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

    • TheFreaK on 13/01/2025 - 10:04

      From a legal standpoint, they adequately and reasonably communicated the notice of change

      It isn't their responsibility to evaluate the comprehension skills of each of their users

      • cannedhams on 13/01/2025 - 14:42
        -3

        Thanks for that legal advice champ, feel free to DM me your invoice.

        • TheFreaK on 13/01/2025 - 14:47
          +1

          No problem mate, I also know some primary school's if you want to take up reading too?

          • pulpfiction on 13/01/2025 - 17:18
            -1

            @TheFreaK: Unnecessary to have a dig like that at the OP. Clearly you're not a lawyer, nor am I. I do however run a business and understand our communication obligations.

            Our legal advice has been that we need to be very careful when communicating and wherever possible, over communicate via multiple channels if we are materially impacting our service in a negative way. OP stated there was a single email (others are saying there is more, but I can't comment on that). All I can say is I would not want my defence in a court case to be "But I sent an email".

            It's also just poor form from a comms perspective. Any decent business will remind you about important information and events which impact the utility of a product or service.

          • cannedhams on 14/01/2025 - 11:25

            @TheFreaK: Ah yiss pleez, ah needz the neckbeirds on Ozbargan to hep me reid real gud

    • cannedhams on 13/01/2025 - 14:41
      -1

      Thanks, will definitely let you know.

  • Viospeed on 13/01/2025 - 11:42

    If you log into the Ubank app and under your interest account the banner tells you if you're on track for the bonus interest. I don't know how you went that long without noticing. Wouldn't you check your account at least once a month to see how much interest you earned?

    If you want the best AFK interest account with no lock in term deposits switch to Macquarie. They currently offer a 5.35% 4 month bonus introductory rate and then 5% there after. No minimum monthly deposits required and you can withdraw at any time.

    • MS Paint on 13/01/2025 - 14:47
      +3

      OP has made it very clear that they don't have a spare 30 seconds per month because of other commitments.

      • wetsandwich on 13/01/2025 - 16:26

        He's a very busy…. Ozbargain Forums Comment Replier by trade. And you'd be well aware as much as I am that this is a 7 figure job.

  • Trying2SaveABuck on 13/01/2025 - 15:28
    +3

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

    so why is that Ubanks problem?

    im sorry but the entire reason these 3rd tier banks have certain promos is because they 'know' people dont keep on top of things - it is the same with 'interest free' credit cards

    im 'not' having a go at you but you are an adult and the issue with modern society is no one wants to be accountable for their own mistakes - this is 100% on you i agree it f——n sucks to lose that interest but if you cannot keep up with a online only bank you really should be looking at alternatives

  • wetsandwich on 13/01/2025 - 16:26
    -1

    There are so many threads here about people making a mistake and then trying to find someone else to blame. And like all the others, there is no one going to take the fall for this one either.

    Perhaps you should partner up with the guy who bought 2 packets of ice cream by mistake and had to write a giant thread about it. Maybe make a motion feature film adaptation crossover where you can get paid at least $250 in royalties, and he can get $9.50?

    • timhn on 13/01/2025 - 19:17

      the guy who bought 2 packets of ice cream by mistake and had to write a giant thread about it

      Please share the post. Love a good bedtime reading.

  • cookie2 on 13/01/2025 - 21:46
    -1

    I'm not sure what sorta mean girls attitude is going on here but OP I Agree all the way. Poor form on ubanks part.
    Considering ubank don't email statements, they have a new fancy app and they have our address details and phone numbers, it's interesting that they made the choice to do email only for communicating this significant change.
    I'd expect to get a posted letter for details of account changes that banks make (like the previous app and account changes ubank made a few years ago). In fact I always do.
    Sending an email is fine but it should be supported with another message. Easy enough for them to have done….or not.

    • cannedhams on 14/01/2025 - 11:22

      I think these threads become a bit of a slam dunk contest. People trying to come up with their most epic burn ever, etc.

  • dragonxx on 13/01/2025 - 22:12
    +1

    Lots of people blaming OP for not reading email, fair enough you made your point. But this is where we need business to demonstrate their customer obsession the most. And there many many ways they can notify OP not meeting monthly deposit requirements. They can and are more than capable to do so, especially a digital native bank like UBank.

