UBank offers the best and the fairest option for money at call
They consistently pay on money at call (USave account) interest, which is above any secure term deposit rate that is available at the moment. It is also very easy to be qualified for. UBank is the best thing in banking that happened to me during my 35 years in Australia. I was unpleasantly surprised to see so many negative reviews on this Bank and this particular product and decided to write my own review, for the first time in my life.
Good work, guys! Hope to have you around and be your customer for a long time.
I haven't had any issues yet
I was directed to UBank by the Barefoot Investor and the highest interest rate going. I didn't quite understand at first how to receive the bonus rate and how the automatic "swing" worked from your everyday transaction account, but once I did (after a brief phone call with an operator) it's actually pretty neat. The interface does feel a little bit ancient, but the tech is pretty cool.
Great savings product
Competitive interest rates
Stylish debit card
Lots of finance management tools in the online banking platform.
Sleek iOS app experience with an intuitive design.
Needed to call them once to set up Apple Pay. No wait time, issue solved on first call in ~10 mins.
Occasional tech hiccups, e.g. online banking didn’t work on Safari for a while due to an OS update, but was fixed as promised.
Absolutely no problem
I have been with UBank for about 3 years – absolutely no problem.
I have a linked Westpac account that auto deposits $300 monthly to retain the Ultra Account bonus.
I have a Macquarie Bank account linked for most other transactions.
Money transfers overnight.
My deposit sits around $120,000 and at the moment getting 2.87%.
I will add approx another $40,000 EOFY.
Debit visa cards function in other banks ATMS and at Merchants.
Works Perfectly and Pays the Best Interest
As a retired chartered accountant, with decades of experience with many different kinds of financial products, I am baffled as to why nearly ⅔ of the reviews here are negative. I can only assume that the problems are with the reviewers, rather than the bank, because throughout the 10 years that I have been a Ubank customer, I have never experienced a problem with them. During this time, I’ve held a Usaver account, a linked transaction account (since that rule was introduced a few years ago) and various term deposit accounts. I am completely sat...isfied with every aspect of the service from Ubank. Most members of my family are also satisfied Ubank customers. The reasons that I recommend, in particular, the online Usaver account, are as follows: - They consistently pay the highest interest rate. As of this review, 02 Nov 2018, they pay 2.87%, (including a bonus 1.06%) subject to three simple conditions to get the bonus interest: 1. Deposit at least $200 a month from an external source 2. Keep your balance under $200K and 3. Have a linked transaction account called a “Usaver Ultra”
I have had a USaver account connected to a transactions account (which I don't use). I pay no fees whatsoever and as long as I add $200 a month, I get a huge interest rate of 2.87% every month (2016-1017).
This is way better than any other savings accounts and better than most term deposits and I can pull the cash out any time without loosing any money or interest already earned. The website is user friendly and it is easy to transfer money out to my accounts with other banks.
I honestly think this is the best safe savings option in Austra...
Never had a problem after 7 years
put money in, took money out, took out a home loan, read and understood their procedures and never had a problem after 7 years. Always given appropriate advice on phone help.
Excellent service and quick process
Very happy with my refinance application. Their process was very quick and some one look into my application every day and accepted all my documents very same day. My loan got approved in 7 days and got settled in 30 days. Delayed happened only due to my current lender. I have read so many negative comments about ubank process. But in my case everything went very fast and smooth. I liked their instant chat feature. I would recommend ubank to everyone and dont ignore this bank due to negative comments by others. Their process is very fast and easy.
For a Simple Savings Building Bank - UBank is perfect!
UBank provides awesome interest rates for savings accounts with features built around building your savings account — works best as a separate bank account from your main Bank to keep your savings safe from easily accessible bank with temptation!
Incredible helpful and professional support staff – instantly picked up when called at 12am. Peak time may be more busy, but expected. Like I said, this bank is best for a purely online bank where you don't really need to interact with the bank that much. For transactional (lots of in and out) bank services, definitely go with a bank with branches etc.
I have been banking with Ubank for some years, having a Usaver account plus a number of completed term deposits. I must bank with a different Ubank to the majority of the forum as I have been able to call them on Skype and on the Voip phone without any difficulty. The only bank I know who allow both methods for ease and costs saving. I have found the staff helpful on most occasions. From my experience I recommend them to family and friends, with my grandson to start a term deposit shortly. They do take a few days to clear deposits however they pay interest from the day of receipt. They need to be conservative in these matters to enable them to pay the great rates available.
I get top interest from UBank, with the convenience of a transaction account that tops itself up automatically from my savings, when required. I do not have to do anything as the account manages itself. This is very convenient when you want to use a debit account instead of a credit card which is handy with some service providers who charge a lot for credit card payments (e.g. many internet service providers such as Exetel). I also pay my credit card payments using future dated feature with UBank. I date it to the due date so I maximise the int...erest free benefit from credit card without having to leave money lying around in a transaction account. On the due date, Ubank automatically debits by savings and pays the credit card. This is what I call 21st century banking. This is ideal for people with positive asset value (i.e. no mortgage) such as people nearing retirement, pensioners, or simply rich people.
Was once perfect, and still up there around the top
Ubank once had the opposition by the "short and curley's" but has since chickened out slightly. They once boasted of keeping their savings rates the best available and as such no matter what the opposition offered "Ubank" topped their rate. Brilliant way of keeping depositors onside and the opposition at bay.
I don't have one bad word to say about my banking experience with UBank, not one bad word.
They are as good to bank with as their mother, the National once was. Way back before everyone withdrew their deposits from NAB and went elsewhere...
it just works
I have found that this account performs as promised - a low cost online high interest savings account backed by a major bank. Its rates are the near the top, the website works very well and their telephone bankers are pleasant enough. It also covers SMSF but not companies or trusts.
Does what it promises to do, cool looking website
Customer support over the telephone is always going to be difficult, doesnt cover trusts
Best interest rates for on-call savings accounts
My husband and I have had two separate USaver accounts with UBank for over two years, and have been more than satisfied with their performance. The interest rates are the best on the market for on-call savings accounts, especially if you take advantage of the even higher rates available if you make a regular monthly deposit. The website is very easy to use, the application process is fast (and can be done completely online), and the telephone service on the odd occasions when we have needed to speak to someone has been helpful and efficient. ...Transfers into and out of our other accounts (with the CBA) have occurred without problems, even though they have not been as speedy as we would have liked, especially during weekends and public holidays. I can't understand why some other reviewers have complained so much about the decreases in interest rates offered by UBank over the past couple of years. Don't they know that this is the result of the changes to official interest rates made by the Reserve Bank of Australia? And that ALL banks, not just Ubank, have reduced their interest rates dramatically over the past eighteen months or so? I don't hear anyone whining about the fact that for this same reason interest rates on home loans are now at an all-time low! Excellent on-going interest rates (not just for a short-term introductory period as offered by some other banks); the website is easy to navigate and gives you all the info you need regarding your accounts. Transfers to other banks can be a bit slow.
It's worked for me
I wanted to have a bank that gave me the best interest rate on no-notice savings. I sent them my ID and the account was opened. I now have an account that has the best interest rate on no-notice savings. (Well, it was the best when I opened it). It was that easy. People who are having problems probably didn't do as they were asked. Don't forget- there are lots of people out there with low intelligence haha.
Easy opening. Good interest rate.
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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