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UBank USpend

UBank USpend

2.9 from 10 reviews · View Statistics
See the Best Transaction Accounts in 2022 as rated by Australians on ProductReview.com.au.
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Reviews

2.9
10 reviews
  • Transparency
    3.0 (1)
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Fitnesspm
FitnesspmMount Waverley
  • 41 reviews
  • 29 likes
  • Verified

Very slow bank transfer

published

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
UBank
Adi R.UBankSend a private message
Fitnesspm
Fitnesspm

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...

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Jared
JaredGreater Melbourne (Inner), VIC
  • 7 reviews
  • 1 like

A great product from a poor bank

published

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
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Sterpz
Sterpz
  • 3 reviews
  • 2 likes

Love this bank account.

published

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
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Ric
RicSydney, nsw
  • 63 reviews
  • 50 likes

One of the highest interest rates around

published

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!

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boo
boo
  • 2 reviews
  • 1 like

Worst bank for transaction

published

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.

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Incompetent card issuing processs

published

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!

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Dajovic
DajovicMelbourne
  • 10 reviews
  • 11 likes

Very Good Transaction Account

published
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Harvey Wilson
Harvey WilsonSouth East Queensland, QLD
  • 101 reviews
  • 87 likes

Forced on me

published

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.

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Sam
SamAU
  • 61 reviews
  • 34 likes

Cheap and useful, but with problems

published
Sam
Sam

Just an update: BPay payments work now, and I think you can view uncleared Visa transactions in the mobile app.

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OzTortoise
OzTortoise
  • 5 reviews
  • 5 likes

Incorrect transaction amount

published

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.

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Questions & Answers

Pat L
Pat Lasked

I have been given a bank cheque as payment. How can I deposit this cheque into my UBank account?

4 answers
UBank
Adi R.UBankSend a private message
Pat L
Pat L

Thanks for that but I do not have any other bank accounts.

UBank
Adi R.UBankSend a private message

I see. In this case I may suggest requesting the cheque issuer to deposit the funds directly into your account electronically. ^Adi

Barry
Barryasked

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

4 answers
UBank
Adi R.UBankSend a private message
Barry
Barry
UBank
Adi R.UBankSend a private message
Bikram M.
Bikram M.asked

How do I verify my identity?

1 answer
UBank
Adi R.UBankSend a private message

Get an answer from our members and UBank representatives

Details

CategoryTransaction Accounts
Monthly Fee0
Foreign Transaction Fee 0%
Standard Variable Rate 1.05% p.a.
Card TypeVisa
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