UBank is "enhancing" their savings account - Where to now?

[SYD]

Yes indeed. I rang them yesterday too, they have released all this information on the internet promoting their new spin and conveniently leave out the interest rate per tier. That’s what everyone needs to know.
Tier 1 $0-$100,000 will probably be 5.6% (including bonus)
Tier 2 will be less than tier 1
Then over $250,000 will be the base rate which is useless.
Anyone with balance over $100,000 will get worse off.
I’ve already moved some of my money to Rabo @5.7% for 4 months. I did that last night.

5.6% is 0.5% better than current. So 100k balance will be better off.

I’ll still wait for official info before doing anything radical.

 

[RB]

What makes it all the more deceptive is the way they casually emailed these major changes as "Upcoming changes to your uBank General Terms". Most people (including myself) would've just deleted the email thinking Oh, just another T&C update that I don't need to worry about. And that's exactly what they were hoping.

Last year's uBank Savings/Saver account migration SNAFU, and now this? They're quickly becoming the Qantas of online banking.

As a matter of principle, I'm changing banks, even if it is a slightly lower interest rate.

Mrs RB is our banking person & apparently she is not happy about changing direct debits again

 

[dajop]

You don't know how easy you all have it

In Singapore, basically local banks offer you diddly squat interest, unless you have all sorts of different activities (including salary deposit, electronic bill payments, credit card transactions, and purchasing insurance and investment products) as part of your banking relationship with them and spend hours working it all out.

The foreign banks (eg HSBC, Standard Chartered) have higher rates but are often promos where you get bonus interest 3+% or so) based on "fresh funds" (compared to previous months average balance). So my partner and I have a HSBC account & SC account each and we swing money back and forth between them, trying to make sure that in any given month one of us has functionally zero balance with one bank and the other of us with the other bank, so we can take advantage of promos in following months.

And you usually have to register by SMS for them, so they don't accidentally pay you more than the 0.05% base interest if you deposit money with them without being aware of the promo. With HSBC we had to fight to get the bonus interest because my partner had registered by SMS the full account number, whereas he was supposed to only register with the first 9 digits (not the full twelve digit account number) - so they said he was ineligible - we got there in the end though.

It is truly @)(#@ed .

Our Australian accounts, whether it be Ubank, AMP or Macquarie are much simpler.

 

[bamboo tree]

Do you guys run many direct debits from the Save account?
Would it be practical to have a direct debit from Save to Spend and then one from Spend to the external party? Bit of a rigmarole to setup initially but would it be effective thereafter?

 

[asterix]

Do you guys run many direct debits from the Save account?
Would it be practical to have a direct debit from Save to Spend and then one from Spend to the external party? Bit of a rigmarole to setup initially but would it be effective thereafter?

I had an AMEX direct debit, gym membership and Latitude direct debit. They were all moved to Macquarie the day the email came out.

 

[jakeseven7]

Do you guys run many direct debits from the Save account?
Would it be practical to have a direct debit from Save to Spend and then one from Spend to the external party? Bit of a rigmarole to setup initially but would it be effective thereafter?

Oh I just found the Rabo Premium Saver account after your post - 5.45% and no hoop jumping stupid 5 x transactions a month, no expiring intro rates etc, just a plain old deposit $200 a month get 5.45% period. Sounds good to me.

 

[luckypierre]

Oh I just found the Rabo Premium Saver account after your post - 5.45% and no hoop jumping stupid 5 x transactions a month, no expiring intro rates etc, just a plain old deposit $200 a month get 5.45% period. Sounds good to me.

Considering that account option as well. Seems to abide by the KISS principle

 

[SYD]

Oh I just found the Rabo Premium Saver account after your post - 5.45% and no hoop jumping stupid 5 x transactions a month, no expiring intro rates etc, just a plain old deposit $200 a month get 5.45% period. Sounds good to me.

Looks like it’s 4.4% interest but 1.35% intro bonus for the first 4 mths (total 5.75%).

I’ll wait and see what UBank publish.

