Reviewer Photos & Videos
Will Not Release Funds to Linked Account
Endless hoops and hurdles to transfer funds from USaver to linked Account. With interest rates falling and deposits draining in droves, I get the impression the call centre operators are instructed to use every tactic to filibuster and obfuscate to make customers give up in frustration and leave their money on deposit with them. All this while they're spruiking for home loans at 5.16%
How's your LTD ratio UBank?
Dismal is the only way to describe ubank. Terms and conditions of contracts are not what they tell you over the phone or even in email correspondence. They try to get out of doing things by going on about some technicallity that is not even put in writing to you. Appalling, Dismal and completely unsatisfactory
appaling service, verbal changes to terms and conditions of contracts, poor communication
Poor customer service and massive savings / deposit rate cuts
UBank customer service is very poor. Once you get through there is a lot of talk, but no action. It took me over 1 month and multiple phone calls to have a statement posted. On top of poor customer service, UBank rates are no longer competitive. They have slashed them in recent months and are making money on those existing customers too lazy to move elsewhere.
Poor customer service and lack of competitive rates
Not good when you need something
My mobile phone number changed, no end of trouble trying to get them to update it, they insisted on posting a code out to do this.... over one week later still waiting . Unstable website and long hold times, there are other high interest bearing accounts out there without these difficulties. No surprise it is part of NAB group
Overall Customer Experience
I've had this account for two months now and left a Westpac E-Saver for the better interest rate. I'd have to say it is not worth the hassle. The website is attrocious, I've been unable to use the function to transfer money out from my work computer (old browser), Ipad or Iphone - customer service tells me they are having issues with MAC, no sh*t - but a huge problem since so many people now use Apple products and rely on mobile banking. I will be looking around and moving my money elsewhere, it is quite frustrating and worrying to be unable to...transfer money out when it is needed. I thought this looked too good to be true and unfortunatley that seems to be the case. The old website worked OK they should invest more money into getting the new one tested and working properly before sending it live. Seemed easy at first Website constantly broken, unable to transfer $ out when needed.
My advice is to stay away..it is not worth the headaches, No one answers the phone,annoying, hopeless services, email is useless.there is lot more to say but I need heaps of pages.do your research first, check other providers and read the reviews, I would have stopped had I read the reviews.
Everything one of the worst
U Bank - Not Happy
Not at all happy with their Telephone banking wait times or the fact that it was too much trouble and hassle to get a statement from their UBank site.
The good part was it was good interest for savings accounts
I have had a U Bank account with quite a bit of money in it. the interest was good and I have no complaints about that side of it but oh my god when trying to access anything whether be customer service on their telephone banking it was a total nightmare. I had to get a copy of a statement for a lhome loan from another bank, thinking it ...
I've joined UBank slightly more than 2 months ago. First look was great - highest interest I've seen so far and hassle-free sign-up. I happily signed up and got everything set including an ASP for bonus interest. Shortly after I opened my first account with UBank, the interest dropped from 6.11% (excl. ASP bonus) to 6.01% (incl. ASP bonus which I noticed much later on as if you signed up before the interest drop, without a closer look, you would have easily assumed that 6.01% is excluding ASP bonus. Well, it's not!)
After the first month, I...noticed that the interest credited to my account was slightly less than what it should be. I wrote to the staff for clarification but the first e-mail that I received was just quoting what I can read from their website anyway. I then wrote another e-mail to inquire further. A lady got back to me again requesting me to read more information on their website and if I have further queries I should call them up, which I did and waited for about half an hour without anyone answering it. I gave up and waited for another month but again, the interest given was less than expected (even with the 6.01% inclusive) so, I wrote another e-mail to the staff and received a reply that there is a variable interest rate of 5.41%pa. It is true that this information is available but again, you will need to piece the puzzles yourself to work out the big picture. It seems to me that calculations for the interest is rather vague and the information on their website is quite misleading and if you are not careful or do not read everything on their website (or even if you do!), you might be led to believing something else. All in all, a very disappointing experience with UBank so far. High savings account interest rate Very bad customer service, never responded to phone/skype, misleading information on website
Very poor service, extremely disappointing
I have been with UBank for over a year and a bit and my SIM card had to be replaced recently. You require an SMS code to access your funds so they supposedly sent out a new one by post it's been 9 days now and guess what, no letter! After waiting 25 minutes to be answered all they can offer me is to send out "another" letter! You can't even close your account without the SMS code!. I asked to speak to a supervisor and apparently they were all in some meeting! Why is this my problem? So even if you have a complaint you can't talk to a sup...ervisor about it. I don't care if I get a few extra dollars in interest on my money. It's not worth the aggravation and time consuming hoops that UBank expect you to jump through to access YOUR money. If they don't send the letter this time I am going to Financial Services Ombudsman. High interest rate Rotten service and letters that go "missing", can't even speak to a supervisor as they are in meetings!
