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Best Savings Account
I have been with UBank for over 10 years and have always received the bonus interest each month as per their conditions. The only disappointment is that interest rates have been going down for quite some time. I also note that the maximum of $250k is the most you can hold in the savings account to benefit from the bonus interest. Is this going to increase in time?
Needs serious updates to UI and Statement Requests!
The UI is outdated, hasn't been updated in years. Worst of all is when you need a statement fast, you can't access it online instantly and have to request it, and then wait 24-48 hours! The year is 2021, it should be instant, this is a shocking pitfall. I'm switching to another bank ASAP after a few years of being frustrated with this ridiculous shortcoming every time I need a document fast I have to wait!!
Very bad for Bpay
If you put money into Ubank using Bpay, the amount will show up, but be unavailable for up to 5 business days. Not good if you eg need to pay bills. Even cheques were available after 3 days.
Also, if you want to pay bills with Bpay, they don't process transactions over the weekend, so if you leave one to be processed on Monday, the overnight the sweep clears out your transaction account so the Bpay you left to go then fails.
This is a totally unreliable transaction system.
Totally appalled at UBank after almost 7 years as a client
Too many times funds are not available from linked Nab acc plus they take funds from linked accounts even when advised not to. Plus closing the account has taken Since 10.20 on a Friday with funds to go back to linked Nab account still not showing or available Monday 9.10 am.
UBank offers the best and the fairest option for money at call
They consistently pay on money at call (USave account) interest, which is above any secure term deposit rate that is available at the moment. It is also very easy to be qualified for. UBank is the best thing in banking that happened to me during my 35 years in Australia. I was unpleasantly surprised to see so many negative reviews on this Bank and this particular product and decided to write my own review, for the first time in my life.
Good work, guys! Hope to have you around and be your customer for a long time.
I need to get $10k secured loan from other bank to pay off my wife’s car so the loan provider asked me to get a bank statement for the specific period for the Ubank account. Made a request to get this statement and was informed that it will take 48 hours which is a week time. Made phones call but no assistance provided. I need the statement urgently in order to save late payments but UBank is unable to provide on the time but advised to wait for a week to get it.
They fell at the first hurdle
The 1.1% pa interest on savings caught my eye, so I clicked on a link to open a USave + USpend account (you need the two accounts linked and deposit $200+ per month, to 'qualify' for the bonus 1% interest).
So, after completing the application, I was surprised to see that the review page stated 'Drivers license not provided' despite the fact that details were provided. So I went back to that page and provided my Medicare details and removed then re-entered my Drivers license.
This time the review page completely neglected to mention the Medica...
Scam!! Scam!! Scam!! Beware!
Warning to all, beware!!! They advertise a rate with a reasonable interest-rate on Usave account, I go to the bother of opening a brand-new account and become a customer and very shortly after transferring the funds and they clear into UBANK & just days later they reduce the interest rate with NO real notice... no personal email.. no text message or no phone call... no notification through the app.. no notification through banking they just drop the rate & not tell anybody after you sign up and the funds clear. 1.46 and now just 1.1!!! Rubbish...Scam scam scam!!! Completely dishonest I would not recommend Ubank it’s pretty pathetic that in age of digital world they can’t even send out a notification the day before or even the day of that they are reducing the interest-rate but no... They do it behind your back just listing its deep on the website hoping you won’t notice!!!! I would not have bothered with this time and money wasting bank if they advertised they were going to drop the rate over and over. Oh and this prob isn’t the kat time either! With so many other places to get a much much better interest rate I’m assuming these guys don’t want or respect customers. Rabo bank 1.75%! Ubank should be ashamed!! I’m out.
Poor Customer Service
We have been contacting UBank to have our account closed and that request has been ongoing for a little over a month now. The agents we speak to continually assure us that they will come back to us for updates but we have not received any to date. I would be steering clear of UBank after this experience.
I spent a long time trying to transfer money into the account of a company so I could pay a bill. I tried CHAT a few times with no resolution - the so called Tech team have never contacted me. When I tried phoning I could not get on but eventually did when I rang just after opening hours. We managed to pay the bill with the person on the phone doing the transfer for me somehow, but I still cannot transfer money using my computer or my wife's computer or my Ipad or my Phone. It is extremely frustrating. I will be closing this account once I somehow manage to transfer money.
