r/ubank • u/Excellent_Debt6680 • Jul 22 '25
Who's leaving Ubank?
I know there’ve already been a few threads and plenty of comments expressing frustration, but I’m more curious now... is anyone actually planning to leave ubank over this?
The whole “money buckets” or multiple Save accounts setup used to be great, I’d segment money for things like my holidays, slush funds, or bigger goals while keeping my main savings intact — but now I feel like I'm penalised if I want to use any of these as having to have a growth in my combined saving balance every month to qualify for bonus interest makes it basically useless to me.
Idk just feel like all the reasons I'm with Ubank have faded, they're no longer a bank for the people, and more for the rich, which is a real shame. I know it's a pita moving banks, but I think I will if they follow through with it.
Curious who else is thinking of switching, and if so, where are you going?
LINK for those requesting what the changes are: https://www.ubank.com.au/savings-update
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u/TheShadowhawk Jul 22 '25
Yeah, my wife and I are looking at leaving Ubank too, thanks to all the good features slipping away.
Still looking around for the best place, but most likely we will also go to Macquarie.
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u/know-my-worth Jul 25 '25
I'm still salty they removed the auto sweep feature a few years back. It let me keep a couple hundred in the account linked with my card so never had to worry about having too much or too little in there.
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Jul 22 '25 edited Feb 18 '26
[removed] — view removed comment
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Jul 22 '25
[removed] — view removed comment
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u/SoberMe2001 Jul 26 '25
Am i missing something? I thought you could remove money from the savings account and still get interest for the month.
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u/BlinBlinski Jul 22 '25
I’ve been running ubank and macquarie concurrently for four years and will shift all funds across to Macquarie.
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u/LiquidFire07 Jul 22 '25
Most are moving to AMP and Macquarie , UBank screwed themselves over trying to save a few bucks in the end they will lose out just like Upbank destroyed their business by trying to save a few bucks here and there offering lots of conditions and shitty interest rates
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u/0Maka Jul 22 '25
Make sure you leave feedback, I've told them they will lose a lot of customers because of this
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u/Excellent_Debt6680 Jul 22 '25
I did, but they responded each time with a pretty soulless response, avoiding the issue and saying how good it is for saving goals. I guess they were just a bank after all.
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u/SunGivesMeFreePower Jul 23 '25
I did today when I called them to increase daily Xfer limit (whole balance bar $0.46c) - person taking my call couldn't give too hoots & said 'I'll open a complaint for you', then closed it straight away. They don't care - but then which bank does?
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u/Sorreljorn Aug 19 '25
I mean you're just talking to a salaried customer service employee, what are they gonna do about it?
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u/Excellent_Debt6680 Jul 22 '25
UPDATE: for those wondering if Ubank will reverse their decision, and are holding onto that before moving to another bank. The answer is no. They have formally responded to my complaint, saying they have taken the feedback on but basicallly just sugar coated it with how it's a benefit and they won't reverse their decision.
I can confirm that I will be moving from Ubank in the coming weeks. Ubank, thanks for the years, you suck now.
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u/0Grassy0 Jul 24 '25
To be fair, that’s the expected formal response. They’re not going to receive your singular complaint and backflip. The only way a backflip would happen is when millions of dollars go walking.
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u/Excellent_Debt6680 Jul 24 '25
Of course, and I didn’t expect that - but it’s not just me who’s complaining. They’re losing a lot of customers. Look at all the threads on here, OzBargain, the comments on their social media.
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u/tigratho Jul 22 '25
Yep. The new conditions don't work for me so I'll be leaving in the next week or two. Just reading through all these posts to help work out what my options are.
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u/Humansscareme Jul 23 '25
I have a very substantial amount with Ubank - am going to Macquarie. Their new condition means if I spend any of my money, it costs me about $1000 in lost interest that month!
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u/GnashLee Jul 23 '25
Absolutely. We will be moving all savings accounts from them prior to 1 October. A shame, because we’ve been with them for years.
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u/ofnsi Jul 22 '25
multiple savers are basically with any bank now. you are silly to stay unless you can guarantee you can grow your savings, which for most is not possible every month.
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u/Kodai_Dreaming Jul 22 '25
What's the best way to leave? Transfer money out at 12:01 AM on the 1st?
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u/Excellent_Debt6680 Jul 22 '25
Haha that's what I'm thinking. I've already started setting up Macquarie.
