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2.5 from 53 reviews

The worst bank ever

The staff were very rude to me and to their customers at the branch also they keep you waiting while you are talking to them on the phone as well.

Customer Service
Review TypeGeneral Transactions and New Account

Horrible experience, disgraceful bank

Where do I start.

Regrettably signed up with this mob a little while ago, with the attraction of low home loan interest rates and relatively high interest-bearing accounts, when compared with other banks.

Started out OK, but my whole experience soon went from bad to worse. Simply put, this institution does not have the resources, knowledge or experience to deal with issues the way they should. Firstly, one cannot bank cheques, I understand that they don't have have any physical branches to save costs but surely there would be someway to work around this. Their website also seems to have been created by a 10 yr old and needs a serious upgrade.

At the end of the day, you have no choice but to place a certain level of trust in a bank (yes I know, a contradiction in terms) to keep your funds safe and this should be a no-brainer. But UBANK ultimately failed in this respect and let me down badly as their customer. A sizeable loss of funds due to an online transaction was only the beginning. Given they were notified immediately of the suspect merchant and evidence provided of stolen funds, you would think that they had my back. Not even close. All I got was excuse after excuse. This really exposed UBANK for what they really are.

Goes without saying but the last 4 months for me have been an extremely stressful period of time, made worse by UBANKs attitude. I have now made a complaint to the Australian Financial Complaints Authority and, as a result, UBANK have shown their true colours. Sad thing is, the term 'customer service' is just a ruse and hopelessly overused, especially in today's retail and finance industry. It means nothing in this day and age.

Dont worry UBANK, customers have long memories. Once AFCA clears this mess up, I will be moving all my money somewhere else. Absolute disgraceful behaviour from a bank.

Customer Service
Review TypeGeneral Transactions

Non-existent customer service

Best customer service? You cannot be serious! Like many others, I was attracted by the high interest USaver and Ultra accounts. Opening these was not very difficult but there was a question mark over whether making any withdrawals would affect the bonus interest. There is no info about this on the website so I rang them. After 30+ minutes I gave up waiting for someone to answer the phone. I tried email but several hours later there's no reply. I cannot support a bank that uses a staff-free business model and will be cancelling the accounts.

Customer Service
Review TypeNew Account

UBank-UDon't bother!

I was attempting to refinance my home loan at there 'cheap rate' with Ubank and started the application process in November 2018. I satisfied all Ubanks online requirements for the loan application within days of first applying and the so called phone interview was also completed promptly. After the phone interview they said I will receive the contract within a couple weeks. That's when everything went downhill!

I waited a couple weeks and after not receiving anything I went to follow it up with there customer service team and they had no idea where it was at and started asking me the same questions as the phone interviewer did a couple of weeks back. I said to the rep that I have already been through this stage and am still waiting for my loan contracts to come in the mail from being told two weeks ago. He told me to continue waiting and they will come soon.

At around the middle of December I received a call from someone who said they were my case manager and she went on to tell me that you will need to provide more documentation to satisfy our requirements. I said to her no worries and she said she would email me her details to send them to her and arrange another phone interview later that day. Well I never got that email with her details to send the documents she asked for and the scheduled phone interview at 3pm never happened. I tried to attach these documents to the online application but as it was completed and finalised the site wouldn't allow me. I tried calling her leading up into Christmas and I kept getting her voice mail and not being able to leave a message as her voice mail was full.

I continued to pursue the loan in January 2019 (I wish I just left it and went to another bank) after experiencing the same thing when calling my case manager in January I ended up calling customer service again and asking to speak to her manager. They told me that her manger wasn't there at the time and passed me my case managers email address to send the documents through that she asked for back on December. I sent the documents and heard nothing back for another week or so after again trying to call my case manager. I called UBank customer service once again, explained what's happening and demanded to speak to her manager. They again told me that the manager wasn't in and that we can get the manager to call you back.

I received a phone call a few days later (now February) from a guy claiming to be the new manager as the old manager and case manager who was dealing with me were stood down. I said to him that I would just like this loan to be finished as I have been waiting since November. He told me that he would get back to me within a week.

A week passes and I receive an email not from him but a second case manager saying that they require more documents (the same ones already given to them back in November during the online application and phone interview) I tried to ring his boss the one who contacted me a week earlier but he wasn't there so I left him a message to call back. He never did. I sent him and replied to this new case manager with an email saying that I have already provided this information to UBank and that there shouldn't be anymore problems as you have so much documentation that goes above and beyond you're initial criteria you ask for on the online application.

I got a call back from this case manager and he said that there is nothing that they can do and that they need these further documents. I said to him that this will be the last time I send documentation as you have so much and they should be more than adequate. Any way after sending these documents he emailed me saying that they needed more documentation as my income was coming back as not sufficient to service the loan. I just emailed him back saying don't worry about it. After four months of back and forth being told one thing then being told something else you eventually just have enough and I wrote to delete all of my information, close my profile and don't contact me again, as I will never again bank with UBank.

