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Earn up to 5.50% p.a. on Combined Balance of up to $100,000 across All Save Accounts ($500+ Per Month Deposit Required) @ ubank

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Earn up to 5.50% p.a. on Combined Balance of up to $100,000 across All Save Accounts ($500+ Per Month Deposit Required) @ ubank
Go to Deal
frostybite on 18/06/2024 - 14:50 ubank.com.au (1503 clicks)
Last edited 18/06/2024 - 15:39 by 1 other user

Finally on par with ING Bank, less the hassle of making 5+ transactions every month 😄

From July 1 2024, you can earn up to 5.50% p.a. on $0 to $100K of your savings.

Simply deposit $500 or more each month into any of your Spend, Bills or Save accounts, and you’ll start earning bonus interest on the money in your Save accounts – yep, it’s that easy! Don't miss getting our bonus interest rate, as from July 1st the base rate is 0%.

Interest Tier Amount Bonus Interest
Tier 1 $0 to $100,000 5.5% pa
Tier 2 $100,000.01 to $250,000 5%
Tier 3 $250,000.01 to $5,000,000 0%

Referral Links

Referral: random (1031)

Referrer and referee each receive $30 after referee makes 5 settled card purchases within 30 days.

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Comments

        • Stoibs on 18/06/2024 - 15:26

          Yeah agreed with the App.
          I might move some back now also for that sweet 0.1% extra :P

    • danielh on 18/06/2024 - 15:13
      +8

      Not necessarily better but Macquarrie gives me a flat 4.75% up to $1,000,000 so you can just dump any excess cash in there once you have topped out your ING/uBank/AMP/XXX Bank accounts.

      • JKat2 on 18/06/2024 - 15:22
        +4

        only protected to 250k though but the no hoops is nice

      • Hargain Bunter on 18/06/2024 - 15:30
        +19

        I moved to Macquarie, they allow you to direct debit and have scheduled transfers directly out of your higher interest savings account. Ubank used to have these features, but killed them. These features allow for automated banking and bills where you can set and forget it, while still interest on your entire savings.

        Their apps are also quite good, allowing you to add transaction tags, detailed notes and even file attachments.

        • Taldsy on 18/06/2024 - 16:28
          +4

          Yep - I just moved to Macquarie for this reason too. Don’t want to have to transfer money every month to a transaction account to pay off credit card and whatever else. I was with Ubank too.

        • capslock janitor on 18/06/2024 - 17:09

          is that the Sweep feature ?

          • Hargain Bunter on 18/06/2024 - 17:32
            +1

            @capslock janitor: ubank killed the Sweep feature a year or so ago. The features I refer are being killed in conjunction to these interest rate updates in the OP. They achieved a similar outcome to Sweep.

            • capslock janitor on 18/06/2024 - 17:35

              @Hargain Bunter: Macq currently 5.35%?

              For deposits up tp $250k. Reportedly honeymoon rate accounts opened at 5.5% are still at that rate

              Huh.. at which point were they 5.55 ? i never noticed

              • Hargain Bunter on 18/06/2024 - 17:44

                @capslock janitor: The Macquarie Honeymoon rate is 5.35% for first 4 months, then drops down to 4.75%.

                I don’t know when they were 5.5%, I only opened my account this month. Where is your quote from?

    • Sindex on 18/06/2024 - 15:17
      +4

      ME Go 5.55%, hoops aren't bad

    • nokia3660 on 18/06/2024 - 19:59
      +2

      If you don't mind a subpar app and online experience Rabo Premium Saver gives 5.45% up to 250K with the condition of grow balance by 200 every month.

      Also you can get 5.75% for 4 months in their HISA (no hoops) and then switch to Premium saver.

  • MyUsernameNotTaken on 18/06/2024 - 15:02
    +8

    Could someone correct me if im wrong. So they have just now changed the required monthly deposit from $200 to $500?

    • yht on 18/06/2024 - 15:04

      Looks like so

    • node modules on 18/06/2024 - 15:05
      +2

      Yes from 1July

    • BigBirdy on 18/06/2024 - 15:23
      +1

      They sent an email to existing customers a few weeks ago of the upcoming $200 to $500 deposit change

  • webkit on 18/06/2024 - 15:03
    +1

    Is nobody mentioning how the deposit requirements have gone up. Used to be $200, now it's $500? Not unreasonable like some banks ($1K + 5 taps) but a shame they're making it a bit less accessible than before.

    • brightside on 18/06/2024 - 15:07
      +13

      Yes, but it doesn’t affect the rate if you withdraw either. I just set a scheduled payment of $500 to go to an external account and then go back the other way the next day. It triggers the higher interest and then I can deposit whatever I want throughout the rest of the month.

      • ozchobie on 18/06/2024 - 15:10
        +2

        I do this to to my other bank accounts to avoid monthly fees lol.

