Changes to ubank Save Account

RichardL on 27/05/2024 - 23:30
Last edited 18/06/2024 - 15:21

Just received an email from ubank for changes to the ubank Save Account.

Hi,

We’re making some changes to our General Terms, which will apply from 1 July 2024.

Here are the main changes:

  1. Bonus Eligibility Criteria: we’re increasing the amount you need to deposit to qualify for bonus interest. Starting from 1 July, you’ll need to deposit $500 or more into either your Spend, Bills or Save account each month from an external bank account (like your salary).
  2. How we calculate interest on your Savings: We’re introducing interest rate tiers to our Save account, which will change how interest is calculated. We’ll be in touch soon with the rates that apply to each tier. For more info visit ubank.com.au/banking/savings-account/whats-new. We’ll be in touch very soon with more on this.
  3. Removing Outbound Payments from Save: You’ll no longer be able to make most external payments directly from your Save account. You'll still be able to receive external payments into Save. It's all about keeping your savings separate. Make sure to update any recurring payments, like Netflix or your phone bill, to come out of your Bills or Spend account(s) or Visa Debit cards. We’ll send reminders about this closer to the time.
  4. Passkeys: We’re introducing an easier and more secure alternative to log in to the app. This won’t be available for everyone yet; we’ll be in touch when it’s available for you.

All of the changes we’re making to the General terms are set out in detail at the start of the new terms. Please make sure you read them, so you understand what’s changing.

For more information about the upcoming changes to the Save click here.

Speak soon,
Team ubank

Update: Bonus interest rate tiers from July 1st (Deal Post):

Tiers Amount Rate
Tier 1 $0 to $100K 5.5%
Tier 2 $100K to $250K 5.0%
Tier 3 Over $250K 0%

Overall an increase (assuming 250k)

  • Current Rate of 5.1% = $12750pa
  • New Tier Rate of up to 5.5% = $13000pa
Financial Bank Account Savings Account

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Comments

  • Ziggy28 on 29/05/2024 - 22:49

    St George / Bank of Melbourne Incentive saver is currently at 5.15% up to $250K. Need minimum of $50 growth every month. Apparently you can withdraw from the account anytime but it needs to have the extra $50+ on the last day of the month in order to qualify for the next month. Could be a good consideration for those at uBank if the upcoming 2nd Tier interest rate is from $100K to $250K is bad. (Probably will be from the looks of it).

    • heytherehoney on 30/05/2024 - 17:53

      That's even worse than ING which only requires $0.01 growth each month (but that's the most annoying condition). At least they pay 5.50% (up to $100K).

      I'm eyeing off Macquarie - 4.75% on their transaction account.

  • lamclennan on 30/05/2024 - 07:58

    So can I direct debit off be ING saving balance? Pretty much need to take a direct debit and a scheduled payment. If that's possible I'll just do that and ensure the balance is topped up each month to be greater.

  • SKiZO on 30/05/2024 - 09:12
    +8

    Step 1 - Introduce new interest tiers
    Step 2 - Don't tell your customers how they work

    • JIMB0 on 30/05/2024 - 10:25
      +2

      They're probably looking to gauge the reaction before setting the rates for each tier to maximise their interest rate margin and hence profits.

      • Ziggy28 on 30/05/2024 - 12:13
        +3

        Tier 1 rates could still be the same but Tier 2 & 3 will be awful.

      • bdl on 03/06/2024 - 12:43

        It's NAB - they're too thick to be thinking that far ahead :D

  • Yabadabadoo on 30/05/2024 - 09:42
    +8

    Their complaints team mustn't have any work after they clear the backlog of complaints about ubank changing everyone's account number and removed features without proper notice so they need more work LOL Time shitify ubank somemore.

    • factor on 30/05/2024 - 12:20
      +1

      They are shitting out their canned replies at rapid speed - I got the same canned reply of "bringing back the original purpose" within 24 hours.

  • krazek on 30/05/2024 - 11:56

    Speaking of Ubank, anyone else notice that their OSKO payments aren't working this morning? Just made a payment and still waiting on the other end

    • Ryk on 30/05/2024 - 14:25

      osko was slow last night from CBA too. over an hour for a pre-existing contact

  • try2bhelpful on 30/05/2024 - 13:50

    This appears to mirror my old NAB iSaver account. You can’t make direct payments from it, not even to my credit card. I have to transfer money from the ISaver to the savings before I can make payments or withdraw money from the ATM. There seems to be an account to save and a transactional account. No idea why they do this but NAB has been doing this for a looooong time.

