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No bonus USave account interest in first month
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.
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.
Too long to transfer money
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
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.
This app is a piece of rubbish
Honestly being backed by NAB and having access to the brightest tech minds in Australia (presumably) you'd think they could build a better app.
- tried to transfer 4000, way under the 20,000 limit, but couldn't because a message showed me the limit is 20,000. No sh't? Since when is 4000 more than 20k?
- tried to leave feedback about the app and couldn't because of bugs. Literally had one of those 'congrats you've won a Samsung Galaxy S' phishing ads pop up in the FEEDBACK SECTION OF THE APP. That is scary.
- too many other times I've needed...to transfer and this POS has been down for scheduled maintenance, unscheduled maintenance or just doesn't want to work for whatever reason. Honestly I am tempted to take my.money somewhere else. Sort your sht out Ubank
Ubank statements for 2017 wont work
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.
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.
Don't apply if you are on maternity leave!
Sales team suggested we apply, so we did. Credit team then refuse to consider my wife's salary!! Waste of time.
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.
What a nightmare !
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.
No Service When Things Go Wrong
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.
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.
Non-existing customer service, can't get my money out
I've been reasonably happy with UBank (if I don't count the buggy online bank) until I had to transfer a large sum of money for property purchase. UBank only allows $20,000 transfer per day, unless you have linked and verified the account you want to transfer to beforehand.
I had to either transfer in installments (settlement agent not impressed) or link my regular branch account with my UBank account (can take up to 2-3 business days) and then draw money out of my other account.
Customer service is non-existing. I tried to call a numbe...r of times and never got through. I do get replies to my secure messages but that happens within 48 hours, when I need an instant answer. *** EDIT *** I did manage to get my money on time and was assisted by a very helpful team at UBank eventually. They even followed it up by calling me, so my impression has improved a bit.
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.
Get an answer from our members and UBank representatives
|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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