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

    • timhn on 03/06/2024 - 08:18

      Isn’t St George save account must grow at least $50 a month to qualify for bonus interest? Also you need another debit account to pay bills?

      • aussieplip on 03/06/2024 - 13:03

        Yeah you have to grow the account by $50 but at least you can use it for direct debits

  • Daniel Plainview on 03/06/2024 - 14:24
    +8

    FWIW as someone who has been with Ubank since ~2010, this was final straw for me - made the switch yesterday to Macquarie & VERY impressed so far. Much more functionality at all levels of their product offering - I can have direct debits, bpay, payID out of the savings account without any issues.

    4mths higher interest rates on the savings account (which is nice but I do not care too much as staying in cash is not great if you're wanting best possible returns) - or just leave all in th transaction account for 4.75%.

    Good apps, good desktop experience, lots of customising possible. Took me a few hours to do but every direct debit etc now is all online and signature free.

    if you do not leave Ubank now, then when?

    • MTWallet on 03/06/2024 - 21:08
      +1

      Yes, I think it's time to leave. They almost broke me with the 86400 merger. But I held on, hoping for better days ahead.

      It's really a bit of a shame what they are doing to this once decent product.

      • pinkybrain on 04/06/2024 - 23:47
        -1

        It's really a bit of a shame what they are doing to this once decent product.

        enshittification

        https://www.ft.com/content/6fb1602d-a08b-4a8c-bac0-047b7d64a…

        • magic8ballgag on 12/06/2024 - 13:29
          +1

          Isn't it ironic that the article you linked is hidden behind a paywalled service?

          • pinkybrain on 13/06/2024 - 01:16

            @magic8ballgag: When I posted that link I was able to read it for free.
            I think they must have given any new users 1 free article to look at so I didn't even know that was a paywall article.

            What would be the point of me posting a link that only paying people could be able to read it?

            Anyway here is a bunch of other possible links you can pick from.
            https://www.google.com/search?q=enshittification&sourceid=ch…

            Don't blame me if any of the articles suddenly become paywall

            • magic8ballgag on 13/06/2024 - 08:12

              @pinkybrain: I wasn't blaming or having a go at you, but found it funny that a news article covering enshittification was behind a paywall.

              News used to be free once upon a time, and now it's just another service that one has to pay and subscribe to.

              • pinkybrain on 14/06/2024 - 00:10

                @magic8ballgag:

                News used to be free once upon a time, and now it's just another service that one has to pay and subscribe to.

                Depends…
                News that is free is paid for by ads (e.g. TV news, local free newspaper)

                If you want to read well known newspapers / magazines (with specific articles) then you would need pay for it.

                That link was a specifically written article about a topic on an online site that also has a real life newspaper that you need to pay for to read (Financial Times) so that wouldn't be considered regular news.

                Nowadays with ad blockers and AI scraping all the sites for generated answers
                many online sites are probably not making as much money.

                It's understandable that they need to make money to pay their writers and staff,
                so many specific content are now paywalled (to prevent AI scraping and loss of revenue from ads).

  • yycan on 03/06/2024 - 19:03

    Yeah I'm moving away. No sweep was ok if we could move money directly out of savings. But no point staying if they are taking away that.

    What's the next next option? People here seem to be saying Macquarie.

  • noz on 03/06/2024 - 19:23
    +1

    For anyone that didn't yet receive this email, do check your Spam folder. Found mine in Gmail Spam folder.

  • Ave Maria on 03/06/2024 - 20:48
    +2

    I moved all my money out of Ubank when the rate got stuck at 5.1% while

    St George offers 5.15% to $249,999.99 for each incentive (5.25% achievable if you open a new incentive every 3 months) - Incentive accounts are all Direct Debit enabled.
    You can still walk into a St George branch and withdwaw as much money as you need at a counter without given a strange look or a "sorry we do not do cash anymore" or "we will charge your for that" (like CBA does)

