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.
Hopefully everything is there before they make everyone move
@sss333: Yeah definitely, i want to move to ubank but the most pressing thing I am worried about is security which is nonexistent, all someone needs is my pin or internet password to transfer all money out without a single security 2fa or SMS to confirm the identity.
@HunterxHunter9000: Quite a few of us are not looking forward to losing some good features of the original app. Please see my comment about providing feedback to them. If many people give them feedback, perhaps those features will be retained.
@bluesky: Yes, I will miss the ability to transfer $100k without any extra process once you have linked the account. Spoke to 86400/new ubank and they said no way to transfer over $20k without calling up although someone on here said you could do a permanent increase to $100k.
@Yola: The issue I have with 86400 is that they just use heuristics to flag possible fraud. In the early days, relatively small amounts would get flagged. That was annoying. They are no longer that strict - which means it is much more user-friendly. But they don't do any verification, during transfer, or on the account transferred to. So even if it is possible to get a permanent increase, I would be very hesitant to use it.
I am really hopeful that they will incorporate the original Ubank's approach, before merging the two.
I don't see it in the app but I believe you only need to receive $200 in your account with no transactions to be made. "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."
Do Ubank interest deposits count towards money into your account?
No because it's not from an external source
There's a banner at the top of the mobile app when you sign in stating if you have/haven't met the criteria
I see it now, thanks mate
New App or Old App?
new app
Macquarie bank better rate?
only new customer for 4 month then shithouse rate.
Worse than that it's fixed for the 4 months.
Is Macquarie easier?
Hasn't been much movement on 5y term deposits for a few months after consistent 0.5% monthly increases to bank accounts.
i only need 250k now
Becareful of ubank, me and some other people have lost their accounts (accounts are locked) and bank accounts for no reasons. They can't explain to me why my profile is lost, my bank account is lost and they can't trace my money.
They have been good things changed after the merger with 86400. I could not find an answer of my issue but so far they are not that helpful trying to fix it and not accomodating when I said this is my primary account and I need the money. The reply was "you can call back in 5-7 business days or wait for an email from us".
A lost account and untraceable money?
Sorry, but that sounds a bit fishy to me
It is what it is. I contacted Bankwest to recall the transactions and just hope for me best.
Ubank has been poor. I've lodged complaint to ubank, afca and sent an email to ACA to see if it can help me recover everything.
I'm not telling bogus stories. It's stressful.
Reading the ProductReview page for Ubank corroborates this report. Scary stuff.
I mean I'm happy, but I'm also not…
Where do I get a referral code, please?
At the beginning of this page.
Give us a go and score $20!
Get set up in 2 mins and use the referral code BONUS20 to get $20 after 3 card purchases in your first 30 days.(As listed on their website)
This one doesn't give $20 to the other Ozbargain user ;) The button at the top of this page will though!
Virgin Money is so bad. They didn't pass anything of last rate increase:(
Didn’t they raised the rates twice in August?
They have been hence 3.30%/3.60%. They will announce the increase rates with most banks shortly. Virgin have been nothing but proactive with rate increases. Just make sure you are using their boost account and not their transaction account (which I think is something shit like 2.75%). You also have the option of opening multiple boost savers (for different goals or situations). I locked in the majority of my money and get 3.60% and the $5-6k I will possibly need in the next 32 days I keep in a boost account that is unlocked. You may wish to keep your eye on ING's rates (will likely match Virgin) as for some this might be a better product
How much will virgin go up by? 0.25? So maybe 3.55 and 3.85 locked . Maybe Citibank will go up to 4%
It's hard to say, but they have been good so far with increasing rates (they increase twice in August). They are now owned by BOQ, so seem to really be putting in an effort. I don't have anything to do with Citibank's savings accounts, so I don't know if they pass the rates on in full. Someone on Ozbargain created a comparison chart, which had the old rates, but I cannot find it to see by how much they went up. I transferred banks, so when I started with Virgin it was already 3.60% locked (-0.3% unlocked). I would suggest waiting a week or so and you'll get a much better idea of where you stand with the rates.
Edit: whatever you do don't join someone like Macquire that offers 4.00% for 4 months, but the rate is fixed (you won't get increases for 4 months). I don't work in the industry, but I think the interest rates aren't going to slow down anytime soon.
