Our savings rates are changing. From 1 March 2025, you can earn up to 5.25% p.a. bonus interest on combined savings from $0 up to $100K and then 4.75% p.a. bonus interest on any combined savings between $100K up to $250K.
ubank Savings Account 5.25% p.a. Interest on Balance up to $100,000 ($500 Monthly Deposit Required) @ ubank
1117
Hiphopopotamus on 25/02/2025 - 19:49 ubank.com.au (131 clicks)
Last edited 24/03/2025 - 10:25 by 1 other user
Last edited 24/03/2025 - 10:25 by 1 other user
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Comments
Not exactly "stealth drops" if they advertise it and it is happening with most banks….
Don't get how this is a deal?
ME bank didn't provide notice.
An interest rate drop is not a deal.
A 0.25% drop in the cash rate is functioning exactly as intended: a 0.25% incentive for borrowing money, and a 0.25% disincentive for saving money.
Your issue is?
@pennypincher98: Nothing? You mentioned stealth drops so I explained.
If it's competitive then it's a deal in my opinion, and I think ubank will be competitive.
why is this a deal?
Because I just bought 10.
Thanks op
Reductions in savings interest are deals?
This is just the start, more rates in the months to come until elections
Wouldn't bank on it.
Yeah this isn't a deal, it's a downgrade. I'm with ubank and they're changing from 5% regular interest and 5.5% bonus interest…
This is bad news, certainly not something to post as a deal.
Consider it a PSA.
PSAs can go in forums.
This is an interest rate reduction notice, not a deal.
I think the OP mistakenly posted this notice as a deal instead of a forum thread.
No, I posted it as a deal on purpose.
How can you think that a reduced rate is possibly a deal?
Might still be a deal, if most other banks offer a lower rate (we assume almost all banks will cut their deposit rates by 25bp, if they haven't already).
At least ubank are waiting till the end of the month to make the change!Most banks are cutting rates in March btw…
Belongs in forums.
Rate went down. No deal here.
Should be forum
Yea not a deal sad face
forum post masquerading as a long term "deal"
not good enoughA decrease is not a deal.
Less savings interest income, not a deal
Losing interest on my savings is the opposite of a deal…
Not a deal
An interest rate drop is not a deal.
it shouldn't even be in the forum.
Is the Op in the Ubank marketing team? only they would try to spin this a s a deal.
…so time to buy Microsoft?
Be careful your account could be locked and removed without any notification. Worst bank experience ever had.
This is really bad news, certainly not something to post as a deal!!
Yep best is this is a news not a deal.
Oznews.com.au in the making
So fast to drop interest rates but they were an absolute sloth in increasing them on savings
5.25% for 31 days.
Our savings rates are changing. From 1 April 2025, you can earn up to 5.10% p.a. bonus interest on combined savings from $0 up to $100K and then 4.65% p.a. bonus interest on any combined savings between $100K up to $250K.
From memory, they increased the rate out of cycle with the RBA when they capped the top savings rate at $100k instead of $250k in an attempt to keep customers' onside.
Before this, their rate was always slightly below the leaders like BoQ for under 35s or ING with their more complex conditions.
Now it seems like they want to have their cake and eat it too by lowering the rate out of cycle while keeping the $100k cap on the top rate.
Remember that it is a free market and ubank's lack of balance growth conditions means you are free to explore other options.
It looks like ING is best now with 5.4% if you can satisfy their bonus criteria.
Just signed up due to the announced drop to 5.1%
down to 5.1 from 01/04/2025.
Again dropped to 5.10% p.a on 0-$100k effective 1 April 2025.
Hiphopopotamus on 25/02/2025 - 19:50 Comment score below threshold.