My experience with this financial institution was delt with extremely unprofessionally. I spent many hours sending emails and chasing up people on the phone to see where it's at at there was minimal contact between the bank and myself. After that you simply just have to give up as you just want things sorted not continuously delayed. I emailed this case manager and his boss about how frustrated I was at this experience and how much time I wasted to only be told that my income is not sufficient to service the loan (which is not true as I'm currently servicing a loan with a higher interest rate and am fine and have plenty of redraw. They know this) I have yet to receive a response from either of them and have now started the refinancing process with another bank.

Please learn from my experience as I wouldn't want you to go through the same or have a similar experience. How UBank are able to get new clients and them retain them is a mystery to me judging on my experience and how I was treated. I would hate to think how there after care is after being approved for the loan. The low rate is simply not worth the stress in my opinion.

Customer Service
Review TypeLoan Application

This is honestly atrocious.

So I created a USaver account due to their higher interest bank compared to some others and then attempted to open a USaver ultra, this failed many times due to system errors (there were no number or email or anything to contact customer support) so then I opened a USaver reach and went to transfer some money over and it wouldn’t allow that, so now I have two accounts that I can’t extract my money out of and FAQ doesnt help of course and there is no customer service. Don’t try this bank ever.

Couldn't be happier

We refinanced with Ubank almost 2 years ago as they had the best rate going and no fees! They have been exceptional with the best customer service and the online services are so simple to use. Nothing is too much trouble for them. When their rate dropped I rang them and we were able to get the lower rate applied, this would never happen elsewhere!!!! The only downfall is we can't use them for our construction loan :(

Customer Service
Review TypeLoan Application

UBANK a bad joke, thats what it is

Online application nice and easy, but there is absolutely no way to get in contact with them afterwards.
All I have got is a message from them to call back. After multiple attempts to call them (30-40 minutes on hold and no avail) I gave up. If their sales department is so lousy, just imagine what would happen if you would really depend on them for anything.

Customer Service
Review TypeLoan Application

Had enough, closing all my Ubank accounts after 3 years.

Reasonable interest rates on savings that's the only good this about these guys. After 3 years I cant handle the poorly designed website, often outages and poor Customer service any more. I'm voting with my feet and taking all my money out of UBank, moving 100% of my business to a couple of smaller Banks. Lower interests rates but impressive Customer service, technology/ infrastructure that works and a better range of products.

I've also been with these smaller banks for years and they are a 9/10 compared to UBank.

PS: and I wont even mention the outrageous behavior exposed by of the Big Banks (NAB - UBanks parent) at the Royal Commission!!!


Couldn't apply for a loan because we live in a 'rural area' (population of 7300 and a city less than 20 minutes away). Attempted to discuss the issue and was disconnected multiple times. No point in calling as you're on hold for 20 minutes +. Wouldn't bother with them again.

Phone waiting times on UBank is disgraceful. The on line chat does not work.

Your phone waiting time on a weekend is disgraceful.I had to wait for more than half an hour and hung up in disgust.
The on line "chat" service is non existent. There is no point in good "rates" for term deposits when your phone system is the only point of contact and is impossible to get through. I think your management needs to sort out the problem.

Term Deposit experience is first class

Very good automation & explanations via online help. I have about 12 TDs with them & and I vary maturity instructions from time to time online. I like their bonus loyalty plan as well. I have never had to speak with anyone as their systems are really good. I would highly recommend UBank for TD customers.

Power of Attorney for Other Family Members

My wife and I have been customers of Ubank for many years. However recently very dissatisfied.
Power of attorney's for other family members doesn't seem to be supported by Ubank.
They have $40K of my mothers money that I invested on her behalf.
My mother is in a nursing home, but they want her to personally go to post office to complete 100 points of ID, even though all needed documents have been sent to the bank, together with the power of attorney documents.
I live in Melbourne and mum lives in Northern Victoria, 175KM away.
Mum's has to use a walking frame and the steps up to post office (its and old building) don't facilitate disabled access.
Raising an official complaint doesn't seem to get anywhere. The complaint is now a week old and I have not received an feedback yet.
Not happy at all!

Good rates for term deposits (12 months or less)

I've been using UBank for more than five years now. They offer competitive term deposit rates for 6-month and 12-month term deposits, both timeframes being my favorite options. They also provide good customer service, although their website can be slow and unreliable at times. Overall, though, a decent company.

Terrible Customer Service

I'm not going to go into detail regarding the in's and out's of my experience with Bank over the phone, all I will say is that the Customer Service is terrible. The individual on the phone started to argue with me on the phone and threaten closing an account. Very poor service. Number one rule of customer service is to not argue with a client. I will certainly be taking my and my families business elsewhere. They are all good and charming when you want to put money into the account, but difficult to deal with when you want to take money out.

