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UBank Online Term Deposit

UBank Online Term Deposit

2.7 from 24 reviews




    ChamiPerth, WA

    • 15 reviews

    Rates were OK but


    I have used Ubank for many years, both personally and in my SMSF.. On renewal I noticed the rate for my SMSF is 2.7 compared to 2..85 for a personal term deposit.. ING rate is higher, so I guess I have to change...

    m s

    m smid north coast nsw australia

    • 18 reviews

    Poor experience to set up an online term deposit.



    WoodyHunter Region, NSW

    • 5 reviews



    As a senior person I have used many different banks for term deposit but I have NEVER known such a stuff up to open a term deposit. I deposited $100K online, gave them my ATN and license number plus all the other info they asked. 5 days later they tell me that they cannot check my credit rating so just answer a question, like, passport number, license, medicare card number and I was told that none of them worked out so I would have to go the post office to verify myself. Their credit rating advisers are Dun and Bradstreet so I would suggest that Ubank take a long look at them. I intend to close my account as soon as i am "verified"

    So far so good


    So far all has gone well. I have a regular USaver account which I deposit the required $2k into for the bonus, and have all of my savings in there. After tax it grows at about the rate of inflation, but it's the best I can do.

    I do wonder what they invest in, how their savings account can give consistently higher returns than their term deposits, what "backed by NAB" actually means, and whether things will be so smooth withdrawing money as it has been depositing it. But so far so good..

    Marie M

    Marie M

    • 4 reviews

    Term Deposit interest rates fair BUT


    Having tried 3 times to access my account, the message that my "temporary" password was out of time kept coming up, I contacted a person who 3 times tried to walk me through a new password without success. I was then told that you need to be "tech savvy". I operate 3 other online accounts with various banks without any trouble. Why did I have to change my password - because I had not used it in 12 months - wrong again. This is not the first time I have had problems with their system. If I could receive the same rate with another bank I'd be gone in a flash.

    John McCreadie

    John McCreadieGold Coast

    Banks are Banks


    I Prefered The Old System...but I like ubank.


    I have been dealing with ubank for about 6 years. I have had amounts totaling $ 3million with them. I do have problems with the online system and far prefered the old system where you could speak to your prefered person and verbally present "ideas" to them. I alwys receive warning of when a Term Deposit was fairly close to maturity. The problem I have with online banking is when I am trying to get ubank, I also get several other banks such as usbank and a bank in Israel. Nevertheless, this is progress which does not help the client, but does help the bank.



    • 2 reviews

    Shocking service, better service at a 3rd world bank




    • 4 reviews

    Warning: no notification of term break maturing!


    I had to pay a breaking fee of $22 because they automatically roll-over my term deposit without warning or notification. Prior to my term deposit maturing, I did NOT receive any warning/email/notification asking me what I want to do with my funds. They used the instruction I gave for the LAST term and rolled it over to another term.
    If you want to bank with them, MAKE SURE you know when your term deposit ends, and call them or update your maturing instruction online prior to term deposit end date.
    Good luck!
    easy, no fuss, good rate, all online.
    inconsistent, no notification about term deposit ending, no request to update maturing instruction.



    • 2 reviews

    Yes stay away from Ubank



    christie07Hunter Valley, NSW

    • 32 reviews

    Good interest rates and easy to set up.


    Mr Reviewer

    Mr ReviewerSydney

    • 2 reviews

    Careful if you have a TD under your SMSF-you might have a fight on your hands to get your money out.


    Mark Savery

    Mark SaveryMetropolitan Adelaide, SA

    • 2 reviews

    Terrible customer service


    I put a large sum into a UBank deposit account. Six months later when I went to get some money out they told me my account was locked due to some of some paperwork not being completed. They had been quite happy to sit there with my account blocked but not let me know until I needed the money. When I called the lady on the helpdesk was rude, unhelpful and seemed mostly interested in blaming me for the problem, she said their back office 'never made a mistake'. I'm pulling out all my money (when I can).

    Makes mistakes. Poor customer service. Rude unhelpful staff.

    OK but staff don't seem to "get" a serious problem with Term Deposit


    Older folks coping


    I have held term deposits in recent years, all pretty good especially with the rollover bonus, however I find the online scene all a bit confusing and would rather speak to a live person, I have done this and even step by step online there are still difficulties. Why not cater better for those of us who are not whizzbang computer literate, you might attract a lot more investment from the "mature" population.
    Good interest rates, pleasant customer relations staff.
    Older people have more money to invest, why not cater for them better



    • 2 reviews
    • 1 like

    Run away from them as fast as you can




    • 9 reviews

    Very good at apologising; not so good at straightforward banking

    1 comment



    • 3 reviews

    No way i can deal with Ubank for my money


    Hi all,
    I have term deposit account with UBank with high interest rate and today I call them as i wanted to put another 15 grand in it to earn more but .....
    I have been trying to call them for 2 days and waited 45 min but no answer at all. There is no other way i can contact them. Of course I am not going to put any more money but going to take out whatever i have in there and will never do business with this bank.
    you will be happy with less interest but what if you have to wait hours for your own money....??????
    NO No NO No NO No NO No NO to UBANK...NEVER.......
    High interest rate
    Very very very bad service......no answer when you call......hours of waiting......

    1 comment
    U BankUBank




    doublecurlSydney, NSW

    • 163 reviews



    I signed up for UBank to take advantage of the high interest rates. So far my experience has been pretty good. The only annoying thing is the website. I'd like it more if it was simple and clean like ING's or BankWest. It also takes a long time for funds to clear. The goal tracker part is really good and the graph makes it nice and easy to track your savings progress.
    The best interest rate for savers in the market currently (provided you set up an automatic savings plan to get the bonus interest)
    Website is too cluttered and difficult to navigate. Automatic savings plan funds take something like 5 business days to clear.

    Page 1 of 2

    Questions & Answers



    When enquiring about early termination for Term Deposit, the CSR, Nyeru, spoke extremely quickly and was hard to understand because of her gabbled speech. Her comprehension of what I wanted was poor. She informed me there was no way to break a Term Deposit, without 31 days notice. Her manner was very matter of fact and dismissive, almost to the point of being rude. Other banks I have dealt with have provision to break a Term deposit, understandably with a break fee. Ubank simply state, there is no way you can get your funds earlier than a 31 day notice period. Our SMSF is being wound up, which I thought would be sufficient reason for early withdrawal. Paperwork needs to be completed 30 days before the End of Financial Year. I was informed the Terms and Conditions were quite clear, there was no way the Term Deposit could be terminated without a 31 day notice period. Therefore beware, if there is any chance you MIGHT need your funds early. I would look at other banks first.

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