• long running

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

3440
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.

Financial Bank Account Savings Account

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Comments

            • MeesusEff on 19/06/2024 - 11:56

              @lolmao: Oh, I've been waiting to get my login for AMP. They don't email/snail mail it to you? Would be nice if they told us what to expect..

    • umoddbro on 18/06/2024 - 15:53
      +1

      I signed up with AMP in anticipation of the rate drops and they've been awful to deal with.

      • Hunter14 on 18/06/2024 - 17:21

        Can you describe what makes them awful?

        I was also looking at signing up to AMP but keep hearing these bad experiences.

    • Viospeed on 18/06/2024 - 16:31

      Do you need to grow your balance by $1000 each month or just deposit the $1000 to be eligible for the AMP bonus rate?

  • Hellcrusher3304 on 18/06/2024 - 15:46

    Are there any fees when withdrawing from ATMs?

    Their website says fees only charged by ATM operator. Are there any partnered ATM providers with uBank?

    • Danam on 18/06/2024 - 15:57
      +1

      Pretty sure it's free with any bank ATM.

      The ATM fees they are talking about are those dodgy ones found in clubs, servo's etc. These warn you when you try to use it what the fee will be.

    • ippy on 18/06/2024 - 16:56
      +2

      You can use any big4 ATM for free.

  • Joshminey on 18/06/2024 - 15:55
    +1

    After I changed banks a couple weeks back guess I’ll be moving the money back.

  • anti-hero on 18/06/2024 - 15:59
    +8

    UBank's Save accounts will no longer support outgoing payments, including direct debits, starting July 1, 2024 ¹ ². To continue making payments, you'll need to switch to your Spend or Bills account

  • So Was Red on 18/06/2024 - 16:11

    Har har yeah let's go. I wonder how many left after their recent service downgrades.
    I wonder how they're doing financially, maybe they are like swimming ducks?

    • Danam on 18/06/2024 - 16:14

      Getting 5.75% with Rabobank.

      • ThePeterGriffin on 18/06/2024 - 16:33

        I'd take 5.5 over a long term compared to 5.75 for 4 months only :)

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

          If you had the full $250k limit, the extra .25% for 4 months is $208.33
          $208 for a little bit of admin (and maybe some stress and anxiety).
          It's certainly worth a think about, cheers

  • Ghost47 on 18/06/2024 - 16:33
    +6

    Everything is just getting shittier and shittier. The last time rates were at this level around June 2010 they were paying something like 6.21% and in Feb 2012 the rate was 6.01% on the entire $250k, but now the rate is lower and you can’t even earn it on the full $250k balance. It’s like paying a decent flat interest rate on $250k is pulling teeth for them and they’re trying to “innovate” their way out of paying interest on the whole $250k no doubt to increase their net interest margin and most importantly cut their expenses by introducing this tiered bullshit (no doubt thought up of during some sort of innovation workshop where teams compete against one another to come up with innovative ideas to win a $100 gift card). Now consumers are forced to have to have multiple accounts with multiple banks if we want to maximise our interest earnings (or better yet, dig for the scrappy interest rates that are around).

    Any older folk online who can tell us about what the banks were like when rates moved up and down from the 70s to the 90s? Did banks simply increase and decrease their rates as the cash rate moved up and down or did they mess around with their offerings like this to make it harder and harder for consumers to earn the max interest rate on their money?

    • UrMumsOnlyFan on 18/06/2024 - 19:10
      +6

      The last time rates were at this level around June 2010 they were paying something like 6.21%

      Shit, in Dec 2009 we could get Westpac 5 Year Term Deposit at 8% p.a. and the reaction then was … 9 upvotes and a neg.

      What a world 😂

      • Ghost47 on 18/06/2024 - 19:11
        +1

        Dayum. Whoever took up that offer would've been happy about it considering rates steadily declined over the next few years. Can't see any other term deposit offers from the other big 4 banks that came close to that rate either.

