ubank to increase savings rates
Another month of being the first to move savings rates following an RBA cash rate decision, ubank will increase its 'Save' account rate by 0.25% to a total of 4.60% p.a. from 1 April 2023.To receive ubank's rate of 4.60% p.a. customers are required to have a ubank Spend account and deposit $200 per month (excluding internal transfers) into any Spend and Save accounts.
Source: https://www.savings.com.au/news/rba-savers-march-2023
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
ubank is app only right? yawning in front of the app will probably record all your important mouth data that will be shared with many 3rd parties. no thanks.
Also can use website for banking.
You can also pop into a NAB branch, and demand to speak to a manager (like I did, after trying to deposit cash)
@silenthillrocks: Yes, I now have an empty NAB account which I now use to deposit cash at ATMs, then fast-transfer balance to UBank via NAB app. Also the NAB card is pink. 🤭
@Keplaffintech: Yes but UBank is part of NAB, so there should be some basic level of integration, other than the NAB staff having once heard of UBank.
@muncan: There's not. NAB staff can not and will not help you with anything related to Ubank. What they did for you was open a NAB account and help you set up a transfer - literally any bank you walked into would have done that for you.
App and Website for online banking
4.6 in one months time… garbage rates.
Whos better champ?
@squanchy @gavman
Great Southern Bank have 4.75% up to $50k for under 25s, 4.65% up to $100k for everyone else.
https://www.greatsouthernbank.com.au/bank-and-save/savings-a…
ING have 4.8% up to $100k.
https://www.ing.com.au/savings/savings-maximiser.html
MOVE have 4.75% up to $25k.
https://movebank.com.au/products/savings-accounts/growth-sav…
BoQ have 5.15% up to $50k for under 35s.
https://www.boq.com.au/personal/banking/savings-and-term-dep…
All but the last one haven't yet raised their rates after today's cash rate rise. BoQ preemptively raised it from 4.9% a few days before the announcement.
Anything with a 50k limit is a bit useless though so Great Southern and ING are the only real contenders it seems.
@[Deactivated]: someone said also BoQ has technicality where you can actually earn up to 250k by opening up multiple 50k accs
"Garbage" conditions
Is GSB a big bank or reliable? Saw their deal a few weeks ago but I’ve never heard of them before that.
@Ghost47: Great Southern used to be CUA. They are a fairly big mutual bank. You're covered by the $250k gov guarantee with them. So just go for it. No bank in Australia will ever be allowed to fail on top of that.
those bank make jump hoops like you never jump before
There's also Rabobank with 4.75% for 4 months
ubank probably has the easiest 'bonus' achievement (just deposit 200) and of the two available to over 35 with more than 25k, ING requires you don't take anything out of the savings to achieve the rate.
Shifting my regular bank account to great southern to get an extra 0.05 might be worthwhile. I guess I'd have to investigate more but otherwise the choice really isn't as obvious as you make it.
I do notice you said they hadn't raised rates yet so if they do raise rates further then perhaps it's worth it.
@Talonparty: GSB have done bigger increment increases every 3-4 months or so, and no increases most months. Move has also been inconsistent. Unless you want a million accounts and move monthly ubank is by far the most consistent (alongside BOQ ING and Virgin if those work for you, but more criteria/limitations)
@Talonparty: Yeah, uBank also lets you transfer $200 out and then transfer it back in and you get the bonus. So no need to actually increase the balance to get it.
@bruint: Good if you don't touch your money or have a lower amount.
Getting hold of the call centre to raise my transfer limit was a nightmare a few months ago. During the password fiasco.
I'm scared for life against UBank.
@bruint: Yeah I know you shouldn't dip in to the savings etc. but it's hard enough making the decision and actually needing to dip into it - it sucks losing the bonus interest for the month especially now the rate has come up.
ubank definitely have my vote for this since all I need to do is send the 200 and it doesn't matter if I take it back out or a little more in a tough month (or two…)
Ubank is the only one that supports paying interest on more than $100k.
All the bank you comparing has dodgy conditions to meet while for ubank you deposit and withdraw $200 same month and still get interest so nothing like that exist with rate better than Ubank without age restriction…!
I hate new ubank app but their rates are fair without any string attached… So they are best at the moment.. !
This is the best comparison site I found:
https://www.savings.com.au/savings-accounts/
I split my savings between Ubank, ANZ Plus, and Suncorp Growth Saver.
Canstar also has one, as has RateCity. Pay no/little attention to the recommendations because like google searches they get fees from some providers.
Canstar has a code for new Ubank customers:
Save Account
Use code: BONUS20 to get $20 when you make 3 purchases with your ubank Spend account in 30 days. T&Cs apply.
There's only one bank higher? At least they are increasing unlike all these banks stuck at sub 4%.
Hopefully the ACCC will give them a rev up. Standard rates are appalling, bonus rates mostly mediocre.
I would refrain from putting any cent in Ubank.. Just read their reviews, and it looks like NAB messed up acquisition of 86400.. People are crazily lashing out on Ubank left right center.
Initially I was the same, but then I was reading some things about ING. The latest being:
"In September 2020, FinCEN Files disclosed that ING bank in Poland helped its Russian and Ukrainian tycoons to launder huge amounts of money out of Russia."
So I decided I would give ubank a shot - so far so good. I like you get bonus interest across all savings accounts, not just one and the account doesn't have to be larger at the end of the month to get it - if there was a large purchase or I forgot to move most out and back in I wouldn't get the bonus.
