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$30 for Referrer & Referee for New Signups (5 Eligible Purchases in 30 Days Required) @ ubank

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$30 for Referrer & Referee for New Signups (5 Eligible Purchases in 30 Days Required) @ ubank
Go to Deal
TitanFather on 04/11/2024 - 12:30 ubank.com.au (460 clicks)
Last edited 04/11/2024 - 17:17 by 1 other user

Ubank are chopping and changing their referral bonus after a run at $30/$30 it dropped down to $20/$20 for a month and then has been bumped back up for this month.

Why I use Ubank

  • Reasonably mature app-based bank
  • Excellent savings interest rate (5.5% under 100k) even considering the tiers. Currently #1 on Techt Leaderboard
  • Single $500 transfer per month to activate interest is still the most simple hurdle to achieve
  • Simplified web portal can be used for most banking tasks now
  • The recent addition of in-app chat for support has been welcome.

The removal of direct debits from savings accounts was a step backwards however…

How the referral program works:

Download the app from your app store iOS or Android

Where do I enter the code?
- Once you've downloaded the app, make sure you enter the invite code you received on the 'About you' screen during the sign up process.

Invite codes can be found in the "Random" code generator button at the bottom of this post.
- You can add your own code by clicking 'edit' on the right side of the generator
- Your code is found in the settings section of the UBank app

I've signed up - what next?
- Put some money into your account by making a transfer from any other Australian bank account.
- Make 5 transactions using Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or your Ubank Visa Debit card within 30 days.

That's it! You'll receive your $30 bonus in your Pay account within a couple of days.

Terms and Conditions

Effective 1 November 2024

Under the Refer a Friend offer, we will pay a $30 bonus payment to you and a $30 bonus payment to your friend once the offer criteria are met in accordance with these offer terms.

This Refer a Friend offer is available to all ubank customers who have been issued an invite code through the ubank app and cannot be used in conjunction with any other offer (unless we determine otherwise, acting reasonably).

To be eligible for this offer:
- your ‘friend’ must sign up to ubank and open their initial ubank accounts using your invite code between 1 November 2024 and 30 November 2024 (inclusive); and
- your ‘friend’ must make 5 eligible card purchases and those purchases must be settled in their first 30 days as a ubank customer.

Referral Links

Referral: random (1228)

Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.

Financial Bank Account Savings Account Transaction Account

Related Stores

ubank
ubank

closed Comments

  • noskich on 04/11/2024 - 13:10
    +6

    IMO promotions with anything less than 100 dollars nowadays are ridiculous and not worth the hassle. Many years ago we had 100 dollars promos. What are you going to get for 30, just fast food and a drink for one person is 30 already.

    • TitanFather on 04/11/2024 - 13:29
      +3

      I genuinely refer several colleagues a year to this bank for the simple platform and the improved interest rate. The $30 pays for a few coffees and is enough of an incentive for many people to try them out.

      I agree that it wouldn't be worth the time to change just for the $30 referral bonus, but the annual difference in interest rate would be over $100 for anyone with a healthy savings account balance.

      • noskich on 04/11/2024 - 15:07

        It's just a shamefully small amount for a promo IMO.

        • ThePointsGuru on 04/11/2024 - 20:38

          Checkout ING offer if you are looking for a better signup bonus

    • DoctorArd on 04/11/2024 - 14:15
      +2

      Half a carton of beer for a process that took less than 10 mins, and was approved straight away, so an equivalent rate of $180 an hour.

    • financialminimalism on 04/11/2024 - 15:28
      +2

      respectfully disagree. I get $80 off my energy bill each month through 8x $10 referrals.
      What fast food are you eating? I can feed a family of 4 for $30 at Maccas.

  • Mijora1 on 04/11/2024 - 13:14
    -2

    well said

  • CodeXD on 04/11/2024 - 13:31

    Thanks, was already looking to get a high interest savings account and ubank was on the top of the list with 5.5%.

    your ‘friend’ must sign up to ubank and open their initial ubank accounts using your invite code between 1 November 2024 and 30 November 2024 (inclusive); and
    your ‘friend’ must make 5 eligible card purchases and those purchases must be settled in their first 30 days as a ubank customer.

  • liquornoodlescabbage on 04/11/2024 - 13:57
    +1

    +1 for ubank, interest rates about as good as they get and the $500/month requirement is reasonable for me and if anything encourages me putting more into savings.

