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.
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.
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don't care your urgency you can not withdraw money in overseas ATM money won't come out but your statement show you withdrawn money they will put you nab fraud investigation it will go up to 45 to 60 days you never get back your money it is hectic with them and i order new card but I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!
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A couple of reviews of this account appear to give details which are now out of date.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...ink 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.
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.
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...nt 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.
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.
I think the system has bugs.
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