Notify account holders when interest rate changes.
I see it was lowered mid November on my Usaver SMSF. I had no idea until I saw the lower interest value at the end of the month. I can't even see a notification on the UBank Facebook page.
(and by the way, since it is now non-competitive, I will be closing this account & moving my money elsewhere).
Hello Trevor, I’m sorry to hear that you’re moving your accounts from UBank, and would like to confirm that our decisions on interest rates are never taken lightly. We need to consider a range of factors, including our customers’ needs and the economic environment to try and strike a balance between savers and borrowers.
I appreciate your feedback regarding notifications for our rates and will pass this forward to our marketing and products team for further review. ^WP
Avi Hershberg commented
I have the same question, why Ubank is not notify account holders when interest rate changes?? how long it will take the bank to review this simple request??
8 months past already and its still UNDER REVIEW!!??
Now on the 2nd of August the RBA has dropped again the interest rate. so what is the bank suggestion? to check everyday on the website for any change in the interest rate of my account? this is ridiculous and unacceptable!
Instead, the bank should send simple email to notify all its customers about any changes to the bank interest rate.
I'm sure the bank can review and make quick decision in this matter! like it does when changing interest rate.