UBank Online Term Deposit

We opened a couple of online term deposits. It took quite a long time to set up. There were plenty of hold ups. A few times the set up accounts were automatically closed because our funds coming from another bank did not make the 7 day deadline. This was very frustrating. Apparently Bpay and eftpos have different processing times. The email response from u bank was very slow up to 4 days long. The telephone customer service wasn't much better. Even though the u bank term deposit rate was better than most, it was too hard to use. Our regular ban...Read more

I have had a similar experience with another Bank. My wife and I need interest earned monthly, just to keep our heads above water. So we put our money into what is called an 'Incentive Saver Account'. Which is an account that as long as you deposit even a small amount every month, it goes on Ad Infinitem; OR that's what I was led to believe. I did all the preliminary part of the transaction in the Bank, but because I wanted to use Internet Banking, I had to complete the transaction at home, which I did. Every thing went along Okay until the fir...Read more

My large sum of money was set to mature early Jan, 2014.

I first received at letter stating that if I wished to obtain a .1 precent bonus I had to rollover the full amount I'd invested PLUS the interest I'd earned for the year.

Clearly wrong and a lie.

I filled in the online forms 10 days before my deposit matured, stating I wished to roll over my deposit from last year, and have the interest paid into other account. After filling form in I even rang to check all was in order, and after much fuss, was told all was received ok, and what you wish will be done..

Then a few days later I received a letter saying that the full deposit was going to roll over PLUS the interest!!!
...Read more

We unfortunately took out a 6 month term deposit with ubank l
We received a letter from ubank stating our term deposit was maturing and giving instructions on how to arrange for the funds to be distributed.
We logged in and did this as instructed.
When we did not see the money in our account after a few days I tried to log in and see what was going on but could not log in. I called the bank only to be told that the account had not been "verified" and that the money had been rolled over. Apparently our paperwork had not been received!

Need...Read more

We have had two separate USaver accounts with UBank for over two years, and have been more than satisfied with their performance. The interest rates are usually the best on the market, especially if you take advantage of the even higher rates available if you make a regular monthly deposit; the website is very easy to use; the application process is fast (and can be done completely online); and the telephone service on the odd occasions when we have needed to speak to someone has been helpful and efficient. Transfers into and out of our other ...Read more

It may take you a while to get your money out if you have a term deposit (TD) under your SMSF.
They wil take your money first, thank you, tell you and warn you little or nothing that you have to send them "certified" copies of your trust dee. The never send yo even an alert that you haven't send the document.
Once you want your money, they don't give it to you, they roll it over. No call, no email, no warning.
You send them the documents and they "don't receive" them.
You re-send them, and they find a word is missing from the "certified"
Y...Read more

At the last minute, I discovered that my term deposit was destined for an account which was completely unknown to me. I fixed the instructions on-line and no damage was done but the call centre staff don't seem understand that this stuff-up could well have been an attempted fraud. After 4 months I am still waiting for the explanation of what went wrong and assurance that it can't happen again. Telling me it was "an internal problem" is not good enough. Being very concerned with security quesions is fine but my recorded original instructions (...Read more

I tried to open a term deposit and they screwed up in almost every single way they could.

From calling me at 6AM (I am in WA and they are in NSW), sending me expired codes by SMS to access Internet Banking, mistaking the security question I had specified in the application form, etc. etc.

Of course, I did not complete this deposit with them. At the end I realised it was too much hassle to work with an incompetent company just for a little more interest. It is not worth it!

What I really wonder is how this type of operation is allowed b...Read more

I opened a term deposit with this mob in March 2011. Whilst their rates are attractive, their internal systems are pedantic and appear disorganised. The term deposit is in joint names (Mr & Mrs) and they insisted on each of us providing an email address. Having forced me to provide an unnecessary work email, they have proven incapable (after 5 months of trying) to associate the term deposit with the internet login.
So if I login to the unnecessary email account that they forced me to have, I see that I have no funds on deposit with them. Not v...Read more

I will recommend this bank to anyone who is planning to save and is not likely to withdraw money. You can setup your own personal saving goals on your page. In the beginning was bit nervous as I never heard of this bank but after doing some search I was able to establish it has a backing of NAB.So you are safe.
I recently opened a bank account with U Bank and was amazed with their advanced online services.Unlike other banks you donot have to vist their branch to open up a new account. No paper work required and they pay the highest interest on ...Read more