    AMP offers 5.4% to $250K and payments straight out of the saver account (conditions state no direct debit enabled but some state that it actually is)
    Rabobank offers 5.45% to $250K
    Hiver still offers 5.25% to a very high limit (for existing Hiver customers)
    GSB offers 5.25% to $100K
    ING offers 5.5% to $100K
    MEB offers 5.55% to $100K

    what UBANK offers is change for the worse and a very bad attitude towards customer service (it is NAB after all)

    • Joshminey on 04/06/2024 - 11:29

      Just set up a St George saving account will be transferring all my money from ubank over

      • heytherehoney on 04/06/2024 - 13:56

        Just note that you have to grow your account by at least $50 each month in order to receive the full bonus interest rate. This is a deal breaker for a lot of people, myself included.

        • Joshminey on 04/06/2024 - 14:07

          50 bucks isn't too much only 12.50 a week just means you can't take money out

          • heytherehoney on 04/06/2024 - 15:08
            +4

            @Joshminey: The amount isn't the issue - it's the restricted access to money that is the issue.

        • Ave Maria on 04/06/2024 - 18:20

          No real restrictions with St George (theit funny rules are easily worked around). Open 2 incentives and move all money between the 2 on the 1st of each month. You can then take out whatever money you need during the month, just leave behind $50 to qualify for the bonus.

          Plus if you open a new incentive you get 5.25% for 3 months (not just the 1st one - just don't tell St George).

          You just need to learn how to work the banks rather than letting them work you (like ubank)

          • heytherehoney on 05/06/2024 - 00:17
            +1

            @Ave Maria: We're all leaving UBank so we DON'T have to do all this messing around with multiple accounts. It's a PITA. If you must do that, do it with ING instead - 5.50% and $0.01 growth requirement.

            People sometimes also have big expenses that they need to dip into their savings for and they may not be able to increase their balance. They'd have to forgo the high interest which makes it restrictive.

            I'm looking for a simple, high interest savings account that I can set and forget (direct debits and scheduled payments). 4.75% at Macquarie looking to be the best option - no strings attached.

          • Mad Max on 05/06/2024 - 08:34

            @Ave Maria: They say the StGeorge 5.25% with 0.1% bonus is only for new customers. Is your 0.1% bonus working past the 3 months?
            "Earn up to 5.25% p.a. with a variable base rate of 1.85% p.a., a variable bonus* rate of 3.30% p.a., and an extra 0.10% p.a. to your variable bonus rate for the first 3 months when you open online. New customers only on balances remaining below $250,000. After 3 months the total variable rate will apply."

            • Ave Maria on 05/06/2024 - 18:37
              +1

              @Mad Max: I open a new Incentive after 3 months, move money there & l get the extra 0.1% bonus.al over again.

              They say new customers but in practice it applies to any new incentive acounts - not just the 1st one

              Please don't tell St George as they may actually implement what they say -:)

              This is not unlike the silly upper limit of $249,999.99 cents they introduced last year, that you can work around by opening more than one Incentive account. I swap between accounts on the 1st of each month so I can out take my money whenever I need too leaving just $50 behind.

              That strategy came handy when I neded to move money to AMP for the 5.4% and Rabobank for the 5.45%

              • Mad Max on 05/06/2024 - 18:40

                @Ave Maria: Thank you.
                Do you open the new incentive from your log in as existing customer or just as a new customer? If you open it as a new customer, then do you see it in your accounts when you log in?

                • Ave Maria on 05/06/2024 - 18:43

                  @Mad Max: Existing Customer - how can you open as a new customer if they already have your identification details ? (should not be possible - unless you use the other 2 brands - but you do not need to do that - it is still the same customer account for all 3 brands)

                  It is that simple, you logon, you open a new incentive and automaticaly (provided you do the +$50) get the extra .10% campaign credit for 3 months.

                  • Mad Max on 05/06/2024 - 18:47

                    @Ave Maria: I opened some new incentive accounts like you mentioned, but I only got the 1.85% rate + 3.3% bonus = 5.15% total.