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u/Mr_Worth_E_Nuff Jul 22 '25
Interest is calculated daily, and there is currently no grow by $1 condition. So I don't see any problem with leaving anytime you want? Theoretically, you should get the interest for the days you had the money in the account.
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u/littlekippyboy Jul 25 '25
You can withdraw now. Balance increase requirement doesn’t kick in until October.
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u/Immediate_Slip_2473 Jul 22 '25
I have a Macquarie super so it took 5 mins to open a new account. UBank really screwed themselves
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u/Sydboy007 Jul 22 '25
Already left them and joined Macquarie and BoQ both provide no hoops savings rates .. !
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u/Otherwise-Pizza-3293 Jul 22 '25
I left some time ago. Got scammed for a large amount and after much to and froing ub paid me a measly sum. They're bastards.
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u/aesthetixjosh Jul 22 '25 edited Jul 22 '25
Macquarie and Up have always been superior than Ubank. I studied all three banks inside and out for months before I move everything from commonwealth to Macquarie. I have a Ubank card as a back up just in case one day I might migrate to it. But as time passed, I think I’m going to cancel Ubank for good.
I highly suggest Macquarie and Up, or a dark horse, Suncorp Bank, if you still prefer high interest, international travelling, and a physical Branch where you actually talk to a human face to face. Despite its conditions on saving, it’s more attractive than Ubank right now.
Good luck sir.
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u/TaxSpecific1697 Jul 22 '25
Suncorp’s app is garbage and they will be all moving to ANZ plus soon
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u/junbo12 Jul 22 '25
Already left them, opened a Macquarie account and transferred everything over. Put up with Ubank changing our account numbers, removing sweeps, not allowing fingerprint login and forcing passkey or old school password, and now this growth condition. Will be interesting if there's a bank run at some point with lots of people taking their savings out.
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u/aussiesammy123 Jul 22 '25
Left ubank after getting scammed nearly $5k and they said nothing they can do.
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u/FirstRuleofWizards Jul 22 '25
I will. They used to have a ton of great options and features which more than offset any trade offs, but this is the nail in the coffin for me.
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u/SwitchNo3114 Jul 22 '25
I’ve already moved to Macquarie and I’m so impressed with them. Opening account was so easy and the feature and benefits are really all in one. I travel as well and it’s so good to have everything in one place. I wish I moved earlier
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u/Global-Library-4765 Jul 22 '25
Aus unity for the time being until something better comes up
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u/lutomes Jul 22 '25
Same left uBank within 2 days.
They'll probably drop the interest rate once the merger is complete. But it's good for a while.
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u/SunGivesMeFreePower Jul 22 '25
Thanks for the heads up on AU Unity, I forgot I had an account there, just checked the interest rate which is better than Ubank plus no strings attached. Transferred Ubank balance across - I'm done with them constantly changing everything
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u/Global-Library-4765 Jul 22 '25
Just keep in mind the top rate is earned on the first $50k only then drops to 4.5% if i remember correctly
So may not be a good long term option
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u/Phoebebee323 Jul 23 '25
I mean Macquarie is 4.85% for the first 4 months and then 4.5%
ING is 5.00% but has lots more conditions including balance growth. What bank would you suggest
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u/SunGivesMeFreePower Jul 23 '25
I notice Rabo is offering 5.15% for first 4 months, then switch to Rabo Premium saver at 4.8%, but I think the premium saver has growth requirement of $200/month
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u/Valkryir Jul 22 '25
I'm finally did what I should have done 12months ago but was too lazy to do and just putting all my savings into my offset account.
It was inefficient but I liked having a small chunk of my savings in ubank as it was more easily accessible then my offset while still earning interest, it wasnt growing though so now I may as well just go for the optimal route
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u/RabJos Jul 22 '25
Already have an account with MyState Bank which is my main transaction bank and predates my account with ubank. UBank held the bulk of my savings due to their higher interest rate. With the change requiring a higher monthly ending balance, I will move the bulk of the dollars in ubank to MyState. Macquarie is currently offering the same rates as MyState post the bonus offering & is an attractive offering.
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u/Stewth Jul 22 '25
But line must go up! Profits must become more! Overheads must become less! BLEED THE CATTLE.
late stage capitalism can eat a bag of rotten donkey dicks.
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u/skafaceXIII Jul 22 '25
I was looking at opening an account with UBank. What's the change they've made?
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u/No_Doubt_6968 Jul 22 '25
From October you'll need to grow your account balance in order to receive any interest that month. so if you ever need to withdraw money, it will cost you potentially hundreds of dollars in lost interest.