Worst Customer Service ever - Quality assurance specialist is a joke too
Called to enquire about fixed term deposits, and because i mentioned i wanted a 4 year one the girl called [name removed] (MANAGER - Hahah) answers and speaks over me and gets quite offended with what I have asked/proposed ( the 4 year deposit) after 1 hour wait at 12:27am. When trying to explain what I needed she got worse, then I enquired as to why I had not been informed about the rate cut that happened that very night/morning, Bad mistake, she became more agro and unprofessional. I eventually had enough of her crap service and said listen I...want to know why I was not told - when she said she had emailed and I mustn't have registered for that service (which I have). She was a rude bee with an itch but worse, I get an message from [name removed] "Quality assurance specialist" who takes her side and does not respond to the complaint nor resolving the complaint. The letter was an embarrassment and I feel sorry for NAB I plan to phone them to apologize but I intend to escalate it to a stage 2 complaint with the ombudsman which means they pay in the high hundreds of dollars for not resolving the complaint nor customer service Once upon a time - the interest rate and ingenuity Staff stick together and treat you like a joke
Unaware SIM card in my mobile packed it in (up to 2 weeks to replace) so unable to receive security SMS when I tried to transfer funds. Spoke to staff, but couldn't remember the answer to "who is my favourite cricketer?". Understandable, as I am a 65 y.o. pensioner who doesn't follow cricket and find this a totally irrelevant question. How about, for example, my mother's maiden name? As a result, I am now awaiting a letter from Ubank with the answer in order that I can change my mobile phone number (a recharge phone at that). This will tak...e approx. 3-5 working days from time of posting. Meantime, I am without funds as I use this account for spending money, bills, etc. No pension payment till next week so Maccas $1 burger for lunch and dinner to share with my pet is looking attractive. PS: Now up to sixth working day since my call and no letter. Wait forever in a phone queue only to hear that the wait time is increasing, not decreasing.
Long waiting times on the phone, difficult to setup when extra documents are requested
So far we are very unhappy with this bank due to very long call and skype waiting times, 12 minutes+
Ubank has requested extra documents from us, so we submitted them and a few days later they called back and re-requested the same documents again.
When I called to talk to them they took more than 12 minutes to answer.
I may not like commonwealth for upping there interest rate in excess, but at least when I needed to talk to them they never kept me waiting more than 3 minutes.
So far, Ubank you suck!
Higher Interest Rate
Long waiting times when you need to talk to someone, no call back facility, blah blah blah we are very busy and very sorry.
Long waiting hours on the phone!
Waited for more than 15 mins at a time!
Been calling them for more than 4x in the past 2 days!
Each call was 15 mins!
High interest rate savings ...
Super long wait time!!!
Negative with MAJOR PRIVACY CONCERNS. I have suspended proceeding with my account as I refuse to supply my details knowing that U Bank intends to misuse them in this manner. It amazes me that an Australian bank is so blase with its use of customers identity details.
Good interest rate
I encountered problems when it came to verifying my identity. It seems that the site does this by using your medicare number to masquerade as you and log into the medicare website and register you for online services. If it succeeds in this process it concludes that your details are correct. A similar process happens if you provide your tax file number (it registers you on the ATO website). I find this dodgy at best and quite possibly illegal.
An excellent online saving tool backed by NAB. Easy to use with goal orientated savings tool that encourages users to save. Offers one of the best interest rates out there. Would thoroughly recommend!!!
Simple lay-out. Easy to use. One of the best (if not the best) interest rates currently available. Goal orientated saving account makes for much motivation to deposit. Option to move money saved into term deposits with a click of a mouse for better interest rates.
Sometimes can be a bit confusing to navigate through the website. Often graphs and pop-up windows fail to load up properly.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.