Reviews on what? And does any banking service have good reviews? I would guess no one is leaving a review for a banking service unless they are pissed.
UBank and 86400 had issues when the transition happened but not anymore.
I was an 86400 home loan customer then subsequently a UBank customer after the transition…..no complaints here
I think the issues are actually old ubank customers migrating to new ubank (86400 system rebranded).
Account numbers & cards need to be re-issued and last I saw they were only providing an automatic redirection for a fairly short time.
I’m still an old ubank customer… not looking forward to the migration when my time comes… I’ve got Netflix & Youtube premium using my ubank card, assume that’ll cause some trouble trying to update them and not lose my cheap rates hah.
No issues with UBank from my end, as an old UBank (and now new UBank) customer
I am also gonna vouch for UBank, zero issues, its been great so far.
Same.
Agreed
If there savings rate was same as BOQ they would be the pick
Their app isn't total shit tier mess like the BOQ branded ones are (BOQ, Virgin Money, )
I went to UBANK after their recent increase and it's all good on my end. Like it's not crazy 5%+ like other banks but all I need to do is deposit 200 each month and they have a great solid app to use.
Ditto, Ubank's been great (even if NAB took them over)
No issues with UBank from my end, as an old UBank (and now new UBank) customer
Except very long wait time for customer care call centre but that's not unique to UBank. ING is the same and so are bigger banks.
same, been with them from when they started out and have referred many friends over the years!
Was with them years ago, went to ING for the benefits and higher %. Their internet banking was very good imo, as was their service. Ditto ING.
been using Ubank for a few months, no issues
Never had 86400 and old ubank, signed up for that free $50 and it's still working perfectly fine.
As a legacy user who was migrated over I haven’t had many issues. Certainly the issues I’ve had are not enough of a detractor to make me move from them in the 10+ years I’ve banked with them.
UBank offer a competitive rate with very achievable requirements, it’s your loss if you want to boycott them.
no issues as a former 86400 user (migrated to ubank) and calling customer support when you have issues is super fast never had to wait more than a couple of minutes.
They messed up because incompetent CEO and chairman still in Job … Nothing else in my opinion.. !
laughs in 5.15%
Who dat
BOQ is now 5.15% as of the other day
Thanks, googled it and age restrictions (14-35 y.o.) plus max 50k
Good for some but not for everyone :) cheers for reply
@Jay-rad: You can have 9 or 10 of the accounts (can't remember which exactly), so max amount is either 450k or 500k
@drogog: Caution to anyone reading, this didn't work for me, test with a small amount over 50k first.
@trishmapow: Thanks for clarifying this. Always say people mentioning this workaround, but it's not in their T&C so it's obviously a "hack" and I didn't want to gamble a months interest to try it.
Quick question on the 1k deposit, can you transfer out that 1k straight after depositing it?
Age+50k limit though.. :/
Trash!!
Age restrictions are an utter disgrace. Just because we're older doesn't mean we've got a mortgage and don't need to save.
I will NEVER bank with BoQ due to that policy.
@hamwhisperer: I feel the same way about the old age pension, seniors discounts on public transport, etc. "Positive" age discrimination is still age discrimination, it's an utter disgrace.
Rated 1.6 star on Google Play. Yikes
Bank of mum and dad
Laughs in +10% ETFs.
No wait, -13% ETFs.
No wait, +6% ETFs.
Hmm. Hahaha..??
Laughs in +50% BTC
no wait, -100% BTC
no wait, FTX went broke
hmmmm. Hahaha??
call me rektrading
Much more exciting than watching your bank account, amiright?
sheer hellish miasma…or.. should have monero and stop worrying about being wrenched.
rektrading
He was Celcius.
Think the plan was to deposit it (including all the monthly salary), get like a loan at 1% to live on and watch it go to the moon and never sell. The government can try to claim the tax from the estate on death.
But I guess never thought all these companies go belly up.
Laughs in +50% BTC
Up almost that this week alone.
Laughs in +100% in 7 years in property.
This would be an OK rate if it went on now… But in a month, the others will be even further ahead!
What a joke
how are we not at 5.5 to 6% interest!
We are… if you got a Home Loan :LOL
Jokes of the day hahaha!
Savers are getting punished while mortgage holders receive cashback subsidies (paid for by savers).
Load up on debt
Bank gives you money for it
Because they make bucket load from borrowers - not from savers.
This is one of the reason why inflation is still high.
ING 4.8% and probably gonna be 5.05% tomorrow.
these clowns need to up the 100k limit. think of the basement dwellers…
And drop the hoops
Heard something?
A lot of people not happy with uBank here, but does anyone have a recommendation for an account with a better interest rate?
One that:
* doesn't revert to being non-competitive after 3 months
* has minimal hoops to get the rate (ideally hoops that can be automated so you can't accidentally miss out)
* has a $250k minimum limit
* doesn't have an age restriction
has a $250k minimum limit
Whoa slow down money bags
Below average for a ozb user
share some of your +250k deposit, I have a friend who cant get 20% returns on Indian government bonds
I will need a down payment of 10k first but via western union
Has a $250K limit for the interest rate.
Do not forgot the 30$ friends referral credit
Great Southern Bank Advantage Saver probably best reading this: https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Though bear in mind the $250k FCS limit :)
Bank of Melbourne just needs $50 more each month than the previous month for 4.25% PA. Probably will go up soon and has no max limit.
Yawn