? The product review complaints are mostly from home loans
For me a glitch where I haven't had access to my funds for almost a month. AFRS (ombuds) sent them paperwork today and now Macquire have stated they are raising the issue with another department. They are also really bad for customer support (being overseas and very limited operating hours). ING has the most hoops, but Virgin is just 5 transactions and had at least $2k come in. The boost feature gives the extra 0.30% for locking. Neither ING nor Virgin have announced their rates increase yet but it will be higher than this (as they are already at this rate from the last rise).
When you have a larger amount of cash, it works out to jump through some hoops for the extra rate. As you know different products for different people, I just strongly suggest avoiding Macquarie at all costs (from my experience and from what I've read online). I will admit they do have an alright app with decent giftcards deals, but it doesn't help when my account is locked (non-accessible)
Also, from memory this rate is fixed (which is total junk in the present market, likely we will see high viable rates in the next week or so) and after 4 months its very low compared to most banks. It's not worth the hassle for 0.1%, when you'll just be change in the very near future.
@Froot Loops: Thanks I might avoid. My savings is 6 figures and it will be pretty shit if I dont have access for over month.
@BOQ
@ING
Has more hoops
yeh but so easy if you plan, keep 10k outside for emergencies in ubank
Still has more hoops. Like having to grow your balance unlike UBank.
how? after several months you'd get sick of repeating so many hoops.
@izkai67: get 2k of monthly pay into account, buy 5 coffees over course of month, never use money, takes no effort, they are not asking you to run a marathon, I agree it sucks but for the rate they give it takes me sfa effort
@Donaldhump: I dont drink cofee, I buy groceries petrol weekly basis, other than that nothing else is routine and use my HSBC debit card to get 2% cash back for purchase < $100, more than that I use credit card, there is no room to make 5 x1 C purchase and harass coles staff to help you all the time, not to mention playing balancing act watching your acc balance every month, And best of it I get the same interest rate.
@izkai67: 1 min at checkout, 1 min doing bal transfer per month. Let’s round up to 30 mins effort. 30 mins for an extra 150 after tax. Can do Bal xfer whilst on the can
No need to harass coles staff they have self checkouts since about 2016.
interest rate is better, you prob spent more time replying to these messages for free than what it would take to earn extra money
@Donaldhump: how is ING better? ING 3.6% AMP soon 3.6% Ubank soon 3.6% BOQ 14-35 yo 4.0% ?? why would you want to do more work or spend more time when you can set auto transfer? life is too short for that, I can understand if more hoops mean higher rate. My spare time replying to your email is still less than the time you ve been spending doing the dancing and hoops following ING beat.
max $250 difference per year. worth for the efforts for someone.
pl8 on the asx has been paying 4-5% monthly dividends for 3 years and thats franked, if you want a good return.
@Donaldhump: What am I missing? Current PL8 share price is $1.18 and the last dividend was $0.005.
Edit. Read it wrong. You mean 4-5% pa.
@Froot Loops: buy more, don't sell, i got mine at 80c so i made 25% i don't care i never sell.
plus 7.2% returns for 4 years i think that covers it anyway
takes me 10 minutes a month of effort, so ill take the $250. I'm surprised most people hate it on here as there are always posts to save $1 on everything.
you start with $1 in your account, and on the last day of every month while doing a dump u move it all back out for the night and increase to $2 (plus interest), next day move it back. so even if you need 30k in a hurry of your 60k etc using that method you dont lose.
ubank didnt process my 200 dollar deposit till the 3rd. at least ing lets me get everything together beforehand
I didn't think this mattered. I thought as long as you do it sometime in the month the interest is calculated for the whole month.
ING haven't raised their rates yet (for the current 25BP). They are currently at 3.60% before the rise. People also have stated on prior deals they get their wage put into the bank (or transfer from one bank to another and back for those not earning enough) and set up 5 automatic payment a month (to credit card for example). The biggest pain would be for someone not growing their account, which this product wouldn't be right for them. In that case you have the likes of BOQ / Virgin which currently don't have this requirement. For most it will be worth the extra 0.X% ING offers (when they announce their increase) to do a little work
you start with $1 in your account, and on the last day of every month while doing a dump u move it all back out except $1 to the orange everyday account for the night and increase to $2 (plus interest), next day move it back. so even if you need 30k in a hurry of your 60k etc using that method you dont lose.
@Donaldhump: Oh. wow. I totally misunderstood how this worked. I will remember if I go back to ING. Thanks mate :)
@Donaldhump: Just thinking about what you said. It makes sense but if you want to do it on an ongoing basis, wouldn’t you have to move the money out until the second day of the month. The first day will always be your reference point for the balance increase.
5 automatic payment a month
BPay?
If yes, only account rather than card numbers are allowed for BPay payments.
If no, what type of automatic payments?
@Virgin Money
@ANZ Plus
How's the security/stability of this mob? Looks to be NAB-lite so I'm guessing it's still soft 2FA via SMS and other security practices from the early 00s.
Better than Optus
The average public toilet has better security than Optus. Better support too
We are in this together - Optus CEO (soon to be fired).
I'm with them (obviously, as I received the email). I've used lots of different banks in the past, including other digital-first banks like Up Bank.
The app is 2FA-based, but web banking is password-based. They don't have any ridiculous password restrictions for special characters like the big 4 do.
Their support team is in my experience quite good.
That's not correct, there is practically any security. I used the app the purple ubank and it has no 2fa or SMS, seems to only be on old green app which you cant create account for.
Unfortunately no sms or 2fa when transferring money on the bank new purple app otherwise id have switched.
Not really waiting a month for them to up it is very slow.
Does ubank app show if you have met the bonus for the next month? If so, where is this option?
Shows for this month as soon as you login on the old app
u beat me with 20sec. mate