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.
Misleading and disappointing
Ubank states that bonus interest will be paid on a Usaver account providing you have: a linked Ultra account, deposit a minimum of $200 during the month, and have a maximum amount of $200,000. I phoned on 2/10/19 and was told that if I opened an Ultra account (I had already opened a Saver account in September), that the bonus interest would accrue from 2 October and be paid on 1/11/19. So I opened an Ultra account that day and deposited an additional $200 to the significant sum I had posited in September. On 1/11/19 I checked my USaver account ...expecting to see the bonus interest payment but I found that only the standard interest had been applied. I phoned uBank and was told that although I had met the requirements since 2/10/19 the bonus interest would only start accruing from 1/11/19. I feel that what they conveyed by phone and advertising does not match with that they actually do. This is very disappointing and I feel is misleading. How this financial "Bank" gets a high endorsement on some banking internet comparison sites is a mystery to me. Also, when you phone them be prepared to wait for some 20 minutes before your call will be answered. I guess I should have taken notice of the "productreview.com.au" site first.
Poor customer service
Today I attempted to log onto my Ubank account to update my contact details. The online system which is meant to be simplified to avoid going to a bank or calling the bank let me down by not forwarding a sms code to my mobile. I tried this multiple times before calling the number listed.
After meeting all the security questions on the phone, I had to then download the app, which I had never needed and answer a series of higher security questions, and still the SMS function didnt work.
So I was told I would be called back on the mobile numbe...r listed for another security check, this is now absolute time wasting, so the customer service person calls me back, I answer more security questions. I get the post code wrong as I have moved recently and I am confused which one was listed. Next moment I am locked out of my account. I am now told I can make no updates, transactions or use my account until I report to a Australia post outlet and prove myself. How is a post code a security check? Surely I could name the other account holders details, give you my license number, or name the last transaction made. But now you have wasted my time, and future time as I now need to report to the post office like some criminal. After 20 minutes of answering questions over the phone for clearly a fault in the Ubank system, I am no closer to a resolution. Nor have I received this email for identification to take to the post office. After I go through this process. I hope Ubank will make it extremely easy to close this joint account. I have never had such a poor experience with a bank.
I haven't had any issues yet
I was directed to UBank by the Barefoot Investor and the highest interest rate going. I didn't quite understand at first how to receive the bonus rate and how the automatic "swing" worked from your everyday transaction account, but once I did (after a brief phone call with an operator) it's actually pretty neat. The interface does feel a little bit ancient, but the tech is pretty cool.
Stupid internet banking system nearly everytime has error show up with oracle error message
Stupid internet banking system nearly everytime has error show up with oracle error message, could not even change contact email. Call centre could not do anything and wait for 30minutes at least
Ubank bug when recategorizing income/expenses
Part of what I need to do at Ubank is to recategorise my transactions to make sense of my spending. Using phones for payments means you end up with lots of small transactions that flood your account statements. You can at least group them by categories but the categorisations are often wrong so you need to recategorise them. However I get thrown out of Ubank on a web browser when I try to recategorise an expense. Ubank says they are aware of the software bug. SO WHY DON'T THEY FIX IT?
Used to be a great product but there are a lot of other options out there which are better
I have had a Ubank Usaver as one of the original customers. I used to think this was a great bank account and used to put my savings that I didn't want easy access to on a regular basis. It was online, easy to use, had a great interest rate for a savings account compared to other banks, and had a simple product offering so I knew I wasn't paying for bells and whistles I was not interested in.
The customer service has always been solid, and I have never had an problem getting issues solved in a timely and reliable way.
The account, I believe...is less competitive now that I am a bit older. I feel that the target market is a younger population, and that it is now being positioned to those that want to link to a transaction account in order to get the benefits of a higher rate. Since then, since I rarely use this account, I now only utilise the term deposits which are low deposit and high rates (essentially a proxy for a longer term savings option) and keep my savings with another bank to be transferred only when I have enough for a new deposit or a deposit is rolling over. I only keep this open to facilitate transacting term deposits rather than as its original purpose as a savings account.
Highest rate ALWAYS!
I have been with Ubank Usaver since it started and it ALWAYS offers the best savings rate consistently. Part of NAB Bank so very safe and secure. All transactions can be actioned on line even opening an account. Very simple, straightforward and easy to understand and operate. I would highly recommend as the best available rate on the market.
