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Ubank savings rate changes (www.ubank.com.au)

submitted 9 months ago by MHLoppy@fedia.io to c/ausfinance@aussie.zone

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Summary of changes:

Interest can now be earned on balances up to $1 million (up from $250,000).
Interest rate is now flat up to $1 million (instead of progressively lower for higher balances).*
Bonus interest rate activated by growing account balances by $1 (instead of by depositing $500 per month regardless of withdrawal).**

* But the interest rate has been lowered, so if you're one of those peasants who doesn't keep a cool mil in your bank account, you'll probably have a lower effective interest rate now
** this change only applies from October onwards.

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[–] Aussieiuszko@aussie.zone 0 points 9 months ago

Oh damn, and it was already pretty generous with the $500 min.

[–] korda@aussie.zone 0 points 9 months ago (1 children)

First ING now these guys. On some months my savings doesn’t grow when all the large bills hit at once. This doesn’t work great for me.

[–] MHLoppy@fedia.io 0 points 9 months ago

Yeah I'm not a big fan of the hoop-jumping - being able to withdraw the money when needed (without losing the bulk of the interest) was a big pro of a ubank account for me but I guess not anymore 🫠