Ubank

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dubby
Don Furner
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Ubank

Post by dubby » October 31, 2018, 7:31 pm

I'm wondering if anyone has a ubank account? I'm considering switching from ING to Ubank purely for the extra interest.

E.g. ING savings is a poor 1%. Ubank is 1.81% , which is almost double. Doesn't sound much at 1.81% , but it could earn me thousands more in interest.

But I just don't know much about Ubank. Any feedback appreciated.

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Sid
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Ubank

Post by Sid » October 31, 2018, 7:44 pm

My ING savings account is 2.8% (I have it as my main account, so I do the 5 card transactions a month to activate this savings rate and the no atm fees anywhere in the world)

If I wanted a 2nd ING savings account though it would have been 1%, so I went with UBank for the other account for the no fees, 2.87% rate (add $100 per month to activate)

Haven’t been with either for very long though, but I’m more impressed with both rather than NAB so far.

TL;DR UBank seems like a good option to me
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Fuifui Bradbrad
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Re: Ubank

Post by Fuifui Bradbrad » October 31, 2018, 7:50 pm

We were tossing up between UBank and Rams for our high interest saver. We went with Rams, but reviews were comparable.

We have Rams and ING at this house, wonder how much business ING has made through Barefoot Investor


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dubby
Don Furner
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Re: Ubank

Post by dubby » November 1, 2018, 6:47 am

See I don't want another transaction account. The "do x amount of transactions " thing suits the bank, not me.
All my every day accounts are NAB. Have been since 1996. I'm not changing them.
Just gimme the interest without jumping thru hoops!

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-TW-
Mal Meninga
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Re: Ubank

Post by -TW- » November 1, 2018, 9:53 am

Just get a nab trade account, think it's 2.15% for the savings account.

Don't need to trade to use it

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Shezza
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Re: Ubank

Post by Shezza » November 1, 2018, 11:40 am

Unless I am mistaken, and assuming 'thousands' means $2000, you must have $246,913.58 in your bank account if .81% makes that sort of difference.

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dubby
Don Furner
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Re: Ubank

Post by dubby » November 1, 2018, 7:56 pm

I want a job with you, big dog!.

I worked it out that over 3 years with Ubank would earn me circa extra $5k on interest.

.81% doesn't seem a lot, but it's almost double.

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Sterlk
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Re: Ubank

Post by Sterlk » November 10, 2018, 9:16 pm

I was with UBank for years while I was saving up to buy my place. Not anymore though, their home loans don't have 100% offset, which for me makes them not worth a second glance.

If you don't want the transaction account with them, you can set up an automated deposits from an account elsewhere - from memory you need to be depositing a reasonable amount per month to get the 'bonus' interest, which is what I used the automated thing for.

Really though, if you want to go with UBank for your savings, you should just get rid of your current transaction account and use a UBank one, and also get your wages put in it. There's some cool things you can do like ensuring the transaction account has 'x' amount in it and everything else goes automatically to the savings account, which maximises your interest. No need to keep emergency funds on hand in a transaction account as you can access as much as you want from savings instantly.

Never had a problem with them, so I'd recommend them quite easily if you want to be earning interest from a savings account. Be wary of how much you're putting in there though, I recall that you only get the good interest rate for balances up to a certain amount - $200k, I think.

Looks like you can get 2.87%p.a. if you've got a transaction account with them and less than $200k there. If you've got more than that you might want to split your savings across multiple banks, or go somewhere else without the $200k cap. Canstar.com.au is your friend.

Looks like CUA have an eSaver product where you get 2.75%p.a. on up to $500k balances if you deposit $250 per month and make no withdrawals. If I were you and had, say, $400k I wanted bank interest on, I'd keep as much as I could under $200k in UBank for the better rate, and keep sending money over to CUA as needed to meet their deposit requirements and keep the UBank account where it needs to be.

UBank has a lot of automation stuff you can play with, it'd be a lot easier than you'd think.
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Sterlk
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Re: Ubank

Post by Sterlk » November 10, 2018, 9:43 pm

If you're dead set on keeping your NAB transaction account, you could easily do the same thing with UBank - just set up a transaction account (which you won't use), and meet the monthly deposit requirements - hey presto! 2.87%p.a.

If you're one of the endangered species these days that feels loyalty to your bank, UBank is backed by NAB, so... *shrug*

Just remember that all they as a company care about is your money, so you should do the same. Read some NAB banking royal commission news stories and watch your loyalty disappear.

I just don't understand why so many people stay with the big 4. If its physical branches and friendly faces you want, take a look at Beyond Bank, they've got branches all over Canberra.
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dubby
Don Furner
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Re: Ubank

Post by dubby » November 11, 2018, 8:03 am

Main reason I'm staying NAB is that all my direct debits, all my current payments would all need to change, and I can't be stuffed doing it.
Good advice tho Sterlk

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Sterlk
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Re: Ubank

Post by Sterlk » November 11, 2018, 2:41 pm

Yeah, that is a bit of a pain.

Worth it though. If you keep your NAB transaction account you'll presumably be keeping a fair bit of money in there, for regular and emergency expenses - because transfers between banks takes a good day or so. That's money you don't get interest on.

With a transaction and savings account at the same bank, your money moves between accounts instantaneously. More savings = more interest.

Don't pay the lazy tax, dubby.
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