      • Drakesy on 18/06/2024 - 15:17
        -6

        I just set a scheduled payment of $500 to go to an external account and then go back the other way the next day. It triggers the higher interest and then I can deposit whatever I want throughout the rest of the month.

        They closed this loophole :(

        • askbargain on 18/06/2024 - 15:21
          +1

          Yeah link to a whole page with no context

          • Drakesy on 18/06/2024 - 15:45

            @askbargain: If you read literally the 2 lines…

            Most external payments from Save accounts will no longer be available.

            I.e. withdrawals…

            • Geoff-bargain on 18/06/2024 - 16:05

              @Drakesy: just do it from the transaction acc then

            • Igaf on 19/06/2024 - 18:23

              @Drakesy: Thanks for mentioning this. Probably would have found it when I read the email or went to do a transfer, but it's a pita. Not dissimilar to my main bank ING.

        • Nom on 18/06/2024 - 15:30
          +1

          That page specifically says "Take money out at any time without affecting your bonus rate." - there's no mention of the loophole being closed 🤔

          • Danam on 18/06/2024 - 15:41
            +3

            @Nom: The loophole is referring to transfers directly from the Save account, which will no longer be possible.

      • Danam on 18/06/2024 - 15:18
        +1

        A great new feature is you won't be able schedule the $500 to flow back out from the savings account straight away. You would need to move it to the Spend account first. Scheduling both transfers will leave that $500 in a %0 account for a day.

        • turtlesinmypants on 18/06/2024 - 15:22
          +11

          "new feature" lol.

          At UBank, we make banking harder every day. We like to call it, "Better for U"

        • Nom on 18/06/2024 - 15:33
          +3

          Scheduling both transfers will leave that $500 in a %0 account for a day.

          So ?

          $500 earning 0% instead of 5% for a single day, is a loss of seven cents. And that seven cents would be taxable income, so in reality the loss would only be 4-5 cents.

          • Danam on 18/06/2024 - 15:51
            +1

            @Nom: That feature meant all transactions and direct debits could be pulled from a high interest account. A UBank user will now need to keep a pool of money in a 0% account to cover all incoming transactions, not just the $500.

            The issue for many people here is that the feature has worked just fine for the last 15 years. Removing it costs a small amount interest and makes banking worse.

          • Nixon2142 on 18/06/2024 - 15:54
            +8

            @Nom: Look out for that naughty enshittifcation, slow and gradual is the game. Removing external transfers from savings accounts forces users to store funds in non-interest accruing accounts and will introduce a higher likelihood of overdraft fees (for banks) or late payments of bills, etc. It's the unnecessary removal of a helpful feature which is sinister.

      • Geoff-bargain on 18/06/2024 - 16:04
        +1

        you can do it straight back and it still triggers

    • ThePeterGriffin on 18/06/2024 - 15:08
      +3

      it's just a one time transfer which you can deposit on the last day of the month, qualify for the bonus and transfer it back to whatever account.

    • umoddbro on 18/06/2024 - 15:15
      +1

      Not even that big of an issue since you can just withdraw it immediately.

    • Gavman on 18/06/2024 - 15:17
      +1

      It Negligeable. just move it in and move it out

    • SolidlyIrresponsible on 18/06/2024 - 15:19

      Deposit requirement is barely an issue since you are not required to grow the account balance. Just transfer 500 in and out.

    • Pufff on 18/06/2024 - 17:09
      +4

      You have a hight interest account but can't move $500 in/out?

  • Iggemo on 18/06/2024 - 15:04
    +11

    Good for me. I'm not fortunate to have to worry about 100k+ rates lmao

  • ThePeterGriffin on 18/06/2024 - 15:06
    +2

    Seems like 5.5% is pretty good for tier 1 (under 100K) without any hoops over a long term unlike others with hoops/ high rate for introductory period.

  • Vancomycin 1000mg on 18/06/2024 - 15:07
    +1

    Just curious, if im saving up for a house (cough cough)
    Is it worth investing in ETF or leaving in saving account like the above ? I have nearly 15k in ETF and making good return.

    Currently have $50k in savings with ANZ Plus at 4.90%.

    • Owgasm on 18/06/2024 - 15:10
      +10

      Casino, house paid off in no time.

      • Peck on 19/06/2024 - 11:09
        +1

        The house wins!

        • turtlesinmypants on 19/06/2024 - 11:15

          I didn't realise what that meant, thank you!

    • KiKH on 18/06/2024 - 15:12

      a good ETF's historical return on a long enough time scale should beat out 5.5% p.a. interest.

    • onetwothreefour on 18/06/2024 - 15:23
      +4

      The real question is how long do you think it will take you to save a deposit? If over 5-7 years then maybe ETF's might be a better option.

