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UBank USaver SMSF

UBank USaver SMSF

1.6 from 12 reviews

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Reviews

Review distribution

5 star
1
4 star
0
3 star
0
2 star
3
1 star
8

Just don't do it...

published

I've been waiting for 3 weeks to have my funds unlocked - 6 times I've sent messages, phone calls, live chat sessions and they still don't do anything. They even told me they had the documentation I sent to them 3 weeks ago and 2 days later the funds are still locked. Complaint sent to AFCA.

I wanted to stay away from the big 4 (and still do), but this isn't an option you should consider.


Aubrey

AubreySydney

  • 2 reviews

Ridiculous Rules, Completely Unrealistic

published

Terrible systems and processes

published

I had my SMSF deposits with Ubank because they appeared to have an attractive rate; however, they won't follow my maturity instructions. The first time, the instructions were just ignored and the deposits were rolled over. I thought that I must've done something wrong however, now the same thing has happened for a second time, not good enough. I want to withdraw the funds on maturity and they won't let me!!!

Barndogg

Barndogg

  • 2 reviews
  • 12 likes

SMSF TERM DEPOSIT

published

Watch out that you do get your bonus interest

published

Unsuspector

Unsuspector

  • 12 reviews
  • 18 likes

Bad Systems; bad communications;

published
1 comment
jim.lawrenson.1
jim.lawrenson.1

I fully agree that they are untrustworthy. The cancelled my ASP without notifying me and 'in effect' had my money for free before I realised that the funds were not being withdrawn from the doner account.


Bela Banyay

Bela BanyayAU

  • 2 reviews
  • 2 likes

Appaling service

published

Misleading, informations from the staff. The do not know what particular documentation they need. Spent more than an hour with them on the phone without resolving anything.
They say something on the phone their website say an other contradicting thing.
Way over bureaucratic security procedure.
Stay away from them especially if you think to invest your SMSF money with UBANK.
I am very disillusioned and dissatisfied with their services.

1 comment
UBank
EmmaT_UBankUBank

Dysfunctional Bank - Avoid Unless You Have A Lot of Time to Waste

published

Opened account attempted to transfer funds in - website wouldn't work - and no one answers the phone. Hours of waiting and listening to tape chat. If Ubank are so difficult to deposit money with - the risk of not being able to get access to the funds should I need them later is too high. In the end I gave up and deposited over $100K of SMSF funds with another bank.

Impossible to deal with

5 comments
BlackIce54
BlackIce54

No problems here.... Opened an account 5 days ago and have managed to transfer 500K in so far. No issues experienced with

FelisFera
FelisFera

I'm having serious issues with ubank site. Looking into another bank. Can't transfer funds in.

missk96
missk96

The ubank website is TERRIBLE. It won't work on older browsers and won't work on iphone or ipad - I am a very unhappy customer.

Once Bitten29

Once Bitten29Greater Melbourne (Metropolitan), VIC

  • 6 reviews
  • 3 likes

Third World Banking

published
Angela11

Angela11SYDNEY

Inconsistent advise from staff

published

I went to the trouble of opening an online account with Ubank for our SMSF and sent through all the relevant paperwork. Unfortunately I lost faith in this service, after receiving inconsistent advise from staff members when we rang the 1800 number. Often the 1800 number was 'too busy' and we had to ring back later, or we were waiting over 15 minutes for someone to answer. Each staff member advised something different and in the end I pulled our money out.
Completing the online application was the easy part
Online application does not state exactly what is required, which is OK as we sent in all our paperwork, however a different answer from staff members was the biggest issue we had.


aef

aefAU

  • 2 reviews
  • 2 likes

Too hard to set up

published

I've been trying for 2 months now to get an account set up for my super fund. Forwarding extra documentation (always certified), answering questions, more documentation etc etc. I've set up accounts for my super fund previously & it was all fairly painless. But uBank's requirements are completely unreasonable.

The account still isn't set up after all this time & now I'm told that they cannot close the account either due to a problem with their processes!
Others have complained about the Call Centre but it was the best part of my experience with uBank
Unreasonable documentation requirements; Skype access to Call Centre rarely works; Messing about with mobile phone codes is a pain


hein_preller

hein_prellerAU

  • 8 reviews
  • 3 likes

UBank is a true online bank and works good with SMSF

published

UBank offers the best interest rates so if you are serious about saving, the rate is currently 6,31% p.a. for the dedicated SMSF account.
We have set up many SMSF's and use UBank as the default bank account. We have a streamlined process to supply UBank with the exact requirements needed to open up a new bank account. All the bank accounts set up so far was hassle-free, although there's a reasonable amount of support needed.
Regards
Hein Preller
Director
Superannuation Warehouse
Account number and BSB issued within 1 day
Sometimes difficult setting up Direct Debits from the Online SMSF savings account

1 comment
Brigsi
Brigsi

Questions & Answers

Tom

Tomasked

what are the smsf TD rates available for an existing Td?

No answers

Get an answer from our members and UBank representatives

Details

CategorySavings Accounts
Release dateOct 2012

Visit official website

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