Highest rate ALWAYS!
I have been with Ubank Usaver since it started and it ALWAYS offers the best savings rate consistently. Part of NAB Bank so very safe and secure. All transactions can be actioned on line even opening an account. Very simple, straightforward and easy to understand and operate. I would highly recommend as the best available rate on the market.
One of the highest savings interest rates around
There is two account types Usaver - internet banking only
ultra Usaver savings account - allows you to use bpay and you are sent an atm card to use at any nab atm's and any business that accepts Visa
The website is bare bones and customer service is lackluster. you can only change your cards pin at a nab atm not on their website which can be a pain in the backside. also they don't allow overseas Transfers using swift codes, only local bank transfers.
The good news they have one of the highest interest rates around. There are other bank...s that offer similar interest rates however you have to jump through hoops with loads of rules and restrictions. With Ubanks all I need to do is add 200 dollars every month and keep my savings under 200,000
Fantastic Interest Rates. Fast Twitter Support.
I left Ubank for CUA because ubank did not offer POLi payments online which i needed for some online Australian sites. Other than that Ubank is a self sufficient online banking service with expense income graphs online.
3 rounds with ubank; bumpy but not bad
Hi guys, i can only tell you my experience with the home loan applications over internet/phone (from 2008 till 2015). This has been a breeze most of the times and operators (yes the are really based in Australia) know their stuff. When they don't know they make an effort to give you the right answer anyway. i have renegotiated the same loan 3 times (top up) every time the process is easy and when actual paperwork comes by mail is stupid proof. All this will have some assumptions: you are not stupid with bank paper and you provide the papers the...y ask the first time; some time papers they ask are ambiguous but it only takes a short call to clarify (the tell you straight some forms they use are general). usually from fist contact to settlement you are looking at 6 weeks max. When you fail: when you provide wrong papers or if you don't look at website tracker for comments and rely on them to do all chasing. Yes there was a time when they ask for the same doco that i already provided (no one looked at case note) but it took a 20 minutes call to solve (you must stay one top of game). I have done other deals with mortgage brokers and believe me ubank is by no means a more painful experience . Now the negative; last round i was given the wrong advise to close a credit card to have enough credit capacity to keep going; after i used fresh cash from my end to do that i was told the information given was wrong; some one from ubank called me to advise of that and when i said i already used over 15k of fresh cash that i could not get back they said "too bad". Without getting into the arguing round details some one called me the next day saying that the loan was going ahead. To me is clear that some one down there go the rocket!!! The point was never whether i could afford the loan or not as i can easily with my salary; their issue was that they sent the poor junior team lead to fight a case that at time she herself admired she didn't have a case for. My recommendation; never lie, never insult and always and ALWAYS remind them their own words " this call is being recorded" and ask for your call reference number. In summary do I hate ubank; of course not, they are a good financial place to put your loan on, but when you bump into these extrovert people that want to flip the plot always stay calm and remember your words: "all calls are being recorded; can i please have me reference number" (once again this is assuming you are not the one flipping the plot......)
Good bank for saving accounts. Everything is easy and done online. They respond to all query within a reasonable amount of time. Overall a good bank and recommend them to anyone.
Great for simple savings accounts
I can only speak for the USaver account, which I have had for several years. The interest rate has decreased but at 2.31% currently it's still better than most I can see on the internet with a quick search. I have been able to deposit and withdraw money without hassle from this account. If I transfer money out of Ubank to my Bendigo Bank account, it can be in my statement account within a few hours, worst has been 3 days, but this is to be expected being different banks. I have been able to save really well with this account, and enjoy the onli...ne 'savings goals' tools. As this is purely a savings account, I don't need to get the money out really quickly, but I do know that the bank has frequent outages with their internet banking. This really needs to be addressed. Otherwise, I'll had good service with Ubank staff with secure email and over the phone.
Good value so far
I have been a UBank customer for a few months now. I opened an account and regularly send money in from NAB. It was a couple of days initially before the funds would show but now it is on the day. The interest rate still seems to be the best I can find on the net. The only thing which I find annoying is the extra account you MUST have to secure the bonus interest. A: I don't want it. B: I don't use it. C: initially it was a $100 minimum to be kept in it with a 0% rate payable to you but it appears now it is a $500 minimum, so one can easily come to the conclusion that interest runs into UBanks own little nest egg for NAB.
Overall I am happy but I have a credit card I do not want.
re probate there are a lot of hoops BUT they are very secure so I don't mind. I think I downloaded my probate form. There was no big issue.