      • Vancomycin 1000mg on 18/06/2024 - 15:41
        +1

        To be honest, i tried buying a house this year and had a large deposit. But my loan power was slightly below the market. My broker could only get me 550k. Im on single income, my option was to pick up extra shift or get a second job to maxmise take home pay and loan power.

        So yea currently sitting with money that cant buy me house yet.

        • Love a bargain on 18/06/2024 - 16:10
          +3

          It sounds like you're ready to buy a house any time (if you find one that you can afford or if you can borrow more). In which case, I'd say you're probably better off with cash (with the certainty in how much you've got rather than seeing that amount going up & down as the market fluctuate).

        • JIMB0 on 18/06/2024 - 16:44
          +2

          Most people would consider your timeframe for investment into volatile assets as too short.

    • muwu on 18/06/2024 - 18:17
      +1

      The shortest answer to your question is:

      If making purchase within the next 2-3 years, keep in cash (non-volatile).

      If purchase not expected within the next 5-6 years, get some exposure to growth assets (volatile) consistent with your risk profile. You still might only want a relatively balanced exposure (70/30) mixing funds for shares with bonds and cash so that you avoid much of the sequence of returns risk, but the growth exposure should eliminate the certain inflationary risk and give you some return.

  • Stopback on 18/06/2024 - 15:10
    +4

    Hopefully BOQ increases their rates/ other banks.

    • Gavman on 18/06/2024 - 17:06

      doubt it.. rates on hold for next 6 months..

      • buddysayshi on 18/06/2024 - 18:32

        I don't think the rate cuts will start before 2025.

  • Drakesy on 18/06/2024 - 15:10
    +1

    Rabobank be taking their customers.

    Finalllllly

    I think banks are going to start fighting harder for cash as they roll off their dirt cheap 0% loans from the RBA.

    • Geoff-bargain on 18/06/2024 - 16:09
      +1

      rabo you have to grow balance and has max 250k as well

      • Drakesy on 18/06/2024 - 16:20
        -4

        Still a much better overall rate though, the new rate brackets are shite

        5.50% p.a. on your first $100,000
        5.00% p.a. on the next $150,000


  • Notoriousbird on 18/06/2024 - 15:12
    +9

    This isn't bad actually. Lot of people were upset by ubank changes, but this is personally good for me.

  • bitcoinorbust on 18/06/2024 - 15:15
    +10

    Bye ING, no more clown acts for you to get my measly reward

    • capslock janitor on 18/06/2024 - 17:15

      best profit-taking strats? should i cash out some btc now ?

  • Gavman on 18/06/2024 - 15:16

    Ive been with AMP gettin 5.4% .. guess ill move 100k back to ubank for that extra 0.01%

    • muwu on 18/06/2024 - 18:19

      Extra 0.1%, don't sell yourself short! hehe

      • AkuroPlays on 18/06/2024 - 19:30

        If you have $100k in your account, that’ll be an extra hundred dollars over the span of a year! Even the tiniest percentage alters the amount you get :)

  • umoddbro on 18/06/2024 - 15:17

    Ok this is good so I don't have to move to AMP who have been taking their sweet time getting my account set up.

    • MeesusEff on 19/06/2024 - 11:54

      Ikr, I opened it 3 days ago and I have no idea what I'm waiting for so that I can login. If it's a letter it'll probably be useless with all this rain

  • Harrpie on 18/06/2024 - 15:19
    +5

    I was nervous when they initially announced there would be changes and how they were creating different tiers, but seems to be a positive overall!
    Just a slight pain in the ass for some regarding putting the money through the transaction account for any outward external movements. I think from a PR perspective they could have done better…

    • Stopback on 18/06/2024 - 15:25
      +2

      though i wonder if they saw the negative online comments and increased the tier 1 rate,

      if they just said improved rate for tier 1, so many would have not cared.

    • muwu on 18/06/2024 - 18:20

      Credit where credit is due.

  • Frozensage on 18/06/2024 - 15:21
    -1

    Soon it will be higher than my mortgage rate

    • Hargain Bunter on 18/06/2024 - 15:35

      Redraw on your mortgage for free money 🤑

    • Kholtien on 18/06/2024 - 17:02
      +1

      I’m locked in at 2.6% for another couple years, this is a decent amount above my mortgage rate

  • sev snape on 18/06/2024 - 15:22
    +1

    To clarify - if you have $130k in a save account, do you get 5.5% on the first 100k, and 5% on the 30k, or once the balance is over 100k you get a flat 5% for the lot?

    • lachlantula on 18/06/2024 - 15:24
      +4

      the former!

    • impoze on 18/06/2024 - 15:24
      +5

      yes, first $100K at 5.5% and the 30K at 5%.

      Just like tax brackets

    • magic8ballgag on 18/06/2024 - 15:25
      -4

      Click the deal link and read it, it clearly describes how it works.

