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UBank USave

UBank USave

2.2 from 169 reviews · View Statistics
See the Best Savings Accounts in 2021 as rated by Australians on ProductReview.com.au.
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Reviews

  • Transparency
    3.3 (18)
  • Rates and Fees
    5.0 (1)
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Reviewer Photos & Videos

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Angus
AngusGreater Melbourne (Inner), VIC
  • 3 reviews
  • 1 like

Needs serious updates to UI and Statement Requests!

published

The UI is outdated, hasn't been updated in years. Worst of all is when you need a statement fast, you can't access it online instantly and have to request it, and then wait 24-48 hours! The year is 2021, it should be instant, this is a shocking pitfall. I'm switching to another bank ASAP after a few years of being frustrated with this ridiculous shortcoming every time I need a document fast I have to wait!!

Transparency
4/5
Rates and Fees
5/5
Incentivised Review No
UBank
Adi R.UBank
Rob
RobGreater Melbourne (Metropolitan), VIC

No bonus USave account interest in first month

published

I opened a USave account midway through last month and deposited a money into the account. I also opened a linked USpend account to ensure that I would receive 1% bonus interest. At month end I was surprised to find that no bonus interest was paid for the first month. Now, on reviewing the terms and conditions, I see that you must hold a USpend account for a complete month to earn bonus interest on the USave account. There is no mention of this in the UBank advertising which just states "Link a USpend transaction account & deposit at least $200 per month". I think that this is misleading advertising.

  • Thumbnail
Incentivised Review No
UBank
Adi R.UBank
Randy Holmes
Randy HolmesAU
  • 7 reviews
  • 7 likes

Very bad for Bpay

published

If you put money into Ubank using Bpay, the amount will show up, but be unavailable for up to 5 business days. Not good if you eg need to pay bills. Even cheques were available after 3 days.

Also, if you want to pay bills with Bpay, they don't process transactions over the weekend, so if you leave one to be processed on Monday, the overnight the sweep clears out your transaction account so the Bpay you left to go then fails.
This is a totally unreliable transaction system.

Transparency
3/5
Incentivised Review No
UBank
Adi R.UBank

Totally appalled at UBank after almost 7 years as a client

published

Too many times funds are not available from linked Nab acc plus they take funds from linked accounts even when advised not to. Plus closing the account has taken Since 10.20 on a Friday with funds to go back to linked Nab account still not showing or available Monday 9.10 am.

Incentivised Review No
UBank
Adi R.UBank
Savings Accounts

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UBank offers the best and the fairest option for money at call

published

They consistently pay on money at call (USave account) interest, which is above any secure term deposit rate that is available at the moment. It is also very easy to be qualified for. UBank is the best thing in banking that happened to me during my 35 years in Australia. I was unpleasantly surprised to see so many negative reviews on this Bank and this particular product and decided to write my own review, for the first time in my life.
Good work, guys! Hope to have you around and be your customer for a long time.

Transparency
5/5
Incentivised Review No
UBank
Adi R.UBank
Guri Singh
Guri SinghSydney, NSW
  • 3 reviews
  • 3 likes

Bank Statement

published

I need to get $10k secured loan from other bank to pay off my wife’s car so the loan provider asked me to get a bank statement for the specific period for the Ubank account. Made a request to get this statement and was informed that it will take 48 hours which is a week time. Made phones call but no assistance provided. I need the statement urgently in order to save late payments but UBank is unable to provide on the time but advised to wait for a week to get it.

Incentivised Review No
UBank
Adi R.UBank
Peter B.
Peter B.Perth, WA
  • 2 reviews

They fell at the first hurdle

published
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Transparency
2/5
Incentivised Review No
UBank
Adi R.UBank
Peter B.
Peter B.
UBank
Adi R.UBank

Hi Peter, can you private message your full name and best contact and I'll escalate this to our complaints team to look into for you.

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Kane
KaneGreater Melbourne (Outer), VIC
  • 24 reviews
  • 28 likes
  • Verified

Scam!! Scam!! Scam!! Beware!

published
Transparency
1/5
Incentivised Review No
UBank
Adi R.UBank
Iman D.
Iman D.Greater Melbourne (Outer), VIC
  • 2 reviews

Poor Customer Service

published

We have been contacting UBank to have our account closed and that request has been ongoing for a little over a month now. The agents we speak to continually assure us that they will come back to us for updates but we have not received any to date. I would be steering clear of UBank after this experience.

