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.
We’re making some changes this week to let you earn bonus interest on multiple USave accounts, up to 10! So, if you have separate USave accounts for your home loan deposit, new card and wedding, for example, you’ll be earning interest on all of them, bringing you one step closer to achieving your goals! ^PO
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
Under review since 2014 and NOTHING.
Robyn Scipione commented
I loved the Usaver old system, not happy that I can't have savings buckets for different goals all earning the same interest. I think I will have to move banks, if you don't sort that out. I save for holiday, kids stuff, family emergency, and christmas all in deffernt buckets, it was working so well, you have messed it all up now. Not happy.
Totally agree with everybody. Maybe a compromise. A lower bonus rate that will apply to all USaver accts, instead of just one linked acct. Up the required monthly deposit, to be on par with other major banks. Consolidate the ASP and Ultra bonus rate/requirements to a middle ground. But please, no honeymoon rates. The main attraction to me was the ease of maintaining multiple buckets, and a true and honest-to-goodness rate that stayed the same from day one.
Keep the Ultra (for daily transactions), do the "sweep", these are good ideas. But believe that some of your investors will walk away if their pleas are unheeded. Many of the major banks, eg, CBA, ANZ, have seen the UBank success, and are closing fast.
Would love this to happen. It's getting annoying managing buckets in a spreadsheet. The WHOLE point of "sweep" is that you don't have to worry about daily banking as much.
Sheldon K commented
UBank - you still have three weeks to reverse this decision ... it really doesn't make any sense to your customers!
Jeffrey Choo commented
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\outl0\strokewidth0 \strokec2 This is my main gripe and I've posted it on U banks facebook page too. Business decision to simplify the earning of interest seems more like a trap (or simply a way to charge indirectly for having multiple USavers). \
Either way, if UBank are insisting on forcing this I'll just move my funds to other places with less onerous requirements. There is no customer loyalty in the rate hunting game but there is customer deposit stickiness due to people being too lazy to change unnecessarily. Creating a catalyst like this requiring us to do something different to get less than what we had before only makes us re think our options. }
Unhappy Customer commented
Totally agree with other comments. Ubank are forcing us to open a new account and only have one linked account. They have forgotten that "customers" have various accounts to separate monies for different purposes.
Would prefer to keep USaver Accounts already held instead of being forced to open another account to get the Ultra Bonus.
Why do we need a new account? Why can't existing accounts be retained by internally changing account code to "Ultra" and receive the Ultra Bonus Rate?
This needs urgent action now by the powers to be that appear to have not given any consideration or thoughts to the customers needs.
This is my number 1 gripe. I have 2 different accounts for 2 totally different purposes each with similar amounts. Combining the 2 in order to receive the bonus isn't really feasible for me as I don't want to touch one, but am happy to be fluid with the other. So that account that doesn't get the bonus rate now earns an interest rate which is not competitive. Do not want to move the money to a different institution, but will if there isn't any action to rectify the situation.
Thomas Bridle commented
I completely agree. I currently have 8 USavers. I am going to have to move my money into one account to get the best interest rate. I am now currently opening accounts with other financial providers instead and will put my savings into these new bank accounts instead as I need separate accounts, for example for my sons education, for my annual holiday, for my car etc.
Fix this or I will move my accounts and money to RAMS saver.
Three more votes from me! The ease of creating new accounts for different savings goals was one of the main things that brought me to UBank. Now, though, I've had to lump everything into one USaver account to get the maximum interest rate. The bonus interest is great, but only offering it on one account is a really dumb decision from a usability perspective.
This was a major selling point for USaver in the first place. Even if the "buckets" were virtual (e.g. reporting only, without separate account numbers) it would still be better than the new regime.
completely agree with this. please do something about it, UBank. If not, I'll probably move my savings elsewhere.
Agree with others on this idea... having multiple buckets with saving goals and not having to worry about where the money needed to be to get good interest was the only reason I changed banks. The reason I looked for another bank (and found UBank) was out of frustration when my prior bank changed the rules evey few months such that accounts that were getting good interest suddenly were not, and you had to open a different type of account and move money to get the same interest you were receiving previously. And then in a few months... same again. In addition to the monitoring required and effort every few months, you miss out on interest until you act and then wait for new rules to be picked up. Leads to customer resentment, not customer satisfaction.
Also - what is the point of an online only account, with all the associated overheads UBank saves, if it doesn't translate into the best possible interest rate on all of the monies.
The changes being made create work for every uSaver holder that now needs to consolidate funds and find a different way to manage what was previously in buckets, outside of the uBank website - that sounds harder for a customer, not easier.
The alternative is to effectively pay for the uSaver bucket feature via forfeited interest.
How is that an improvement for existing uSaver customers? - you now need to pay for a feature that was previously free. I'm not an ethics expert, but that doesn't sound like fee free banking. More like we signed up for fee free banking, but are now subject to the equivalent of a hidden fee.
Adding my voice and vote to others - please reconsider this - uBank's best feature is being able to save for separate goals in separate accounts.... like others, I have an account for savings and accounts for my daughters to save for their weddings, I don't want to mix them up!
Happy to have the Ultra (even though I probably wont use it) and happy to meet the monthly deposit criteria anyway I need to... just want my interest across all the accounts...
I support the idea that Ultra Bonus should be applied across all USaver accounts.
Consolidating all of my USaver accounts into one to be able to earn Ultra Bonus on all my funds totally defeats the purpose of having seperate accounts and saving plans for different goals. It will also make it difficult to manage what funds are for what purpose - I currently have an account with UBank for general savings, different goals, and an account for each child I have to save for theire future.
The whole reason for moving to UBank when it started was for simplicity of managing funds for different purposes. Now that simplicity your longest term customers had is being whittled away if we consolidate, or we will be disadvantaged for not consolidating..
With the new changes announced 24th July, this should be your number 1 priority! The entire reason I joined Ubank was so I could earn good interest across multiple buckets. Please consider this as it will affect your customer base in a big way.