      • jackofspade on 18/06/2024 - 20:05
        +2

        Lol that was my first deal posted 14.5 years ago. Time flies so fast!

    • gfjh567gh3 on 18/06/2024 - 20:54
      +1

      Cool it with the anti semetic remarks

      • Ghost47 on 18/06/2024 - 20:57
        +1

        LOL, NGL it took me a sec to understand what you meant.

    • ifonlyiwasyounger on 18/06/2024 - 22:05

      When I was a young sprog I can remember my mortgage rate was 17&1/2%.

      • fuzor on 19/06/2024 - 08:26

        Yet you made over 1/5 of your mortgage in wages so you had the lucky country when it was actually lucky. Now it's just propaganda.

  • Scrooge McDeal on 18/06/2024 - 16:38
    -2

    For people that prefer to also have the branch option. Westpac's 5% p.a wouldn't be more attractive?

    • cmoddoo on 18/06/2024 - 21:09
      +1

      3.00% p.a. of that is bonus interest and the conditions are:

      Make a deposit to the account,
      Ensure account balance is higher at the end of the month than the beginning, and
      Keep account balance above $0 at all times.

      Some people may not want to go through the hoops especially the bit where the amount have to increase every month

      • Scrooge McDeal on 18/06/2024 - 21:14
        -4

        But in my opinion, that's not much of a hoop. You just need to increase your balance each month.

        Also ubank has a hoop that you need to deposit $500 or more each month.

    • magic8ballgag on 19/06/2024 - 08:12

      Excuse my ignorance, but who actually uses/needs a physical branch anymore aside from the elderly?

      • Scrooge McDeal on 19/06/2024 - 08:22
        +1

        I do prefer a bank with a physical branch. Few of these reasons are:
        • Need to deposit cash, withdraw funds, or seek assistance, having a physical branch nearby can be extremely convenient.
        • Customer Service tends to be better with banks with physical branches. You can contact them online, via phone or you can go in person and solve any issues.

        I think there are more options with a physical branch bank.

        • magic8ballgag on 19/06/2024 - 08:27

          Why not hold a secondary account with one of those banks just to deposit/withdraw cash?

          After moving to Ubank, I have kept my Westpac account for this very reason.

          • Scrooge McDeal on 19/06/2024 - 08:49

            @magic8ballgag: True, that makes sense. I don't know, to be honest I have never been with an online only bank. So it's more like a trust issue, I think.

            • magic8ballgag on 19/06/2024 - 09:45
              +2

              @Scrooge McDeal: That's fair enough. There is a lot of trust that goes into banking, especially when physical branches start to disappear and a cashless society is on the horizon.

      • Kerjifire on 19/06/2024 - 10:44
        +1

        When the stupid bank says you need to go to a physical location to resolve your credit card application…. :(

        • magic8ballgag on 19/06/2024 - 11:32

          Surely banks that don't have physical branches have other support facilities available for these situations?

          • Kerjifire on 19/06/2024 - 11:55
            +1

            @magic8ballgag: Oh believe me, I tried to do it all online/from home. Absolutely ridiculous

  • JIMB0 on 18/06/2024 - 16:46
    +3

    Great, now I have to get my balance below $100k.

    • capslock janitor on 18/06/2024 - 17:20
      +5

      i can ehelpw tih that

    • ThePeterGriffin on 18/06/2024 - 21:46
      +4

      Hello Sir, This is Microsoft!!!
      I would like to help you with your query!!

  • tlaing on 18/06/2024 - 16:51
    +1

    Is anyone else having issues making a new Ubank account?

    Seeing this post, I downloaded their app added in my phone and email and got the SMS confirmation then it takes me to a page to "Login with a passkey" the only option is to "Enable passkey" (i'd prefer to skip and use a password but it doesn't give that option). In any event, every time I try I get an "Oops! Something seems to have gone wrong. Please try again" message.

    I've tried calling them but you get their message saying the wait is in excess of 30mins!

