Moving from Mebank to Ubank. Best Way to Do This & How to Move Money Quickest?

Geekomatic on 23/02/2025 - 23:32
Last edited 23/02/2025 - 23:32

Hi all,

Well, MeBank was already not the best for savings interest but had no hoops other than card taps. However, they dropped their already paltry 4.25% down to 4.1%, so Ubank's 5.5% looks much better. I can now meet their $500 deposit per month & there are no other hoops that I see.

According to MeBank, "We will credit interest to your account at the close of business on the last day of each calendar month. The interest credited to your account will only be included in the closing balance from the first day of the next calendar month."

I wanted to do this move this month. The 28th (last day of Feb.) is a Friday. That would mean I could start moving to Ubank on Saturday, 1 Mar. But do banks even do transfers on weekends?

So, has anyone had experience moving out of MeBank that I need to be aware of (stalling etc). Does anyone know if I can move the entire amount at one go? Yes, I will ring tomorrow, but I actually trust someone here who has experience with them vs. them possibly tripping me up or not giving correct info.

Also, how do you all feel about Ubank? This is about $80k— not a fortune, but a lot to me. I want it in Ubank asap so I can make up for the days/balance during my 1st month that it takes for the money to move over.

I was thinking I ought to open the accts. (spend/save) tomorrow, so I know they're up & running.

Any personal experience advice very appreciated.

Thanks all!

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Comments

  • CyberMurning on 23/02/2025 - 23:34
    +1

    When we will have webank and ourbank?

  • life is suffering on 23/02/2025 - 23:38

    Transfer to my account I will personally give to Ubank

  • Ave Maria on 24/02/2025 - 00:39

    With ME Bank you qualify for any bonus rate this month based on what you did last month. So you can take all money out now and don't have to wait until the 1st of March (that is a Saturday anyway so you would d have to wait until Monday the 3rd to transfer in March - but why wait if you don't have to?).

    Why use the ME Save @4.25% (now 4.1%) instead of the ME Home @5.25% that has now dropped @5% is a question you do not need to answer but worth self reflecting with. ME Home no longer has a growth requirement and like Ubank you can take out any required deposit ($2K to Spend for ME / $500 for Ubank).

    You can increase your daily transfer limit permanently to $20K or higher for a day via both Online or the APP. Do the transfer early in the morning and should be in Ubank same day. You can also transfer up to $5K as a quick OSKO transfer to Ubank. Ubank has $20K transfer limit per day but it is all OSKO and can be increased by calling. If you start Monday the 24th Feb you can have all your money in Ubank as 4x$20K (or $5K OSKO plus $15K via BECS) transfers and no fuss in 4 days or do it all on Monday.

  • jv on 24/02/2025 - 10:52
    +2

    So you want to change from Me to U?

    Is that right?

  • cuethebush on 24/02/2025 - 11:12

    I just sold my house that was mortgaged through ME Bank but my usual banking is with UBank and I wanted to transfer the proceeds from the sale to UBank. I was like you, wanted to get all the funds to UBank ASAP so interest starts accumulating.

    You just need to fill out the Direct Credit Request form and follow the instructions on the form to email it to them. I recommend calling them once you send it to them rather than waiting for them to call you.

    Make sure you don't do what I did and put N/A in response to some of the questions. I recommend writing "Self" instead. It may seem silly but they don't accept N/A and you need to answer all the questions including ticking yes or no to those questions.

    My experience with UBank has been positive overall. Immediately after their transition to the new 86400 systems it was annoying having to call them to tell them of overseas travel, but this has been fixed and can now do it via the app. That has been the only issue I have had apart from the annoying transition after their buy out of 86400. I didn't have any of the problems others had, it was mainly learning the new processes around auto transfers and some other minor stuff I cannot remember now so it can't have been too annoying!

    Edit: I submitted the form at 11am on a weekday, called straight away per the instructions and the funds appeared in UBank that same evening. Amount was about $250k if that matters.

  • Geekomatic on 24/02/2025 - 18:12

    I've been looking since last night and Bendigo is offering a decent percentage (5.3) + there's an actual B&M nearby. It may be worth that move just for the convenience.

    I also noticed that once MeBank lowered it's home loan interest they then lowered their Saver interest. Is it likely all banks will end up the same?

    • timhn on 24/02/2025 - 19:20

      Bendigo is offering a decent percentage (5.3)

      Is that the EasySaver Account? Where do you see the 5.3%? I can only see only either 5% bonus rate or 0.3% based rate. You can only get either the base or bonus rate but not both.

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