Before the interest rate cuts by the RBA, they were in the top 5 with about 3+% given to savers on their variable monthly interest earnings. What attracted me to Ubank is that the terms are really easy to follow. They don't make you spend certain amounts a month to qualify for interest or ask you to deposit a lot of money either. I'm a big saver and being encouraged to save more is great but I like to be flexible and they give me that. The website is easy to use and the UI is very easy to understand. One of the most underrated things they have is that they allow you to name your bank accounts how you wish, it's a nice touch in my opinion. Where they fall off is the sweeper function they have on their system but I have been saved by it before. Another negative is the fact it's all online, so physical branches mean having to travel but in saying that, they would not be able to offer such great rates if they had a more physical business model. I've had no issue with withdrawing cash as they don't charge for using competitors ATM's but if you wish to speak to someone, you have to queue up on the phone. Otherwise, the staff are friendly. The app is also easy to use and they makes it really easy to keep a track of your savings whilst encouraging you to add long term goals. One other positive I can note is that I have no issue transferring money between accounts. With other banks I've used before, it could take 2-3 business days, but with Ubank normally takes about 1.
UBank has not implemented New Payments Platform (NPP). For an online bank to not offer the facilitation of faster, more convenient banking is a real negative. No real-time transfers, no PayID, no Osko. I encourage UBank to make this happen as soon as possible.
Excellent account with one of the higher interest rates I've encountered. Being able to set savings goals through the app is helpful, and the fact that UBank is backed by one of the big banks is very reassuring. The Sweep function is useful but it would be good if there were was an option to turn it off.
The customer service within the branch is fantastic. The staff who greet you are incredibly knowledgable and always know where to direct you and aim to get you served as soon as possible. The online banking portal "Netbank" is simple to use and incredibly cohesive. I have multiple accounts and travel cards and they have made it so easy for funds to be transferred between each of these.
They have had brilliant rates (when interest rates were high) but they aren't quite as competitive at the moment. Nonetheless, they give better returns than the big 4, and the online interface is pretty easy to use.
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Savings account comparisons on Mozo - rates updated daily
Bonus Saver Account
1.75% p.a.(for $0 to $250,000)
standard interest rate
0.15% p.a.(for $0 and over)
Govt Deposit Guarantee
Yesup to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
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