Logging into my account, customer service response
I try to log into my account but it always comes up with Maintenance issue. I send emails to their contact department.. no answer... ever! I also withdrew money and it then did not show up on my account so I withdrew again, both amounts came through to my bank.. what is going on with their website and customer service?????
Sweep is the worst thing ever
Automatically set up from the begging and you can never turn it off, only adjust the amounts. Combined with a terrible app and website layout and usability, one of the most frustrating banking experiences one can have.
Misleading and disappointing
Ubank states that bonus interest will be paid on a Usaver account providing you have: a linked Ultra account, deposit a minimum of $200 during the month, and have a maximum amount of $200,000. I phoned on 2/10/19 and was told that if I opened an Ultra account (I had already opened a Saver account in September), that the bonus interest would accrue from 2 October and be paid on 1/11/19. So I opened an Ultra account that day and deposited an additional $200 to the significant sum I had posited in September. On 1/11/19 I checked my USaver account ...expecting to see the bonus interest payment but I found that only the standard interest had been applied. I phoned uBank and was told that although I had met the requirements since 2/10/19 the bonus interest would only start accruing from 1/11/19. I feel that what they conveyed by phone and advertising does not match with that they actually do. This is very disappointing and I feel is misleading. How this financial "Bank" gets a high endorsement on some banking internet comparison sites is a mystery to me. Also, when you phone them be prepared to wait for some 20 minutes before your call will be answered. I guess I should have taken notice of the "productreview.com.au" site first.
Poor customer service
Today I attempted to log onto my Ubank account to update my contact details. The online system which is meant to be simplified to avoid going to a bank or calling the bank let me down by not forwarding a sms code to my mobile. I tried this multiple times before calling the number listed.
After meeting all the security questions on the phone, I had to then download the app, which I had never needed and answer a series of higher security questions, and still the SMS function didnt work.
So I was told I would be called back on the mobile numbe...r listed for another security check, this is now absolute time wasting, so the customer service person calls me back, I answer more security questions. I get the post code wrong as I have moved recently and I am confused which one was listed. Next moment I am locked out of my account. I am now told I can make no updates, transactions or use my account until I report to a Australia post outlet and prove myself. How is a post code a security check? Surely I could name the other account holders details, give you my license number, or name the last transaction made. But now you have wasted my time, and future time as I now need to report to the post office like some criminal. After 20 minutes of answering questions over the phone for clearly a fault in the Ubank system, I am no closer to a resolution. Nor have I received this email for identification to take to the post office. After I go through this process. I hope Ubank will make it extremely easy to close this joint account. I have never had such a poor experience with a bank.
I haven't had any issues yet
I was directed to UBank by the Barefoot Investor and the highest interest rate going. I didn't quite understand at first how to receive the bonus rate and how the automatic "swing" worked from your everyday transaction account, but once I did (after a brief phone call with an operator) it's actually pretty neat. The interface does feel a little bit ancient, but the tech is pretty cool.
Questions & Answers
I was thinking of changing my mortgage loan from CBA to u bank because it has low interest rate.
After seeing all the reviews Which are not very positive, I am bit confused.
If any one in the same situation please share your thoughts.
I have read reviews...a little disappointing. i was thinking of re mortgaging an investment loan with U bank.
As the reviews are a little old ..has the situation improved ad how easy is it to deposit money each fortnight to pay back an investment loan
Whats the story with designating my Linked account as a Payee account? Of course its my linked account- Thats where the money came from. I send you a secure email to request information but no answer from YOU. I ring up and wait, and wait on the phone to talk to someone. Only to be told your Linked account is a payee account with a 20k withdrawl limit. I have to wait 10 Days for verification WTF. You make it so difficult to use this account with all your hidden tricks and inability to communicate with your customer. Worst bank Ive ever delt with and the online reviews confirm it.
Get an answer from our members and UBank representatives
|Bonus Interest Period||Ongoing|
|Maximum Balance Interest Paid||$250,000.00|
|Standard Variable Rate||0.05% p.a.|
|Bonus Variable Rate||1% p.a.|
|Total Interest Rate||1.05% p.a.|
|Release date||Nov 2009|
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