  • ButterYourMuffin on 30/05/2024 - 14:41
    +3

    I just moved to Macquarie. :D

  • leep35 on 30/05/2024 - 15:52
    +4

    This is Ubanks way of rewarding its customers when the online banking locked out customers for the week.

    Corporate puppets trying to justify their existence and pay packets screwing the common people battling the cost of living pressures.

    Making a simple product more complex.

    Moving all funds across to NAB under a ex citibank accounts paying 5.6% up to $1M

    Refer to https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e… for bank account comparisons

    • leeroys_dad on 30/05/2024 - 16:43

      Which nab ex Citi account?

      • leep35 on 30/05/2024 - 19:28

        NAB purchased Citibank Australia, citibank account holders were migrated across to NAB accounts with a special promotional interest rate on the Citibank online saver product.

    • JCFoz on 12/06/2024 - 16:29

      This should have more upvotes. You are a genius for discovering this. I think it might actually be for unlimited amounts as it mentions 5.6% even for $1M+

    • heytherehoney on 30/05/2024 - 17:29
      +5

      You can't use the UBank Save account like an everyday spending account. The card can only be linked to the Spend account so you can't pay for things at the shops or buy things online with the Save account.

      • whatgift on 30/05/2024 - 19:24
        -7

        Yeah fair enough - but if you're regularly transferring money out of that account, it's also not a saver account.

    • Nom on 30/05/2024 - 22:55
      +5

      it seems people want to treat their savings account like an everyday spending account,

      Of course we do, and so do you.

      Who wouldn't want to earn interest on their everyday spending account ?

      and that's not what they're designed for.

      Until yesterday, this is exactly how it was designed. Chuck all your money in save, earn interest, and pay bills. Without this, it's just another bank account with zero unique features.

        • factor on 01/06/2024 - 08:09
          +4

          You insist on being ripped off by the bank on your transaction account to overcome your poor financial self-control? For those who don't need the bank's punishment to help manage their finances, well, this change is just all punishment.

  • jam-donuts on 30/05/2024 - 21:53
    +1

    They are simply cracking down on saving rates.
    By preventing you from withdrawing from savings, people will have a larger balance sitting in transaction accounts on which no interest is paid. By introducing iters, they are doing the same.

  • leeroys_dad on 31/05/2024 - 06:26
    +2

    I highly suggest those with balance that exceed tier 1, to move money as it's likely high rate will not apply to tier 2 or 3.

    Ubank have satisfied a clause of 30 days notice for changes to how interest is calculated.

    However ubank are now only required (at the latest) to advise of the actual interest rate on the day, being we might only find out the rate for each tier on 1 July

  • Hangryuman on 31/05/2024 - 07:28
    +3

    Refer to https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e… for bank account comparisons

    a bit confusing - I have too many regular credits and debits to be faffing about with UBanks new steaming pile, so want a simple single high interest account that allows credits and debits without needing to back and forth to another account like UBank's intentions

    I'm unlikely to go with 'new random name' offerings that are likely to change a few months down the track, so prefer known historical ones

    I've seen a few suggestions for Macquarie - does that have a mobile app, and any problems for my uses ?

    [SOME MOMENTS LATER]
    OK I've now opened Macquarie bank accounts - transaction and savings - took me all of 5 minutes - so UBank will shortly be consigned to the Far Queue.

    • koplik8 on 31/05/2024 - 09:11

      I was thinking exactly the same thing. I had a loan with Macquarie years ago and I've always been 50/50 about them. They never sent any correspondence or bank account statements through. Well, any app is better than the Ubank one. I like that then I don't want to login anytime and look at it. It's been a set and forget account for me over the years

  • dufflover on 31/05/2024 - 09:22
    +2

    I'm with the rest of you … waiting for the new rate to be down for Tier 2. Bankwest just watered down their CC insurance too. Rarely do "changes" ever go the way of the customer.

    Not sure what the point of Tier 3 is except for legal mumbo jumbo - isn't it already "0%" because I thought bonus interest isn't paid on the amount over 250K anyway?

    • factor on 01/06/2024 - 08:04

      What changed with BankWest Cc insurance?

      I was impressed with the complimentary travel insurance for: not needing to be activated with prior spend, and covering scuba. It seemed to have what I needed after reading the pds.