This app is a piece of rubbish
Honestly being backed by NAB and having access to the brightest tech minds in Australia (presumably) you'd think they could build a better app.
- tried to transfer 4000, way under the 20,000 limit, but couldn't because a message showed me the limit is 20,000. No sh't? Since when is 4000 more than 20k?
- tried to leave feedback about the app and couldn't because of bugs. Literally had one of those 'congrats you've won a Samsung Galaxy S' phishing ads pop up in the FEEDBACK SECTION OF THE APP. That is scary.
- too many other times I've needed...to transfer and this POS has been down for scheduled maintenance, unscheduled maintenance or just doesn't want to work for whatever reason. Honestly I am tempted to take my.money somewhere else. Sort your sht out Ubank
Great savings product
Competitive interest rates
Stylish debit card
Lots of finance management tools in the online banking platform.
Sleek iOS app experience with an intuitive design.
Needed to call them once to set up Apple Pay. No wait time, issue solved on first call in ~10 mins.
Occasional tech hiccups, e.g. online banking didn’t work on Safari for a while due to an OS update, but was fixed as promised.
Absolutely no problem
I have been with UBank for about 3 years – absolutely no problem.
I have a linked Westpac account that auto deposits $300 monthly to retain the Ultra Account bonus.
I have a Macquarie Bank account linked for most other transactions.
Money transfers overnight.
My deposit sits around $120,000 and at the moment getting 2.87%.
I will add approx another $40,000 EOFY.
Debit visa cards function in other banks ATMS and at Merchants.
Ubank statements for 2017 wont work
The Ubank interface for bank statements is so clumsy, and just doesn't work. No matter what date range you enter in (one month, two months, six months, 12 months), it just comes back with a message that No statements are available. Even if you select Transaction History as an alternative, that doesn't work either.
Awful software for an online-only bank, no ability to turn off features
I have a Ubank Saver with a linked Ultra account (for the 2.87% interest rate) Website is very difficult, sweep function is permanent and can be set to a minimum of $100. I only use the account as a long term account (I.e. I don't use it everyday) and even then the whole system is so user-unfriendly that I intend to cancel my accounts. in short, it Ubank doesn't pay you enough in bonus interest to justify the difficulty of dealing with them
I just set up a UBank savings account and wanted to add on the Ultra account also. Upon joining I was unable to access my banking page due to problems with Ubanks system and safari compatibility (I rang the call centre and I own a MacBook Air)
I was informed I cannot set up an ultra account via my hand held device- need to do it via computer. Ok... you’re an online bank, why not make your banking accessible via All search engines? I was then informed that the call staff can’t set up the account for me, I needed to download google chrome to access my account and set up ultra account.
Let’s see if this shemozzle continues... rabobank might be getting my business after all..
- Verified customer
Works Perfectly and Pays the Best Interest
As a retired chartered accountant, with decades of experience with many different kinds of financial products, I am baffled as to why nearly ⅔ of the reviews here are negative. I can only assume that the problems are with the reviewers, rather than the bank, because throughout the 10 years that I have been a Ubank customer, I have never experienced a problem with them. During this time, I’ve held a Usaver account, a linked transaction account (since that rule was introduced a few years ago) and various term deposit accounts. I am completely sat...isfied with every aspect of the service from Ubank. Most members of my family are also satisfied Ubank customers. The reasons that I recommend, in particular, the online Usaver account, are as follows: - They consistently pay the highest interest rate. As of this review, 02 Nov 2018, they pay 2.87%, (including a bonus 1.06%) subject to three simple conditions to get the bonus interest: 1. Deposit at least $200 a month from an external source 2. Keep your balance under $200K and 3. Have a linked transaction account called a “Usaver Ultra”
Don't know how it can be a full online bank! Can’t even verify my account - Drivers license, Passport and Medicare card all failed. Still waiting for a reply of my email sent six months ago! Extremely poor customer service! Funnily you can transfer money 'in' without verifying your account but cannot transfer 'out' without verification! Stay away!
USAVER, beware they won't allow you to withdraw money or update your details
Online bank with antiquated practices. I spent 50 minutes on the phone being told I can not access my money without a confirmation letter arriving VIA POST.... What?!
No customer service what so ever! The only word in their vocabulary is "can't"
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Questions & Answers
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.
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
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.
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