    • capslock janitor on 18/06/2024 - 17:21

      contacting them is inconvenient IME

    • FranR on 22/06/2024 - 07:27

      Yea, same issue here. Tried multiple times over a few days. No luck

    • FranR on 02/07/2024 - 08:49

      @tlaing, did you ever get this working?

      I tried again today without any luck. After selecting "enable passkey" (no choice) it just sits on the loading screen "Setting up your app". I'm using Android 14.

  • Drakesy on 18/06/2024 - 17:03
    -2

    Equivalent to 5.2% on $250k…

    Hellooooo Rabobank.

  • drazenm on 18/06/2024 - 17:10

    I have some with ing bank and some with ubank so now i need to find 3rd best bank to switch to on the long run with a close to 5.5% rate.

    Any suggestions?

    Don't wanna go with rabobank just for 4 months and have to look elsewhere again. Thanks in advance

      • drazenm on 18/06/2024 - 17:46

        Thanks janitor 👍

    • Stoibs on 18/06/2024 - 17:37
      +1

      UBank+ING for the bulk @5.5%, remainder in AMP for 5.4%?

      I've opened accounts with these 3 over the last ~18 months and have been jumping ship as the rates move; I'll probably do a split between these ones.

      • drazenm on 18/06/2024 - 17:44
        +1

        Yeah I'll probably do the same. Hopefully I'll be able to open the account this month, deposit some now which won't be calculated interest for Jun as first month you don't earn and then July gets calculated, amp bank. Is the interest with them calculated per day so it's better if i already have my saving transferred there in jun or i can let's say mid July have my savings with them and get monthly interest?

        Thanks.

        • Stoibs on 18/06/2024 - 17:57

          I imagine it would be daily like the others. Honestly the App sucks and doesn't provide you with a lot of information (No checkmark or indication that you've 'qualified' like the other bank's apps.. so you probably want to put the 1K in by a few days before the end of the month to make sure it all syncs up.)

    • Sindex on 18/06/2024 - 18:18
      +1

      ME Go 5.55% up to 100k, decent hoops. Already the superior option to ING and UBank up to 100k, IMO

  • Hiphopopotamus on 18/06/2024 - 17:25
    +6

    I'm sad they're removing direct transfers from the Save account, but their lack of balance increase hoop is amazing. It essentially lets you use the account freely, rather than having to plan a big fund shuffle in the off chance you need a large chunk of savings money.

  • BlackMonk on 18/06/2024 - 17:25

    Not good enough for some people…

    et's do the math.

    on a 100k balance sure go for ubank

    on a 200k balance.

    100k = 5.00% = 416.67 monthly
    100k = 5.50% = 458.33 monthly
    = 875 monthly

    Rabobank premium saver = 5.45%
    on 100k = 454.16 (4 bucks difference)
    on 200k = 908.32

    better off on Rabobank premium saver,
    only catch is that you must increase by 200

    • Danam on 18/06/2024 - 17:29
      +1

      “por qué no los dos?”

    • umoddbro on 18/06/2024 - 17:52
      +3

      The must increase by 200 is enough of an inconvenience for many…. It means you can't withdraw from your account or you'll lose the interest.

    • Hunter14 on 18/06/2024 - 18:08
      +4

      That's a big 'only' for some people.

      Besides the mental stress of making sure you increase by $200 each month, it only takes missing the requirement by 1 month to derail the entire year.

      • Heinz on 19/06/2024 - 10:46

        This is what most don't realise. Going to a better offering but missing it by one month means you've set yourself back for the entire year pretty much.

    • browser on 18/06/2024 - 18:14
      +1

      That's $400 more interest in a year on a balance of $200,000.

      However, you need to be certain you are not going to need a part of it for 12 months.

      You stand to lose $900 if money is not put back (and increased by $200) by the last business day of the month.

      Sure you can plan at the beginning of the month, but not always in your control.

      $400 more in 12 months? Or the potential to lose $900 (or more) in any of the 12 months?

