We’ve got more good news for your savings. After the Reserve Bank of Australia announcement, we’ll be increasing our bonus interest rate (yet again!) to 4.00% p.a.
From 1 January 2023, you can earn up to 4.10% p.a. on your Save account. All you have to do is deposit $200 or more per month into any of your Spend or Save accounts – it's that easy!
The new bonus rate is 4.00% 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.
UBank are typically first to announce and last to implement.
Haha, I was with mebank a few months ago. Took them 3 months to pass on the first few 0.5% increases and they are still lagging by months on the last few. If you check the rest of the market Ubank and ING are not that bad.
First to announce, last to go live. :)
gives time to plan and something to look forward to
Hmm, I definitely wouldn't say no to a short notice when it comes to saving account interest rate increase lol.
ubank will just lose your money at random
While I disagree with the neg (didn't neg you), you're not wrong …
i don't mind. Ubank is losing peoples money left right and centre atm.
I just don't get why people who froth over $10 deals when they can get extra in ing
In my case, ING requires you to grow your balance. UBank doesn't. This is why I prefer UBank over ING.
@kerfuffle: and yet this is so simple to do if you sit and use logic and move everything out on the last day of the month., then move it back in the next day.
you lose 1/30th of the interest so 4.55% becomes 4.44% still better
@Donaldhump: How so? isn't the bonus based on what you have at the end of the month? If you move it all, it would calculate $0 on the last day therefor 0% bonus on the 1st day, no ?
@Donaldhump: What do you do if you can't grow your balance in a month? You lose the entire bonus interest, meaning overall the rate is worse for the year.
@Donaldhump perhaps you can spot me the $5k i would need to withdraw this month?
@ssfps: This has been discussed many times you only need to grow by $1 every month plus the interest, it’s easy to work around it
@Donaldhump: You completely missed the point.
Someone has saved $70k.
Then they need to spent $15k from their savings.
They lose the bonus interest.
See the problem?
How do you work around a $15k purchase from savings by transferring $1?
@ssfps: I havent missed the point, a simple method can solve this
today is 8/12/2022 you deposit $70k into hisa, opening balance $0
31/12/2022 you move $69,999 to your orange card, closing balance $1, plus say $62 in interest
1/2/2023 you move $69,999 back to ing hisa
rest of month buy 5 items
14/1/2023 you get 15k operation
31/1/2023 you transfer ~54k back or orange (it even tells you the balance you need to beat lets say $63) so leave $64 in it
1/2/2023 you transfer back
rest of month buy 5 items
or you just keep letting it grow and in the exceptional circumstance you need $15k you move the whole lot to ubank/bankx for 1 month, or you keep that $15k in ubank the whole time, and the rest in ING.
it isn't overly labour intensive
albeit the movement of money would result in a loss of 1/15th of the interest rate which makes 4.55% come to 4.24% so not worth it actually to do this method.
I would recommend letting it grow and keep a buffer outside, and if you need more just move it out for the month
@Donaldhump: @Donaldhump thankyou for the long explanation. I see where you're coming from now.
Despite missing 1/15th the interest perhaps it's still worth it for some people.
The other aspect of course is if someone messes up and leaves the higher balance to tick over at the end of month, they can't recover from that point without losing a month. I know myself enough to know i'm likely to mess that up once in a year.
On some recent money moves i've had multiple banks' "fraud prevention" block transfers too, needing a phone call (not always same day) to unblock it. That would also mess up the system.
@ssfps: you also have to hit the rest of the criteria and it is capped at a much lower amount than ubank, not to mention how good the app is compared to ING. you miss out on one month and you would have been better with ubank without doing anything different
@MiataMx5: @MiataMx5 Could you explain this further? I don't understand how this works.
Month A I have $x in the account, I add $y.
I get $z interest. Closing balance is x+y+z
To get interest in month B don't I need to have (x+y+z)+y in the account? My understanding is that you have to grow the account. Would love to know how I can circumvent.
@oyster: For example:
You already have 90k in your maxisaver account and today is 1st December.
Assuming you already have $100 left in daily saving account.
You transfer $1000 from your another bank e.g. commonwealth to your ING daily saving account to meet 'transferring $1000' condition.
And then you transfer $0.01 from your daily saving to maxisaver account to meet the 'increasing maxisaver's balance' condition.
Then you can transfer $1000 out from your daily saving account back to commonwealth.
Last, go to WWS or Coles and purchase 5 bananas to meet '5 transactions' condition or you can just make 5 purchases with your original $99.9.
On 1st Jan, you will receive the bonus + base interest.
@MiataMx5: @MiataMx5 many thanks for the reply. Gotcha! I already got the everyday account deposit sorted and am growing the maximiser by a dollar each month, but would love to be able to withdraw from maximiser without penalty. Guess the only way would be to withdraw the lot and stick it into uBank for the month hah so that I get a similar amount of interest elsewhere.
