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UBank USpend
- 41 reviews
- 29 likes
- Verified
Very slow bank transfer
It takes 1-2 days to transfer funds out. Every other bank has PayID which is instant. Ubank still lives in the Stone Age and doesn't have this feature (PayID) hence I was forced to go to another bank.
30/10 - I'm trying to transfer my money out from Ubank for the last couple days. I keep getting the following error message "Sorry, Internet Banking is temporarily unavailable."
- Incentivised Review No
Please contact me again when Ubank isnt living in the Stone age and I might use your bank again. You still have the best interest but sometimes I need to do a bank transfer for an emergency where 1-2 days is way too long...
- 7 reviews
- 1 like
A great product from a poor bank
This is probably the only redeeming factor for uBank is the high-interest rate on this account.
It is generally above the industry standard but there are a few issues to be aware of.
The Sweep function can be annoying and there is absolutely no way to turn it off without messing around with the values.
There is absolutely no way to deposit cash/cheque into a uBank account.
The website and app support is very poor for an online-only bank.
That being said the product is worthwhile for consideration if you don't mind the above drawbacks.
- Transparency
- Incentivised Review No
- 3 reviews
- 2 likes
Love this bank account.
A simple bank account with a high interest rate.
To qualify for the high interest rate deposit $50 dollars a week or $200 a month, easy.
If you don't like having $100 in the sweep account, open a second UBank Saver that's not linked to the sweep account.
My account setup:
Sweep account: used for everyday spending. Sweep settings: if balance exceeds $1000 & Maintain balance of $100.
UBank Saver1: Income deposited here and is linked to sweep account.
UBank Saver 2: For Savings and Bills. Not linked to sweep account.
- Incentivised Review No
- 63 reviews
- 50 likes
One of the highest interest rates around
I signed up for the Usaver ultra savings account for one of the highest interest rates around. There are other banks that offer similar interest rates however you have to jump through hoops with loads of rules and restrictions.
With Ubank ultra all I need to do is add 200 dollars every month and keep my savings under 200,000
The customer service is great!
Find out how UBank USpend compares to other Transaction Accounts
Know better, choose better.
- 2 reviews
- 1 like
Worst bank for transaction
Transaction not easy with Ubank and not reliable very careless customer service they don't care your urgency you can not withdraw money in overseas ATM money won't come out but your statement show you withdrawn money they will put you nab fraud investigation it will go up to 45 to 60 days you never get back your money it is hectic with them and i order new card but I didn't receive pin month now I received a card but they send pin to my old address not once twice very careless bank in Australia this is my experience up to you guys.
Incompetent card issuing processs
I joined Ultra saver on the 25 June. First card and pin did not arrive, Reordered. Card arrived but no pin. reordered pin but still no pin! 5 weeks since joining and still no functioning card plus lots of phone calls and e-mails to Ubank to try to obtain card and pin!
- 10 reviews
- 11 likes
Very Good Transaction Account
A couple of reviews of this account appear to give details which are now out of date. Ubank only require $200 or more per month deposited from an external source to receive the bonus savings interest, not $2000 as stated.There is nothing to prevent you depositing the required amount then withdrawing it later in the month if you wish.I like the 'sweep' idea, it means that most of your money is earning interest and not sitting in a transaction account earning nothing. The minimum balance you can keep in Ultra is $100, not the $500 as stated. I th...
Read moreink that is very reasonable these days. I have only experienced good service from Ubank and better than average interest on Usaver. I guess you have to sacrifice some convenience, being an' online only' bank you can't get a cheque book (who uses them these days?) or counter service. I like the idea that it is backed by NAB and is an Australian bank.Related Articles
- 101 reviews
- 87 likes
Forced on me
I had this account forced on me if I wanted a higher interest rate for my existing USaver account. The sweep function cannot be turned off and as a minimum I have to keep $100 sitting in the Ultra account doing nothing except being isolated from all their other money friends in the other account.
Poor form UBank that the control of the account is taken away from the account owner. One size does not fit all. Not everyone wants another card. Mine is still deactivated and will stay that way.