    • rogsamsy on 18/06/2024 - 18:19

      *maths

      • McFly on 18/06/2024 - 18:49
        +1

        *Let's

  • djoz on 18/06/2024 - 17:27
    +5

    uBank jumps to #2 on the Accounts Laaderboard by techt !

  • shaybisc on 18/06/2024 - 18:12
    +1

    ING killer.

    • rogsamsy on 18/06/2024 - 18:25

      ING died long ago

      • Mondorock on 18/06/2024 - 18:44

        Mercantile Mutual

  • Peck on 18/06/2024 - 18:14

    Thanks OP. It is a huge challenge to stop the value of my savings for a nursing home from shrinkage!
    AMP Saver Account looks relatively easy. Up to 5.4% if you deposit $1,000 or more in the previous month.
    But I am sick of jumping through hoops. Miss a hoop and banks pay you bugger-all interest in that month!
    When is the government going to make the banks simplify their offerings like they are trying to do with the power companies?

  • seraphim64 on 18/06/2024 - 18:15

    Is there still the requirement of citizen or permanent resident to sign up? On a student visa, but would love to get this over CommBank

  • tekisei on 18/06/2024 - 18:18

    "Your existing payments may need to change."

    So my monthly rotation of bank minimum transfers come through ubank… does this mean I can leave it as is or am I forced to change to the Spend account (e.g. move to a different bank).

    • kerfuffle on 19/06/2024 - 08:53

      You can't use your save accounts to do your minimum monthly transfers; they have to be done via your Spend account from July 1.

      • tekisei on 19/06/2024 - 11:10

        They specify that new payments have to go through Spend, and then they go on to say that existing payments may need to change. Just seeing if anyone knew the actual policy for existing payments.

        • kerfuffle on 19/06/2024 - 16:45

          I'd be changing them so they go through Spend. Do you really want your money in limbo?

  • fuzor on 18/06/2024 - 18:21

    Getting 5.6% with nab itself. Feeling good with my 0.1% extra lol

    • Mondorock on 18/06/2024 - 18:28

      How? Which type of account? I see only 5% online?

      • rickb on 18/06/2024 - 18:46
        +2

        It only applies to former Citibank customers that were migrated to NAB.

        • tekisei on 19/06/2024 - 09:26

          Yeah but withdraw and it goes back down to 4.6%

          • pixxelpusher on 19/06/2024 - 13:45

            @tekisei: Their no withdrawal restrictions are until the 2nd last day. So you can withdraw on last day without penalty.

      • fuzor on 18/06/2024 - 18:51

        Its a reward saver account but with special conditions. The account that's public on the website is the same name but has worse rate.

  • cooni on 18/06/2024 - 18:31

    So is it 500 in on the first of the month to activate bonus for that month?

    • drazenm on 18/06/2024 - 18:46

      I think whenever in the month, just don't wait for the last day. I've deposited whenever 200 for a while during the month.

  • barseeker on 18/06/2024 - 18:50

    So you dont earn interest on the spend account? Since they are stopping direct debits from the saver account next month are there any banks accounts that you can earn interest and set up direct debits to pay of bills like credit cards? The Amp saver you used to be able to set up direct debits but now can't.

    • Cheapskate Paul on 18/06/2024 - 18:55
      +3

      Yes. Macquarie Bank.

      • barseeker on 18/06/2024 - 18:58

        Thanks mate. Whats Macquarie s interest rate on their transaction account?

        • Cheapskate Paul on 18/06/2024 - 19:01

          4.75%. All the details are on the Macquarie Bank website. $4.75% also applies to the debit card.

          • tekisei on 19/06/2024 - 11:07

            @Cheapskate Paul: After some calculations, I found that if your Save balance > 100k, money being stuck in the Spend account for even 2 days a month is worse than keeping that money in Macquarie Bank.

