UBank USave

Got a new phone number and so far it has been over two weeks and Ubank has not changed it. Two phone calls, a complaint and 3 emails. Still not changed. I can't bank as a result. No one there gives a toss. How hard can this be? If Ubank wish to respond, don't tell me to contact you through social media please as I don't use any of it. Will… Read more

likely have to change banks. How ridiculous over a phone number. 2June 2026 - Case has been resolved now and my phone number is on the account. The complaints officer provided a professional closure letter, and hopefully we can continue our relationship with Ubank.

The savings account with bonus interest is almost a scam in that if you ever withdraw from it to the point the monthly balance goes down you get nothing that month, not less, not a small amount, not a basic rate, nothing, nada, zilch. Every month apparently their call centre is hammered on the 1st day of the month with complaints. Avoid.

IF YOU ARE THINKING OF BANKING WITH UBANK OR OPENING A USAVER ACCOUNT I SUGGEST YOU READ ALL OF THIS......IT MAY SAVE YOU SOME HEARTACHE DOWN THE TRACK.... I have been with Ubank for nearly 10 years. We are loyal people and they were my family's go-to bank until recently, when they made a sneaky change to their USaver account that on the surface… Read more

looks straightforward and simple. Grow your account by $1 at least a month and you get a very good interest rate. Sounds easy right!....all Ubank's information tells you it is......but here's the catch, for about 5 years Ubank have been encouraging people with USave and Utransact accounts (Transact gets 0% interest) to use them in tandem to pay all your bills. Transfer from USaver to UTransact to pay your bill....happy days.... but if you've done what Ubank encouraged, got used to it, and pay your bills this way that means your Transact account will inevitably go backwards from time to time = 0% interest. I have tried to manage around this ridiculous rule, aimed at catching people out, and I still got caught, losing $600 interest. How?, well a large unplanned expense came in late in the month, and as I have done for many years, paid the large expense out of Ubank, momentarily forgetting the new rule....Zero interest!, interest we use to live off......I wont make that mistake again, which is simple to do when financial pressure is on....I now totally minimize use of Ubank, and advise others to have a close look.

I see that in October Ubank will be changing the system to qualify for bonus interest on the ubank save accounts. Currently if you put $500 in every month, you qualify for bonus interest of around 4.6%. From October, to get the bonus interest the… Read more

balance has to grow by $1 a month. While $1 is obviously not much, this is not going to work for me as the balance of my accounts fluctuates dramatically through the month. I am sure many people will be in this situation. That means that I will either make sure that any extra money I have is not with Ubank but in my mortgage offset account, or I will change to another bank that provides bonus interest, such as ING.

Great so far – I transferred over to ubank recently and find it great so far. I like the setup of the online banking through the app and it's very intuitive with up-to-date technology. I'm pleased the bank has really good security and checks when increasing the limit of money to be transferred. Show reply

Very Impressed With the New UBank – Ever since UBank acquired 86 400 it has become a better Bank and a better savings account. The App has improved and it is extremely powerful and I use it quite a lot. The best part of UBank is that I can make $20,000 instant payments to most accounts if need be. Other online players restrict instant payments and some only offer $1,000 maximums.… Read more ·  1

You can do much on the App, like advise UBank of overseas trips by telling them where you are going and how long you will be there. The general use of the App is easy and very functional.

Comparing it to other online savings account (of which I have a few) this one is by far the best. Thank you.

Easiest banking – I refinanced earlier this year with U bank and have not had any problems with them at all. Everything was easy to set up, app is easy to use and transfer (internal & external). Easiest banking ever. Show reply

UBANK don't want new customers If you want to open a new savings account with UBANK you must do it via their app. The process is complex and requires you to change access to your phone (for any reason) by using your eyes or fingerprints. If you are successful in opening an account (I wasn't) the savings account only earns interest if the total… Read more

balance of funds in all accounts with UBANK in the month increases by $1 (not including interest). So in essence you have opened a permanent term deposit, unless you are prepared to lose interest I wonder how many older people, who have lots of money but low IT skills,, will be attracted to UBANK?

UBank used to provide an online account with one of the best bonus interest options on the market but this dramatically changed from 1 October 2025. The new guidelines for earning bonus interest are confusing and convoluted. Also, the criteria for earning bonus interest has now been downgraded to the point that it is unfair. A depositor could now… Read more

forgo up to $3500 interest (approx. interest for 1 month on a $1 million dollar balance) if they need to make an unforeseen withdrawal in any month. Under these circumstances, I would suggest the better option now is to open a Macquarie online Saver account where they do not penalise you for accessing your savings at any time.

Super disappointed. Switched all my accounts over to Ubank and they were great. Until recently, when they decided I have to have $1 more in Savings each month to get ANY interest? This is stupid for so many reasons. I use this account for savings, but it is also for emergencies that require larger sums of money and occasionally I will need to take… Read more

out money from this account, as I assume most people do. Will be looking at closing this account very soon for this reason.

U Saver used to be fantastic. They were so easy to deal with. Paid Interest monthly. I have been with them for years. They have changed so much I would not recommend them at all. They do not like to pay… Read more

interest. They really are a fixed term account now as they hate you spending any of your own money and they want it all back in the bank by the end of the month otherwise you will be like me and get no interest. They are not transparent at all about their new service. They do not reply to messages. I was told it would take 5 days to solve a basic complaint such as Where is my Interest? Then told it takes 10 days due to the fact that they have so many complaints. No One there really seems to know what is going on anymore. Do your homework there are so many better options out there now. Take your money out they have become extremely greedy.

