UBank USaver SMSF

I've been waiting for 3 weeks to have my funds unlocked - 6 times I've sent messages, phone calls, live chat sessions and they still don't do anything. They even told me they had the documentation I sent to them 3 weeks ago and 2 days later the funds are still locked. Complaint sent to AFCA.

I wanted to stay away from the big 4 (and still do), but this isn't an option you should consider.

I had my SMSF deposits with Ubank because they appeared to have an attractive rate; however, they won't follow my maturity instructions. The first time, the instructions were just ignored and the deposits were rolled over. I thought that I must've done something wrong however, now the same thing has happened for a second time, not good enough. I want to withdraw the funds on maturity and they won't let me!!!

Misleading, informations from the staff. The do not know what particular documentation they need. Spent more than an hour with them on the phone without resolving anything.
They say something on the phone their website say an other contradicting thing.
Way over bureaucratic security procedure.
Stay away from them especially if you think to invest your SMSF money with UBANK.
I am very disillusioned and dissatisfied with their services.

Opened account attempted to transfer funds in - website wouldn't work - and no one answers the phone. Hours of waiting and listening to tape chat. If Ubank are so difficult to deposit money with - the risk of not being able to get access to the funds should I need them later is too high. In the end I gave up and deposited over $100K of SMSF funds with another bank.

Impossible to deal with

I went to the trouble of opening an online account with Ubank for our SMSF and sent through all the relevant paperwork. Unfortunately I lost faith in this service, after receiving inconsistent advise from staff members when we rang the 1800 number. Often the 1800 number was 'too busy' and we had to ring back later, or we were waiting over 15 minutes for someone to answer. Each staff member advised something different and in the end I pulled our money out.
Completing the online application was the easy part
Online application does not state exactly what is required, which is OK as we sent in all our paperwork, however a different answer from staff members was the biggest issue we had.

I've been trying for 2 months now to get an account set up for my super fund. Forwarding extra documentation (always certified), answering questions, more documentation etc etc. I've set up accounts for my super fund previously & it was all fairly painless. But uBank's requirements are completely unreasonable.

The account still isn't set up after all this time & now I'm told that they cannot close the account either due to a problem with their processes!
Others have complained about the Call Centre but it was the best part of my experience with uBank
Unreasonable documentation requirements; Skype access to Call Centre rarely works; Messing about with mobile phone codes is a pain

UBank offers the best interest rates so if you are serious about saving, the rate is currently 6,31% p.a. for the dedicated SMSF account.
We have set up many SMSF's and use UBank as the default bank account. We have a streamlined process to supply UBank with the exact requirements needed to open up a new bank account. All the bank accounts set up so far was hassle-free, although there's a reasonable amount of support needed.
Regards
Hein Preller
Director
Superannuation Warehouse
Account number and BSB issued within 1 day
Sometimes difficult setting up Direct Debits from the Online SMSF savings account