Doesn't make sense

I applied for refinance with ubank I'm currently paying 9.5% interest .. Outrageous right ! Paying 2113$ per month I applied to Ubank which would reduce to monthly payments to 1300$.. They said I couldn't manage it.. Wth... I have 600000$ equity and wanted refinance of 270000... Wasted a month uploading all the required documents to be not they couldn't service my application ..

Bad experience

I had an offer on a property unexpectedly accepted and thought I could research a home loan myself immediately after.
I chose Ubank because they had a good rate, but everything else was bad. The application process was a mess; you deal with a call center who are meant to put you in touch with a case manager after a full week. After waiting longer than a week and following up a few times, I still hadn't heard back. It was very stressful, because although my offer had been accepted, the vendor was still conducting inspections and fielding offers. I could have lost the property at any point in the week and a half of pointless waiting. Ubank was totally unmoved by the urgency.
In the end, I gave up and went with a mortgage broker who sourced me a comparable loan within about 4 business hours.
It was nearly two weeks later that I received an email from a Ubank 'case manager' introducing herself and saying (falsely) that my application had missing information (an I.D. check). Almost immediately after this, I had an email from another Ubank source thanking me for providing the I.D. check that was apparently missing. I had no other follow-up whatsoever.
I was exacerbated at how uninterested they were in helping me out and getting my business. Would never recommend.

Thank you UBANK!!

Ubank is a no frills online banking backed by nab, pays us some of the highest intrest rates in Australia, and is one of the very few cards that charge no ATM withdrawal fees or foreign exchange conversion fees when traveling over seas! Thank you UBANK!!

Compared to MEBank its great

After having a nightmarish experience with ME bank I thought I'd give UBank a try before I give up and stay with my primary Big 4 bank.

Opening an account was a pain and it took to long, just over a week. I also spent about half an hour at the Post Office whilst the guy had to go through the whole process for verification. I almost gave up at this stage. Now Even though you can open the USaver which initiates the whole process you can't open the Ultra until you have been verified and have a dollar in there which also takes a long time to show as available. It Takes to long.

Note: I do not use and I am anti paywave/pass whatever, especially if it's forced on you automatically. Tap to pay, great! everything else about it is negative.

1- Paywave, It is not automatically activated nor do you have to activate it to use the Debit card. Excellent
2- I prefer swiping the card then pin, As to the now: insert, wait, pin, remove. I'll get used to it.
3- Transactions show up on the account pretty quick. Excellent, I would say this happens on selecting '2' (Savings) and not going through the Paywave/pass credit system, even though it's still your savings.
4- Auto sweep function seems excellent. No need to keep any money in the Ultra account. Money is automatically moved from the USaver account to cover the transactions. To ensure this I bumped up the midnight sweep to 500001 and 500000 so I can keep the Ultra account at $0.00 for auto sweep. Why? why use the midnight top up when auto sweep covers you anyway and you keep every cent where it earns interest. Though there is a catch with Direct Debits from the Ultra, but I don't use DD anyway.
5- It is much easier to earn the bonus interest than ME's version of earning it.
6- Deposits show up reasonably quick but this 'Available' thing is annoying. I'll get used to especially since I know the money is there anyway.

Privacy concern of which I have actually sent an email about. They email you for credit/debits automatically for over 2K. Debit fine, safety, but not credits. Email is not secure and is read by most servers for information Yahoo, Gmail, and others. It cannot yet be disabled even though the email says you can.

This also applies to a setting for a user specified notification limits. Again credits and debits but you can avoid email notices.

Major draw back, you can't have multiple Usaver accounts with the high interest for bills sorting or transfer directly into them if you created such a system, you have to go through Ultra I think... Maybe one day they will come to the party and do it.

It is very basic banking especially if I compare it to say the ANZ, but they do have what seem to be nice money management tools. In all we're in it for the interest with quick access so we have to sacrifice some functionality, even real world functionality such as finding an NAB bank to change the pin is a pain.

You never know how good a service is until you have problems, Time will tell. In the meantime in comparison to ME bank it deserves 5 stars.

Terrible Experience

We got our home loan through Ubank last year. The application process took a very long time and it was very difficult to get information from Ubank with hold times being excessive each time we called. Finally it went through. We enquired about extending our loan for renovations. We were told we had to wait 6 months before we could do this. Now we have just waited 6 months Ubank tell us that actually they won't allow us to extend our home loan for any structural renovations. Also, they refuse to value our house because they did a 'desktop valuation' last year. Therefore, we can not even do cosmetic improvements. Very unhappy with their service and support.

It has been a long and painful journey

The verification process was clunky and took a long time. The accounts are confusing. It took ages to figure out how to set up a transaction account. The sweep function makes my transaction history confusing. Money seems to take ages to process in from other accounts. Interest rate is good.

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