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.
Earn up to 4.10% p.a. on Combined Balance of up to $250,000 across All Save Accounts ($200+ Per Month Deposit Required) @ ubank
![](https://files.ozbargain.com.au/g/38.jpg)
Last edited 07/02/2023 - 15:39 by 1 other user
Referral Links
Referrer and referee each receive $30 after referee makes 5 settled card purchases within 30 days.
Related Stores
closed Comments
@Nom: Yep, I always thought it strange they drew the money in, rather than us having to deposit it in from an outside bank.
But to now just drop the ASP… while my savings are still sitting there… earning them money by lending it out… AND reversing which account is the bonus so when you do lose bonus interest it's on the largest amount… are all pretty low acts.
Just to share my undesirable experience with Ubank CS today. My account was blocked from further transfer after making 2k transfer yesterday. After 40 minutes wait and all the verification checks, was told that another team needs to lift the block and would get this done within 30 minues.
After 2 hours, still no call back from Ubank. This bad experience doesn't help with the trust level and I plan to transfer all my fund out once they decide to fix the transfer block.
Got an email just now from ubank:
'From this week, you’ll receive an SMS with a security code whenever you set up a new payee or PayID, pay someone for the first time or when downloading our app on a new device. This two-factor authentication (also known as 2FA) will be key to better protecting your accounts from fraudsters.'
Good news, I feel like this is pretty bare minimum and other banks should follow. My ANZ Plus, Macquarie and ING accounts only do 2FA when first installing the apps.
Yes, good move and overdue—this is what I expect from any financial institution these days ahead of other gimmicky features.
Can’t speak for ANZ and ING but Macquarie has had an exemplary ‘Ultimate’ level of MFA for quite a while, which uses its own Authenticator app rather than relying on SMS, and you need to do it on every login before you can do anything else—unless you consciously choose to exempt certain ‘trusted’ browsers perhaps. A lower ‘Enhanced’ level (which in fact I thought had been made the mandatory bare minimum) only requires MFA for sensitive account changes, certain transactions and new browsers. You can select your desired MFA level under Menu>Security>Security step-up.
ubank doesn’t seem to have an option to require any MFA on login, so makes sense for them to introduce this additional measure at least for key actions that potentially could expose customers to fraudulent activity.
I thought MFA stood for something else.
I thought you were referring to their low interest rates.That's right, Macquarie do have the Authenticator app, I never tried it though so it's good to know what it does. I think I prefer a one time SMS instead of needing another app though.
It's also lame that they lock >5k transfers behind it.
Ideally they would’ve incorporated it into the main app (like old UBank) or allowed us to use a general third-party authenticator app from Authy, Microsoft, Google, etc. but it is at least safer than SMS and works well.
Does anyone know of a bank with decent savings rate and a payment limit of at least $35k? I also need NPP (instant) payments. I would use Ubank but the 20k limit is too restrictive.
Probably Macquarie; it's $100K via their Authenticator app.
Yeah currently with Mac on their 'introductory' rate a few months ago at like 3.7 or 3.75. Thanks for the reply
You don't actually need the ASP - you can just automate the send from the other end. Setup a recurring monthly payment from your other bank to UBank, and done.