Ubank
Awards
2012 Service Award
Reviews (19)
They closed my account and kept the funs - scam?
Guys seriously stay away from this bank. I opened an account with them and transferred funds onto it. The first day a transaction got stuck, the next day I found that my app was not letting me login anymore and the day after I got an email saying that my account would be closed.
Upon calling them no one wanted to let me know why it will be closed and only referred to the general terms and conditions. Since then I have called multiple times without receiving any other information
My funds are still with the bank, I have no access and they say they can keep my funds indefinitely with them.
I have now raised a complain with the Australian financial complaints authority (AFCA) hoping that I will somehow get back my funds.
I feel this bank is a SCAM for what happened!!!
I have had my home loan and investment loan with Westpac for a couple of years. The service is amazing but sadly the rates are mediocre. Not terrible, just not the best in the market.
I noticed that Ubank offered very competitive rates and a bones $1000 per loan if I moved the business over to them.
Sounds great.
Unfortunately they do not seem to know how to provide any level of customer service.
I applied via the website. Received a call to schedule another call to review the application. Tedious but OK.
Call is scheduled for 2pm the following day. That morning I receive a call citing vague reasons why they need to reschedule - can I do 3pm? OK, that seems fine. 3pm comes and goes. No call. I call them. Maybe we can call you back later this afternoon ..... what time? Oh, not sure, sometime around 4pm. It was 3.55pm at this stage.
Can I please speak to a manager? Oh, they are busy. I want to speak to a manager. Ummmmmmm
OK, a manager will call you back in 5 minutes.
5 minutes, half an hour whatever. They have a warped perception of time and seem to think there customers just sit around waiting for them to call.
Finally someone did call me back and wasted my time some more. Whilst being rude and condescending about it.
These loans have been with Westpac for 2 years and my income has significantly increased in that time.
I won't bore anyone with the details but my income from work and the 3 rental properties far exceeds the repayments on these loans.
Ubank however chose to question my ability to service the loans. Loans that I have been servicing for 2 years.
They either do not know what they are doing or perhaps, the $1000 bonus is costing them more than they thought. It has crossed my mind that there ridiculous behaviour is just to avoid paying out anymore bonuses before the end of the financial year (today is 7/6/18).
I wonder what would happen if I reapplied after that offer expired?? As if I would bother.
A dreadful experience which I regret.
Ubank is the real loser here. I'm the customer that banks love. Always make my repayments and never cause any problems. Losers!
Approximate cost: $1295000
Interest rate fluctuates, but usually a fairly good savings product, especially compared to other banks. Backed by NAB or something. Been with them for five years, would recommend.
If you have any trouble, you can Skype their team. I thought that was cute, pretty modern, and I like that I'm not wasting phone credit on elevator music.
Ubank is the best online saving account manager I've ever come across. Before I originally signed up, I'd spent literally months on finding the right online saver to suit my needs. Ubank ticked all the boxes for me High 4% plus savings and all I had to do was bank $200 a month. That simple. I've monitored the progress from the word go and I'm earning more bank interest than ever. Ubank is backed by the NAB bank which is one of the richest if not the richest banks going around. It's secure and easy and the sign up process for me was completely painless. It's an absolute pleasure to check balances, do transactions all at your computer. The site is encrypted well so you know your money is always safe. I've also spoken to their customer service people who are just great. The downside to earning so much interest is having to pay more tax. But believe me when I tell you that you will come out ahead even with the extra tax hit.
very high rate, I don't think there would be much better, is online safe though.
Do you believe switching online banks to UBank is definitely worth considering for maximum savings?
I definitely recommend Pereike, Ubank is the best rate.
One of the highest rates savings account. Easy online setup and transactions. Their phone support is equally good and wait times aren't long - very few transactions require a phone call anyway.
My experience with them has been identical. The rate I get with a USAVER is awesome. I've only had to contact them once and got through straight away.
For my High Interest Savings Account I use Ubank current interest rate as at 28/4/2012 5.41% or 6.01% with bonus.
You have access to you money 24/7 to transfer to and from any linked account you set up.
Bonus 0.5% interest if you set up an automatic savings plan depositing $200+ into your account every month.
No fee's.
interested calculated daily, paid monthly.
*Must set up automated Savings Plan
There are Higher Interest Rates than 5.41% so if you don't set up your "Automated Savings Plan" then you would be better off with a different account
Approximate cost: $0
Ubank offers a good interest rate on savings account. You have to call them to move large amounts of money; they advertise as being open 24 hours, but I was waiting a long time on hold when I called in the evening. The customer rep I got was helpful and went out of his way to make a transaction happen which was causing problems.
One of the best offers for SMSF funds in terms of cah accounts and term deposits. My advisor up me on to them and I am getting 0.75% better than my normal bank. Easy to use too.
Definitely easy to use and navigate their website.
I recently switched over my savings account to be with Ubank. Their interest rates are much better than competing banks, since they are an online business.
I changed over to this bank for my savings too.
This is an online bank which offers a high interest savings account and recently I also initiated a savings plan of $200 per month so I can get the 0.6% bonus rate on top of the normal rate. Website is easy to use but cut-off time for transfer of money is 4pm which is sometimes a bit inconvenient.
I didn't know about this cut off time. Thanks!
I'm very happy with Ubank as they offer the best interest rate for savings accounts, have no fees, great customer service, and an easy to use website. Very happy to recommend.
Agree with you
Best rates on offer. No fees on the account for savings account. Only trouble is no B'pay. But otherwise a great extra account to store money in.
online transactions account - the rate is one of the highest in Australia. Great service and great online banking site. Backed by NAB - top 4 bank in OZ. highly recommended. They can't do bpay at the moment tho.
One of the few bank experiences that hasn't left me frustrated. Phone service is excellent. Website is excellent. Interest rate paid is excellent.
Good customer service. Good rate on offer & you receive a higher rate for ASP (at least $200) per month.
Approximate cost: $0
If UBank isn't the most popular online banking service in Australia it is simply a mystery to me. Simple to establish an account and the best at call interest rates anywhere, up to 6.51%.
Just by adding $200 into your account a month, you can get 6.21% interest (Jun 2010) on your savings without committing to a term deposit. Yes the website is pretty badly designed and can be laggy, but who cares? Signups are a breeze too.
Best online bank going around. Easy to use and set-up. Opened a regular savings account. Best at call interest you will find. They are really sticking it up the big banks.
Just a few clicks on the net and I have my account number ready, ID verified and start earning 5.11 % interest on the Usaver, very impressive with their system.
Their call centre open 24x7 and I am not talking to someone overseas, I can even call them on Skype which cost me nothing