Good for investment
Have been with Ubank for SMSF accounts many years and it gives us very good interest returns than anywhere else. Ubank is a internet based banking institute. This is the way they save money and return their profit to customers with higher interest rate for cash investment. Don't expect Ubank could do better transaction accounts than 5 majors. However if you have some ideal cash and you don't want to risk them in share market that is the place you should go,
Overall very positive experience
I consider myself a very demanding customer & vigorously go after unscrupulous operators. I have been dealing with UBank USaver a/c for over a year now and I haven't had any problem in any aspect of operating my account. Yes, they have not been really on top of the interest rate ladder on savings of late mainly due to intense competition in the market but with their latest Ultra offer, they are back in the game. It is a fact that we normally complain when we have had a bad experience and that's why we see more negative feedback than positive. W...ith this review I would like to give a positive endorsement for UBank savings products. One needs to be tech-savvy in dealing with online products. Disclaimer: My endorsement only applies to savings related products not home loan which I have not availed. Easy to use as long as you are tech savvy Nothing so far
Good value but customer service could be improved
I've had a USaver account for a few years now. I have been happy with the interest rate and overall good quality savings account.
It has a helpful website. Signing up was extremely easy. The interest rate is great. The online facilities are comprehensive, allowing you to do most things you'd want.
Some people seem to be unhappy with UBank's interest rate decreases. I have not been notified of any decreases, but I have seen them on my statements and the official website. I have compared the changing interest rates with other banks', and UB...ank has so far still provided the best rate. I have found that the online account management facility has errors every now and then. However, I haven't found the errors to affect my money or anything else significant. As others have implied, the customer service doesn't seem good. I generally don't communicate with UBank since the account can be managed online. However, when I have contacted the company, I haven't been provided with good service. I was typically treated as being at fault even though UBank was at fault. I was repeatedly asked to call back and e-mail back and send a secure message, and this cycle generally repeated without producing results.
Excellent!! Great Rates!! Easy to use
Have been with UBANK 2 years. Must admit im not the easiest person to please. But take my hat off to ubank for their services and getting results.Have 32000 in savings. It was so easy to open the account and link my other account to deposit money. I would recommend if your serious about saving. Just set it up and let your money grow. My 18 year old opened an account and he likes it because he doesn't have easy access to the money.
easy to set up account online, no going inro bank to show id
good if additional funds could be added online instead of having to call.
Always helpful, good interest rate
Have been using Ubank for about 12 months, never any problems. Website does take a little time to get used to but never had any issues. Does the transfers much quicker than your average bank, I can't fault it and I have always got through to the bank when i needed to - actually rang on Sunday and was answered within about 30 seconds.
Good interest rate
Website took a little longer to understand
Good if you open an Automatic Savings Plan option.
I set up a savings account 7 months ago with an ASP (Automatic Savings Plan) of over $200 a month in order to receive the additional interest rate. Unfortunately the interest rate reduced by 0.5% after having the account for only 2 months. When setting up an ASP it requires a mandatory start and end date field. There was no area on the website to view or remind yourself what end date had been entered. When I noticed my interest rate had reduced again after 6 months I was told that I had no ASP as it had expired.
I have tried to ring Ubank b...ut on each occasion the hold time has been in excess of 20 minutes. I then emailed and was told I needed to set up an ASP to receive the higher rate on my savings. I knew that which is why I set one up initially! After several emails I was told that a letter had been sent out 15 days prior to my ASP expiring! Strange that it never arrived and Ubank has since changed the system so that customers can view the end date of their ASP on the website. I have now set up a new ASP but have to wait for 2 months for the additional 0.6% interest to be applied to my savings. A good account for savings but the onus is on the customer to keep track of the account and regularly check transactions online. Which I always did. Customer service leaves something to be desired though. Being affiliated with NAB I would have expected a bit more. Rates higher than other savings accounts. Quick to transfer money out. Customer service not great.
no statements or direct debits a worry, but best interest rate
upside - pretty good, nice interface, friendly helpful service when I've phoned
downsides - transaction confirmations via sms a hassle if overseas without my mobile (don't want skyhigh roaming fees),
no paper statements a worry if a hack attack took down the website and records were lost, and I wish they had direct debit (to outside accounts) but I guess that's a business decision to encourage money to stay in their accounts, not go elsewhere ...
pretty good, nice interface, friendly helpful service when I've phoned
transaction confirmations ...
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.
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|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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