ubank is an online bank that is backed by NAB, one of Australia's big four banks. It launched in 2008 with a competitive term deposit before expanding its product range to include home loans, savings accounts and bank accounts. As an online bank, ubank doesn't have a branch network but it does have a 24-hour, seven day a week 'person to person' phone banking centre for those wanting to speak to a real person. Best of all, cost savings are passed onto customers in the form of competitive rates and lower fees. In 2021, ubank merged with neobank 86 400, taking on its range of banking products.
10 years after my first horrific experience with the uBank Home Loans settlement team I thought things may have changed and stuck with them in 2024. Nothing has changed. They missed settlement three times by not doing what they were tasked with. Meaning I incurred extra legal fees. This despite raising my case to urgent with them more than 5 times over a two month period. Avoid. Avoid. Avoid.
Pros: User-Friendly Interface: UBank's intuitive platform design facilitates easy account management and navigation of financial tools. Competitive Interest Rates: The bank provides attractive interest rates on savings accounts, appealing to those aiming to grow their wealth. Robust Security Measures: UBank employs advanced encryption protocols and two-factor authentication to protect user data and transactions. Responsive Customer Support: The customer service team is known for its promptness and expertise, assisting users effectively. No Account-Keeping Fees: UBank doesn't charge monthly account-keeping fees, reducing overall banking costs. Convenient Mobile App: The mobile app enhances user experience, offering convenient access to banking services on the go. Cons: Limited Physical Presence: As a digital-only bank, UBank lacks physical branches, which may be a drawback for those preferring in-person assistance. Variable Interest Rates: While offering competitive rates, they may fluctuate over time, requiring users to stay informed about changes. Potential Fee Structures: Although UBank aims to minimize fees, certain transactions or account activities might incur charges.
We swapped over to ubank and love the app and how easy it is to use, no fees, easy payment and transfers
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