From 1 March 2023, ubank will offer savers a rate of up to 4.35% p.a. on Save accounts. All you have to do is deposit $200 or more per month into any of your Spend or Save accounts.
The new bonus rate is 4.25% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Read more: https://www.savings.com.au/news/rba-savers-february-2023
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
Fastest to announce. The actual change is always a month later. ING is slower to announce, but always hits the newer rate first usually by middle of the month.
agreed.
ING is already 'up to 4.55%'… is it likely to increase further?
Yes, the likelihood is high - recent trends have ING waiting until the Thursday following a RBA decision to announce.
Yes, they are usually 0.2% higher than UBank on average. They are just yet to announce the rate increase. Like all things with ING (looking at you Mobile app….) progress is slow ;)
@JSONBourne: I wouldn't notice that, I actively turn off notifications for most apps. Overall I've found it so much simpler than any of the other bank apps that I've used.
@JSONBourne: ING announce it a bit later but the increased rates always start well before ubanks kick in.
Plenty of things to hate ING for, speed of passing on rate increases isn't one of them.
@theknight27: Oh I think you misread. I'm a big fan of ING. It's just their mobile app which I find a bit lacking. Everything else is great.
ING is a term deposit in disguise with their dumb requirements.
I’ll take the slightly less interest rate from ubank with a simple $200 deposit per month vs the hoops you have to jump through with ING.
lol, no, it isn't. I use it all the time. If you don't like them, then it is simple to use another institution. I love the 4.55% (hopefully to become 4.8% next Tues)
@souths123: yep I really don't know why people have problems with the conditions attached to the ING Maximiser and Virgin Money Boost Saver Accounts - I love the 4.55 percent/4.6 percent, easy.
@Moses: Its not lazy, it's just not appropriate for everyone. ING are not fools, its baked into the product model that a worthwhile % will fail to meet the conditions which is to their advantage. Of course, that would not be many people here, but the general populace…. lol. I used to live by my ING savings maximizer but my lifestyle and priorities changed and now prefer an account with less conditions.
@Xizor: ING expect you to use them as your main transaction account and keep your money in the high-interest savings account, which is reasonable, but yeah it doesn’t work for everyone.
@puglikesabargain: To be fair it is A LOT more hoops to jump through with ING. You have to deposit five times as much which already rules out a lot of lower-income ppl (like myself), then you need to make 5 purchases and i think you need to give 30 days' notice to withdraw money, dont you? Those are extremely prohibitive conditions for someone in my situation (and i'm sure many others) so i dont really understand what is hard to comprehend about that; why many would prefer Ubank.
i think you need to give 30 days' notice to withdraw money, dont you?
No notice is required.
@puglikesabargain: while deposit $1000/month is not hard, not everyone can be bothered to make 5x transactions, check their balance at certain date to make sure it's higher than certain date. I use credit card for everyday use and pay once a month, simple. There is a real risk people miss the requirement. ING is not stupid, they know the percentage of people failing that requirement, that's why they give you high interest. Life is too short sometimes to jump through that hoops.
lol.. you should look at Virgin Money
@nokia3660: yep Virgin Money offers 4.6 percent on their Boost Saver, and for balances up to $250,000. :)
@puglikesabargain: @curt67 sorry mate, my comment was a reply to @epicttiimm. But I completely agree with you. No one is forcing them to put their money in those accounts. The higher rate negates the hoops for me. Again, each their own.
I think its more the 'grow' part which is the worst part.
I'm sure a lot of people either put all their savings or even if they leave some in another account if some emergency comes along and needs a big chunk then the whole months wasted unless they can get the money back in time.
@Pufff: Yeah, the "grow" part is why it gets likened to a term deposit, despite there being loopholes to partially circumvent the requirement.
@ssfps: just toggle between two savings maximiser accounts every 2 months…that is what I do, and I have it at the max each month, but use the money during the month and then transfer money back from another account (another bank) to top it back up You can nominate which account has the bonus interest for the following month.
@souths123: are both savings maximisers linked to the same transaction account?
As in 5 transactions and 1k transfer in activates the bonus for both?