                    • Ave Maria on 05/06/2024 - 19:24

                      @Mad Max: You will get the .1 % paid at the end of the month as an online campaign bonus - they would not indicate that as part of you current rate

                      as per below (without showing figures) from my latest payment (I do not see the +0.10% in my interest details) - this for the 3rd account I got the bonus for -:)

                      31/05/2024 Credit Interest
                      31/05/2024 Bonus Interest
                      31/05/2024 Campaign Interest Incentive Digital Bonus +0.10

                      and you will get the digital bonus for multiple accounts if new ( I got it for 3 of them at one point)

                      • Mad Max on 05/06/2024 - 19:33

                        @Ave Maria: Interesting. I got the interest on 31/05/24 on 2 separate new incentive accounts (opened on 29/04/24) and they only paid credit interest and bonus interest.
                        How long since you first became StGeorge customer?

                        • Ave Maria on 05/06/2024 - 23:30
                          +1

                          @Mad Max: Since May 2023 (over a year) - I have a total of 7 Incentive accounts, the most recent opened on 1st of May 2024 & earned 5.25% at the of the month.

                          I have moved my money to Rabobank at 5.45% since.

                          Did you open the accounts online (a condition for the digital bonus).

                          If you opened the accounts via the app, that may not be considered "online" (banks always get you with the fine print :)

                          "For a limited time, new Incentive Saver customers can receive an extra 0.10% p.a.
                          on their variable bonus rate for the first 3 months when opened online"

                        • Ave Maria on 05/06/2024 - 23:50
                          +1

                          @Mad Max: I did some research and the .10 bonus offer has been available to new customers since 21/02/2023 (for a short time only :)

                          So perhaps the reference to new customers means new customers after 21/02/2023 (like myself) and then it applies to all incentive accounts opened for new customers.

                          Yes that should be clear on their web site (and I am only assuming that is why I get the extra.10% and you don't)

                          I only realised I was getting the extra when they changed the rules so I had to break my savings into chunks under $250K, and got the unexpected extra at the end of the month (who would have guessed) - so I have taken advantage of the offer ever since while not a higher rate was on offer (like the short lived Hiver - still 5.25% and then AMP and latest Rabobank) the banks stick it to us so I stick it back to them (shop around)

                          • Mad Max on 06/06/2024 - 09:46

                            @Ave Maria: That makes sense. I had StGeorge accounts for years. The only extra bonus was for a new maxy account (3 months).
                            So by being a new customer on 21.02.23 you qualified for the 3 months extra bonus and that applies to any new incentive accounts you open! Well done!

  • pinkybrain on 04/06/2024 - 01:17
    +1

    does auto schedule from ubank saving account to other banks account(not ubank) still work under new rule e.g. 1K every month to another account e.g. (to avoid fees from that bank account)

    or do we now need to auto schedule from savings to spend account then from spend to the other bank account (not ubank)

    • BigBirdy on 04/06/2024 - 14:21

      The latter. However, if you are transferring $500 (or more) into UBank each month to get the bonus, you could just send it directly to your Spend account, then transfer it onward to the other bank. Then there's no need to do anything with the Save account

      • pinkybrain on 04/06/2024 - 21:17

        Then there's no need to do anything with the Save account

        you do
        if you need to transfer more than $500 (e.g. some banks requires 2k monthly deposit to avoid the account keeping fees)

        • Ave Maria on 05/06/2024 - 23:57

          if you are referring to the CBA Smart Acces Account all you have to do is transfer $2K from & back to the GoalSaver or Net Saver (where there is a will there is a way -:) and you never have to pay a fee to CBA, but in principle all banks should abolish any such fees

  • fedupwithjunk on 04/06/2024 - 11:04
    +6

    After repeated attempts to report my displeasure, Ubank told me they will not respond to anything unless emailed to [email protected].

    So, I sent this:

    Dear Ubank

    We have used your bank for many years, you have handled millions of dollars of our money.

    The recent changes you have made are terrible, specifically dropping the ability to make payments from the savings account. Surely this will make customers start looking to bank elsewhere.

    This change causes us, and I assume all of your other customers too, a great deal of suffering. We will have to spend hours downloading and filling in forms, some of which need to be snail mailed back and even addition verification calls, to change direct debits.