      • fraxinus on 02/06/2024 - 19:38
        +1

        We're writing to let you know that from 3 September 2024, we'll be removing the complimentary overseas travel insurance as well as other insurances cover from Bankwest Zero Platinum credit cards.

        And so on and so forth.

        • factor on 02/06/2024 - 21:14

          Thanks, very helpful, I missed that.

          It's a little odd, as a requirement by the card schemes MC/visa for "platinum" branded cards (allowing high interchange fees) used to be complimentary travel insurance.

  • xwx on 31/05/2024 - 09:44
    +3

    ETFninja on reddit spotted the details on pg 26 from the May updated T&C appear to contradict the changes outlined in the email relating outbound payments & transfers…

    The following is on page 26 of their general terms document, effective July 1 talks about the Save account.

    Taking money out
    • Transfer money to your Spend account using our app or online banking
    • Transfer money to another one of your ubank accounts using our app or online banking
    • Transfer money to another Australian bank account using our app or online banking
    • Pay a bill with BPAY using our app or online banking
    Authorise payment agreements using PayTo
    • Set up a direct debit to another Australian bank account

    • ry34 on 31/05/2024 - 12:09

      Oh.. BPAY transfers, I was worried they were removing this altogether. I have no direct debits from the save account, just one manual BPAY payment to the CC each month.
      The new tiers of interest rates are probably going to be terrible though…

        • ry34 on 04/06/2024 - 16:16

          can confirm BPay transfers are gone :(

  • playerzer2 on 31/05/2024 - 11:06

    Ubank is being used by scammers ALOT, and they have been doing little to nothing about it.
    They are handling it so poorly, in fact, that they are close to being removed as a banking organisation altogether.
    These changes may be an effort to tackle that, or they could be a cash grab before being shut down.

    • izkai67 on 31/05/2024 - 13:01

      Naah I don’t think so, they could increase their security level without reducing interest rate, all ploy to reap more profit

    • doczoid on 04/06/2024 - 17:49
      +3

      Do you have a source on them being close to being removed?

  • izkai67 on 31/05/2024 - 12:58
    +2

    That’s why I always have 5 bank accounts with only 2 active, I’ll just move all my money to a better one and leave ubank 1 cent balance, keep it until they change for the better, it ll be their burden to maintain 1 c balance account.

    • magic8ballgag on 11/06/2024 - 14:34

      Can you please explain keeping a 1 cent balance? How does that benefit you?

      • izkai67 on 12/06/2024 - 00:15

        So they won’t close the account, and make transfer once a year

  • haru on 31/05/2024 - 16:48
    +1

    The dream is over 😢 Time to move to Macquarie Bank

  • TSK7 on 31/05/2024 - 19:44
    +1

    Has anyone's ubank account just been conveniently blocked before the end of the month for the bonus interest?

    • dufflover on 01/06/2024 - 10:22

      Did you not do their "survey" on how you use the account?

      I hated that cos you HAD to do it on the app, which I don't want to have/use. Installed, did it, uninstalled. In hindsight maybe shows how bad they are getting with cost cutting and stuff

  • matt26 on 01/06/2024 - 06:31
    +2

    Ubank have gone down hill. They used to offer a great home loan interest rate with a crappy platform. Now they just have a crappy platform with a crappy rate.

  • aiyoyo on 01/06/2024 - 08:05

    Is Ubank bonus interest cap at account balance under $250k,?

  • try2bhelpful on 01/06/2024 - 08:17

    Me, I’m just going to see what the rates turn out to be and make a decision then. The $500 isn’t a problem to transfer and I manually transfer the money to pay my credit card bill. Just need to tack $500 on to it rather than $200.

    I do think they should reintroduce the sweep but NAB has other accounts where there is a separation between savings rather than transactions. I’ve just learnt to live with this over the years.

  • Shiny Mew on 01/06/2024 - 08:45

    I will probably move my funds to AMP’s savings account. Despite the high interest without tiers and minimal hoops, it doesn’t seem that popular here - why?

    • zootv on 01/06/2024 - 12:12
      +2

      For me, the AMP saver doesn't include the ability to use the account for direct debits, which is how I am currently using Ubank (to pay off monthly credit card). For this reason, like many others, I am leaning to towards Macquarie.

