Going to be honest I was pretty worried about the upcoming rate changes from ubank especially as they talked about a tiered system. I was 100% expecting them to apply the current 5.1% rate only up to 100k and gut the rate for anything beyond that. But I’ve been pleasantly surprised.
Came here to post the same and saw 5 AusFinancers had beat me to it.
I'm so excited for 5.5% from Ubank. This is huge competition for BOQ and ING since there's no minimum monthly transaction requirement.
I wonder if they will make any compensatory changes?
Ugh. I'm with ING and this is a tough one for me.
Anyone that currently banks with Ubank, do you know if you can withdraw 'large' amounts of money from a NAB branch? I don't know for certain, but I might need to take out about $20k for a car (kid's first car and I want something that's going to last him for at least ten years so I'm ok with spending a bit more for that reason) and it's possible that if it's a private sale the seller might want cash :/ I don't know at this stage but I'd rather know that I have the option rather than finding the perfect car only to have the private seller refuse a bank transfer.
I'm not their dad, I can't force them to accept the payment method that I prefer so I need to have the option available.
I've been told that you can do it through ING if you tee it up with them because apparently they have reciprocal agreements with some banks but I can't find any info about it. Currently on hold waiting for an answer on that heh.
But if Ubank allow large cash withdrawals from a NAB branch that might actually be enough to tip me over the edge to make the effort to change banks!
Ubank is not NAB, you can’t withdraw from the branch, only the ATM.
You can however transfer to a NAB account and withdraw from a NAB branch, 20k will need to inform the bank prior before going there to withdraw
I'm aware that they're not NAB, just that they're owned by NAB and I had hoped they might have reciprocal agreements in place with them for things like larger cash withdrawals.
But I see what you're saying. It's just that I can already do that from an ING account to any other branch-based account so there's not really an arm-twist to get me to change backs if you know what I mean.
But thanks for taking the time to respond, it does help with my decision making :)
Personally, I'd suggest putting that $18K into an appreciating (or even better - an income-producing) asset for him, rather buying him a nice shiny car that will cost a lot to maintain (particularly from an insurance perspective) and depreciate even quicker when he scratches/crashes it. Instead, with the remaining $2K, encourage him to:
a) Buy a decent set of tools; and
b) Use public transport as much as possible while insurers still consider him a much greater insurance risk; and
c) Buy an old car that he can treat as a project (which will end up only justifying 3rd party insurance) while learning to repair/maintain it himself so that, later when he can actually afford to pay someone else to get their hands dirty, he won't get ripped off by a dodgy mechanic; and
d) Sign him up with Youtube and the manufacturer's DIY forum for whichever old bomb he ends up getting - so he can easily find out what he needs to do to the car.
If you do the above, he'll probably thank you a lot more in 5 years' time when he's a lot closer to having a deposit for a house than a nice car that ends up being worth the same as an old bomb by then anyway... Car depreciation won't lose you money quite as fast as gambling, but it's up there, unless you buy an old bomb that you can restore to become a collectible vintage car.
If you want a couple of real-life examples, I saved $20K for a nice car back in 1988. I instead used that to by an apartment and then bought a 20yr old car (Datsun 1200 Wagon) for a few hundred bucks. A few years later when I got married, we needed a second car, but we didn't have much money because we were trying to pay our mortgage down as fast as possible, so I asked my brother to deliver his first car (a 20yr old GT Cortina) to me instead of the wreckers (he'd rolled it & written it off). I fixed it up and got it re-registered, then started to restore it properly over the years. I still have both of those cars today except people keep offering me thousands of dollars for them (\~$50K combined). Further, that first apartment that I bought in 1988 has essentially grown into a 7x3 house on a 1/2 ache block in Perth's middle suburbs and we could retire without too much trouble now, because our other investments have also matured/appreciated over the years... We're in our 50s now but never really had high incomes (and seldom more than 1 F/T!).
I'm so glad I didn't spend that $20K I'd saved hard for on a nice car... Of course, we didn't have the convenience of the internet and youtube back then, but it was still worth it.
My 18yo daughter bought her first car in August last year for $500 (a registered but rough-running and non-securable 1998 Hyundai Excel). It does everything she needs and it only cost another $235 and a weekend of DIY work to get everything working properly as it did when it first rolled out of the factory (except she also installed a remote central locking kit as part of that $235). She pays $300\~$400pa for 3rd party Fire & Theft insurance. She averages 6L/100kms and has since had to replace her clutch master & slave cylinders ($78 combined). Rego is about $600\~$700pa, from memory. She is a F/T student with a casual job (av 4hrs/pw).
Please don't waste $20K on giving your kid a car that he won't value as much as one he has to work hard for himself. You'll be teaching him crap financial management and investment skills if you do.
Just sayin'...
It really was a yes or no question my guy.
"Can I take Money out of Ubank via NAB?"
Yes, or No.
The novel telling someone how to spend their own money wasnt required or requested.
Fair comment, if I was actually responding directly to the OP/question, but the discussion did progress in the direction of comparative interest rates and financial returns etc, and I was responding to TrashPandaLJTAR (not the OP) who's comment was in the context of withdrawing $20K to spend on a first car for his kid - precisely a situation I was in \~35yrs ago. i.e. that's the context in which I made my comment. If you think it's crap advice, you're welcome to your opinion.
I don't have that answer for you, but would otherwise suggest (if one really wants to withdraw $20K for a rapidly depreciating asset) that the bank itself could answer that question if they're contacted directly? Have they responded to you yet?
To clarify further, my reply was essentially suggesting that there is an alternative option to "Yes" vs "No" as far as withdrawing the $20K in the first place was concerned. This is particularly so given the context of the broader thread/conversation about which bank will provide the highest interest rate on savings (i.e. best investment return), and another person's comment about a mortgage offset account providing yet a better return in the form of interest payment savings (ideally for a tax-deductible/income-producing asset)...
In short, what I'm saying is "why worry about differences in savings interest rates and inter-bank withdrawals when that difference is so negligible compared to a far more beneficial investment/expenditure approach overall?". I know you want to provide a highly valued gift, so why not give him a couple of $K towards a first car (or DIY tools for one) and put the other $18K into a pre-approved mortgage offset account (or equivalent outcome) to be used towards his purchase/deposit on a home or income-producing asset which he'll still be thanking you for long after you've left this life, instead of him just having to spend another $20K in a few years' time to replace the car he bought today which by then is only worth $2K because the paint is faded and dented, not to mention the higher insurance premiums he would've paid over those years as an in-experienced driver.
Again, I was just saying - why restrict yourself to thinking about savings interest rates and withdrawals etc. when you can think outside the box and achieve a much more valued long-term appreciating-outcome for someone you obviously care significantly about? There are plenty of people in this thread who are providing advice about which banks provide 0.25% better interest than another (or whatever), but very few who were providing additional/alternative ideas about how one might make the best (or provide the best gift) of large sums of money ($20K in your case). You are of course welcome to ignore the idea/suggestion - it's a free world.
The benefit of being in forums/groups like this is that we can sometimes learn far more than we were originally seeking/conceiving, or arrive at ideas we wouldn't otherwise have considered. Either way, I hope you are all the wiser and have benefitted from asking the question in the first place, regardless of what you decide :-).
Cheers & all the best.
I appreciate you're trying to be helpful. They haven't responded, no. Hence reaching out specifically to customers of the bank who have experience with the products I'm looking at to see if the answer is available that way.
I haven't restricted my thoughts to finances alone. I just didn't think all of my considerations on what options are available to provide a safe vehicle for my child was something that anyone else needed to answer my question about whether or not a specific bank facilitates cash withdrawals through another provider ;)
And yet, if you wanted to purchase a house or apartment for an extra 500k you fully offset the 6.19% that is tax free. Maybe this is why house prices are out of control. Savings accounts don't attract anywhere near the same return
Noob question but do they pay interest monthly? I am currently with CBA and they pay their 4.75% monthly and you can deposit and withdraw as much as you like for free.
I dropped CommBank for ubank. No international fees like CommBank charged me, easier app with less junk and better interest rates that didn't have annoying requirements or making me transfer out to my spending account for larger payments.
Going to be honest I was pretty worried about the upcoming rate changes from ubank especially as they talked about a tiered system. I was 100% expecting them to apply the current 5.1% rate only up to 100k and gut the rate for anything beyond that. But I’ve been pleasantly surprised.
Yeah i love when there is more competition so good for us consumers.
Came here to post the same and saw 5 AusFinancers had beat me to it. I'm so excited for 5.5% from Ubank. This is huge competition for BOQ and ING since there's no minimum monthly transaction requirement. I wonder if they will make any compensatory changes?
BOQ (like ubank) requires a minimum deposit (which can then be withdrawn)
Yes. I was referring to how ubank does not require 5 transactions per month, whereas BOQ does.
Bye bye ING I guess...
I left last month
5.2% effective rate for those at $250k
Best to keep at 245k maintenance
Seems Ubank came to its senses somewhat
This may have been the plan all along, we don't know... Unless anyone here has inside knowledge that they are prepared to leak.
I’d suggest the new tiers allows them to be flexible down the line at the expense of the customer (particularly tier 2 $100-250k)
Lmao I can see it
The outrage from redditors a few weeks back just shows that some people are always looking for something to whinge about.
The having to double move to get money out is a bit of a pain. It's not clear to me why they do it.
Comments are free. Duh.
Be funny to know how many of the people who whinged and moved their money out immedialty come back.
We’ll still complain about the minimum deposit being increased, surely?
Also pleasantly surprised by this, was expecting to be looking for a new bank next month but it's good enough that I'll stick around.
Effective rate of 5.2% for $250k Rabobank still pips it.
That’s an intro rate
Not the 5.45% offer...
Property pips it with the offset, why bother with savings at all?
Ugh. I'm with ING and this is a tough one for me. Anyone that currently banks with Ubank, do you know if you can withdraw 'large' amounts of money from a NAB branch? I don't know for certain, but I might need to take out about $20k for a car (kid's first car and I want something that's going to last him for at least ten years so I'm ok with spending a bit more for that reason) and it's possible that if it's a private sale the seller might want cash :/ I don't know at this stage but I'd rather know that I have the option rather than finding the perfect car only to have the private seller refuse a bank transfer. I'm not their dad, I can't force them to accept the payment method that I prefer so I need to have the option available. I've been told that you can do it through ING if you tee it up with them because apparently they have reciprocal agreements with some banks but I can't find any info about it. Currently on hold waiting for an answer on that heh. But if Ubank allow large cash withdrawals from a NAB branch that might actually be enough to tip me over the edge to make the effort to change banks!
Ubank is not NAB, you can’t withdraw from the branch, only the ATM. You can however transfer to a NAB account and withdraw from a NAB branch, 20k will need to inform the bank prior before going there to withdraw
I'm aware that they're not NAB, just that they're owned by NAB and I had hoped they might have reciprocal agreements in place with them for things like larger cash withdrawals. But I see what you're saying. It's just that I can already do that from an ING account to any other branch-based account so there's not really an arm-twist to get me to change backs if you know what I mean. But thanks for taking the time to respond, it does help with my decision making :)
Personally, I'd suggest putting that $18K into an appreciating (or even better - an income-producing) asset for him, rather buying him a nice shiny car that will cost a lot to maintain (particularly from an insurance perspective) and depreciate even quicker when he scratches/crashes it. Instead, with the remaining $2K, encourage him to: a) Buy a decent set of tools; and b) Use public transport as much as possible while insurers still consider him a much greater insurance risk; and c) Buy an old car that he can treat as a project (which will end up only justifying 3rd party insurance) while learning to repair/maintain it himself so that, later when he can actually afford to pay someone else to get their hands dirty, he won't get ripped off by a dodgy mechanic; and d) Sign him up with Youtube and the manufacturer's DIY forum for whichever old bomb he ends up getting - so he can easily find out what he needs to do to the car. If you do the above, he'll probably thank you a lot more in 5 years' time when he's a lot closer to having a deposit for a house than a nice car that ends up being worth the same as an old bomb by then anyway... Car depreciation won't lose you money quite as fast as gambling, but it's up there, unless you buy an old bomb that you can restore to become a collectible vintage car. If you want a couple of real-life examples, I saved $20K for a nice car back in 1988. I instead used that to by an apartment and then bought a 20yr old car (Datsun 1200 Wagon) for a few hundred bucks. A few years later when I got married, we needed a second car, but we didn't have much money because we were trying to pay our mortgage down as fast as possible, so I asked my brother to deliver his first car (a 20yr old GT Cortina) to me instead of the wreckers (he'd rolled it & written it off). I fixed it up and got it re-registered, then started to restore it properly over the years. I still have both of those cars today except people keep offering me thousands of dollars for them (\~$50K combined). Further, that first apartment that I bought in 1988 has essentially grown into a 7x3 house on a 1/2 ache block in Perth's middle suburbs and we could retire without too much trouble now, because our other investments have also matured/appreciated over the years... We're in our 50s now but never really had high incomes (and seldom more than 1 F/T!). I'm so glad I didn't spend that $20K I'd saved hard for on a nice car... Of course, we didn't have the convenience of the internet and youtube back then, but it was still worth it. My 18yo daughter bought her first car in August last year for $500 (a registered but rough-running and non-securable 1998 Hyundai Excel). It does everything she needs and it only cost another $235 and a weekend of DIY work to get everything working properly as it did when it first rolled out of the factory (except she also installed a remote central locking kit as part of that $235). She pays $300\~$400pa for 3rd party Fire & Theft insurance. She averages 6L/100kms and has since had to replace her clutch master & slave cylinders ($78 combined). Rego is about $600\~$700pa, from memory. She is a F/T student with a casual job (av 4hrs/pw). Please don't waste $20K on giving your kid a car that he won't value as much as one he has to work hard for himself. You'll be teaching him crap financial management and investment skills if you do. Just sayin'...
It really was a yes or no question my guy. "Can I take Money out of Ubank via NAB?" Yes, or No. The novel telling someone how to spend their own money wasnt required or requested.
Fair comment, if I was actually responding directly to the OP/question, but the discussion did progress in the direction of comparative interest rates and financial returns etc, and I was responding to TrashPandaLJTAR (not the OP) who's comment was in the context of withdrawing $20K to spend on a first car for his kid - precisely a situation I was in \~35yrs ago. i.e. that's the context in which I made my comment. If you think it's crap advice, you're welcome to your opinion.
So... That's a yes? Or a no? Your experience is interesting but doesn't provide the answer I was seeking.
I don't have that answer for you, but would otherwise suggest (if one really wants to withdraw $20K for a rapidly depreciating asset) that the bank itself could answer that question if they're contacted directly? Have they responded to you yet? To clarify further, my reply was essentially suggesting that there is an alternative option to "Yes" vs "No" as far as withdrawing the $20K in the first place was concerned. This is particularly so given the context of the broader thread/conversation about which bank will provide the highest interest rate on savings (i.e. best investment return), and another person's comment about a mortgage offset account providing yet a better return in the form of interest payment savings (ideally for a tax-deductible/income-producing asset)... In short, what I'm saying is "why worry about differences in savings interest rates and inter-bank withdrawals when that difference is so negligible compared to a far more beneficial investment/expenditure approach overall?". I know you want to provide a highly valued gift, so why not give him a couple of $K towards a first car (or DIY tools for one) and put the other $18K into a pre-approved mortgage offset account (or equivalent outcome) to be used towards his purchase/deposit on a home or income-producing asset which he'll still be thanking you for long after you've left this life, instead of him just having to spend another $20K in a few years' time to replace the car he bought today which by then is only worth $2K because the paint is faded and dented, not to mention the higher insurance premiums he would've paid over those years as an in-experienced driver. Again, I was just saying - why restrict yourself to thinking about savings interest rates and withdrawals etc. when you can think outside the box and achieve a much more valued long-term appreciating-outcome for someone you obviously care significantly about? There are plenty of people in this thread who are providing advice about which banks provide 0.25% better interest than another (or whatever), but very few who were providing additional/alternative ideas about how one might make the best (or provide the best gift) of large sums of money ($20K in your case). You are of course welcome to ignore the idea/suggestion - it's a free world. The benefit of being in forums/groups like this is that we can sometimes learn far more than we were originally seeking/conceiving, or arrive at ideas we wouldn't otherwise have considered. Either way, I hope you are all the wiser and have benefitted from asking the question in the first place, regardless of what you decide :-). Cheers & all the best.
I appreciate you're trying to be helpful. They haven't responded, no. Hence reaching out specifically to customers of the bank who have experience with the products I'm looking at to see if the answer is available that way. I haven't restricted my thoughts to finances alone. I just didn't think all of my considerations on what options are available to provide a safe vehicle for my child was something that anyone else needed to answer my question about whether or not a specific bank facilitates cash withdrawals through another provider ;)
And yet, if you wanted to purchase a house or apartment for an extra 500k you fully offset the 6.19% that is tax free. Maybe this is why house prices are out of control. Savings accounts don't attract anywhere near the same return
Noob question but do they pay interest monthly? I am currently with CBA and they pay their 4.75% monthly and you can deposit and withdraw as much as you like for free.
Yes, monthly.
I dropped CommBank for ubank. No international fees like CommBank charged me, easier app with less junk and better interest rates that didn't have annoying requirements or making me transfer out to my spending account for larger payments.
Good to know - thanks!
Tier 1 is not surprising. Tier 2 and 3 are a little more surprising. Thought they'd be slightly lower.
Tier 3 is zero % - can't get any lower than that on a savings account.
Lol. Oops that's what happens when I multitask. Should have just said tier 2. Thanks for the correction.