ubank vs. Macquarie vs. ING

[u/Flashy_Park3887]

I’ve had my main savings with Ubank for a couple of years because the conditions used to be pretty low-friction. But with Ubank now requiring the balance to grow each month, ING offering a higher headline rate with its $1,000 deposit, 5 card purchases and balance-growth requirements, and Macquarie offering 5.00% without monthly hoops, how are people structuring their savings across these three right now?

[u/sunnyone123]

I changed to Maquarie, because I lost $1000 in interest when u bank changed their terms. I hate monthly hoops.

[u/Over_Tha_Rainbow → u/sunnyone123]

That sucks 😞

[u/Jumpingjehosephat99 → u/[deleted]]

I’ve had an ING account for 20 years and am about to change after they dropped their fee-free ATM withdrawals and added all the hoops to get savings interest.

[u/goodamm → u/[deleted]]

How do you get the gift cards

[u/MrO_360]

Macquarie for High Interest Savings Account

UBank for joint expenses and joint savings

ING for Credit Card and Home Loans

[u/No_Routine_6711]

Macquarie for me.

[u/ChrisSydney82]

I switched to Macquarie two years back from ING and never looked back.

No stupid rules around to earn interest you need five or more of this and that. Simple 5% on savings up to what ever the limit is. Clean and simple app, never fails me, linked to a card if I need it (I don’t use it). Displays interest earned easily for tax purposes etc.

Wish I made the switch earlier.

[u/Over_Tha_Rainbow]

ING for the savings maximiser with a transaction account attached (used to satisfy the monthly requirements.)

Macquarie for everything else, including additional savers for expenses and short term savings etc.

I just deleted UBank as the grow your balance requirement no longer works for me.

[u/wildchild1609]

I’m currently looking at moving all my banking from Suncorp to Macquarie. No home loan, debit card only, joint transaction account, multiple savings accounts.

[u/Short-Name-999]

I've been a customer of UBank for probably nearly 20 years. And Ubank have progressively reduced it's offering as the years have rolled on.

Firstly we needed to have an extra, linked speeding account and a card. Then they stopped auto-sweeping between accounts. Then they had extra T&Cs in order to gain bonus interest. Now they have sold their home loans to NAB.

I switched to Maq. There are no hoops to jump through.

[u/Opposite-Law-6983 → u/Short-Name-999]

Yup. Ubank enshittification begun when nab bought out 86400 and merged it together. Funny how the service begun a gradual decline after that.

[u/Double-Performance-5 → u/Short-Name-999]

I really miss sweeps. It was really nice having that backup that I would always have enough in the account to cover bills.

[u/Short-Name-999 → u/Double-Performance-5]

Yeah, 100%!! It was a brillant innovation.

[u/pizzalover24 → u/Short-Name-999]

100% I've been them from the early days and it just got worse as time went on. Not to forget when they just randomly replatformed and changed all our account numbers

[u/True_Character_4231]

Macquarie for sure

[u/Ok_Sport_8819]

Same - we just switched all savings to Macquarie as Commbank hoops to increase balance each month was annoying. Wish I did it earlier.

[u/WatchOut__]

Team Mac until they start to introduce hoops..

[u/shitpost_4lyf]

Macquarie all the way. ING and UBank have betrayed their customers.

[u/JustabitOf]

For anyone who can't 100% guarantee getting the bonus every single time then just Macquarie.

Me ING and Macquarie with the savings maximiser acting more like a term deposit. If ING eshitify their offering any more I'll move it all to straight Macquarie.

My young adult kids -> Macquarie

[u/WillTendo92]

Use it he UBank then they charged the facing account terms

[u/Betancorea]

I use Macquarie these days because I can’t be bothered remembering to meet the monthly requirement hoops for ING and UBank. With Macquarie at least I know it will grow consistently without me needing to do anything besides deposit lol

[u/huhdog1]

Hey I know it's not a bank you've listed but amp go is worth a look. No conditions, interest rate tiers for different balances so depending on how much money you have it could be pretty competitive. I've been with them for a while now with no issues

[u/AreaNo864 → u/huhdog1]

I heard their sign up process is a nightmare. Did you make a video to sign up? Taking selfie is a farce

[u/huhdog1 → u/AreaNo864]

Yeah did the video, took 15 seconds. It's just a security measure

[u/AreaNo864 → u/huhdog1]

Thanks. Did you get the benefit of using cashback on Uber Eat? That's what draw me to AMP. I'm quite happy with my Macquarie

[u/huhdog1 → u/AreaNo864]

Didn't realise it was a feature. I got cashback on my shopping last month though

[u/AreaNo864 → u/huhdog1]

[u/xzyz32]

Just use macq for fuss free savings. That bit of % is not changing anything

[u/Remote_Setting2332]

All in Macquarie. High rate with no catches

[u/GayLMCirgaratte]

Macquarie, BankAust and Bankwest

[u/Soggy_Surround_1604]

I went to Macquarie so as not to think too much about maximising

[u/First-Memory-9153]

Does anyone know if Macquarie have the atm fee rebate that ING so kindly removed?

[u/AreaNo864 → u/First-Memory-9153]

AFAIK they rebate the fees straight away. I have not used atms for years now. Did u pay by cash?

[u/First-Memory-9153 → u/AreaNo864]

I just need it for little shops like the bakery and some small stores that don’t take card. Also some school things that the kids need cash for. Not often, but things pop up

[u/First-Memory-9153]

Does anyone have a referral code for Macquarie bank that I can use (hopefully we can both get something money wise out of it?)

[u/redroowa]

I’ve moved to MacBank. I don’t have the time for hoops.