Like other savers, I have had up to $400,000 in Ubank Saver accounts for over twelve years, rather than annoying Term Deposits, always complying to their terms and receiving interest on our retirement cash. The latest conditions were complicated and ridiculous. I have transferred my cash to my general account with another bank thereby losing… Read more

over $600.00 interest just in that month (October) Worst experience with a bank since the old days when we were left to our own devices and banking was not regulated.

I once loved there app , the whole idea of growing it by 1 dollar has made us leave...My savings was growing very well for over 4 years . It's literally a term deposit that doesnt work. I use my funds all the time to invest and my financial total wealth has improved year by year !.. I hope you guys take the people seriously! Stop covering your… Read more

idea that it helps people save when I'm sure your clients that once loved the app are great savers .. change your business model and start thinking about your customers and not being so greedy !

Ubank has always been a good reliable online bank offering NO HOOPS and competitive interest rates. No more. The grow account model is nothing more than a scam, effectively a term deposit, but worse. My money has found a new home. And please don’t tell me the changes were made to improve my savings habits….they were outstanding already.

I was always a fan of ubank, from the app to the website and even their customer service; I have even recommended ubank to family and friends and had nothing but praise for them. Now they have taken one of the best financial products on the market and turned it into a sub-standard product with the new "grow your balance" changes. Want to use some… Read more

of your money to pay a bill this month? Boom! Zero interest for the whole month for you. I have already moved my savings to another bank. So long, ubank, it's not me, it's you.

These changes weren't brought in to encourage saving they were instigated to withhold interest payments to people with large balances. I'm dumbfounded that the directors of Ubank thought this would go down well. I've already moved most of my large cash balance into Macquarie which has similar interest rates with no hoop jumping. I am a self funded… Read more

retiree who for many years used this account to fund investments and regularly move large amounts in and out of. I am also a NAB shareholder and I would think when the deposit book takes a significant hit this will probably be reversed but by then most would have left. I have changed all my dividend and rent payments to Macquarie now and doubt I would return if this was reversed.

I agree with the other complainers about the the forthcoming UBank $1 change on 01 October, 2025. I'll be moving my money out beforehand and won't be recommending UBank anymore. The new bonus constraint deserves 0 stars.

I have been a happy Ubank customer with a high interest savings account for 13 years, but now they’ve announced changes coming on 1st October 2025 with ridiculous conditions to qualify for the bonus interest rate, so I’ll have to look for an alternative bank for my savings. As a retiree with a substantial balance in my USave retirement account, I… Read more

was earning high interest while regularly withdrawing monthly amounts to live on, but now the changes mean that my withdrawals will forfeit any bonus interest. I have tolerated all the unnecessary experimental changes that Ubank seemed obliged to undertake over the years, but these new restrictions will force me put my money elsewhere. Goodbye Ubank.

Ok well I was talking up Ubank to friends and family and was about to unlink my accounts after paying out mortgage and switch to the bonus interest savings but due to the October change, I'll now just have to pay out my mortgage and move banks! Loose more when I already have to pay insurance or my rates?!?! Or go on holiday!!

No Reason to stay as a customer or become a new customer I became a Ubank customer when they used to offer both personal & SMSF products (saving accounts & term deposits). Ubank has become from a first choise to a bank to avoid. There is nothing left to entice anyone to bank with them. (a) No SMSF options (products migrated to NAB and… Read more

obliterated) (b) No Term Deposit options (c) No Swap facility that allowed drawing funds from Saver account with Debit Card or from ATM (d) No Direct Debit or Sheduled/Pay Anyone payments from Saver account (c) Now requires a growth each month to earn bonus (any realy) interest

Ubank does not listen to what their customers need (save & spend without being penalised for it) & constantly keeps changing for the worse without any obvious justifiable reason.

It would be beter for everyone if this bank was killed and just assimilated into NAB (where it belongs).

Am quite disappointed with the changes made by UBank. My rate's been reduced by .25% to 4.6% and from 1/10/25 there'll be no bonus interest if the balance is reduced by the end of the month. Everyone will get caught under this change because large unexpected expenses befall us all. While it may seem that financial institutions impose this… Read more

condition to help us save, it's more likely it helps them save paying the bonus interest from time to time. Very few do not have this condition now. My State Bank is one. My StateBank has proven its worth in the more than 3 years I've had a bonus saver ac with them.

TERRIBLE DECISION BY uBANK:- From October 2025 the bonus interest conditions changes. (1) CURRENTLY: You need to deposit $500/m only, and you can withdraw any amount you want and still get bonus interest on the remaining balance, ie if balance is lower at end of month you still get bonus interest... eg, If you have $99,500 add $500 and withdraw $1… Read more

you will still get bonus interest on the $99,999 balance. (2) FROM OCTOBER:- You need to 'grow' the account by end of month (excluding interest added) ... eg, if you have $100,000 in account at start of month, then add $1 to 'grow', then withdraw just $2 you will not get ANY interest on the remaining $99,999 at the end of the month.

I can see customers moving to another bank whom give very competitive rates regardless of higher or lower balance at end of month.

In June this year, l had informed Ubank regarding my overseas travel through the app. I was unable to use my Ubank debit card during my holidays. Luckily, l was able to use my ING debit card for purchases and ATM withdrawal; international transaction and ATM withdrawal fees were rebated to my bank account instantly. ( I follow ING monthly… Read more

conditions to qualify for these fees rebate.)

From October 2025, total Ubank savings balance on eligible accounts needs to increase by $1 at the end of the month. The interest rate has reduced to 4.6% from 15 July. My family and l will change to another bank.

New conditions for Bonus interest are tricky and sneaky. For example, a customer with savings balance of $250,000 who wants to make a partial withdrawal could lose over $900 interest for the following month, (if my understanding of the new conditions is correct).