UBank refusing to back down in Savings Account War

UBank’s USaver, already quite the consumer champion, raised its rate by 0.35% today (effective next Tuesday), lifting it once again head and shoulders above the competition. Having sat out the last Reserve Bank rate rise, eyes were firmly aimed at the NAB-backed upstart to see whether it had perhaps conceded in its revolutionary push towards top spot in the savings account market. Alas for ING Direct and co., UBank had no such ideas, and have once again set themselves at the head of the pack.

Also of great news to existing account holders, was UBank’s rate assurance last night, declaring that until the end of the year at least, that USaver interest rate will not fall below that of their chief rivals (including introductory promotional rates), directly labelling accounts by ANZ, BankWest, Westpac, ING Direct and Commonwealth Bank as their chief competition (though surprisingly no Raboplus…).

So the time’s never been better to snap up a USaver account, once again a good 0.2% or more above its rivals. Get in quick while the rate assurances are hot I say!

Want to make up your own mind? Compare Savings Accounts on Mozo.com.au

UBank refusing to back down in Savings Account War was last modified: June 14, 2012 by Yash Murthy

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5 Comments - Write a Comment

  1. I don’t think i’ll be getting one. They didn’t raise the rate last time so they’re still behind. I hope this article doesn’t make more people get a USaver because i don’t think that they’re a very good account. Their website is slow, and all you’re basically doing is getting a NAB account.

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  2. I’m not sure what that chap Hubert’s on about – my USaver account is smashing really. A marvellous interest rate and a more than sufficient web-based interface. Bravo I say!

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  3. I’ve been with Ubank for several months; at all times they have beat the rest in terms of paying higher interst then the rest without “tricky” conditions that can see bonus rates evaporate to a very poor return. The bells and whistles of a all singing all dancing web site I can do without as long as I am getting the best return for my hard earned cash. Generally I am not a fan of banks as they are quick to take money from their borrowers and slow to pay it back to their lenders and with slimmer margins passed on. Ubank is at least a leader in reversing that trend. Although their parent has been one of the worst offenders in the past, I hope the offspring has learnt from the mistakes of the parent!

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  4. hiiiiiiiiii

    The bells and whistles of a all singing all dancing web site I can do without as long as I am getting the best return for my hard earned cash. Generally I am not a fan of banks as they are quick to take money from their borrowers and slow to pay it back to their lenders and with slimmer margins passed on.
    ……………
    cristina

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