- 61 reviews
- 34 likes
Cheap and useful, but with problems
I've had one of these accounts for a couple of months. So far I have been quite happy with it. I would summarise it as being a NAB Classic Banking account with extra features.
To start with, the account overall seems to be a high-value account. It hardly has any fees (read the T&Cs for details). In practice the only fees it has that affect me are its international transaction fees.
It comes with a Visa debit card with payWave. You can also open it as a joint account by attaching it to a joint USaver savings account. This will get each joi...
Read morent owner their own corresponding card. I think the highlight of the account is its sweep feature. This provides multiple benefits relating to situations where the account balance is too low. Basically it minimises issue that could arise as a result of not having enough funds in the account. It does this by automatically using/transferring money from the corresponding savings account. The first function of Sweep is if you make an EFTPOS purchase without using Visa (the Credit option) or have a direct debit taken out, the additional required amount of money is used from the savings account to allow you to complete the purchase.Just an update: BPay payments work now, and I think you can view uncleared Visa transactions in the mobile app.
Find out how UBank USpend compares to other Transaction Accounts
Know better, choose better.
- 5 reviews
- 5 likes
Incorrect transaction amount
I have tried the USaver Ultra and it has problems. A VISA debit transaction is repeated. The auto transfer amount for a BAY transaction was more than the required amount. Rang them three times and told the story to three different customer service representives. The problem was eventually rectified but they could not explain what caused that. I doubt if their system still has bugs.
It is up to you whether you want to be the white mouse of this new product.
Handy
I think the system has bugs.
Questions & Answers
I have been given a bank cheque as payment. How can I deposit this cheque into my UBank account?
Hi Pat, happy to help with this query. As an online only bank we can only accept deposits electronically. I'm afraid we don't have the facilities to accept cash or cheque deposits.
In this instance, ...
Read moreyou'll need to deposit the cheque into your external account which accepts cheques. Once this has cleared, you can then transfer the funds electronically. For your convenience, I've included a link below with our accepted deposit methods. If you have any further questions or queries, please let us know. ^AdiThanks for that but I do not have any other bank accounts.
I see. In this case I may suggest requesting the cheque issuer to deposit the funds directly into your account electronically. ^Adi
Online advice states that one can deposit cheques into Usave, and I assume therefore Uspend. How do you do this? I am assuming you might be able to do it at a NAB bank?
Barry
Hi Barry, happy to help with this. I'm afraid we don't have any cheque or cash depositing facilities. As an online only bank, we can only receive deposits electronically. In this case, you'll need to ...
Read moredeposit the cheque in one of your external accounts and once the cheque clears, you can then transfer the funds to your UBank account online. For your convenience, I've attached a link below with our accepted deposit methods. If you have any further questions or queries, please let us know. ^AdiI am confused Adi. I have added here part of the information directly copied from the Usaver Product Schedule, where it states in section a that Usaver can accept cheque deposits. Why does the Product...
Read more Schedule state this if it cannot be done? ... "3. Account Transactions Refer to the UBank General Terms and Conditions for Variable Rate Deposits for full details of the terms and conditions in regards toI see. It appears that information is dated as our savings account is no longer called the USaver. It is now called the USave. You can view the updated Terms & Conditions here under Savings Accounts U...
Read moreSave Terms & Conditions. https://www.ubank.com.au/terms-and-conditions This the current version and has all our up to date deposit methods. ^AdiHow do I verify my identity?
Hi Bikram, it can depend on what you're verifying your identity for.
If the below doesn't answer your question, please contact our team via LiveChat on our site or on 13 30 80.
...
Get an answer from our members and UBank representatives
Details
Category | Transaction Accounts |
---|---|
Monthly Fee | 0 |
Foreign Transaction Fee | 0% |
Standard Variable Rate | 1.05% p.a. |
Card Type | Visa |
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Hi Fitnesspm, thank you for the feedback.
Read morem a participating Australian Financial Institution are already being received 24/7 365 days.We're working to implement outbound Fast Payments and will have an announcement for our customers soon. Fast Payments into UBank deposit accounts via NPP fro...