Transparency
1/5
Incentivised Review No
UBank
Adi R.UBank

Hi Iman, we're sorry to hear this, could you please private message us your full name and contact number and I'll have a member of our complaints team contact you and get this sorted out.

Iman D.
Iman D.

Sent

Savings Accounts

Find out how UBank USave compares to other Savings Accounts

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Frustration

published

I spent a long time trying to transfer money into the account of a company so I could pay a bill. I tried CHAT a few times with no resolution - the so called Tech team have never contacted me. When I tried phoning I could not get on but eventually did when I rang just after opening hours. We managed to pay the bill with the person on the phone doing the transfer for me somehow, but I still cannot transfer money using my computer or my wife's computer or my Ipad or my Phone. It is extremely frustrating. I will be closing this account once I somehow manage to transfer money.

Incentivised Review No
UBank
Adi R.UBank

Hello, we can understand your frustration! Would you mind sending us a private message with your full name so we can look into what's going wrong here for you?

Michael
Michael

I have contacted ubank via Chat and phone but I still cannot transfer money via my computer, iPad, phone, or my wife's computer. The ubank page indicates success, but no money transfers. So currently I cannot pay anybody.

Peter
PeterSydney
  • 7 reviews
  • 2 likes

From 5 down to one then back to three.

published
Transparency
1/5
Incentivised Review No
UBank
Adi R.UBank

Hi Peter, thanks for taking the time to review us! We love hearing from our happy customers!

UBank
Adi R.UBank

Hi Peter, would you be able to send us a private message with your full name and contact details so one of our team can give you a call and discuss what's going on please? We'd love to rectify your experience if we can.

Peter
Peter

Message sent.

Sim
Sim
  • 2 reviews
  • 1 like

Logging into my account, customer service response

published

I try to log into my account but it always comes up with Maintenance issue. I send emails to their contact department.. no answer... ever! I also withdrew money and it then did not show up on my account so I withdrew again, both amounts came through to my bank.. what is going on with their website and customer service?????

Transparency
4/5
Incentivised Review No
Savings Accounts

Find out how UBank USave compares to other Savings Accounts

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Jodie m
Jodie mWimmera, VIC
  • 10 reviews
  • 8 likes

Confusing.

published

Even after persisting, this app didn't work for me. It's overly complicated and disappointing. I was originally drawn in by the higher return, but in the end to make my banking simple, I went back to my old bank. However I contacted them online for assistance and the customer support service was good.

Transparency
4/5
Incentivised Review No
Decs
DecsSydney, NSW
  • 3 reviews

Sweep is the worst thing ever

published

Automatically set up from the begging and you can never turn it off, only adjust the amounts. Combined with a terrible app and website layout and usability, one of the most frustrating banking experiences one can have.

Incentivised Review No
Flagged
FlaggedPerth, WA

Misleading and disappointing

published
Transparency
1/5
Incentivised Review No

Questions & Answers

Gopi
Gopiasked

I was thinking of changing my mortgage loan from CBA to u bank because it has low interest rate.
After seeing all the reviews Which are not very positive, I am bit confused.
If any one in the same situation please share your thoughts.

No answers
binalongbay
binalongbayasked

I have read reviews...a little disappointing. i was thinking of re mortgaging an investment loan with U bank.
As the reviews are a little old ..has the situation improved ad how easy is it to deposit money each fortnight to pay back an investment loan

No answers
GPC
GPCasked

Hi
Whats the story with designating my Linked account as a Payee account? Of course its my linked account- Thats where the money came from. I send you a secure email to request information but no answer from YOU. I ring up and wait, and wait on the phone to talk to someone. Only to be told your Linked account is a payee account with a 20k withdrawl limit. I have to wait 10 Days for verification WTF. You make it so difficult to use this account with all your hidden tricks and inability to communicate with your customer. Worst bank Ive ever delt with and the online reviews confirm it.

No answers
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Details

CategorySavings Accounts
Bonus Interest PeriodOngoing
Maximum Balance Interest Paid $250,000.00
Interest Rate
Standard Variable Rate 0.05% p.a.
Bonus Variable Rate 1% p.a.
Total Interest Rate 1.05% p.a.
Release dateNov 2009
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