Poor experience to set up an online term deposit.
We opened a couple of online term deposits. It took quite a long time to set up. There were plenty of hold ups. A few times the set up accounts were automatically closed because our funds coming from another bank did not make the 7 day deadline. This was very frustrating. Apparently Bpay and eftpos have different processing times. The email response from u bank was very slow up to 4 days long. The telephone customer service wasn't much better. Even though the u bank term deposit rate was better than most, it was too hard to use. Our regular ban...k's rate was quite low in comparison, but at least you can pop into the office and do your business. U banks software for online applications needs an update or revision as it is clunky to use and understand.
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..
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.
Banks are Banks
I have had a similar experience with another Bank. My wife and I need interest earned monthly, just to keep our heads above water. So we put our money into what is called an 'Incentive Saver Account'. Which is an account that as long as you deposit even a small amount every month, it goes on Ad Infinitem; OR that's what I was led to believe. I did all the preliminary part of the transaction in the Bank, but because I wanted to use Internet Banking, I had to complete the transaction at home, which I did. Every thing went along Okay until the fir...st month of the following year, when to my amazement, NO interest. Because; I had to re do the whole thing every so many month and because I had not the fee I was to put in for first month of the new period was not deducted and so I in fact defaulted, Had I not needed this money monthly and had not realised what had happened. The bank could have been investing my money and earning goodness knows how much, and all I would have received is 0.01% because the rest of the 3.5% is bonus. Which in it's self is a con, a Bonus can be stopped at any time if so wished.
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.
Shocking service, better service at a 3rd world bank
My large sum of money was set to mature early Jan, 2014.
I first received at letter stating that if I wished to obtain a .1 precent bonus I had to rollover the full amount I'd invested PLUS the interest I'd earned for the year.
Clearly wrong and a lie.
I filled in the online forms 10 days before my deposit matured, stating I wished to roll over my deposit from last year, and have the interest paid into other account. After filling form in I even rang to check all was in order, and after much fuss, was told all was received ok, and what you wish will be done..
Then a few days later I received a letter saying that the full deposit was going to roll over PLUS the interest!!!
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.
easy, no fuss, good rate, all online.
inconsistent, no notification about term deposit ending, no request to update maturing instruction.
Yes stay away from Ubank
We unfortunately took out a 6 month term deposit with ubank l
We received a letter from ubank stating our term deposit was maturing and giving instructions on how to arrange for the funds to be distributed.
We logged in and did this as instructed.
When we did not see the money in our account after a few days I tried to log in and see what was going on but could not log in. I called the bank only to be told that the account had not been "verified" and that the money had been rolled over. Apparently our paperwork had not been received!
Need...less to say we were extremely angry at this information. We had sent all the required paperwork in 6 months earlier and never had we been alerted or told that there was an issue. When I had logged in to arrange the distribution there was nothing to indicate that there was any problem. We find the whole situation farcical and so typical of big bank arrogance. The publics negative perception of banks is justified by incidences such as these. We were never told there was a problem with our paper work. It is not our fault the papers went missing and how are we supposed to know that they did? And to top it off staff members insinuated that we should have checked the papers were received. Excuse me???
Good interest rates and easy to set up.