      • MeesusEff on 14/06/2024 - 20:59

        I was wondering why AMP wasn't more popular for the rate it is. I would open a Macquarie and park like $2k in there for bills and transfer the rest to AMP for savings. Got way too many bank accounts now ><

  • mreddie on 01/06/2024 - 09:19

    Just move to AMP, better rate too. The process was simple to setup and actually like their desktop and phone app. No complaints so far and had them for around 3 months.

  • Grok on 01/06/2024 - 11:48

    Stupid question but just to be 100% sure, here goes. Since UBank wrote this.

    New external payments from Save accounts will no longer be available. This includes direct debits, PayTo, BPay, and BSB & account payments from Save

    You can still transfer money to another bank account by BSB surely?

    • Versatility on 01/06/2024 - 12:34
      +5

      Yes, but not from a 'Save' account, which you can currently do now. This is the functionality lose people are complaining about. From 1 July, money will need to go 'Save' -> 'Spend' -> external whereas now it can go 'Save' -> external.

      • Grok on 01/06/2024 - 14:13
        +2

        So the answer is no.

        Thanks, seems like UBank know all the other banks are worse so they are lowering their advantage

      • Grok on 01/06/2024 - 14:18

        Oh, one more question.

        I don’t have a “Spend’ account I have an Ultra and a USaver.

        I assume the Spend account is the Ultra?

        • Bredo on 01/06/2024 - 14:27
          +2

          Yes, "Spend" it's just the current name for former "Ultra" accounts. Your Ultra it's just a Spend which was migrated from an Ultra that retained its name. What you see, as account name in your account list, can be renamed to whatever you like from the app

    • Yola on 02/06/2024 - 21:39

      You can move finds to another bank directly from the AMP account.

  • jumbokevin on 01/06/2024 - 12:39
    +2

    Has anyone else transferred >$200 into their save account today, but not have the transfer shown in the Account Activity section with the "bonus activated" message that's normally shown?

    • Bredo on 01/06/2024 - 13:50

      Yes, and just to be sure, I made a number of transfers into the Save account and none are shown in the account activity nor is the "bonus activated" message being shown (still says my interest rate is 0.10%).
      The balance do updates though. Looks like the activity stop showing transactions after the 31st May

    • Immortal1 on 01/06/2024 - 13:57

      Yep same here, about an hour or so ago I deposited $1000 to my "save" and my wife sent $500 to her "save", neither have shown up and its still saying bonus interest not activated. I did however get the notification on my phone saying money was inward bound, she did not.
      These aren't joined accounts. We each have our own..

      Also just noticed on her app it said they're having issues with deposits not reflecting (same as what the recorded msg on the phone support says) but not on my app and also their "system status" page shows everything is working normally.. 🤷‍♂️

      • timhn on 01/06/2024 - 15:34
        +1

        I just deposited $200 into the Save account an hour ago and just checked now and can see bonus interest activated. May be they just fixed it.

        • jumbokevin on 01/06/2024 - 15:45
          +1

          Same - it's all fixed now. Looks like there must've been a delay today

        • Bredo on 01/06/2024 - 15:47

          Yeah same

  • Mad Max on 01/06/2024 - 15:36
    +5

    But at least now UBank greats you with
    "Happy Pride Month! 🏳️‍🌈"
    when you open your App!!!

  • Taro Milk Tea on 01/06/2024 - 17:08
    +1

    So if I understand correctly:

    AMP has higher rate but doesn't allow payment and any direct debit arrangements. Macq bank has lower interest but can make payment and direct debit? Is this right?

    Are these two the only top choices beside ubank?

    • BigBirdy on 01/06/2024 - 17:12
      -3

      AMP allows BPay and transfers to other bank accounts. As a general rule, I would advise against using a high interest savings account as a transaction or bill paying account

      • Taro Milk Tea on 01/06/2024 - 17:50

        Ah ok, just not direct debit for AMP?

        • BigBirdy on 01/06/2024 - 18:03
          -3

          If you mean like a utility company direct debiting you, dunno, I wouldn't.

          As for whoever negs me for advising against using a HISA account for bill payments, maybe they should look at all the complaints from those who do

          • Taro Milk Tea on 01/06/2024 - 18:25

            @BigBirdy: Nah I'm using ubank so far to pay my credit card by direct debit. Looks like AMP bank doesnt allow it

            • zootv on 01/06/2024 - 18:54
              +1

              @Taro Milk Tea:

              I'm using ubank so far to pay my credit card by direct debit. Looks like AMP bank doesnt allow it

              Yeah, this is my dilemma also.