  • wavesgreen on 04/11/2024 - 13:57
    +1

    First week of Nov 2022 they were offering $30 signup bonus then later that month it went up to $50 and was $50 regularly throughout the first half of 2023. I wonder if it's worth holding out for $50 again.

  • payless69 on 04/11/2024 - 13:59

    1+ for Ubank
    but hey I am in queue for 2x25 on BankWest. Phew, what a clumsy monster, takes a week for money to show up!

  • DoctorArd on 04/11/2024 - 14:17
    +1

    Thanks OP, this was a piece of cake. I hope someone enjoys the $30 random referral!

  • prankster on 04/11/2024 - 15:30

    5 eligible purchases can be 5 x $1 Kit Kat purchases at woolies? Right?

    Also is ubank like wise? Free international transactions?

    • GreenGuava on 04/11/2024 - 15:52
      +2

      Yes, although you could also do split payments of 5x1c in the one transaction at Woolies or Coles via self-checkout and that will meet the condition for five card purchases

      Regarding international transaction, yes, ubank doesn't charge any fees for foreign currency transactions and uses the VISA exchange rate.

      • CodeXD on 16/11/2024 - 21:44
        +1

        split payments of 5x1c in the one transaction at Woolies or Coles via self-checkout

        Thanks, did this and got my referral bonus. Definitely the easiest way to get the 5 transactions!

    • DoctorArd on 04/11/2024 - 19:27
      +1

      I was wondering this too, whether I could just do five individual items separately at the checkout. Figured I would use the car five times this week anyway.

  • financialminimalism on 04/11/2024 - 15:30
    +1

    I use uBank for savings. I agree with the OP - the $500/month contribution (can be in and straight out - but why would you?) is an easy hurdle to achieve. Good risk free savings rate in return with OSKO transfers. No brainer.

  • CVonC on 04/11/2024 - 16:51

    your friend was a past customer of ubank (excluding any UHomeLoan account) and closed all their Spend and Save accounts with ubank in the preceding 12 months of re-signing up on the ubank app and opening a new Spend and Save account.

    So I should be okay to apply for an account again since I closed mine in June '23 right?

  • KK25 on 04/11/2024 - 17:30

    Is Zip repayment counted as card purchases? Thanks.

  • movieman on 04/11/2024 - 18:44

    What about if we were previously a customer?

    I used to be with 86,400, but they merged with ubank.

    Not sure where my previous account got to..

    • timhn on 04/11/2024 - 20:36

      Not sure where my previous account got to.

      Merged to ubank

      • movieman on 04/11/2024 - 20:40

        So eligible for this promotion…

        Or previously existing customers are excluded?

        • GreenGuava on 04/11/2024 - 22:52
          +1

          The terms say that a previous customer would be eligible if it's been greater than 12 months since they closed their Spend and Save accounts:

          your friend was a past customer of ubank (excluding any UHomeLoan account) and closed all their Spend and Save accounts with ubank in the preceding 12 months of re-signing up on the ubank app and opening a new Spend and Save account.

          Whether you are eligible or not would depend on whether your 86400 (now ubank) account is still open or not, and if not, whether it's been more than 12 months since it's been closed.

  • peter296 on 05/11/2024 - 10:59
    +3

    Having been a happy customer for many years, I am leaving UBank after all the recent changes. They removed the Sweep option that was great. Increased the amount needed to deposit to get the higher interest. And then added tiered interest.
    So I won't be referring anyone.

  • fueltank on 05/11/2024 - 19:00

    Anyone know if using the card to travel on Sydney public transport counts as part of the 5 transactions?

    • GreenGuava on 05/11/2024 - 19:43

      It should, but it will only count as one transaction per day rather than per trip. This is because when you use contactless payment on the Opal system, your trips throughout the day are accumulated and processed as a total amount at the end of each day.

  • amorn on 20/11/2024 - 14:09

    Can international students open Ubank?

    • TitanFather on 20/11/2024 - 14:53
      +1

      Unfortunately no - as per their T&Cs:

      To open a ubank account, you need to be:
      16 years old or over &
      an Australian citizen or permanent resident with an Australian residential address.
      You can’t open a ubank account in a company or business name (including sole traders) or in a trust capacity.

  • Edge12 on 27/11/2024 - 16:49

    Signed up today for a new account using the code generator in this post.
    Now I can see invitation code in the settings. Can I share the code now or do I wait till I get my $30 after spending ?

    • TitanFather on 27/11/2024 - 17:06

      You can add your code immediately to the ozbargain code generator.

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