Geez, why the vendetta against Ubank
Hes probably the guy who lost his life savings with ubank lol
Haha
That did cross my mind
I remember when I worked in banking I had some bloke call in and first thing he said was he wanted to move to us as "BankWest killed his father".
Some people are just f**king nuts. Someone at NAB/uBank probably looked at this Donald Hump person funny and now it's his life's work to get uBank customer's to change to ING.
RIP my 4% Macquarie account
Still missing transfer of my $400 from ANZ to Ubank. Their Osko also sometimes takes a few hours to get transferred.
Something is not right with this bank.
When did your money go missing? If it was just recently and you've been ported over to UBank's new system then I suggest you check your new BSB and account number as they changed in the process. I'm also with ANZ and had to amend my monthly payaway to UBank.
Lodged a complaint to AFCA. ANZ traced and said it’s transferred successfully. Ubank said (via ANZ) the fund was credited to my Ubank account (?) which still hasn’t. (Bsb&Acc are correct).
Kindly ANZ credited back to my ANZ account as a goodwill to close the complaint at AFCA.
I’m now chasing Ubank for $400.
You got your money back, and now you want an extra $400 from UBank.
@shoppe: Based on what he said, he didn't get his money back, he got a good will credit of an equal amount from a bank that transferred the money out according to trace.
The fact you want to play judge judy doesn't make ubank's terrible data consistency OK, and i'm glad he is making a point to chase up ubank over it. Bank's shouldn't be bad at accounting for money.
@ssfps: I suspect that ANZ know that the money didn't reach UBank that's why they have given the money back. I doubt that the AFCA investigation would be closed if there was still a problem.
@shoppe: I closed the AFCA case because ANZ wanted it out of the AFCA loop, but knowing the fact that the money is still with UBank and my other transactions haven’t gone through, I need to do something with this bank to avoid further trouble.
@ssfps: Thanks. UBank is the first bank that gave me all the shtts for a simple transaction. Imagine if I have transferred a house deposit instead and it doesn’t show in my account instantly….Can’t even think about it.
Well I can't even find their new BSB number. I want to send $200 to Ubank from another bank manually, so I don't lose bonus interest (because the $200 ASP doesn't seem to have worked this month). I emailed them days ago without reply.
If you've already been migrated to the new system (you would know if you have been migrated as they would send you a new card and a couple days later SMS and email you that you are being migrated) and are using the new app, then (from the main screen) click on Accounts (at the bottom left, next to Home) then Transaction (middle of the screen). In the top right corner is your new BSB and Account Number. I'm not sure about the browser login as I haven't used it since the migration.
I've had a couple transactions disappear and reappear within 24 hours (this is in the new app), thought that was a bit worrying
and thank goodness they changed the font colour for deposits, couldn't see a damn thing before as it was near same colour of the background
Just got all of my money out of Ubank a few days ago. Hours on the phone to get the daily limit raised.
Never again use them - too many problems my balance and transactions kept disappearing and reappearing. And the interest rate fell behind even St George et al.
A big nope.
what did you transition to?
St G. Functional website and 4% with no limit.
Happy to move again.
Girl I know got hacked, few $k, she was showing me her phone call to St George with 5hrs of waiting a human to answer. She later said they picked up at 7hr mark. Got her money back in the end.
Ubank's customer care wait time has increased drastically.. an hour isn't uncommon. Not sure what caused such a significant increase lately!
ING is not much better. Wait 40 minutes to speak to anyone there.
Probably the transition between accounts and password problems.
Yes, I think it's probably down to their recent transitioning people over to the new system. I spoke with someone there a couple of weeks back who said they were getting smashed by all the calls querying the process and resetting passwords.
Yeah.. but a good bank would anticipate such things and increase the size of their call centre. One to two hours of wait time for a bank which doesn't have physical branches is totally unacceptable. It's equally true for ING too.
@virhlpool: Also, since they are doing it in stages, they could have transitioned people in smaller batches.
@virhlpool: A good bank wouldn't have changed every debit card number and even their own BSB. It's like someone buying ebay then sending emails telling everyone they have a new username. WHY!?
Me too. They make me call to verify and take 44mins to wait for talking their call centre.
I will slowly move my money back from them. Dont want to have same experience again
Wish they would pay this rate for higher amounts. A lot of people are sitting on money atm after cashing out of the stock market to see what happens
Check out Bank of Melbourne/BankSA/St George's incentive saver account, currently on 4% for all balances.
and 4.10 percent for Bank of Melbourne/BankSA/St George MaxiSaver Account for any balance, even greater than $250,000
Looks like that's just for the first 3 months. The incentive saver is great though. No balance limit and basic interest isn't terrible.