@Pufff: yes, you can open as many maximisers as you want, you just nominate the one you want to have getting the bonus (for the next month). I did it 1st of this month as my account went over the $100k, so next month, the other account I grew by a few $$ and it is atm just under $5, I will transfer the money over 1st next month so it is 99999.95 approx. I do that every 2 months. But I still use it during the month to transfer money to transaction account to pay bills. I just transfer money back from another bank that is getting less interest rate to top it back up….only because I treat ING as my main bank for everyday transactions. I use HSBC global everyday for transactions (tap) under $100 to get 2% cashback as well…it isn't a huge amount of cashback, but that, plus buying discounted Wish cards and Coles/Myer cards for shopping, and it all adds up….and using Shopback and Cashrewards and Flybuys and Everyday rewards lol
@souths123: Except they put the interest on that the last day… You need to grow your account from there. Every dollar over 100k isn't getting the bonus…
@pointnlarf: yes, but the first month it is only like $5, it is the second month it goes over $100k….believe me, I do it every two months…so the month it goes over $100k, you change the bonus to the other account that might be less than $1 in it, all you do then is put some money, so it grows that month, then the next month it gets the bonus and you are growing it from a very small $$ value for that month, the second month is the one that goes over $100k
@souths123: You miss out on the following month for the bonus interest. So that buggered me up. Will have to look into the two accounts. Only one gets the bonus interest yes? Same issue then really?
@pointnlarf: lol, no, the account that was over the $100k, you transfer the extra that month somewhere else….whatever other bank you want to and it gets the bonus, and you nominate the other account for the NEXT month…you miss out on nothing…as long as you keep toggling every two months, you get it on the full amount every single month, just over two different accounts bi-monthly
@souths123: Yes I did that but….When you put the money back in you don't re qualify for the bonus til the next month
@pointnlarf: mate, you need to work out what you are doing wrong, as I can tell you, I always get the bonus on the money the way I do it…..if it is too hard, then don't use ING or don't have it too close to the limit to stop that from happening, but you can do it. I've been doing it for years.
when you go into the maximiser details it shows if it qualifes for the bonus that month. Hit "i" on the account that shows on track….in this case March, and it says what you have to do for that month to get the bonus….i.e. s$2000 deposit, 5 x transactions, and how much you need to grow greater than Jan balance of $1.72 (in my case) so I deposit a small amount and then it qualifies for the March month….that is when I transfer the money across….1st March…it is then good for March and April, 1st April I change it to the other account again….ready for May. The account with the $99999.95 is the one getting the bonus in Feb
Getting our highest interest rate?
In February
No 0.55% p.a.
In March
On track
@souths123: I'm not missing out per say… I have a ubank account I transfer to not the additional ing… It is just a bit more of a hassle when I don't have to worry at all with ubank. Why I've trimmed ING as much as I have so I don't have the drama for over a year…I'm only missing out on the difference in bonus interest between ubank and ING on about 5k capital… I can live with that…
Agreed. But you can always create a new account, move most of it over.
ING does makes sense if you plan to use it as an everyday account and your savings is under 100k.
Difference between UBank and ING for a 100k savings is $450 p.a.
Most people with 100-250k+ probably couldnt be bothered with the hassle of having to make an ING account and jumping through the hoops just to make an extra $450. If you miss the ING requirements even for a single month in a year then you've pretty much lost the rate advantage over UBank
@flipfire: Assuming the same monthly deposit of $200, the difference between 4.35% and 4.55% on $100K savings for 1 year is about $210.
@[Deactivated]: I was comparing current rates. ING will likely be at 4.80% a week from now, earlier than UBanks 4.35%
oh, 22 days
Perfect for my 2.25% fixed loan rate until 2025. Basically earning 2% free money for doing nothing
Nice, I know every other comment under this post is going to complain about how slow they are to put it into action but honestly, it'll be fine
It's more because they make a big deal about being the first to market with the rate rises, but in reality they aren't.
Even if they aren’t first to apply the update, it’s good because it pressures everyone else to pass on the full rate.
not that i am super interested so i haven't bothered calling, but anyone with "old ubank" (joint accounts) have any info for when the accounts will be migrated?
I'm interested to find out too. They messaged me late last year saying they were going to do it in December, but that was then postponed to after new year, but no exact details when.
They messaged me late last year saying they were going to do it in December
At least you received a message. I got nothing, and their call centre is just as clueless. Standard response: "I will take note of your feedback."
I just replied to that email today asking for an update. Hopefully they come back with a meaningful update.
Dont be hopeful, its a shit show. My mums account got done and total nightmare. They closed an account without notice and are "unable" to reinstate it, couldn't access accounts for weeks 1.5h wait to get onto some one, cancelled auto payments without notice the list goes on.
https://www.smh.com.au/business/banking-and-finance/an-absol…
Oh if anyone is getting the no fee payall from citibank sent to ubank they force an account number change so you need to cancel it and cant get the it setup again on the old caps. I worked out a potential loss of $5k in points (assuming citi don't stop the offer before the expiry of the transfers)
And another thing the new ubank app is basic and website even worse. I asked about a bunch of features old ubank had and answer was that not available but will are looking to improve LOL
UBank was a total nightmare for me.
Have to call them to dop anything much unless you just park funds and forget.
Is the call centre still overwhelmed?
