Receive Ultra Bonus (1.06%p.a.) on all USavers not just the linked one
UBank makes it really easy to create multiple accounts for different saving goals and this is a great feature that I'd like to use. But unfortunately by doing that I'm giving up on the Ultra Bonus for all those extra accounts, which does not make sense.
So as a customer I'd like to still receive the Ultra Bonus on all accounts if I have one linked so that I can organise my saving goals in different accounts.
Currently the financial incentive for the Ultra Bonus clashes with the customer experience benefit of having multiple USavers.
To provide an update, at this stage the Ultra Bonus can only be applied on 1 single USaver and 1 joint USaver.
If you’re looking for additional accounts to earn great rates, you might find our Term Deposit accounts as an alternative – the best part is that it won’t impact you on earning the Ultra Bonus on your USaver Accounts.
We appreciate this isn’t the update you were hoping for, but never say never!
If i have deposited the minimum amount into each of my additional usaver accounts then surely you are required to pay the bonus interest because i have met the criteria? I have done this, but the interest is not being paid.
Hi Emily Ann,
We appreciate your feedback . At this stage you can only link one USaver Ultra to one USaver account. You can also hold a maximum of one single USaver Ultra and one joint USaver Ultra.
All the best,
Emily Ann commented
I would like to add another Usaver transaction account to get the bonus rate of 2.8%.
Thank you for the feedback.
We’re always looking at ways we can enhance our customers experience and appreciate the suggestion. I’ve now lodged this with the team for review.
Keep your eyes peeled on our website to stay up to date.
All the best,
I'd like to open subsequent USaber accounts for savings goals and get the bonus interest on them all. It won't cost UBank an extra cent; just helps the customer organise and personalise funds better.
Joint accounts are integral to estate planning. UBank consider 100% of the balance in a joint account of my spouse and myself, not belonging 50% to each of us, but 100% from each of us. How is that possible? After all, for taxation purposes, our taxable income is 50% each not 100% each of a joint account and UBank reports it that way to the ATO.
If either of us also has a sole account, it would be up to us to ensure we don't have more than $200,000 in each of our names. With individual accounts we can have $400,000 altogether in USavers/Usaver Ultras. With one joint account we can only have $200,000 altogether in USavers/USaver Ultras. The argument that by limiting the total each customer can have means you can offer more customers the opportunity of having these accounts doesn't make sense when you look at the inequality in the way UBank is treating joint account holders.
I just sent a question to UBank about if I would earn the bonus rate on all my USavers because I am wanting to set up another account - one for my long-term expenses and another for general savings goals. Looks like it isn't possible? Would love a more recent response from UBank considering it has been over a year since their last reply.
Victor Wolyncevic commented
I totally agree with this. I would leap on to it with gusto if this was brought in.
I have a significant amount of money in savings and given the current interest rates on savings I need to spread these over a number of banks to take advantage of bonus rates.
It gets tiresome and complicated so being able to have the ability for a number of bonus Usaver accounts would be extremely useful in my case.
I may be wrong but I think it could be a regulatory thing, or possibly a strategy to entice more persons to use Term Deposits.
This is a joke. Nearly 2 years already... People WILL change banks
27 October 2015 is a long time ago?
How long before UBank nab actually reply and review this for us.
I agree, and I would like to add that married couples are further discriminated because the combined amounts they have together in the other accounts is taken and added as 2 whole amount to each separate individuals USaver accounts to calculate there eligibility to get the bonus interest, what a joke, promoting Seperation to financial freedom.
I put my 3 votes toward this suggestion.
I also sent an email to UBank Support via the Secure feature. Maybe if we all do this, we can affect change.
Talk to us > Secure Mail > New Message
Here's what I wrote:
"It would be fantastic if UBank would respond to the feedback for bonus interest on all savings account:
The suggestion is the highest voted request on the feedback page. However, in the year since the feedback was raised, UBank has not commented once.
This silence seems at odds with UBank's stated ideal: 'UBank is all about you'.
No Comments since middle of last year. No comment from Ubank at all! Seriously are you listening to your customers. This item has the most votes by far (374), next nearest is only around 150. I had been recommending UBank to all my friends, but now I have stopped. The change to ultra was so disappointing for me. I had been so happy with old system of buckets and ASP.
The least you could do is let us know whether or not you are going to do something about this...
Andrew Lewis commented
Dale and Jill - you can only have one Ultra account - (and one joint Ultra account with your partner). So no - you can't open multiple Ultra accounts. If the uBank rep said this, he needs to be retrained.
Dale and Jill commented
I just spoke with a Ubank rep today on chat and he said that if other usaver accounts have Ultra transaction accounts attached to them and you deposit $200 per month into those savings accounts then they will all receive the Bonus interest.
Hey UBank, why no reply for 9 months? The only reason I can see for why we receive less interest in order to use the buckets feature is that it saves you guys money, but, to the money-conscious, you lose a market leading customer service product in the process. As a loyal customer of many years, the buckets were a feature I'd regularly rave to my friends about, but I can't continue to do so since the change.
Catherine Williams commented
What they said!
Ben Moring commented
I 100% agree with this. I love uBank and the benefits it offers over other banks. I just hate having to sacrifice the bonus interest for ease of use