We have had two separate USaver accounts with UBank for over two years, and have been more than satisfied with their performance. The interest rates are usually the best on the market, especially if you take advantage of the even higher rates available if you make a regular monthly deposit; the website is very easy to use; the application process is fast (and can be done completely online); and the telephone service on the odd occasions when we have needed to speak to someone has been helpful and efficient. Transfers into and out of our other ...accounts (with the CBA) have occurred without problems, even though they have not been as speedy as we would have liked, especially during weekends and public holidays. So after this good experience when we were looking for somewhere to park some of our money in a Term Deposit we looked up the UBank website and weren't surprised to find that yet again their interest rates were the best being offered. Once again we were impressed with the streamlined application process, which only took a few minutes. At the end of the 6 months our principle and interest were seamlessly transferred into our regular USaver accounts and from there across to the CBA within 24 hours (luckily for us the term didn't end on a weekend). Unlike one of the previous reviewers we had no problems receiving communications from UBank regarding what we wanted to do with our money at the end of the term: we received both emails and documents via snail mail from them asking us what we wanted to do. It would have suited us better if the interest could have been paid out monthly rather than at the end of the term, but as with most other short-term Deposits at other banks this was not the case. So if it's not important to have a regular monthly income a UBank Online Term Deposit is a very good option. Extremely easy to set up, especially if you already have an existing account with them. The ability to check it out on the website. Transfers to other banks can be a bit slow
Careful if you have a TD under your SMSF-you might have a fight on your hands to get your money out.
It may take you a while to get your money out if you have a term deposit (TD) under your SMSF.
They wil take your money first, thank you, tell you and warn you little or nothing that you have to send them "certified" copies of your trust dee. The never send yo even an alert that you haven't send the document.
Once you want your money, they don't give it to you, they roll it over. No call, no email, no warning.
You send them the documents and they "don't receive" them.
You re-send them, and they find a word is missing from the "certified"
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
At the last minute, I discovered that my term deposit was destined for an account which was completely unknown to me. I fixed the instructions on-line and no damage was done but the call centre staff don't seem understand that this stuff-up could well have been an attempted fraud. After 4 months I am still waiting for the explanation of what went wrong and assurance that it can't happen again. Telling me it was "an internal problem" is not good enough. Being very concerned with security quesions is fine but my recorded original instructions (...delivered by phone because the web-site was being rebuilt at the time) were not followed and it was only when I got the printed notification of imminent maturity that I woke up that my money was about to disappear to someone else's account at Citibank where I have never held any accounts. In another, more recent term deposit, no maturity notification was received - just as well there was no stuff-up/fraud with that one. I have asked for written notification of maturity instructions to be sent before the maturity date of any future TD but again, the call centre staff don't seem to appreciate why this is important. I found UBank accounts easy to set up and the new website is easier to use. Interest rates still attractive. Impossible to talk to anyone with more authority than a call centre operative to solve complex problems
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
Run away from them as fast as you can
I tried to open a term deposit and they screwed up in almost every single way they could.
From calling me at 6AM (I am in WA and they are in NSW), sending me expired codes by SMS to access Internet Banking, mistaking the security question I had specified in the application form, etc. etc.
Of course, I did not complete this deposit with them. At the end I realised it was too much hassle to work with an incompetent company just for a little more interest. It is not worth it!
What I really wonder is how this type of operation is allowed b...y the authorities. I would expect that a minimum standard would be required to handle money in this country. Anything else is better than UBank, really, no matter if they give you half the interest. I was attracted by the high interest rates in their term deposits Pretty much everything. They seem to me like a bunch of incompetent people trying to play bankers.
Very good at apologising; not so good at straightforward banking
I opened a term deposit with this mob in March 2011. Whilst their rates are attractive, their internal systems are pedantic and appear disorganised. The term deposit is in joint names (Mr & Mrs) and they insisted on each of us providing an email address. Having forced me to provide an unnecessary work email, they have proven incapable (after 5 months of trying) to associate the term deposit with the internet login.
So if I login to the unnecessary email account that they forced me to have, I see that I have no funds on deposit with them. Not v...
No way i can deal with Ubank for my money
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......
I will recommend this bank to anyone who is planning to save and is not likely to withdraw money. You can setup your own personal saving goals on your page. In the beginning was bit nervous as I never heard of this bank but after doing some search I was able to establish it has a backing of NAB.So you are safe.
I recently opened a bank account with U Bank and was amazed with their advanced online services.Unlike other banks you donot have to vist their branch to open up a new account. No paper work required and they pay the highest interest on ...
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.
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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