    Your change presumes we are happy to constantly monitor bills and accounts to ensure payments do not bounce.

    WE ARE NOT HAPPY!

    Your issues started when you merged with 86400. Up until this point we were very happy with Ubank.

    During this change you forced an unwanted change to BSB and account number, this caused us to have to change all sorts of payment arrangements and was very annoying.

    Then you made the bizarre choice to remove the sweep facility, causing further difficulties and changes to the way we managed our money.

    Now you are stopping outgoing payments from the savings account, again causing potentially hours of unnecessary paperwork.

    This change makes it far more difficult to manage our accounts, we will now have to constantly monitor bills and ensure enough money is transferred from our savings to meet payments.

    I was also informed that you may not refund a recent fraudulent card transaction of over $500 which was reported to you almost immediately. Despite the promise on your website "The ubank defence is our promise to you that we’ll reimburse 100% of your money should it be fraudulently taken from your account"

    This pattern of change leaves me feeling I cannot trust Ubank anymore. Who knows what daft idea will come next and no doubt cause more issues.

    Rather than go through changing everything again (and possible again when you have another whim), I think I will be looking to move my transactions to another bank who cares more about customers and stability.

    There are a lot of unhappy customers, I don't think you grasp the concept of customer service anymore. Many of the changes you make seem silly and unnecessary, almost making changes for the sake of change. e.g. I can't believe anyone wants a "Bills" account when they were quite happily paying bills from their savings account! I have seen this kind of behaviour before in other organisations, where new management want to make their mark, but instead ruin what was working perfectly. Those staff often then move on to wreak havoc elsewhere, claiming an "innovative career".

    A small sample of social media shows that your change is unpopular and causing people to start looking for a different bank. https://www.ozbargain.com.au/node/847869

    I strongly suggest a change in tactics (even removing the staff making these decisions) before you lose the good will you have enjoyed over the years. I cannot see you surviving much longer if you carry on this way.
    Yours (very annoyed)
    …..

    • SBOB on 04/06/2024 - 12:17
      -1

      Feel better?
      Not a chance that essay is getting ready by anyone with any level of decision making powers.

      You could have likely signed up to a new bank and transfered most of your funds in less time than it took to compose and send that.

      • fedupwithjunk on 04/06/2024 - 15:16
        +3

        Ha, 😂 I probably agree

        I just copied the discussion I had already had with ubank via messenger - they then told me I had to say it all again via email if I wanted it registered as a complaint and to get a reply.

        I'm already transferring funds away from Ubank, the only thing that will stop me is if they do a complete uturn.

      • pinkybrain on 04/06/2024 - 18:32

        it could help/possibly work if everyone with Ubank account sent them the same exact letter
        and if they don't change then threat of mass exodus of ubank accounts / money might work..

        at the end of the day corpo only care about profits
        that is why they made this change to prevent people spending from the savings account
        and also removal of the autosweep feature was the first step (which at the time we didn't understand why it was done)
        but now we know it is part of this change as well..

        So now every needs to go through more hoops to make payments or need to do it manually

        If there is massive complaint (e.g. optus network failure) they corpo listens..

        Also having the news media covering it also is a big plus

        • Bredo on 04/06/2024 - 19:21
          +2

          I already left UBank, as soon as they announced this wave of crappy changes. I took my money elsewhere, they're worthless now IMO.

          UBank it's just another bank of many out there, definitely not worth anyone's time I reckon

          Besides, It's pretty easy to change banks nowadays, probably took me a couple of hours. And on top of that, now I get better interest rates

          • pinkybrain on 04/06/2024 - 21:24
            +1

            @Bredo: which bank did you leave to now?

            and what are the terms you get the bonus rate and how it compare to ubank pros and cons?

            I don't mind you ubank for a while now since they had a low money deposit ($200) to get the bonus interest rate
            and no need to make 4 payments per month to get the bonus rate..

            Other banks makes you jump through more hoops to get the bonus rate or it only last for 6 months etc..