I'm still on the older app that older Ubank users are stuck on and I didnt have (and still havent had any knock on wood) issues with it..
I wonder if the issues with the new app is the underlying reason why they postponed the migration of old app users to the new app
The new app is not fantastic, I've never seen this number of outages and maintenance on the old app. Plus no sweeps and no ASP.
I wonder if 86400 customers before the acquisition also had to deal with the platform's instability.
they just say….soon
I gave up waiting and opened a new "new Ubank" account, and have managed the transfer of money and payments in/out on my own schedule (with plenty of time with both accounts open). When I am comfortable, I will just close the old account.
Got my new cards like 4 months ago… still on hold.
What is the advantage of waiting until they migrate you? Do you keep the same account number or do they transfer your direct debits for you?
I just opened a new account and did it myself. The new accounts are much better especially OSKO to and from everywhere I've tried and the ability to set up direct debit directly from the Save account.
i guess that's probably the best way to do it. thanks
I don't know if I'm migrated or not, but I haven't done anything myself, and now cannot login to "old ubank". It says my password is invalid so I have to use New Ubank. So IF that means I'm migrated, then the answer to your questions is "no":
… It used to be you earned about say 4% on savings, then the $200 ASP gave you a much smaller say 0.2% bonus interest. But they've swapped these two around. So now your "main" or normal interest on your savings is the much smaller 0.2%, and the bonus interest for the $200 deposit is the larger 4%. Which means if your $200/m deposit doesn't go through for some reason you lose the majority of your interest that month. Scumbags!
Who ever heard of every customer getting new account numbers AND a new BSB, and card, cancelling the card that still had a year or two left on it, cancelling auto debits, swapping the interest around, a few confusing emails talking about what was coming but not hear yet, etc just because a business changed hands or whatever happened (I still don't know). Imagine being overseas while all this was going on, your card just stops working one day (like mine did) so you lose access to your money because the new card is sitting at the local post office waiting for you to pick it up upon returning home.
Maybe the lizard people are giving you your comeuppance for rebellion!
I should have done the same as you did and opened up a new account. They don't keep the same account details when migrating so you have to set up everything again anyway.
Hopefully BQO will raise its rate to 5%.
But only up to $50K
you can create multiple future saver accounts. make sure no future saver account is more then 50k and you will get the max benefit
Are you certain ?
I have opened an account with Virgin Money as my BOQ account is full.
If it works - might have to move everything back to BOQ in that case
@parisian: Yup, it might be a bug but I've been getting the full interest rate in all my saver accounts.
@parisian: you will never know till you try - might be a glitch who tf knows but its been working for me
Wait what? Seriously?
You can't create any additional ones now unfortunately 😔
@Xxmilker69xX: Just created another one yesterday, are you sure we can't create new ones? And yes, have been getting the bonus interest from all my future saver accounts, just make sure each is only $50k max. Pretty sure its a bug from their side so please no one call them, shhhhh.
@firestint: I stand corrected, was able to create a new one. A few months ago I was not able to so yeah might be a bug lol. Cheers.
how much effort do you need to meet boqs requirements
In my experience 2/5 of FA
$1000 deposit and 5 transactions. 5 transactions can be made with Beem app.
So you beem to another account of yours and it triggers the 5 transaction requirement?
@ninnypoop: You can easily pay with your credit card and pay your bill from BOQ by splitting it into 5 separate transactions.
@kron: Do you recommend any credit cards? Haven't currently got one but I always wonder if I am missing out on some perks that they offer
Is there a need to grow the balance every month?
My last lock in fixed rate term deposit expires next week.
Looking to lock in another term deposit.
At practically double the rate that o have at the moment.
Watching this closely……..
Can you put in $200 and then take it away, rinse and repeat every month without actually growing the balance?
Yes.
Yep. No growing your balance nonsense.
I just schedule the transfers back and forth and never think about it.
I thought the interest was excluded? Otherwise it's a pointless rule.
I'm not sure I follow
@Danam: The rule states that you have to grow your balance over the previous month to quality for the nice interest rate. But when interest is paid to you, naturally your bank balance will go up. I'm pretty sure they exclude the interest they pay to you when they compare to last month. At least that was what was in the disclaimer.
@JSONBourne: If you are talking about ING then yes, you are safe to assume the worst for that months interest payment.
i have been doing it with direct debit for more then a year… so $200 goes out with DD to UBANK and then it goes out back to the return account after 2 days :)
no other bank gives this facility and no other gives higher rate with this facility… so ubank is best… for me.
Suncorp are currently paying 4% through their growth saver account including on amounts over 250K.
So is St George etc with the only requirement to increase by $50.
Good web banking system too.
But each to ther own.
always the fastest ~~ good on U bank