              Best option I think is AMP (5.40%) for the bulk of savings, and link that account to the Macquarie Transaction account (4.75%). Will just need to maintain a suitable balance in Macquarie for the monthly credit card direct debit (and any other small direct debits).

  • Gomo on 01/06/2024 - 20:51
    -2

    Don't see the issue here, you can have a seperate account with Ubank for bills etc to come out of.. just setup for Internal transfers if required to go from your Savings account to your spending account.

    • Nom on 01/06/2024 - 21:21
      +5

      Maybe read the rest of the comments before you comment ?

      Don't see the issue here, you can have a seperate account with Ubank for bills

      This is the issue.

      Until now, you didn't need a separate account. You just put your money in, interest got paid in and bills got paid out.

      just setup for Internal transfers

      There is no mechanism to automate the internal transfers needed for direct debits of varying amounts on varying dates.

      They used to have this mechanism, and they called it Sweep, but it no longer exists.

      • Gomo on 02/06/2024 - 09:09
        -2

        Very rarely do I setup direct debit, so no issues on my side,

        I have already setup automatically to transfer from my savings account weekly to my spending account internally no issue.

  • BrunoBear on 01/06/2024 - 21:28

    So BPay from Savings will be disabled unless we have it set up before 1 July?

  • Daniel Plainview on 02/06/2024 - 09:09
    +6

    I think we've been with Ubank since their first year (2008) and have put up with their nonsense over and over (BSB changes multiple times, sweep removal, promising to return it which was clear BS, account locks, etc) - have always resisted moving away due to PITA factor but if not now when?

    Think I will set aside an afternoon and move - as I'm just sick of their walking back their product offering. Chasing a few extra basis points on interest isn't my concern, as really if you want best returns on your $$$ it should not be sitting in cash!

    Macquarie looks like best overall product offering to me for an account you can transact your dealings out of, good functionality/features & decent int rate for zero hoop jumping.

  • So Was Red on 02/06/2024 - 09:55
    +10

    UBank is now rank 14 on this incredible Spreadheet: Account Leaderboard by techt.
    They were ~#4 and transacting from the HISA was great, but no longer any reason to stick around

    #0 If you're under 35, your best bet is BoQ*.
    #1 is MEBank but they have poor reviews, are criminals and they're much quicker to lock your account than any other bank I've tried^.
    #2 ING can be complicated but swap between 2 or 3 HISA, automatic 2k and 1c monthly transfers, x5 1c transactions at self-serve checkouts overcomes all hoops
    #3 MOVE Bank, seems ok
    #3 Rabobank has poor reviews
    #4 AMP seems popular

    So yeah, the current top 4 may be: BoQ*, ING, MOVE?, AMP

    • So Was Red on 02/06/2024 - 10:08
      +1

      ^MEBank account was locked for making ~5x $1 transactions to set up and test my frequent Pay Anyone contacts. Had to call up and was even hung up on the first time despite me being polite and friendly (I know they have to deal with a lot of rude people).

      • wangasm on 02/06/2024 - 17:49
        +2

        There are many hidden downsides like these that are not reflected in the spreadsheet but may matter to some people.
        For me it's the prohibitively low daily Osko/PayID payment limit on ING, BOQ and VirginM at only $1000 per day which dissuades me. ubank were great since they have a rare $20k Osko limit. For me I will likely end up using a combination of AMP (5k limit) and Macquarie (10k limit)

        Also reviews on banks mean very little because literally every bank in your list has a review score less than 2.0 (except MOVE which has small numbers of reviews).
        Same goes for the big 4. They all have potential to be bad.

        • So Was Red on 02/06/2024 - 21:10

          While leaving Ubank yesterday Osko limit seemed to be 5k, daily limit 20k
          Fair about the reviews, didn't expect to see ING and BoQ also have poor reviews

    • cakeking98 on 18/06/2024 - 21:21

      Westpac has a 5.20% p.a interest rate for 18-29-year-olds so wouldn't that be better than BoQ?

      • So Was Red on 18/06/2024 - 21:26
        +2

        Westpac Life 5.2% is less than BoQ Future Saver 5.5%
        Not sure if I understand the question, no

  • SBOB on 02/06/2024 - 10:29
    +1

    Removing Outbound Payments from Save: You’ll no longer be able to make most external payments directly from your Save account.

    this stupidly includes even scheduling normal bank transfers from the save account.
    You can do an immediate transfer, but scheduling for a future date isnt possible…

    • DamonT on 03/06/2024 - 10:30

      not sure that's true, I set up a few for my folks on the weekend…pretty sure it was from save to spend (?!)

