The new UBank tells you if you have met the bonus interest criteria with a green checkmark. Nice.
However, I have noticed that until I make the $200 deposit for the month, it says my interest rate is 0.1%.
With Old UBank the $200 could be deposited any time during the month and the bonus interest rate then applied to every day of the following month.
Does anyone know if we are actually earning 0.1% for those days of the month before the $200 has cleared.
I think OP is overthinking it.
Agreed, but always reasonable to be suspicious of corporations.
I've never been short changed, but I don't like that that is says front and center, "Your current interest rate is 0.1%". Because interest is calculated daily and paid monthly, it's a question worth asking.
Put it into BOQ and enjoy free bananas?
With Old UBank the $200 could be deposited any time during the month and the bonus interest rate then applied to every day of the following month.
This used to be the case. But when NAB acquired 86400 and started to plan the mergers, old UBank also changed it to "current month". So both old and new (86400) UBank have had the same conditions for a couple of years.
So if you put in $200 half way through the month, do you get bonus interest for every day that month?
Yes.
I put $201 in May. The Old interface confirmed that I was qualified for bonus interest rate in May. Needed money urgently in late May. Called Ubank to check if I would still earn bonus interest rate from start of the month until I move money out. I was assured that the bonus interest would be paid. Also, I was 'upgraded' to the New interface during this call.
So I moved everything out a few days before month end, leaving $1 on USaver and … guess what? I was not paid bonus interest rate in May.
Does anyone have a clue what I have done wrong?
As there is no requirement to grow your balance, I don't see any issues with what you did. My only suggestion is to check your prior transactions for May. When they upgrade you, you are paid your accrued interest for that month there and then. This means your interest payment at the end of the month will be smaller than expected. One family member experienced a couple of days delay in receiving their next monthly interest payment. If you don't get it in a day or two I'd be calling them.
Thanks @Danam. There is also a discussion on Whirlpool, where someone said that some people got interest on the old account at the time of migration. So there is a chance that my bonus interest rate was accrued on the legacy account. However, I don't have access to this anymore. I guess, I will have to call them next Monday.
Terms and conditions written pretty badly, but I've always received bonus for the full month regardless. To take from their T&Cs that imply: