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
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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.