  • Daniel Plainview on 02/06/2024 - 10:53

    Any Macquarie Bank users in here?

    I'm just curious if you can have direct debits occurring out of their SAVINGS account with no ramifications? At first glance it appears this is possible but hoping a customer could verify.

    Thank you in advance - looks a very good platform.

    • timhn on 02/06/2024 - 11:14
      +2

      Yes. The saving account is pretty same with trans account in term of features except for withdrawal cash due to obvious reason.

      You can see the list of features between the two accounts here

      • Daniel Plainview on 02/06/2024 - 11:37

        @timhn

        Much thanks - am impressed with Macq thus far - thank you for your assistance.

  • BluebirdV on 02/06/2024 - 11:44

    When the changes occur, will I need to transfer money from the savings account to the spending account when making bank transfers?

  • Ziggy28 on 02/06/2024 - 17:20

    What's uBank's maximum transfer amount for each business day? I would imagine those with a lot of money in Ubank would be moving out their money soon with the new changes being implemented

    • wangasm on 02/06/2024 - 17:53
      +2

      Only $20k per day unless you call them to increase. The good thing though is the PayID limit is also 20k per day so if you plan your transfers you can minimise the downtime on lost interest.

      • Grok on 03/06/2024 - 23:10

        If you call to increase the daily limit from $20k does that change become permanent or do you have to call them for each transfer?

        Thanks

        • wangasm on 04/06/2024 - 01:25
          +1

          It's only temporary and you are increasing the $ limit, not the number of transfers. So if you increase to 100k, you can make multiple transfers to reach 100k.
          I don't know if the PayID limit also gets increased though or if it defaults to standard transfer after 20k

    • factor on 02/06/2024 - 21:24
      +3

      You can phone authorise a very big transfer - and you get to mention why you are clearing out your account at the same time! Phone authorisation is available 7 days per week (but not 24/7).

      • Grok on 03/06/2024 - 23:11

        Do you have to call for each transfer or can you raise the $20k limit?

  • Mark1159 on 02/06/2024 - 20:58

    With Ubank - my monthly $2000 deposit goes in on 28 or 29 each month.

    Is it correct I don’t need to transfer in $500 on the 1st each month to ensure my 5.1 % interest rate applies for the whole month?

    A late month transfer $500 plus retrospectively applies?

    Thx

    • Bredo on 03/06/2024 - 13:50
      -8

      No, that's not how it works, interests are calculated daily and paid monthly.

      By activating the bonus interest at the end of the month instead of at the beginning of the month, you're missing out most of the bonus interest!

      You could get much more in interests by activating the bonus interest on the 1st of each month (schedule a $200 [$500 from July] transfer from another bank account to your save or spend account on the 1st of each month). You can even take it out right away if you need to, but you'll have the bonus for the whole month this way

      From UBank T's and C's:

      Base interest is calculated daily and paid monthly based on the total balance of your Save accounts. Each day, we’ll check your account balances and calculate the interest for each Save account. At the end of the month, we’ll add them up and pay it to your Save accounts. Bonus interest is also calculated daily and paid monthly, but only on balances up to $250K per customer. Find out how to check if you’re eligible for bonus interest.

      If you are eligible for bonus interest, we will calculate the bonus interest each day on your Save accounts by first looking at your shared Save accounts, and then your individual Save accounts until we’ve calculated interest on up to $250K across these accounts.

      • DoaAn on 03/06/2024 - 23:41
        +3

        That’s incorrect. Doesn’t matter which day you activate it, you get the bonus interest for the entire month. It’s the same with most banks doing bonus interest. Difference is that some have it count for the next month instead of the current.

  • leeroys_dad on 02/06/2024 - 22:24
    +1

    Rabobank has a funky physical device( like the old RSA token) which you use to obtain a PIN code to log in on pc/laptop every time. Mobile app doesn't need the pin code after the 1st setup. Can only send money back to your nominated external account. Good rate though so I will keep for now

  • Architectonic on 03/06/2024 - 05:23
    +1

    This is the last straw for me, given the app recently stopped working on my iPad too. I used it for convenience (payments from savings account) without penalty unlike the accounts that require a growing balance each month.

    Going back to using the BankSA/BoM/St George saver account, along with ING and ME Bank savings accounts and will consider AMP.

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