 

[jakeseven7]

Looks like it’s 4.4% interest but 1.35% intro bonus for the first 4 mths (total 5.75%).

I’ll wait and see what UBank publish.

Incorrect, as previously posted it’s 5.45% no hoops no intro rates just deposit $200 monthly.

 

[luckypierre]

Incorrect, as previously posted it’s 5.45% no hoops no intro rates just deposit $200 monthly

For monies above 250k a lower 3.7% interest is paid.
The account balance must increase by $200 each month to attract the higher interest rates. If you hit the 250k balance threshold some creative account management required to maintain the higher interest rate.

 

[SYD]

Incorrect, as previously posted it’s 5.45% no hoops no intro rates just deposit $200 monthly.

Do you have a link?

This one is 5.75% for 4mths

Personal Savings Account Rates | Rabobank

Check out the competitive rates for personal savings accounts at Rabobank. Maximise your savings with high-interest options.

www.rabobank.com.au

 

[serfty]

Do you have a link?

This one is 5.75% for 4mths

Personal Savings Account Rates | Rabobank

Check out the competitive rates for personal savings accounts at Rabobank. Maximise your savings with high-interest options.

www.rabobank.com.au

This page is more useful:

Personal Savings Account Rates | Rabobank

Check out the competitive rates for personal savings accounts at Rabobank. Maximise your savings with high-interest options.

www.rabobank.com.au

 

[serfty]

Incorrect, as previously posted it’s 5.45% no hoops no intro rates just deposit $200 monthly.

This "Premium Saver" account does offer 5.45% interest, but as per the imminent issue with Ubank accounts (being the subject of this thread), you cannot perform direct debit to external bank account from the "save". You must transfer to the linked account and perform the driect debit from there.

https://www.rabobank.com.au/termsandconditions

6. Deposits and Withdrawals
6.1 All deposits and withdrawals must be performed electronically through internet banking. Cash, cheques and deposits in currencies other than Australian dollars, real-time gross settlements (RTGS) and international transfers are not accepted.
6.2 Subject to any withdrawal restrictions, you can transfer fund internally between your Accounts.
6.3 The only transfers allowed from your Account to an external account is to your Linked Account.
6.4 You may ask us to debit your Linked Account and transfer funds to your Rabobank Online Savings Account, provided that we hold a valid direct debitrequest authority to allow us to debit your Linked Account.
6.5 We will not accept direct debit instructions to debit your Rabobank Online Savings Accounts.

 

[stm1sydney]

Coles MC recent clanger

What was the Coles MC recent clanger?

 

[asterix]

What was the Coles MC recent clanger?

From July 1st they are charging 3% for foreign currency transactions and from memory their will be no more points earn for spend over $8000 per statement.

 

[SYD]

This page is more useful:

Personal Savings Account Rates | Rabobank

Check out the competitive rates for personal savings accounts at Rabobank. Maximise your savings with high-interest options.

www.rabobank.com.au

That link also has 5.75% then 4.4% after 4 mths

What was the Coles MC recent clanger?

From July 1st they are charging 3% for foreign currency transactions and from memory their will be no more points earn for spend over $8000 per statement.

^ this….

 

[serfty]

That link also has 5.75% then 4.4% after 4 mths

The link has reference to the following "Premium Saving" account.

 

[asterix]

The link has reference to the following "Premium Saving" account.
View attachment 390261

I prefer ME Bank HomeMe Saver (5.55%). Sure I need to deposit $2000 into the ME Spend account, but I transfer it straight out. The HomeMe Saver account has to grow (excluding interest), but I just ensure that at the end of the month it is 1c more than on the 1st of the month.

 

[jakeseven7]

The link has reference to the following "Premium Saving" account.
View attachment 390261

Thanks @serfty for being Google for some members

 

[SYD]

Thanks @serfty for being Google for some members

I Googled but didn’t scroll down far enough!

I’ll still wait and see what UBank do by way in rates. ING is still my online saver and UBank gets the rest.

The double handling of payments in/out is a pain but manageable. All my DDs come from my primary NAB account anyway.