@mongos: it takes 2 seconds to transfer between St George accounts…..I rather earn an extra 0.1 percent over the 3 months than Westpac profiteering…..
@puglikesabargain: I guess you need to transfer out on 1st of the month. Even then they'll probably screw you with the basic rate for one day.
Doesn't seem worth the effort unless you're working with huge balances.
@mongos: Huh? Two seconds in the app to transfer from the maxisaver to an incentive saver account or vice versa. Interest is calculated on minimum daily balances so there would be no interest lost. The 4.1 percent maxisaver rate (including the 'fixed bonus rate') applies to whatever the balance is over the three month period. No need to transfer at any particular day - as the maxisaver has no condition to maintain or grow the balance. https://www.stgeorge.com.au/personal/bank-accounts/savings-a…
@puglikesabargain: Good point. I just assumed that the bonus interest was dependent on balance conditions.
Just tried to open a maxi saver through the app but was advised that I needed to go to a branch to complete the application.
Too much effort for the sake of a few dollars!
Wonder if this will increase with the latest interest rate rise announced.
Bonus interest
Enjoy a variable savings rate of up to 4.00% p.a1 when you grow your account balance by $50 each month1 and your account balance does not fall below $0.
People complain about ING's hurdles and fail to mention Westpac and co's hurdles. At least ING just need you to grow it by a cent.
you're joking? One "hurdle" - grow balance by $50….. big deal
If you are sitting on higher then 250k you are able to open another bank acount to maximize.
Stock market has rebounded
No it hasn't
And you can bet if the american demonrats win their next election it will keep heading down. They want as close to communism as they can get… kill capitalism with all their green/carbon nonsense. It started falling the minute they "won" last time.
why are they sitting markets going to go up obviously make them fomo back in before dumping
@ belv
If that is true, that a lot of people cashing out of the stockmarket, then what they are trying to do it time the market, which is the biggest mistake one can do in investing. By the time they re-enter, prices have shot up, and they would most likely be buying back at prices higher than they sold out. Rookie mistakes, being monkeys shaken out of the trees.
One has to remember, there is no bell that rings to indicate the bottom has been reached.
Those that are in it for the long term, just sit tight and ride it out, and infact, keep adding to their positions on any weakness.
That strategy is recommended as it’s idiot proof. Exiting some assets based on market cycles is fine for those competent enough to do it.
It's not lost, just not displayed
right still fricken concerning don't you think
It happens … Did at Volt too… It comes back. Banks are great at auditing, their license depends on it.
I mean… not really? But if you want to base your financial decisions on clickbait news headlines then go for gold.
@fishface1: Same happened to me at ubank several times.
Not the same amount though.
Numbers disappear and reappear.
No more. Goodbye.
Wow not misleading at all
Damn this is bad, maybe I should stick with Virgin
why bad
Sorry was referring to article below your post in Daily Mail
The loss you are talking about here is not actually a 'loss'. The man in the article had a ubank SMSF account, however ubank has now closed its SMSF accounts with customers being migrated to NAB.
and they seem so competent with the process of doing so
This gentleman must not have checked emails often, or for some reason he did not get them. Ubank was sending emails about this migration so many times before it actually happened, the last ones, setting out the date each account would be migrated. Even so, it must be so alarming, from his POV.
Having said that, from the comments and news, this does not seem to be the only issue with ubank currently.
They also closed down accounts held by non residents. Received an email at 10am London time saying a debit had been processed on our account for $XXXXXX and account closed. Outside BH in Australia so couldn’t contact anyone. No follow up communication saying where our funds had gone or how we could retrieve. Yes they had advised us back in July that they would no longer be supporting accounts held be non residents (tax paying citizens tho). Contrary to press releases there were no reminders or confirmation of what date this would be occurring. And in the couple of weeks proceeding they had rolled over term deposits.
Took 5 v stressful days until our funds were transferred to another account with another Bank.
Truly appalling behaviour by a Bank.
@jscoccio is this reported anywhere? I'd like to foward it to an account holder who's freaking.
You should write the headlines for news.com.au!
I only repeated what I read. either way if your bank loses your balance display or not, are you going to stick with them. they sound like idiots.
What alternatives do you recommend with similar rate for the $25k ish funds I may be using in the next few months? Rest is in ING. Can't be bothered with honeymoon rates. As usually have a similar amount I may use month to month.
@thestig: Maybe check the interest rate of Macquarie Bank. I don't know what it is, but I think I received an email recently saying it was about 4%(?). After this dog's breakfast Ubank is putting us through, I'm thinking of transferring every cent from Ubank to my Macquarie account - at least until Ubank get their act together. Their online application was the easiest and fastest I've ever seen. No international currency conversion fees is why I opened it years ago.
Maybe they have 350000 to invest?