God, Ubank are snakes (missed email about the increase from $200 to $500)

cannedhams on 10/01/2025 - 16:20

I missed the email earlier last year where Ubank changed the rules on earning bonus interest from $200 to $500 - you have to deposit in excess of that balance to qualify for interest. You effectively get zero interest if you don't see these rule changes in time. This was effective from 1 July 2024, apparently. So seven months. Zero interest on a $170k odd balance. I had continued to deposit $250 a month thinking everything was okay.

Lost about $6K in interest. What absolute shysters.

Yes, I should have been looking at it more closely. I was busy with kids, work, etc. Didnt see the email.

Must be at least hundreds of people in the same boat. Ubank must be absolutely minting it off tactics like this.

Lost about 2K when they changed their BSB and payments sent to the old BSB didnt qualify.

Pretty depressing really. No one can afford a house anymore and you have to deal with coin clipping antics like this from supposedly reputable financial institutions.

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Comments

  • Empharand on 10/01/2025 - 18:44

    Read your emails then? Problem solved!
    I fail to understand how this isn't a user-error as they informed you, you clearly don't pay attention to your emails so I fail to see how that's Ubanks problem. Pay attention!

    I just slut transfer $2000 between the different banks I use for their high interest rates (and other benefits) at the start of each month, which achieves the deposit target for that month and therefore I don't have to worry any deposit requirement changes. Takes like 2 minutes and the money just ends up in the preferred account.

    I also get in the habit of checking my accounts on the 1st of the month because I like seeing the interest hit my account! (Feels good)

    • cannedhams on 10/01/2025 - 19:09
      -1

      There are literally a half-dozen reiterations of this exact point, in this exact thread, in addition to the fact that I said in the original post that I had not read the email and that was my bad.

      I fully realise that this will not dissuade people from chiming in to say the exact same thing another fifty times (literally another one appeared below you in the time it took me to post this). Sometimes I wonder though, why do people bother endlessly make the same exact derivative point in any given online discussion? Its like people get some sense of self-satisfaction from being the 373rd sheep to jump over the fence.

      Not a ding against you personally, just a random musing on human nature.

  • JimmyF on 10/01/2025 - 18:49
    +4

    I missed the email

    Yes you did, it was sent out. There was even a few threads about it on here.

    Lost about $6K in interest. What absolute shysters.

    No, that is on you, not them.

  • Subere on 10/01/2025 - 19:54

    An SMS, from a "bank" that says click here to read the new t&C and to login to check your balance?

    Methinks you would have lost more than 6k

  • RotundPolarBear on 10/01/2025 - 19:59
    +3

    You should consider switching to Macquarie. No hoops to jump through.

    • cannedhams on 10/01/2025 - 20:48

      Thanks, having a look now. The whole point of an interest bearing deposit is that its not a volatile investment, you shouldnt have to constantly monitor it. If you have to finely parse the bank's emails to make sure they're not fleecing you that kind of obviates the whole point.

      • Molebag on 10/01/2025 - 22:19
        +1

        Sounds like you shoul stick your money in a term deposit

      • Pufff on 10/01/2025 - 23:43

        How do you know Macquarie won't change their terms either?
        Just take it as an expensive lesson.

  • foxmulder on 10/01/2025 - 20:04
    +2

    Ubank's interest for savings up to $100k is 5.5%, anything above this amount is 5% ~ half a year interest for $170k is $4,500. Don't miss out January!

    There were 3 emails from Ubank from May to July informing me about the $500 payment requirement.

  • tenpercent on 10/01/2025 - 20:09
    -1

    Ignore the bootlickers, corporate simps and sadists.
    I agree, they effed you over and probably countless others too.
    That's what banks do. They 'print' money out of nothing every time they issue a loan, they charge interest on that newly minted magic money numbers on a screen and try to screw you over on fees and interest receipts too. It's grubby.
    It's a tough lesson but make it a monthly chore to check all your accounts and any changes to fees and interest or other sneaky changes.