Edit 2: If you are under 35 BOQ has 4.00%, which is decent (upto $50k)
Be aware, for those who care, that Ubank is owned by NAB, and so ‘shares’ its ADI ($250,000 gov. guarantee). This means if you have an account in EACH of these banks with $250K in each one, you will have a TOTAL of $250K protection/gov. guarantee. This is also true of MANY of the other smaller banks – being owned by say one of the ‘big 4’. Check APRA online for other banks.
good advice, but will big four collapse?
so if you own $250k in NAB and $250k in Commonwealth, does that mean you get $500k protection?
Yes.
Also applying it much earlier than Ubank.
Also more hoops and more chance of earning no interest in a month if the conditions arent met
Anyone experience delay (over 12 hours) transfers (from big 4 to Ubank) even though it is OSKO on both banks and the amount is small (less than 200)?
I moved $200 over on the 1st, it's actually not showing up as a transaction on the Ubank App but the funds and my new total have changed to accurately reflect it being there.. 🤔
To ubank original users who wish Ubank would retain the better features of the original app when they merge (I have seen a few comments about this in various posts):
I encourage you to provide this feedback to Ubank directly. I say this because I saw some genuine interest in them asking for feedback. A few times I rang (recently a few days ago) about other matters, and in passing asked when they are merging, which meant losing some good features of the original app. They keenly asked me for feedback. Each time I was provided with a feedback reference number, and I asked what I was supposed to do with it. The cust reps said to show they were serious about taking this feedback, to be passed on to the implementation team. (I could call and refer to these references if I wanted to). This customer feedback supposedly would be taken into account when making changes and enhancements in the merged app.
I mentioned what I thought were better features - more stringent security, original Ubank’s 100K fast daily transfer limit (instead of 20K) - for verified linked accounts (good for moving funds out fast and easily in a rapidly changing interest environment). One cust rep reckoned the higher limit would be good for them too, with fewer call-ups, saving customer and tech support time.
Yes, but some of them could be out of a job.
Yeah, I suppose whenever mergers happen, some people could lose their jobs. The recent cust rep whom I gave feedback to seemed positive they would become one team. He was more senior though, since the one who transferred me called him a specialist. So perhaps not in danger of losing job. But you are quite right.
Is there any way to open a ubank account without going through the in app ID check? The in app ID check doesn't cater for people with a single name on their ID documents and the process failed to verify their identity.
What Id doc
Neither driver licence or medicare worked for me.
Thank you Ozbargain,
I think I finally find a new bank that motivated me to move away from Westpac the dinosaur
Welcome to the New Age :)
Just curious, how long have you been with WP? I was with ANZ for a very long time - probably more than 10yr, before i discovered Ubank 5 years ago.
I’ve been with WP for probably 8 years I’d say. I’m not resident here so it’s challenging to get loans or whatsoever. So I’m just looking at the best interest rate when it comes to Savings
For the $200+ deposit per month, does it have to be a balance increase of $200?
e.g. I have $1000 in my account and deposited $200, then I decide to withdraw/spend $400 leaving me with $800. Will I still get the bonus interest?
No, the balance doesn't have to increase unlike other banks e.g. ING. All they want is $200 from an external source
Everyone going past 4% mark and ubank is still 2 weeks away from going over 3.5% mark lol
Citibank has entered the chat (lagging behind at 3.2% welcome rate and 2.85% standard)
Who besides ING is past 4%?
BOQ
That's age restricted unlike ING.
@kaal: $1 won't solve it if your spending money from your savings. THe older you are the easier it is but the younger you are the harder it is.
If you have savings in Ubnak NABand citibank
— their combined gov guarantee is 250k total for all 3 accounts?
IT is verif difficult getting to any NAb (on hold for a logn tim on the phone). ubank (no hat support / on hold for a long time) or citi (chat support requires sms password and takes a logn time toto recieved sms)
got response from citi /chat
— combined nab+ubank+citi for the gov guaranteed of 250k
You should have just asked here. Its $250k per FI so yes, they all count as one. It would be hard to think of NAB going under.
Both me and my partner deposited over $1000.
Mine shows green tick next to 3.6% while partner is still grey tick.
Can someone clarify?
The thing is all new customers can only get the new purple app which is missing a lot of features and security.