            The problem is ubank has gotten less good ever since the merger..
            ie loss of autosweep and now this new changes (of not allowing payments from savings accounts)

            I understand it is done so they can make more profit

            Anyway this change is pretty annoying cos now we need to jump through more hoops to make payments each month

  • heytherehoney on 04/06/2024 - 12:24

    It's still June and I've just tried to schedule my monthly payments from UBank for the last time. It looks like have already removed the ability to schedule future payments to external accounts.

    • SBOB on 04/06/2024 - 12:26
      +1

      yep, can transfer but not schedule currently is what i've encoutnered.

      • pinkybrain on 04/06/2024 - 21:26

        what?

        do you mean now we need to manually do it each month
        and we can't auto schedule transfer e.g. 2K to another bank (to avoid that banks account keeping fees)?

        or does this change affect something else?

        • heytherehoney on 05/06/2024 - 15:36

          Yes, now we have to manually set up the transfer to the external account on the day we need it - can't set it up in advance.

      • pinkybrain on 05/06/2024 - 18:27

        what is mean by transfer but not schedule?

        is transfer just means from ubank savings to ubank spend only?

    • rickb on 05/06/2024 - 19:03

      Scheduled payments from the Save account are working again.

      • heytherehoney on 06/06/2024 - 10:54

        They no longer work to EXTERNAL accounts. Never stopped working to internal accounts.

        • rickb on 06/06/2024 - 12:00

          Yesterday I scheduled a bill payment to American Express from my Save account. Amex is external.

          • heytherehoney on 07/06/2024 - 15:22

            @rickb: You're either did it from the Spend account accidentally or you're an anomaly - the function is no longer available for me, my family and other OzBargainers on this thread.

  • fedupwithjunk on 04/06/2024 - 15:12

    Anyone know if the AMP savings account supports OSKO?

    The way I read it I don't need to have an AMP transaction account - is that right?

    Also does the requirement to deposit $1000, a net transaction or can I take it back out again without impacting bonus interest?

    • Bredo on 04/06/2024 - 15:24

      Happy to be corrected:

      • AMP does not support OSKO.
      • correct, the transaction Access account it's free and optional.
      • yes, pretty much like in UBank, as long as you've done the $1000 or more in deposits, you can take it out pretty much straight away and still qualify for the bonus
      • finbar on 04/06/2024 - 17:05

        Nvm

      • timhn on 04/06/2024 - 17:36

        AMP support NPP so almost in real time transaction.

        • wangasm on 05/06/2024 - 08:10

          Important to note it's SCT-NPP which isn't as fully adopted by banks as Osko-NPP (in both directions). This means it won't always be instant depending on bank and direction.

          For example I tested AMP to Macquarie which which was instant, however Macquarie to AMP was not instant. Not sure if anyone else experienced this (bit of a deal breaker)

          • wangasm on 05/06/2024 - 08:50
            +4

            @wangasm: Some more inbound tests (to AMP)

            ANZ - Instant
            CBA - Instant
            ING - Instant
            Ubank - Instant
            NAB - Instant
            HSBC - Instant
            Macquarie - Not instant
            BOQ/VirginM - Not instant
            Westpac - Not instant
            St George - Not instant
            Up - Not Instant

            So far all outbound payments are instant

            • Danam on 05/06/2024 - 11:58
              +6

              @wangasm: For what its worth here are my transfer time observations when dealing with AMP. Large (>$10k) transfers can take longer, but usually same day.

              INBOUND:
              CBA > AMP (Instant)
              UBank > AMP (Instant)
              BOM > AMP (End of following day)

              OUTBOUND:
              AMP > CBA (5-6hr)
              AMP > UBank (Instant)
              AMP > BOM (Overnight, weekdays only)
              AMP > Rabobank (~4hr)
              AMP > Macquarie (~4hr)
              AMP > Hiver ($ Instant, $$$ ~4h)

              • Ave Maria on 06/06/2024 - 00:05
                +1

                @Danam: and if anyone is moving money to Rabobank due to the 5.45% rate

                CBA & GSB before 8am make it to Rabobank by noon, before noon make it to Rabobank by 3pm (that is actualy amazing considering Rabo does not support OSKO or NPP)

                Just do not transfer direct to AMP or Rabobank from St George -:) do it via CBA or Ubank (that is all Ubank is useful for these days as a transit station :)

                • Danam on 06/06/2024 - 12:49

                  @Ave Maria: That was my experience with the Rabo HISA too. I moved small tests on Thursday from UBank and AMP that both arrived in ~4hr. I then moved large amounts on Friday at 11am and they both arrived in the afternoon.

