From 1 December 2022, we’ll be increasing our bonus interest rate to 3.75% 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 3.85% p.a. across all your eligible ubank accounts.
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
Yes
hey guys, can i ask if you sign up before the rate rise next month, the interest will go up after the date the deal begins? or am i locked in when i sign up this week ( in theory)
This is a variable rate account. You will get whatever rate applies to the account regardless of when you open one. You may be thinking of Macquarie bank where the introductory rate is fixed for 4 months from opening.
Any savings accounts with other banks that allow more than 250k to have bonus interest? Just sold the house and I want to be earning a decent amount of interest on it all.. Not just some. Or do people have savings accounts with multiple banks and split it up?
Thanks
throw it in a term deposit
I need to be able to access the money for a deposit when the right property comes around
there are term deposits ranging from 1 month shortest to a few years, alternatively you can go to citi for a rate of 3.2% for 4 months then it reduces to 2.8% after the 4 months
500k for citi and you can throw the rest in ubank
Don't do this at this time, I got sucked in right after I sold my house in Sept for 3% 11 months, could have made way more at ubank. Just open multiple accounts at the highest rate bank
I've been following the ozbargain threads on finance investments closely for a few years now, so I feel pretty well read on this topic and am confident that the best thing to do in your situation is put it all on black.
Multiple banks.
If you don't want to stuff around with meeting transaction rules etc, stick just under $250k in UBank and AMP with an auto deposit ($200 to UBank and $250 to AMP) and an auto withdrawal to take back that deposit plus an estimate of the interest earned (to prevent going over $250k balance), and another $250k in ANZ Plus. Got more? Look into Macquarie, ING, Virgin, the state banks, etc
just sold the house
I hope they got more than $250k out of it!
Thank you! Good tips!
ive also sold a property recently and doing the below while i build a house. Im earning about $1700 a month in interest on 500k.
2 x ING savings maximiers accounts
2 x BOQ Future Savers
1 x Ubank Usave
Thank you - that's great!!
Wow.. nice work
Australian Unity Active Saver up to $500,000, unfortunately the rate is only 2.8 percent (inclusive of bonus) - https://www.australianunity.com.au/banking/savings-accounts/…
Depends if your also chasing goverment 250k guarantee, 2 ubank accounts ,judo 1 year TD 4.1% paid monthly,no hoops.
My great-great-great grandfather's uncle's cousin's step-brother used to say "You don't put money in the bank, you buy shares in the bank" ?
Why not both? Put your money in banks. They wait next market crash, then buy banks share
Depends on your appetite for risk - the government guarantees your deposit in the bank up to a certain limit (I forget how much… $200k? $250k?). The government does not guarantee your investment in the bank's shares - if the share price drops you're on your own.
$250k.
Deposit accounts are only paying half the rate of inflation plus you pay tax on the full income…
Hard pass.
gov garuntee is useless. bail in laws make this defunct
I'm with ING and the part I don't like is the 100k limit for the bonus interest.
I am over the limit, and I am now increasing by a small amount each month to get the 100k bonus.
If they aren't giving bonus over 100k then they should drop the increase of balance once you reach 100k.
We know they won't do this, if I transfer the part over 100 to another bank/account I will miss the bonus which sucks.
You're gonna miss out a couple of $ interest above $100k. Don't understand the fuss about it.
I should have explained better.
At some point I allowed my balance to get well above the 100k bonus amount.
Say I have 115k at the end of last month, if I move 15k to bring the balance to 100 I won't get any of the bonus interest on the 100k as I didn't grow my balance.
UBank is a much better option IMO
You can take it out for 1 month and then start again with maybe $95k.
Set up another Savings Maximiser account, go online and nominate that 2nd account to receive the interest (starting from next month) then transfer 100k across on 1 Dec
Have 2 SMs. Simply transfer $99k (or whereabouts) to the other account at the start of a new month and nominate it for bonus interest. Yes, it's a bit of a hassle but I have to do this too.
Never like ING, they know and must have done study and data that quite high percentage of people fail to meet their horrendous conditions, they want you to fail. Play safe and keep your hard earning money at ubank or virgin, even amp is not that bad.
Barely a horrendous conditions when they clearly state whether you've reached the criteria, and if not what you're missing.
Not directly related to this UBank rate, but more general curiosity. I was looking at finder.com.au to get an idea of which banks had good savings deposit rates, and I noticed that some have different rates for different ages. Eg BoQ offers 4.1% for people aged 14-35, but only 3.6% for people aged 36+. Is there some reason for this? I'm in my mid-40's so curious why I can't get the same rate as somebody in their early 30's.
UBank is pretty good
Pretty happy with ubank so far. The app is easy to use. I found that there aren’t that many accounts that allow balances up to $250k and money withdrawal at any time.
What is the best way to put money in and out UBank (to other banks)?
There is a $20k limit per day and if you need more you can call them for unlimited amount. Approved immediately and all transfers done by OSKO.
Link the account to other banks and you can transfer up to $100k
Need to clarify if old Ubank (green) or new ubank (purple ex 86400). If old yes if new, then no and my comment above applies.
Does UBank still take 2-3 days to transfer money?
Takes up to 2 days. Sometimes intra day. But nothing as quick as ING for example which only takes minutes. Quite annoying
Most of mine get done the same day using Fast Payments.
Dumb question. So can I open an account.now and in 8 days, I can start to receive the 3.85% rate once I deposited my savings?
Thabks
You need to deposit $200 in December to get 3.85%
I really dislike how the whole banking setup is app based for many of these higher rates. Virgin Money is guilty of this too. It's possible for it to glitch up or not work properly and then you can't access your money without having to spend hours on the phone with customer support trying to resolve. Why can't they just build a banking website as a backup or alternative? That would certainly get more boomer money on board haha.
Especially as us Boomers have all the money.
Does ubank have simple features such as, setting up reoccurring payments or transfers? I can't see anything in the app
It does. Last screen of the send money screen theres a calendar button next to the send button. And once you pick a date there’s an option for recurring.
It’s crap ui I struggle to find it every time. Trying to be too clever for its own good.
So does it work if you do this for $200 criteria:
a. Create schedule transfer from non-ubank every 2nd of the month. Say $260
b. Create schedule transfer from ubank every 27th of the month back to the other account. Say $260
That way the money is mostly in Ubank and you don't need to have any hassle of remembering what to do.