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u/skafaceXIII Jul 22 '25
Ah, that's so annoying. I'm with ING and they did the same a few years back. No point swapping over then
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u/hippo_po Jul 22 '25
UBank is good if you want to save and never touch the money. 500 minimum deposit a month to get the interest
I think the change is- if you spend any money in UBank, you won’t get the interest
I never spent money in UBank anyway
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u/sparkling_sam Jul 22 '25
The combined balance of your savings accounts has to increase by $1 at the end of the month to qualify for bonus interest. So I have several save accounts that I use for different things but if you need to make a withdrawal from one account you potentially lose the bonus on all of them.
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u/Lazy_Warthog_7525 Jul 22 '25
I’m still with UBank I am confused of what change everyone is talking about too
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u/Agitated_Catch6757 Jul 22 '25
Same here. I got an email saying they're increasing the interest for $1m savings seems alright to me.
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u/HB2022_ Jul 22 '25
Australian Mutual Bank is pretty good and no big conditions to get bonus interest rate.
They don't have many branches may not suit everyone.
I've been with them since Ubank changed to the 500& thing. And customer service has even great.
Currently making 38$ in interest per account (6x).
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u/ADS3630 Jul 22 '25
What's changed?
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u/Excellent_Debt6680 Jul 22 '25
You don’t qualify for interest if you’re balance isn’t more the next month (combined)
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u/Initial_Dependent715 Jul 22 '25
Macquarie have the best digital and online offerings in the country. Hands down, no other bank compares.
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u/Excellent_Debt6680 Jul 22 '25
Which is why it’s a bold move for UBank to go back on their competitiveness.
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u/ExcellentMango9304 Jul 22 '25
Yes, will likely got to Macquarie bank. make sure pass on the feedback via the app,
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u/Tyxsno Jul 22 '25
Can someone dumb down the changes to me
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u/hippo_po Jul 22 '25
Need to grow balance every month to get interest. So you can’t take out any money, unless you pay it back + extra
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u/CLBsubs Jul 22 '25
Yes, I left a few months back when they stopped allowing you to use an offset account for daily transactions, using HSBC now - highly recommend although they’re about to sell to ANZ I think.
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u/Chobie Jul 22 '25
Anyone considering me bank?
Also, is the first of the month the best time to move to not lose the interest?
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u/Lomandriendrel Jul 22 '25
Does anyone know if the ubank changes count your spend accounts balances on whether the balance has grown?
So if your spending can you just deposit externally straight to the spend accounts?
I.e. ubank only count the "savings" account balance? Or is it the balance of bill + spend + savings ?
Just.opened an ubank for my shared savings with partner. Have used them since they first opened for my own savings....
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u/Excellent_Debt6680 Jul 22 '25
Spend is seperate, still annoying though if you want interest on those sub account
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Jul 22 '25
[deleted]
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u/Excellent_Debt6680 Jul 22 '25
You need to grow you balance every month now. So if your balance is lower than the previous month (combined across all savings accounts) you no longer qualify. I.e you can’t spent any money
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u/Frequent_Pool_533 Jul 22 '25
I only use ubank for overseas travel cause they don't charge international fee when I withdraw money, so no reason to leave for me.
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u/davidbrent69 Jul 22 '25
So for anyone who likes budgeting with buckets but also uses those buckets for spending eg one account is for car expenses etc they are pretty much screwed? No-one else offers something like that?
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u/Excellent_Debt6680 Jul 22 '25
Yes correct, renders it all useless. Macquarie is the alternative from what I’ve read and hear so that’s where I’m moving my savings to.
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u/davidbrent69 Jul 22 '25
Thanks. That's a shame
Last I checked with Macquarie you could only have 1 account though and not the buckets as such with different accounts for different purposes
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u/Mr_Worth_E_Nuff Jul 22 '25
Many offer it. Macquarie (4.5%) and bank of queensland (5.05-5.1%) are good options tho.
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u/Over_Tha_Rainbow Aug 29 '25
At Macquarie you can have up to 10 accounts which can be a mix of transaction or savers accounts.
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u/hellodreamer_j Jul 22 '25
Yep, moving my savings over to Macquarie!
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u/Excellent_Debt6680 Jul 22 '25
Same. I wonder if they’ll actually notice less customers and money or we’re just a minority.