    • JKat2 on 18/06/2024 - 15:27

      it looks to be tiered

    • BigBirdy on 18/06/2024 - 15:31

      My reading of UBank's wording is, you'll get 5.5% on your first $100K, and 5% on the remaining $30K
      https://www.ubank.com.au/banking/savings-account/whats-new

    • Gavman on 18/06/2024 - 15:47

      the first.. keep 100k in ubank .. get 5.5% and leave the rest in AMP to get 5.4%

  • ranma241 on 18/06/2024 - 15:26

    About time.

  • AkuroPlays on 18/06/2024 - 15:26
    +1

    So good! Looks like I won’t be changing banks after all.

  • ry34 on 18/06/2024 - 15:31

    would this account setup work for 5.5%? (can it even be setup like this?)

    • spend account
    • save account #1 = 60k
    • save account #2 = 60k

    or would this be considered 120k savings @ 5%

    • BigBirdy on 18/06/2024 - 15:33
      +1

      Your combined savings balance (of all your Save accounts) will fall into different tiers with a corresponding interest rate. The tiers mean that different amounts of your savings will earn different rates depending on which tier they’re in.

    • umoddbro on 18/06/2024 - 15:35
      +3

      That is negligible, it's combined so you'll still only get 100k at 5.5% and 20 at 5%.

    • ginormousgiraffe on 18/06/2024 - 15:38
      +1

      The latter. But your average rate would be 5.42% roughly so use that as your comparison tool

  • katotefu on 18/06/2024 - 15:36
    +4

    This seems like damage control after lots of people complained following their last anti-customer announcement. Nice that they listen though!

  • Hunter14 on 18/06/2024 - 15:38
    +3

    This is actually pretty good. However, I'm surprised they waited this long to announce the rates given so many angry customers have already left.

    This makes me think the rates weren't originally this high and they increased them due to the previous backlash as some sort of damage control.

    If not, then it is truly a bizarre and idiotic business decision.

    • archiexyz on 18/06/2024 - 20:06
      +1

      they were waiting on the RBA decision

    • heytherehoney on 18/06/2024 - 20:12

      Would have been more bizarre and idiotic if they announced this earlier and then a week later the RBA drop the cash rate.

      • Hunter14 on 19/06/2024 - 02:37
        +1

        Then why not delay their initial announcement? Did they not anticipate the backlash?

        They left way too much space between the two announcements.

  • CheapGit on 18/06/2024 - 15:38
    +3

    Now, if i didnt spend so much time on Ozbargain and actually had spare money to save this would be a good deal for me.

  • Iluvfreebies-freeDel on 18/06/2024 - 15:42
    -1

    Can I trust Ubank to keep the interest rates 5.5%. No
    I sure within 1 to 3 months they are going to drop it.

    • Hunter14 on 18/06/2024 - 15:46
      +2

      They'll probably keep it for at least 3-6 months (assuming RBA rates remain stable).

      They have already ticked off a lot of their customers and surely won't try a rug pull so early.

  • Hunter14 on 18/06/2024 - 15:42
    +2

    ING surely needs to respond.

    • chyawala on 18/06/2024 - 16:08
      +5

      Plenty of folk will migrate as ubank is far easier without the transactions required and grow balance.

      • Hunter14 on 18/06/2024 - 16:31
        +3

        Yep. I have both and if ING don't increase their rate significantly then it makes no sense to stay with them.

        Ubank is superior in every way.

  • khamzatchimaev on 18/06/2024 - 15:45
    +2

    Amp 250k 5.4%, $1,000 deposit

    • Hunter14 on 18/06/2024 - 15:48
      +4

      Then you would have to deal with AMP.

      Ubank actually works really well which is why a lot of people got annoyed they rocked the boat by getting rid of direct debit from savings accounts.

      • khamzatchimaev on 18/06/2024 - 16:12
        +1

        Been amp for a while, 5.4 while ubank 5.1 I have both

        • Hunter14 on 18/06/2024 - 16:29
          +1

          How are you finding AMP if you don't mind me asking?

          Was the sign up process okay and how does the app compare with Ubank in your opinion?

          • lolmao on 18/06/2024 - 16:36
            +4

            @Hunter14: I signed up for AMP a couple weeks ago, took longer than expected to open an account and I had to call them to get my account number to register for online banking. Note that you don’t get bonus interest on the first month (you earn bonus interest on the month after a deposit of $1000 and it gets paid like 10 days into the month after that) so I ended up withdrawing my money and waiting until the next month to deposit it again.

            • Hunter14 on 18/06/2024 - 16:54
              +2

              @lolmao: Ugh. Stories like this is what's stopping me from giving them a chance. I'll probably eventually sign up though. On paper, they have one of the best deals on the market.

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