UBank USpend

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."

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.

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.

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!

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don't care your urgency you can not withdraw money in overseas ATM money won't come out but your statement show you withdrawn money they will put you nab fraud investigation it will go up to 45 to 60 days you never get back your money it is hectic with them and i order new card but I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.

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!

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...

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.

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...

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.