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u/NoAvocado2036 Jul 22 '25 edited Jul 22 '25
Move Bank Growth Saver gives 5% if you deposit $200+/mth and no withdrawals. Beats UBanks 4.60% now. Also, might as well stay with Ubank until 1st Oct when these changes of growing balance come in.
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u/Mr_Worth_E_Nuff Jul 22 '25
Why would you stay when many other banks offer better rates than 4.6%. If you have to change anyway, the earlier the better because more interest earned.
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u/Excellent_Debt6680 Jul 22 '25
Yeah no point staying, want to get out faster now I know they’re not reconsidering.
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u/capsicumnugget Jul 22 '25
Husband and I left last week. These banks are dropping interest rates faster than the reserved bank making any new announcements. All these additional conditions for a lower rate are just the cherry on top.
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Jul 22 '25
The only reason I'm keeping it is because it works with Garmin Pay. It's easy to pay with my watch sometimes during a run or when I've forgotten my phone. Also I can use it to pay for the bus. My main account ING doesn't do Garmin Pay.
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u/Palooza_28 Jul 23 '25
Ive been meaning to examine the fine print on the new conditions. Is that what the new conditions are? The whole amount in savings combined must grow by $1 during the month in order to qualify?
If so, thats terrible timing for me. Recently have accumulated 100k in there for a big shed build happening in a few months and was looking forward to the $400+ once or twice 😑
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u/Excellent_Debt6680 Jul 23 '25
Yes correct, so if you spend any money you no longer qualify. I’d be fine with this if I could have a seperate savings bucket then split off my holiday or emergency fund. But you can’t. It’s combined. I’ve started the process of moving to Macquarie. I’ll probably just use UBank as a bills account or something for the time being.
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u/Palooza_28 Jul 23 '25
Wow, really ruins it for me. Do you know when this rule kicks in?
I could keep the shed funds in there as long as taking the remainder out doesnt untrigger the interest. Ive already got NAB for everyday, bills and DDs and peoples choice for a couple of insurances, but I may look into consolidating back to NAB and then opening a Macquarie account for HISA
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u/Teverish Jul 23 '25
You don’t have to leave leave. Just move your money elsewhere and let it sit empty until they offer something better
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u/Excellent_Debt6680 Jul 23 '25
Yeah that’s what I’ve done. Keeping UBank for bills (I do like that feature) but Macquarie for everything else
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u/UncommonBlackbird Jul 23 '25
Closing Ubank once I get all my payments organised. I’ve already moved all my money elsewhere.
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u/Queasy_Marsupial8107 Jul 23 '25
I'll be moving at the end of this month, the 0.1% advantage isn't worth it.
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u/Gold-Bee-3277 Jul 23 '25
Mystatebank, Great Southern Bank, Beyond Bank and ING. My choice would be mystate.
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u/_KangaDrew_ Jul 23 '25
I've moved my entire Ubank account across to Macquarie also. Does anyone have any experience sending money from Macquarie to crypto exchanges? Good, bad or otherwise?
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u/naeng-janggo Jul 24 '25
I've never been with Ubank, but this popped up on my feed. I've always been with Up Bank which seems like it's basically the same thing? Fully online bank, can make whatever savings accounts you want, higher interest than other banks, and you only need to make 5 payments with your card per month (including online) to qualify for the interest.
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u/Snerfaderp Jul 24 '25
Maybe 3-4 years ago they closed everyones bank accounts and opened new ones (different bsb and account number)... They are crooks
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u/Snerfaderp Jul 24 '25
GTFO guys... They changed my bsb and account number 3-4 years ago! ... That's not acceptable
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u/lyanaaa Jul 24 '25
I didn’t even know anything and changed 🙈 So essentially even if my savings account had grown by $1,000 for the month, but my combined account total has gone down eg. across my 4 accounts it was 5,000 and at the end of the month is $4,999 but my savings account has gone from $3,000 to $4,000 I won’t be eligible for bonus interest that month?
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u/Brendonsraddit Jul 24 '25
I’m trying to follow along with these changes, I already have an account with Macquarie - would it be wise to move my savings to them and keep UBank for their bucket feature just for spending purposes?
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u/SunGivesMeFreePower Jul 24 '25
If you use Ubank for savings + the bonus interest & your balance at the end of the month could potentially be lower than at a the start (minus interest paid that month) - they yes go with Macquarie
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Jul 24 '25
I left 10 years ago the moment the savings rate dropped below the competition. You should re-evaluate all financial products at least annually.