    • SwaggyE on 14/01/2025 - 09:26
      +1

      UBank has notified OP via email. Many others have also mentioned there's a message in the app when you log in to tell you if you've met the requirements (I don't use UBank so can't verify).

      OP could've also checked if he/she has been receiving the bonus interest at the end of every month like most people do. Instead, OP waited until 6 months later to vent here and blame UBank because she's "too busy" to check. It's OP's own finance she should've paid more attention.

      What else do you want UBank to do?

    • Brianqpr on 14/01/2025 - 11:23

      If banks allocate more resources to this then it is likely to negatively impact the account features (interest rate or fees) as those resources have to be paid for. We seem to live in an age where nobody wants to take responsibility for their own decisions any more.

  • R4 on 14/01/2025 - 09:32
    -1

    I can agree that Ubank are snakes but calling God one too is a bit harsh.

  • Brianqpr on 14/01/2025 - 11:21
    +3

    Ok, I work for a bank that offers similar accounts with similar features. Sometimes the rules change. The bank sends out emails before this happens (and places an ad in a national newspaper) so people have a choice on whether to change their arrangements before it affects them. It isn't the bank's fault if you don't read your emails or they go to junk. I've had this confirmed by AFCA on many occasions.

    Changes are dictated by market dynamics. What are competitors doing? What are the bank's funding needs? Where are interest rates going? etc, etc.

    In my experience, the type of customers that use these bonus interest accounts have zero loyalty and bank hop for the best deals. They are also the first to go crying to AFCA when things change, even if the effect on them is tiny compared to their often large amount of savings. Term deposit customers are much the same. Many complaining that they couldn't get out of TDs without penalty when rates started increasing a couple of years ago, when it was they that decided to lock in a low rate for whatever the period was and agreed to the terms and conditions of the TD (including early release restrictions).

    I suppose the bank could send a concierge to your home or workplace to sit down and discuss the changes with you, but I reckon that might negatively affect the interest rate you receive of incur a fee that you wouldn't like.

    The bank has done nothing wrong here. The terms and conditions you agreed to on opening the account will state that things like interest rates and account conditions can change at any time. As long as they give customers notice when this is going to happen then the bank has done what it needs to do.

    • cannedhams on 14/01/2025 - 11:30

      If you have any link to an AFCA decision on the topic, I'd be grateful (genuinely). Thanks.

      • Brianqpr on 14/01/2025 - 11:37

        The AFCA website I think has a feature where you can search past decisions using key words. I'd imagine if you used bonus interest as key words you would find quite a few.

  • umoddbro on 14/01/2025 - 11:48
    +1

    So many people on this site dont like taking responsibility for their own actions and like blaming the big corps, its like those people who get scammed out of their lifesavings by willingly giving out their details and then blame banks for not doing more.

  • MS Paint on 14/01/2025 - 12:27
    +3

    This thread and subsequent replies by the OP, is a classic lesson in confirmation bias.

  • SwaggyE on 14/01/2025 - 14:11
    +1

    "Yes, I should have been looking at it more closely."

    This should've been end thread.

    "I was busy with kids, work, etc. Didnt see the email."

    But you seem to be commenting very frequently on OzBargain based on history….?

    Sure, UBank could've done more. But hopefully this is a lesson for you to check your finances/bank accounts more often.

  • paddle pop lion on 14/01/2025 - 17:47
    +1

    Macquarie has a HISA @ 5% with no hoops. Ubanks rate of 5.5% effectively turns into 5% if you forget/don't qualify 1 month.
    Also, (profanity) those jelly kids in top comment, banks are (profanity), rant away i say.

    • foxmulder on 14/01/2025 - 18:03
      +1

      Ubank interest rate is 0% if you don't do the $500 transfer of the month.

      • paddle pop lion on 14/01/2025 - 18:50

        Correct. I wasn't clear but was trying to highlight if you only miss 1 month out of a whole year it works out to approx. 5%pa

    • idonotknowwhy on 14/01/2025 - 18:43

      +1 for this. Macquarie just kept paying me interest on a balance I'd forgotten about for years! Best banking experience in AU.

