Ubank "Enhancements" Incoming - 15/7/25 & 1/10/25

[DejaBrew]

Got an email this morning from Ubank advising a change to the interest rate calculation effective immediately, along with changes to how you earn bonus interest that will come into effect from October 1st.

 

[serfty]

The end of uBank NAB for me is nigh ...

Time for further research ...

https://www.canstar.com.au/savings-accounts/best-savings-account-interest-rates/

 

[asterix]

What a pain. Another account where I'll have to keep track of my balance to ensure it is higher than the previous month excluding interest. I typically only increase by 1c on those other accounts, now these jokers want an increase of a whole dollar.

 

[DejaBrew]

Yeah, I've been very happy and settled with Ubank for a while now, but I'm sure I'll be doing some research ahead of October 1st.

 

[madrooster]

What a pain. Another account where I'll have to keep track of my balance to ensure it is higher than the previous month excluding interest. I typically only increase by 1c on those other accounts, now these jokers want an increase of a whole dollar.

Set yourself a calendar reminder to transfer out the whole balance of that account into a transaction account on the last business day of the month, then transfer it all back on the first day of the month, plus $1.

 

[luckypierre]

What a pain. Another account where I'll have to keep track of my balance to ensure it is higher than the previous month excluding interest. I typically only increase by 1c on those other accounts, now these jokers want an increase of a whole dollar.

And AMP sneakily went a similar way earlier this year. I'm sure the bean counters have figured out that many people will have to make withdrawals at different times which will negate them having to pay out the bonus interest for that month and contributing to THEIR bottom line.

 

[asterix]

Set yourself a calendar reminder to transfer out the whole balance of that account into a transaction account on the last business day of the month, then transfer it all back on the first day of the month, plus $1.

I already do this with ING each month. I'll have to start doing it with uBank too. CBA GoalSaver is easy as I just have $500 in there to activate CBA Yello Plus so I just add 1c at the start of the month.

 

[SYD]

Set yourself a calendar reminder to transfer out the whole balance of that account into a transaction account on the last business day of the month, then transfer it all back on the first day of the month, plus $1.

Yep, that's what I do with ING. Get's a bit fickle if you want to reset that base amount however...

The end of uBank NAB for me is nigh ...

Time for further research ...

https://www.canstar.com.au/savings-accounts/best-savings-account-interest-rates/

Macquarie. No hoops and jumps.

I'll close UBank when the 2nd enhancement kicks in and switch to MacBank. I can't close NAB, it's my primary bank for personal and business day to day stuff!

 

[serfty]

Set yourself a calendar reminder to transfer out the whole balance of that account into a transaction account on the last business day of the month, then transfer it all back on the first day of the month, plus $1.

We've been doing this, ironically, between ING and uBank for the last year or three.

May look to daisy chain introductory rates for the next few years.

 

[lovestotravel]

And AMP sneakily went a similar way earlier this year. I'm sure the bean counters have figured out that many people will have to make withdrawals at different times which will negate them having to pay out the bonus interest for that month and contributing to THEIR bottom line.

Yes, they did, moved all my money out when they changed to $250 per month growth requirement

 

[Rich]

Is not an enhancement, it's an evolution.

 

[MelbFlyer]

Good for those with >$250k in their accounts (as they go from 0% bonus interest to now 4.6%), terrible for those with less.

I'm sure those with >$250k in the bank would be laughing and they shouldn't have an issue with growing the balance to qualify for the interest.

Basically the poor(er) subsidizing the rich(er).