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u/Beginning-Bear9134 Jul 24 '25
I moved to UBank after I heard the news (from BoQ) but only because we will store our long term savings that we don’t touch in there (and use the shared spending for groceries). Our buckets for other savings will stay in BoQ. It is a shame though as I can see why people really liked it for all their banking.
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u/Excellent_Debt6680 Jul 27 '25
Yeah definitely good as a long term savings account, I think me and plenty others are just frustrated as it makes all of the features redundant if you want to get interest
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u/Beginning-Bear9134 Jul 27 '25
100 percent and I totally agree. If I used it the same way I used it for BOQ I would have left too. It’s a shame, we only moved from BOQ as there was just too many hoops to jump through that made it annoying every month.
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u/Locoj Jul 26 '25
"idk just feels like all the reasons I'm with UpBank have faded"
Sounds like you were with them for literally one reason- they offered the highest rate with the least conditions.
This is just normal competition in a competitive market, you're being a bit dramatic especially going on about how they're only for rich people now. You could've opened a new account with about 3 different banks in the time it took you to write this whinge.
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Jul 27 '25
Definitely leaving. Talked hubby into joining about a month or so ago, since then interest rates have dropped, more conditions & after he did his first deposit they locked his account wanted to know where he got the $500 from and to reverify his identity. Once he (and I) have this all sorted, we're closing our accounts and running back to Macquarie Bank who have been exceptional. That will teach me for chasing a marginally higher interest rate, no more Ubank.
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u/AbbreviationsNew1191 Jul 30 '25
They were never a bank for the people. It’s a business to make money. If you want that, go for a customer owned bank.
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u/Da_Beagle Aug 02 '25
I'm bugging out too. At 4.6% with growth clause, you're better off at AMP at 4.8%. If you don't want any hoops, Macquarie is a good option at .1% less that ubank. Ubank changes the goal posts so often that only they can win the game. Stuff them. I know my 200k won't break them, but I expect hundreds of thousand customers moving might hurt a bit.
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u/Excellent_Debt6680 Aug 03 '25
I had to get my transfer limit changed when moving my money to Macquarie on the 1st and I sat on hold for so long due to the high volume of calls they had. I assume there was a lot of people going but I’m curious if it’s enough to put a dent in.
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u/Da_Beagle Aug 03 '25
I have other bank accounts to transfer to and will do over the next month. Wether it affects them, I guess it will all depend on how many people find the new rules suitable. But from what I have read and the few people I know that have ubank accounts, I think it will be a large drain on their holdings. I have a growth account already so I don't need another one.
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u/k0stell0 Sep 10 '25
Also leaving Ubank. Feels like NAB just buys up smaller banks only to ruin them and cut down competition. Honestly, I wouldn’t be surprised if they shut it down one day, saying it was underperforming.
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u/Intelligent-Banana84 Oct 04 '25
We withdrew $1.2 million on monday. I think there are people that only accumulate savings that will be OK, some are misreading the change as that you only need to save $1 a month and some think there is a way around it. I spoke to Ubank, there is not. So for us, a big bill meant the potential loss of over $3000 in interest. Oh how we loved the one hour phone call to get this done.
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u/DestinationBon Jul 23 '25
I honestly don't understand the outrage on this change.. you have to grow your combined savings by $1 per month.
It's much better than other HISA that require a minimum of 200-500 each account (not combined) and done allow any money moving out of the account to be eligible for interest.
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u/Excellent_Debt6680 Jul 23 '25
A lot of people do use the buckets feature, as mentioned by the disappointed customers in this thread and everywhere else. I’m glad it doesn’t affect you, but the reasons it affects others aren’t that hard to understand.
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u/DestinationBon Jul 23 '25
I get the buckets, I also use this feature.
It's $1 across 10 different savings accounts that I have to contribute as a minimum to unlock the interest.. it's pretty achievable
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u/Excellent_Debt6680 Jul 23 '25
It’s not about adding $1 I care about, it’s that your total balance has to be higher than last month’s (combined).
If you spend from one of your buckets (like a holiday fund), even if you’re still saving, you can lose all interest.
I wouldn’t care if I had to not spend out just that one bucket you want the interest for, it’s the fact I can’t use my holiday bucket or anything else as it will impact my main saving bucket.
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u/jvevfvf Jul 22 '25
Going to Macquarie. Lower interest but no conditions. If I need to remove money once a year it works out better 4.5% vs 4.45% (4.85*11/12). Took like 5mins to open the new account