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UBank Online Term Deposit

UBank Online Term Deposit

2.7 from 24 reviews

See the Best Term Deposits in 2019 as rated by Australians on ProductReview.com.au.


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...


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 bank'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.


Verification

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 first 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!!!

I rang again to say no, I filled in forms, spoke to person and was confirmed by them that yes deposit would roll over, interest would be paid to other bank account. Was told sorry a mistake was made.

On day of maturity I phoned to check and was told in two days all would be as I wished, all in order.

After waiting 3 days, nothing, no interest paid, no emails saying anything.

I rang again after 7 days from maturity, and was told that there was an issue with the papers, they needed extra info.

I said why was I not contacted re this then, "oh I should have been, sorry", and why after already 3 calls not asked this question. I had in fact provided this info already, 3 times!!!

I was told ok all in order now, and I would receive some interest since Id been kept waiting, and it also would be paid into the account along with the years interest. Two more days and it would be in account, and the 4.1 precent would be on balance.

Again no money after 4 days.

I rang again, went over it all again, was told no you would not get that extra interest, the person was wrong to say that, sorry again.

Was told sorry again, and that all would now be sorted as the guy on end phone had fixed it all up, I would receive a call saying so from account person.

Amazingly the accounts person did ring after an hour, all was gone over again, and was told, tomorrow, or the following day (by 2.30pm) all would be in accounts. And yes you will receive email letter confirming all this ASAP. "Sorry for all this".

Well 3 days have past since, and still nothing!!!!! I am beginning to think they have in fact lost my money.

So it has been 14 days since the term deposit matured, and after call after call, and still no interest money paid into my account, still no info confirming amount deposited in UBank, or anything confirming interest rate I will get. Just on phone was told interest rate I was getting.

So, do I think UBank is any good??????????

Oh I was also told the last call, that they can only pay me interest in $500 lots, so if I am owed interest of $10,295 from last year for example, they can only send me into my account $10,000!!! Why, as I am now over the 7 day cooling off period. So due to them being useless, I have to suffer, and not get what I am owed!!!! Amazing.

Oh I was told sorry again re that.
So where to from here, heavens knows
the rate was ok
service is usless, lies after lies, the pain to get the rate is not worth it.


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.

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!

Needless 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???
Ubank professes to be an on line bank - yet they demand more paperwork than we have ever had to provide before to open up a Term Deposit and then expect us to ring to make sure they have received it??? Ridiculous.

We were also told that we were locked out of account - we could no longer log in! Obviously the bank staff accessed the account and could see that it was not "verified" and they could also lock us out. How about using the technology to keep the customer informed, or perhaps that is just too much to ask. Banks aren't ones to look after the customer or keep them informed, they do things there way with no regard for the customer and ubank is the perfect example of this. Hang on whose money is this?????

I find it very insulting that any staff member could possibly insinuate we have done something wrong here which is what happened. One staff member did at least admit the whole situation was wrong and something should be done, but it wasn't. The response should only be to fix the problem as soon as possible. However, not even that can be done. We resent all the paperwork once again - this time by express post so we could track it. We rang again ( tried to log in to our "online account " but still locked out) and had to put up with virtually being told to suck it up read the web page ra ra ra.

Not the correct response when we have followed all processes, done nothing wrong but deposit our money with ubank! We were then told that the papers were received late that day, when in fact they were delivered the day before by express post! Still nothing had been done to resolve this disgraceful situation of the bank just keeping our money. I demanded it be done today the papers were there and transfer our money to us. He replied "everyone had gone home at 4pm" What a joke. So we have to now wait another day and then we wont even get our money. We will be lucky to see it the following day, 11 days after it matured!!!!

Still no service, no attempt to make things right. If we ran our business like this we wouldn't have a business. But then that's banks. What happened to the customer is always right? At ubank, its often the little upstart on the other end of the line, who is not listening to the facts, that is always right.
It seems incredulous that ubank can legally take a customers money, keep it indefinitely without the account being "verified" and yet have no legal obligation to let the customer know that there is a problem with the account verification! We are absolutely dumbfounded that this is legal!! never have we come across such a ridiculous and farcical situation and we have had many many bank accounts.


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"
You re-send them and they take many days to acknowledge the document have been received again...
And it goes on and on and on.
They just hate paying the T Ds. Call them, no luck, email them, no luck.
Very frustrating.
Hope someone investigate them.
Rate


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 by 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 very reassuring.....

They left a voicemail for me yesterday. On calling back and after waiting 12 minutes on hold, rather than telling me that, after 5 months of repeated calls from me, they had fixed the simple matter of letting a customer actually see his account balance online, their momentous news was that the matter had been escalated. Thanks for nothing.

Life's too short for this sort of nonsense. I suggest that you take your funds elsewhere.
Not a lot. Rate is good but not worth the hassle
Disorganised. Chaotic computer systems. Pedantic.

1 comment
To MichaelCartoonGallery: You have misinterpreted my original comments. Of course you need an email address to operate an internet bank account. That's never been in debate. The issue is that if there are joint holders of a UBank account, then UBank insists that the email address of each joint holder cannot be the same. Which is a pain when the two individuals operate just one email account in the real world.

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
Hello Rohanshah49, I work for UBank and I'm really sorry to hear that you experienced such a long wait in getting through to us. We strive to offer a great customer experience for our customers, and waiting for so long on the phone does not reflect this. I would be happy to talk further, if you would like any more help please feel free to email me on emma.tyler@ubank.com.au. Speak soon, Emma

Excellent

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 the saving accounts. The rates are even more then any fixed term depoist account and you get a compound interest in your saving.
As we opened a joint account my wife had to call them up and the staff over the phone were very helpful and we got excellent service from them.
The only con I could find was long waiting time when you call them.


Good

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.


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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.
No answers

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