                • spaceflight on 11/06/2024 - 19:26

                  @Ave Maria:

                  (that is actualy amazing considering Rabo does not support OSKO or NPP)

                  It's not really

                  Before the NPP banks exchanged payments in bulk multiple times a day.
                  I think it was
                  10.00am
                  1.00pm
                  4.00pm
                  6.30pm
                  8.45pm
                  10.30pm

  • BrunoBear on 04/06/2024 - 19:59

    Anyone else also noticed that it's not 1 July yet but they have already removed the ability to schedule future BPAY payments from savings accounts… Worthy of AFCA complaint?

  • Mad Max on 05/06/2024 - 13:53

    What is the maximum transfer out if you ring them?

    • Danam on 05/06/2024 - 14:10
      +1

      As much as you want. You can't set the daily limit to an amount higher than what is in there though. The limit increase expires at midnight.

  • ThriftyBargainHunter on 07/06/2024 - 06:57
    +3

    After reading the comments, I have opened a Transaction Account paying 4.75% with Macquarie.
    Rather than updating my Direct Debits to a Ubank Spend account, I am updating them to my Macquarie account.
    I want to earn interest on my money that I used to pay my Direct Debits. The manual transferring of the cash to a Spend account was a deal-breaker for me.
    I have been with Ubank since 2016. Sorry to see you go Ubank, it's not me, it's you.

    • heytherehoney on 07/06/2024 - 17:27

      Hi - I suggest you open a Macquarie Savings Account as well because the interest rate is 5.35% for the first four months. You can't transact via card but you can schedule debits and pay out from it.

  • p1gg5 on 07/06/2024 - 08:47
    -1

    not at all in the interests of customers, despite them trying to spin it that way. a giant backwards step for what was once meant to be a “smart bank”!

    if enough of us joined in, a few ideas to rock their boat a little more than just closing accounts this month to protest the changes:

    1. send them an official complaint - they are obliged to respond to these within a set time period and is reported on internally for compliance

    2. reissue your debit cards, open as many free accounts as you can and close them all next month, connect an external account and disconnect it next month etc. These are all free for us to do but cost them $$$ and will get noticed by their product management

    3. put as much money as you can in this month, then transfer it all out next month. banks dont like big spikes in their inflows and outflows. I’m sure there will be enough of that happening this month but we could inflate it even more

    4. don’t forget about app store ratings and reviews

    • Daniel Plainview on 07/06/2024 - 09:01
      +4

      As a grudge holder myself - I admire the commitment but in reality perhaps just leaving for a superior banking product offering (I'm already finding Macquarie to be miles ahead) and forgetting about Ubank might be the 'best revenge'?

    • Clambabula on 07/06/2024 - 09:20
      +2

      What a waste of time. Its quicker to just move all your payments to the spend account.

      I only use my Ubank for savings but, changing a few payments is not such a life changing mess some very strange people are claiming. I dont get it, 1st world problems.

      • koplik8 on 11/07/2024 - 17:05

        @Clambabula I was thinking the same thing. I only use Ubank for the high interest account. All my everyday banking is with ING.
        It is a pain that I've had to increase the monthly deposits to $500.

  • idonotknowwhy on 07/06/2024 - 15:59

    Sadly, I'm moving everything to Macquarie now. It's a shame because Ubank phone support has always been excellent, and they always take my side and reverse transactions for me (even though it's savings). It worked really well for payments on holidays with no fees, and they don't lock up when I try to make large online purchases.

