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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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    3.3 (3)
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Peter
PeterSydney
  • 7 reviews
  • 3 likes

From 5 down to one then back to three.

published
Transparency
1/5
Incentivised Review No
UBank
Adi R.UBank

Hi Peter, thanks for taking the time to review us! We love hearing from our happy customers!

UBank
Adi R.UBank

Hi Peter, would you be able to send us a private message with your full name and contact details so one of our team can give you a call and discuss what's going on please? We'd love to rectify your experience if we can.

Peter
Peter

Message sent.

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Hi Ho Silver
Hi Ho SilverSydney, NSW
  • 3 reviews

Ubank bug when recategorizing income/expenses

published

Part of what I need to do at Ubank is to recategorise my transactions to make sense of my spending. Using phones for payments means you end up with lots of small transactions that flood your account statements. You can at least group them by categories but the categorisations are often wrong so you need to recategorise them. However I get thrown out of Ubank on a web browser when I try to recategorise an expense. Ubank says they are aware of the software bug. SO WHY DON'T THEY FIX IT?

Transparency
4/5
Incentivised Review No
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Kirsten E
Kirsten ESydney, NSW
  • 5 reviews
  • 3 likes

Used to be a great product but there are a lot of other options out there which are better

published
Transparency
5/5
Incentivised Review No
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Sam l
Sam lCanberra

Tech problems

published

I just set up a UBank savings account and wanted to add on the Ultra account also. Upon joining I was unable to access my banking page due to problems with Ubanks system and safari compatibility (I rang the call centre and I own a MacBook Air)
I was informed I cannot set up an ultra account via my hand held device- need to do it via computer. Ok... you’re an online bank, why not make your banking accessible via All search engines? I was then informed that the call staff can’t set up the account for me, I needed to download google chrome to access my account and set up ultra account.
Let’s see if this shemozzle continues... rabobank might be getting my business after all..

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Not happy

published

I opened a joint account over 3 weeks ago and still haven't received the debit cards. I tried to open the ultra saver linked account but the system keeps giving indecipherable errors. Sent them an email and apparently there was an issue with identifying my partner's identity but neither he or I have ever received an email, text or phone call telling us about this issue...
The website is not iPad nor user-friendly and the App is quite useless too.
I am giving up already and switching to ING...which is soo much better!

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Marie M
Marie MSydney, NSW
  • 7 reviews
  • 14 likes

I'd be out of here if I could get the same interest rate elsewhere

published

When I could not open my account with my password I contacted Ubank and after 3 attempts with the "customer service" person I was told you need to be computer savvy to use their system. She said my password hadn't been used for 12 months (wrong!) and therefore I couldn't use it as this was part of their security risk system. I don't seem to lacking in "computer savvy" with other internet banking systems I use nor have my passwords been deleted when not used regularly.

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Harvey Wilson
Harvey WilsonSouth East Queensland, QLD
  • 101 reviews
  • 84 likes

Started great, but now there are some questionable additions

published
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ling
lingSydney, NSW
  • 29 reviews
  • 42 likes

Reasonable interest rate but just OK

published
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Doffe
DoffeSydney, NSW
  • 4 reviews
  • 3 likes

Communication is not great

published

The UBank Saver account was a very lucrative option at the beginning.
No problem with opening account, acceptable WEB UI, interest is paid regularly and helpful stuff on the phone (I had to check a few entries in terms and conditions.

A few days back I logged in to double check something and noticed that the rates were decreased.
All in itself it is not a problem - part of the agreement.

But what bugs me is that there were no communication sent on the conditions change.
Very competitive rates at the beginning.
No comms on conditions change. The rate are no longer competitive.

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Roz13
Roz13Melbourne

Easy to use but keeps changing rates.

published

I opened my uSaver account a few months ago when the rate was 5.70% with the Automatic savings Plan. In the past two months they have vut the interest rate 3 times, first down to 5.45%, then to 5.14%, now to 4.96%.

They don’t send you an email or SMS, they just put yet another ‘Secure Mail’. I guess this stops so many people seeing that they have cut the rate so many times. If they cut the rate again I will be taking my savings elsewhere.
Savings Plan, easy to use website
They keep lowering the interest rate

Brian_Nevarong
Brian_Nevarong
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twink118
twink118Metropolitan Adelaide, SA
  • 240 reviews
  • 28 likes

OK

published

I joined up to the bank because of the very high interest rates offered on their savings accounts. I never actually put any money in the account as i was extremely put off by the website and how hard and complicated it was to use. It may sound silly but i didn't feel safe putting my money with them as the website just looked unsafe to me.
very high interest rates, backed by one of the big four banks.
There is no staff that you can speak to face to face. The only way to do your banking is either online or over the phone which is hard when their website is very hard to use and extremely confusing.

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kinesiologist
kinesiologistSydney, NSW
  • 30 reviews
  • 13 likes

OK

published
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Savings Accounts

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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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