  • idonotknowwhy on 14/01/2025 - 18:41

    If you don't care about chasing the absolute maximum interest rate, go with Macquarie Bank.

    ING (profanity) me with a similar thing with relaxed requirements for the 5 transactions during covid lockdowns —> they began enforcing it again just as we entered stage 4 lockdown in VIC.

    Ubank have become horrible to use since they merged with the shitty neo-bank. They somehow (profanity) up merging my 86400 and ubank account, causing me to be locked out of my account for a while (they'd overwritten my up to date Ubank address with a very old one from when I signed up to 86400 for the free $50.)

    Meanwhile, I had 5k sitting in a Macquarie bank TRANSACTION (not even HISA) account, that I'd forgotten about. Recently opened the app on my old phone and found I'd been earning monthly interest on it for a couple of years! Everything just works now. No annoying verification for "suspicious" transactions (just buying things online), no sending 2fa SMS to my Australian number while I'm overseas, etc.

    IMO the best low-effort combo for those of us who don't enjoy edging to our bank balances every day:
    - HSBC for 2% cashback on paywave
    - Macquarie bank for cash saving + everything else.

  • Muppet Detector on 15/01/2025 - 09:58

    It seems that some people think that they are doing a bank some kind of a favour when they deposit their money into the bank.

    They forget that they are usually doing that with the intention to make money. They seem to think that whilst they are entitled to make money from the bank, it's somehow a bad thing that banks want to make money as well.

    This thread makes it clear that people move their money around chasing the most benefit for themselves without regard for any loyalty to any one institution yet they seem to get all butt hurt when a bank operates their business in the same way even though both share the same common goal of making money.

    Whilst expecting the bank to give multiple notifications of their intention to adjust the terms of which they will provide their service to the user, I wonder how much notice that user gives to the bank that they are going to move their money to some other bank, source of investment or use.

    • Bunnyburger on 16/01/2025 - 16:15

      But the counterpoint is the money resides with the bank and they are way more powerful than the consumer.

      Banks have gotten so big they can say take it (agree to our extremely long contract drafted by our lawyers) or leave it and store your money under a mattress.

      Besides it's proven the bank doesn't actually have everyone's money there. If the bank did not operate on a fractional reserve I'd give them more leeway.

  • Make it so on 15/01/2025 - 14:11
    +1

    UBank did a whole rebrand thing about a year ago when they switched account numbers, which was very messy. They issued new bank cards, then said to "hold on", because they weren't ready to actually change accounts over. They issued heaps of notices about changes, and buried in there was about how they got rid of the mechanism that ensures money gets moved from your savings to your transaction account automatically if the balance is low, ensuring payments go through.

    I had a large credit card bill that didn't get paid because they got rid of that feature. There was no warning that my scheduled payment didn't get through - it failed silently. I ended up being overdue with my credit card payment, and the money I lost conveniently got paid to the same parent company NAB.

    I feel for the OP, though the communication about the change was slightly more explicit than for the issue I had. Sucks though, to lose that much. That much savings had better be invested in real estate or something else.

  • ForeverInBlueJeans on 17/01/2025 - 06:13

    If you turn on push notifications, they’ll tell you that you received interest. Handy

  • Frosty17 on 17/01/2025 - 11:57

    They communicated it via email and the app (more than once). The app also literally tells you when you have activated your bonus interest for the month, pretty clearly. Not sure how that was missed. On the bright side, you missed paying a lot of tax :)

  • mshanann on 21/01/2025 - 20:31

    Feel for you OP -

    if UBank were honourable, they would created a report of some description to identify those that have been previously been paid bonus interest over the preceding few months prior to the terms change, and now for which are no longer receiving the interest. They could then have sent an email out to those identified giving them one final opportunity.

    Missing an email is simple to do - and a savings account is generally set and forget.

    I'd file something with the AFCA / financial ombudsman regardless.

  • foxmulder on 05/02/2025 - 12:05

    I started using ING again last month, put about $20k in Mid January, do the 5 transactions, expecting interest end of Jan or early Feb, I only get $5, not $45, turn out the eligibility is for the month after (february).

    Thus if op wants to move money to ING, beware of this.

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