    • MS Paint on 10/01/2025 - 20:18
      +2

      agree, they effed you over

      How exactly?

    • cannedhams on 10/01/2025 - 20:58
      -4

      Yeah, its kind of disappointing. One thing I've noticed is that Australians have become obsessive brown-nosers for any kind of authority figure - banks, governments, whatever.

      I noticed it during the pandemic. Someone would get a $1,334.00 for going to a Bunnings that was more than 5 ks away and the responses would be "stiff stuff Charlie, you should have read the website you moron, I read the public health directives every morning while I'm eating my muesli" etc. Just taking a morbid degree of pride in what good little toadies they were.

      As Clive James said "the problem with Australians is not that they're descended from convicts, its that they're descended from prison officers".

      Thanks for your post btw. I remember I posted on Ozb years back asking about durable laptops for my autistic son, who is pretty exuberant and occasionally throws things. About 85% of the responses were "lulz why don't you properly parent your kid" and such, but there were some thoughtful and considerate people as well, which I appreciated. As long as there's good people in the world, its still worth fighting for.

  • chickennix on 10/01/2025 - 22:46
    +4

    Lol what a sook

    • cannedhams on 10/01/2025 - 23:32
      -5

      You're here to sook about my sooking

      That makes you a sook-sook

      Or in your case, a sook-sook-chook

  • Blargman2001 on 10/01/2025 - 22:55
    +1

    In the old days they would send exactly one letter to your mail box when making these kinds of changes. It if it got lost or you didn't read it, you just grinned and beared it. Now it's one email. This is the way things have always been done.

    • cannedhams on 10/01/2025 - 23:37

      I would have preferred a physical letter, IMO. More difficult to overlook. I realise that our expectations for banks are pretty low, but I dont think with such a significant change that thats too much to ask.

      I wonder if the guy who is obsessively negging all my posts is still awake?

  • JIMB0 on 10/01/2025 - 23:01
    -1

    What did they say when you contacted them and complained? Did they offer a goodwill payment? Worth a shot. Failing that Lodge a complaint with the ombudsman. Nothing to lose here.

    • cannedhams on 10/01/2025 - 23:39

      Agreed. Thanks for the post. When I last complained, they declined to do anything, but that complaint would still be within the AFCA time window (2 years). So if they decline this most recent one, I will escalate both complaints to AFCA.

  • Pufff on 10/01/2025 - 23:34

    I don't want to pile on but on the app it tells you when you have qualified for the bonus interest. Takes like 10 seconds.

    • cannedhams on 10/01/2025 - 23:45

      Yes, I am now aware. Thank you for making me further aware.

  • zzzsianzzz on 10/01/2025 - 23:53
    +1

    be a snake charmer..
    follow the snakes.. ;)

  • stewy on 11/01/2025 - 00:16

    https://www.macquarie.com.au/everyday-banking/savings-accoun…

    No hoops to worry about, but you'd still want to monitor over time to make sure it doesn't change.

  • CodeXD on 11/01/2025 - 00:46

    "I missed an email from ubank and didn't check my saving account for ~200+ days but ubank is the problem"

    We cannot decide what you do with your time, only you can. Take some responsibilities for your actions, learn from it and move on.

  • jwh on 11/01/2025 - 01:14

    I’m in almost the exact situation. Realised two days ago.

    It’s ironic that I used to religiously check my savings accounts, and make sure they’ve qualified. Without fail, for at least the last 10 years. Like you, the last six months have been pretty full-on, much more stressful than usual. Family, kids, work, study. I stopped explicitly checking and didn’t realise I’ve been earning zero interest.

    At the end of the day, I accept I missed an email somewhere along the line, but when logging in to the app it wasn’t apparent on the Home Screen.
    Upon this realisation, my first response was that I’ll just move my money elsewhere. St George has less hoops for 5.15%, and still would’ve paid basic interest if you make no deposit. Will probably do that at the end of the month.

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