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UBank USave

UBank USave

2.3 from 170 reviews · View Statistics
See the Best Savings Accounts in 2022 as rated by Australians on ProductReview.com.au.
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Reviews

  • Transparency
    4.5 (2)
  • Rates and Fees
    3.0 (1)
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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
Adi R.UBankSend a private message
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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.

Transparency
4/5
Incentivised Review No
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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

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sarah
sarahGreater Melbourne (Metropolitan), VIC
  • 15 reviews
  • 1 like

Highest rate ALWAYS!

published

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.

Transparency
5/5
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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Ric
RicSydney, nsw
  • 63 reviews
  • 50 likes

One of the highest savings interest rates around

published
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Edmond
Edmond
  • 9 reviews
  • 3 likes

Fantastic Interest Rates. Fast Twitter Support.

published

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.

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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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Savings Accounts

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3 rounds with ubank; bumpy but not bad

published
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Theo S
Theo SMetropolitan Adelaide, SA
  • 6 reviews
  • 2 likes
  • Verified

Good bank

published

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.

Incentivised Review No
UBank
Adi R.UBankSend a private message

Hi Theo, we're glad to hear this and thank you for sharing this awesome review. I'll be sure to share this with our team.

If you have any further questions or queries, please let us know. Have a great day! :) ^Adi

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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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Savings Accounts

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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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George
George
  • 3 reviews
  • 3 likes

Great for simple savings accounts

published
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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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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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