            Macquarie Bank: 0.25% lower than Ubank Save (Tier 2)
            Losses per one day a month in Ubank Spend: 0.164%
            2+ Days a Month in Ubank Spend = Macquarie Bank is better

            Macquarie Bank: 0.75% lower than Ubank Save (Tier 1)
            Losses per one day a month in Ubank Spend: 0.181%
            5+ Days a Month in Ubank Spend = Macquarie Bank is better

            • Cheapskate Paul on 19/06/2024 - 13:26
              +2

              @tekisei: I think it's best to use both UBank and Macquarie. UBank for savings and Macquarie for everything else,e.g. free access to all ATMs in Australia, zero international transaction fees, direct debits, pay deposit etc. The only things Macquarie is missing is EFTPOS and Bank@Post.

  • wintersnow911 on 18/06/2024 - 19:29
    +5

    the annoying bit is that you can't transfer out / pay from savings directly now

    • eecchhoo on 18/06/2024 - 20:27

      What this means? We can’t transfer from the save acc to external bsb directly? Do we need some sort of UBank transaction account?

      • djoz on 18/06/2024 - 20:47
        +2

        Yes, you do. And you'd already have one. When you signup you get three accounts:

        • Spend (Transaction)
        • Save (Bonus Interest)
        • Bills (they like to increase account counts ;-))
        • wintersnow911 on 18/06/2024 - 20:50

          Bills is just another spend, or am I missing something.

          • djoz on 18/06/2024 - 20:56
            +1

            @wintersnow911: Not needed in my opinion. They're just trying to separate out card transactions (Spend) from your Bill payments (Eg: direct debits) - just mentioning it as better funds management, I dont think so though.

  • heytherehoney on 18/06/2024 - 20:15
    +1

    This is a pleasant surprise.

    I've moved to Macquarie but this is worth moving some funds back.

    Impending exodus from ING.

  • PixelPaul on 18/06/2024 - 20:23

    Is it possible to open an account under a business with them to use?

    • onceupon8 on 18/06/2024 - 20:40
      +1

      No it's not. If your business is a sole trader, you could probably just open an Individual account. If your business is a Company, you would need to go elsewhere. Macquarie Business Savings Account is one of the highest at 4.65%.

  • epaqgz on 18/06/2024 - 20:31

    How would the tiers apply if I have a joint account?

    • Heinz on 19/06/2024 - 10:48

      i think it's the same

    • turbodude on 24/06/2024 - 15:03

      UBank does not have joint accounts. Only Shared accounts which is painful if you want to share tax between two people. Basically, there is only one owner of the account and they have to pay all tax.

      The shared account just gives a second person access to teh funds in that account.

  • kaleidoscope on 18/06/2024 - 20:36

    If you have a home loan with offset account, it would be better to move all funds there instead of earning 5.5% and paying tax on it 😅

    • muwu on 18/06/2024 - 21:00

      In terms of net interest, probably:

      Home loan and offset on PPR = yes
      Home loan and offset on positively geared investment property = yes
      Home loan and offset on negatively geared investment property = yes or no depending on interest differential between HISA and loan as well as your marginal tax rate (math required)

      In terms of cash flow, opposing effects, not the primary consideration.

      • kaleidoscope on 18/06/2024 - 22:36

        Well basically the idea is to reduce interest you pay for ppor in the first place than earning interest and pay tax on it yet again.

    • browser on 18/06/2024 - 23:36

      That's right in general.

      However, there is an edge case if you have a negatively geared IP and a partner.

      Hypothetically speaking, the lower income earner should use the fund for interest, the IP (or a large part of it) should be in the higher income earner's name.

      Example:

      • Stay at home mum/dad put $100,000 into saving account, earn $5,500, pay $0 tax.
      • Negatively geared IP pay $6,500 interest, after 45% + 2%, effectively lose $3,445 in interest.
      • Net $2,055 interest gain.

      But that's an extreme example based on $100,000 saving, for most people just put the extra fund into an offset account to avoid the headache.

  • BluebirdV on 18/06/2024 - 20:44

    How about for overseas purchases and overseas ATM cash withdrawals? Should I keep using ING or am I better off using Ubank?

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