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UBank USave

UBank USave

2.2 from 169 reviews · View Statistics
See the Best Savings Accounts in 2022 as rated by Australians on ProductReview.com.au.
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Reviews

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Rob
RobGreater Melbourne (Metropolitan), VIC

No bonus USave account interest in first month

published

I opened a USave account midway through last month and deposited a money into the account. I also opened a linked USpend account to ensure that I would receive 1% bonus interest. At month end I was surprised to find that no bonus interest was paid for the first month. Now, on reviewing the terms and conditions, I see that you must hold a USpend account for a complete month to earn bonus interest on the USave account. There is no mention of this in the UBank advertising which just states "Link a USpend transaction account & deposit at least $200 per month". I think that this is misleading advertising.

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Incentivised Review No
UBank
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Jodie m
Jodie mWimmera, VIC
  • 10 reviews
  • 8 likes

Confusing.

published

Even after persisting, this app didn't work for me. It's overly complicated and disappointing. I was originally drawn in by the higher return, but in the end to make my banking simple, I went back to my old bank. However I contacted them online for assistance and the customer support service was good.

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4/5
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Sandra L.
Sandra L.Perth, WA

Too long to transfer money

published

Ubank looked promising but it takes 1-2 business days to transfer money through your accounts or to another person. Personally, this is too long, especially if you need to pay someone on the spot

Incentivised Review No
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james_winchester
james_winchester
  • 2 reviews
  • 1 like

This app is a piece of rubbish

published
Incentivised Review No
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tony
tonySouth East Queensland, QLD
  • 2 reviews

Ubank statements for 2017 wont work

published

The Ubank interface for bank statements is so clumsy, and just doesn't work. No matter what date range you enter in (one month, two months, six months, 12 months), it just comes back with a message that No statements are available. Even if you select Transaction History as an alternative, that doesn't work either.

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Pacey
PaceyMelbourne

Don't apply if you are on maternity leave!

published

Sales team suggested we apply, so we did. Credit team then refuse to consider my wife's salary!! Waste of time.

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JonL
JonLSydney
  • 3 reviews
  • 1 like

What a nightmare !

published

Setting up an account is complex and involves queuing at Australia Post with verification of ID documentation. The internet site and a telephone query suggested it can be all be done simply and online. When an internet session times out you cannot log in again and cannot reset the password - very frustrating but the issue is known to them. When something goes wrong with the account the service is terrible. Escalating problems does not receive adequate attention.

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Nightshade-pr40631
Nightshade-pr40631
  • 2 reviews
  • 1 like

No Service When Things Go Wrong

published

Interest rates are competitive but when something goes wrong, there is no service. Unable to login to internet banking and also unable to reset password. Called the UBank number and gave up after not being able to get through in 15 minutes.

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Anu
AnuAU
  • 3 reviews
  • 5 likes

Non-existing customer service, can't get my money out

published
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Savings Accounts

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Jesse
JesseSydney, NSW
  • 2 reviews
  • 2 likes

Slow. Time wasters even for low risk. Bad process.

published

Ubank is terribly slow. Do not go with ubank. Their system is just so bad.
The staff are ok but if you are looking for a lender who can get the job done then don't waste time with these guys. My application is clean and highly serviceable. Low risk. Because of ubank I have missed out on am important auction. Wished I'd gone with another lender. Time wasters.

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Daniel
Daniel
  • 2 reviews
  • 1 like

Buggy online banking

published

Great concept but unfortunately the online banking tools are buggy and their technical support seem to be unable to resolve the issues. Beware of there system upgrades as they rely on the customers for testing. Standard process when reporting a bug is to blame your browser and tell you to clear your cookies. It is very difficult to convince them there is an issue and even when they accept the problem is with their system they continue to play the clear your cookies games with other customers on Facebook rather than just notify people.

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Notahappyhood
NotahappyhoodSouthwest, VIC
  • 2 reviews
  • 4 likes

Painful process - if you need quick approval go elsewhere

published

I have preapproval already with Bankwest but because of Ubanks low interest rate thought I would give them an opportunity to get our business. application process ridiculous, mulitple uploads of documents required to their not very fast or easy to use website. When I called them , they still want more documents even though I told them they had the most up to date. Booked a scheduled call with them which didn't happen, had to chase them. Wasted hours of my time getting squillions of pages of documents for them which Bankwest didn't need. Use a broker - I will give up by this afternoon on Ubank.
Best interest rate
Too slow - need 24hr pre approval guarantee

Courtney Reid
Courtney Reid

We are currently having the same issue and its absolutely rediculous!

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Savings Accounts

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OzTortoise
OzTortoise
  • 5 reviews
  • 5 likes

Your UBank account access may get blocked easily

published
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Discerning penguin
Discerning penguinVictoria
  • 26 reviews
  • 17 likes

Faulty web site

published
Unsuspector
Unsuspector
Mr Accountant
Mr Accountant
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Brian_Nevarong
Brian_NevarongAU
  • 2 reviews
  • 4 likes

Ubank have abandoned their savers!

published
OntheLookout
OntheLookout
OntheLookout
OntheLookout
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Questions & Answers

Gopi
Gopiasked

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.

No answers
binalongbay
binalongbayasked

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

No answers
GPC
GPCasked

Hi
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.

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Details

CategorySavings Accounts
Bonus Interest PeriodOngoing
Maximum Balance Interest Paid $250,000.00
Interest Rate
Standard Variable Rate 0.05% p.a.
Bonus Variable Rate 1% p.a.
Total Interest Rate 1.05% p.a.
Release dateNov 2009
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