    • heytherehoney on 07/06/2024 - 16:30

      I agree their phone service has always been great. I think their service is declining though, I'm currently on hold with an estimated wait time of 30 mins when previously it's been a few minutes at most. I notice they have also removed their call back feature.

      I've just set up my Macquarie Savings account, but experiencing an issue with sending money to a new contact from UBank, hence my call (error message says: unable to generate OTP)

      EDIT: UBank Customer Service said customers are experiencing intermittent issues with transferring to external accounts, looks like the changes to be applied from 1 July are glitching (being applied too early).

  • Ave Maria on 12/06/2024 - 22:56
    +3

    I guess Ubank is waiting for the next RBA decision to decide what the new tiered rate structure will look like. I already moved my money out to AMP months ago but I will still use them if their rates receive a long overdue uplift (and hopefully match Rabobank). Don't care about the Spend account (never used it) but having to move money there 1st for transfers out is a backwards move - I can understand turning off direct debits like it used to be (for security reasons) but no payments out to external accounts from save (transfer to spend first) makes ZERO sense and is just an inconvinience. The constant change on how the accounts operate is what is pissing customers off.

  • cashless on 18/06/2024 - 09:17

    When interest rates were rising in 2023, each time RBA announced 0.25% rate hike, uBank were always “first to announce new rates, last to implement”.
    In 2024 we now see, in a stable RBA environment, the uBank rate policy is now “last to announce new rates, first to implement”

  • Deepwhale on 18/06/2024 - 14:47
    +3

    Just got an email from UBank to announce its new interest rate and the tiers.

    $0-100k = 5.5%
    $100,001 - 250k = 5.0%
    Anything from $251k = 0%

    This is a sample from the email,

    "Example 1
    If you had total savings of $30,000
    =
    $30,000 would earn 5.50% p.a.

    Example 2
    If you had total savings of $150,000
    =
    $100,000 would earn 5.50% p.a.
    +
    $50,000 would earn 5.00% p.a.

    Example 3
    If you had total savings of $260,000
    =
    $100,000 would earn 5.50% p.a.
    +
    $150,000 would earn 5.00% p.a.

    Your remaining $10,000 would earn 0.00% interest "

  • ol mate on 18/06/2024 - 14:48
    +3

    Just received an email.

    Tier 1: <$100k = 5.5%
    Tier 2: $100k to 250k = 5.5% on first 100k, 5% on 100k to 250k
    Tier 3: >$250k = 5.5% on first 10k, 5% on 100k to 250k, then nothing on balances over 250k

    Edit: beaten

    • Webbo on 18/06/2024 - 16:09

      So assuming I have 249K this will give me slightly higher interest than previously? Am I right?

      • ol mate on 18/06/2024 - 17:09
        +1

        Compared to the current 5.1%, quick math says anything under $254,900 and youll earn more under the new tiered system.

        But you aren’t covered by the govt deposit guarantee after $250k

  • clover on 18/06/2024 - 19:58

    Nice. I am hardly being affected by other proposed changes. This change however only get me ahead. Wonder if people who hastily moved banks think if they should have stay put.

  • Ave Maria on 18/06/2024 - 21:49
    +1

    Nope - not good enough - will only put back $100K for the 5.50% on July 1st and no more, the drop to 5% after that (and then 0%) is a 100% turnoff (nice try though)

    if you put the full $250K it only works as 5.2% for the lot. Still way behind [email protected]% and [email protected]%

    it basically matches [email protected]% for $100K but without the need to increase the balance or debit card transactions

  • JHoliday on 30/06/2024 - 21:38

    So just confirming from July 1st I won't be able to continue with direct debit payments for my home loan directly from the Save account? I will need to make a manual transfer to Spend account and setup the direct debit to occur from there?

  • lordra on 04/07/2024 - 10:50

    Is it better to have the savings in an offset account, 'earning' 6.1% and paying no tax on those earnings?

    Or to have it in a high saver account instead?

    Anyone recommend any financial advisors in NSW?

    • JIMB0 on 05/07/2024 - 07:45
      +5

      6.1% is more than 5.5% and tax free. As I don't have a financial advisors licence you'll have to work out the rest for yourself.

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