The automatic sweep to move funds from the high interest (relative to the market) savings account to pay for debit card purchases is a game-changer. It saves time, anxiety about funds being available and can be altered to keep a daily limit on debit card spending whilst keeping maximum balance in the savings account earning interest. This makes it idiot-proof for lazy people who could otherwise get themselves into the financial troubles of ongoing debt and damaged credit histories with credit cards. A great way of living within one's means and saving for a home deposit or creating a contingency fund for unforeseen such as Covid 19. It does not require a set number of debit card touch n go transactions like other high-interest savings/transaction account pairings. Also allows withdrawals and a reduction in the savings account balance and still get the bonus interest. Only qualifiers for the bonus interest are: 1) deposit $200/month and 2) have the linked debit card/transaction account.
I lost my UBank Visa card in India Delhi and I receive little support from Ubank. They sent my debit card to my home address in Brisbane not to my address in India. They say because of the security reasons and the rules. Someone at home in Brisbane will have to sent it to India. If you have no one at 'home's well it's bad luck. If you didn't have any spare cash to tie you over, you are in trouble. I had to get a loan from someone. My impression Ubank simple couldn't care less, pathetic customer service. The bank sent two new visa cards by accident and two passwords which cause confusion. When I receive the visa card in Delhi, my contact in Brisbane phone the second password which did not work on my first visa card. Sending out that second card to me was sheer incompetence. Whilst this was going on two weeks plus passed. They refuse to send me the visa card to Delhi because of security reasons. Surely sending the second card was a lapse of security. If that card fell into wrong hands there be a loss. Ubank staff (more then then two) did not ring Visa Global to get them to send a replacement card. They said you ring them which I did but I was unable to get through to them. Their attitude was shocking If I did not have a person in Brisbane to send on the new card to Delhi I would be in deep trouble.
They claim great interest rates however competitors are offering double and triple what they pay. Lodged a dispute for $4000 dollars and they were unable to get it back - they couldn't even give me an answer to what they did to try and recover funds - had to go through the ombudsman to find out they asked the other account for the funds back. Awful customer service - switched to Macquarie and much happier.
Bad admin, call waiting. ID verification process, unclear on half the information provided in their communication. Closing the account is a nightmare. You'd rather give up. Which is probably what they want.
Interest rate is better than most banks, while there is a requirement to transfer a minimum amount each month to access the higher interest rate, there is no requirement to keep it there.
I’ve been trying to access my money since last week without success. After waiting a long time to speak with them on the phone, they said I should verify my I.D., which in my opinion should’ve been done before they accept my money deposits. I tried online and didn’t worked. They told me to go on a Aus Post to verify there and after they receive the verification I would get access. I went one week ago and sent the verification through express post which is incredible fast and after calling them twice this week they said it didn’t arrived there yet. I really need MY money to pay my bills and they’re locking my account. Ombudsman is being contacted now to take legal actions.
I am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.
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Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
Minimum deposit of at least $250 in the previous month.
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Bonus rate for the first 4 months from account opening
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