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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
    3.8 (4)
  • Rates and Fees
    3.0 (1)
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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.UBankSend a private message

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

UBank
Adi R.UBankSend a private message

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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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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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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Ric
RicSydney, nsw
  • 63 reviews
  • 51 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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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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George
George
  • 3 reviews
  • 3 likes

Great for simple savings accounts

published
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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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Scott
ScottMetropolitan Adelaide, SA

Good value so far

published

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.

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Savings Accounts

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Fran72
Fran72AU
  • 2 reviews

Probate

published

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.

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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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Ozchad
OzchadBEXLEY
  • 3 reviews
  • 3 likes

Good for investment

published

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,

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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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