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  1. There is a mistake in the article.

    You have to deposit $2k EVERY month in order to get the 1.06% bonus interest.

    And you only receive the bonus rate the FOLLOWING month of your $2k deposit

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  2. I like all the features with the Ultra account and I decide to open it but the minimum amount of $ 500 turn me off. I probably have to cancel it. Wish I can set up minimum amount by myself.

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  3. Even I thought 500$ which is not earning interest as negative, but after doing the maths the extra interest that you recieve on the usaver without 500$ is better than the usual bonus interest with the 500$.

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  4. Hi everyone,

    For the benefit of a daily transaction account including VISA debit, I see the loss of interest against the $500 to be a negligible downside. Most banks charge $5/month for transaction accounts and don’t have any interest payable on a standard account.

    This seems to be the ideal account for someone who does not require a teller service (e.g. cash deposits at teller) and doesn’t currently have a home loan to offset their savings account against.

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    1. Oh my days, too complicated?? For very little brainpower you can make cash without paying fees…a little attention to detail will take you a long way. Or if it’s too tricky, head to one of the big 4 who ‘might’ offer less fees and zero bonuses.

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  5. @Really, Ubank is owned by NAB is it is a big four. The fact that the sweep function can’t be switched off is a major draw back of this account. Seems totally designed to lock funds away in a 0% interest account. Granted it is a small amount and can be reduced to $100 but not $0. Just feels like a lack of transparency, if you need to charge a $5 a year account keeping fee just do that rather than lock money away at 0% interest and claim fee free banking.

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