How AI Legalese Decoder Can Simplify and Clarify Ubank’s Interest Rate Changes for Customers
- May 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## UBank Switching to Tiered Interest Rate Model
It appears that UBank is transitioning to a tiered interest rate model for their savings accounts. It is likely that customers with balances over $100,000 will receive a lower interest rate, while those with balances over $250,000 may receive an even lower rate. This change is reflected on their website [here](https://www.ubank.com.au/banking/savings-account/whats-new).
## How AI Legalese Decoder Can Help
AI Legalese Decoder can assist in deciphering the complex terms and conditions associated with UBank’s new tiered interest rate model. By using advanced artificial intelligence technology, the decoder can quickly analyze and simplify the legal language used in the documentation, making it easier for customers to understand the implications of these changes on their savings accounts.
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Title: How AI Legalese Decoder Can Simplify Complex Legal Terms
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****** just grabbed a
“Keep save for savings”
I hate how they always pitch these things like it’s good for the customer.
Hey guys! We are introducing tiered interest rates! Here are the tiers. Thanks, bye!
Um, where are the interest rates? Most useless update I’ve ever seen.
That’s one way to kiss a heap of business goodbye in a hurry.
We’re increasing the amount you need to deposit to qualify for bonus interest from $200 to $500.
I’ll miss not being able to transfer directly from my save accounts. I wonder why they made that change, it was handy.
Their interest rate was probably too high for their profit margins, and they’ve attracted a lot of deposits.
It was too good to last.
Aaaaaaand we’re out.
Damn that is a kick in the guts.
No more external payments from savings account too, which for me is (soon to be was) one of the biggest advantage ubank had over their competitors. I’d switch to another bank that allows this in a heartbeat, even with lower interest.
SOBs… see you later, uBank. It’s time to move on to the next bank chasing cash.
Well that’s just shit.
All downside.
Why does everything have to get shitter as time passes? Why can’t we as a civilisation strive to make things better than how they were?
Errr what’s the next best bank?
I get that this is general info, but it’s annoying that they’re not explaining what tier 2 and 3 rates are. The product seems to be getting progressively worse. The autosweep feature was super useful and that got removed.
I dont pay anything through my ubank savings account, so that doesn’t bother me.
$200 to $500 required is fine. I just got to increase the amount automatically sent there every month.
All comes down to wtf the rates on the tiers will be. Even more for sub $100k? Reduced rates for 100k-250k? Kind of important information.
Well I’ll hold off until I see what the interest rate is… if they still have a competitive bonus interest without having to grow your balance, it’s still worth it.
>To earn our bonus interest rates on your Save accounts from July 1st 2024, you must have a Spend account and deposit at least $500 each month into any of your Spend, Bills or Save accounts before 11:30pm (Sydney time) on the last day of each month.
The $500 deposit must come from a non-ubank account (internal transfers between ubank accounts won’t qualify).
So having a seperate ‘spend’ account was actually a requirement waaaaay back in the day that they seem to have dropped somewhere along the way.
Do they still have the Sweep functionality? That *almost* negated the cost of the Spend account (other than the $100 minimum balance), because it automatically pulled out Save if there want enough in Spend.
You can see the corporate greed of NAB slowly killing another good product. 86400 was actually a decent app for decent savings
Andddd I’m out. Was considering loans, too. Byeee!
Will be interesting to see if Tier 1 is more competitive to ING.
Got this in email and kinda pissed since i just swapped everything to ubank, now it looks like another swap to macquarie …
Yeah this isn’t a great indication. Surely this kind of decision just leads to a mini bank run?
Currently using Rabobank premium saver as a savings growth account, AMP as second savings and ubank as a daily. But if ubank continues to annoy me with tier savings, I’ll dump them.
Over double the minimum deposit amount, that’s going to hurt young people that have been taking advantage of their HISA
This might be a very bad move for them. At the moment, the missus and I have near 500k with them and we’ll move it in a heartbeat if there’s a better option. I’m sure I’m not alone in that thinking.
What bank will be the best one for HISA now if they drop the rates?
Yeah this is a deal breaker. Very long time UBank customer, mostly using a solid sleeper account to put saving out of sight to grow. All these changes over time (loss of Sweeps, loss on customer service, basically just squeezing too hard) has taken away their edge. I’ll be moving my finances to another institution at the end of the month. Ironically as their “customer interaction/service” is so limited, I can’t even air my disappointment with them, but I also don’t care. The banking industry should know better.
Direct debit from savings account is the main reason I’m with ubank 😤
Thats annoying now i have to make a direct debit setup monthly to take money from savings and put it into the spend account then another one to pay rent from there. Will lose 1 day interest at min.
Am I blind? I cant even see the new interest rates, just the different ‘tiers’.
I’m not even worried about a change in the interest rates but not being able to make payment out of the save accounts is going to force me to stop using them, you can only have one spend account and they dont have a shared bills account yet either. I have a dozen different save accounts for different properties and they all have bills set up to come out of them.
Terrible choice, please reconsider UBank.
RaboBank seems to be the next best. 5.45% on balances up to 250k. $200 per month in, must grow balance.
https://www.rabobank.com.au/premiumsaver/
Anyone know what other banks allow direct debits to be taken out of the savings account? I cbf with monitoring my bills and setting up scheduled transfers to fund the payment of these bills…
ffs. I convinced a bunch of people to switch to ING many years ago, then they introduced all the bullshit requirements. So I got everyone onto Ubank and then phone-supported the neobank acquisition issues. Now Ubank have gone to shit as well…
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65–eFJQq_Au7Z_BA4_CwkYwu2DI/edit
Link to the accounts leaderboard spreadsheet with comparisons for people who intend to bail on these changes, Rabobank might be the next best for now
Welp, time to keep an eye on the rates of those tiers.
Ozbargain and transferring out is just a few clicks away.
Could it be that they reward higher savings tiers with interest rate bonuses or is this wishful thinking 🤔
30 days notice to change the hurdles at multiple levels to this extent feels significant, imagine the millions of interest savings they will make in july from those that didnt read the email.
Ubank you are losing your social license pulling this move…
Well that sucks, they’ve been my main bank since 2018. The convenience of putting everything into my save account and making direct debits from there to my credit cards was wonderful, but I suppose all good things must come to an end.
Ok I’m going to AMP. Seeeeee ya Ubank, one way to lose a customer
Damn I’ve literally been with them for a week
as someone with way less that 100k, if you’re right that that tier will be the highest rate then I guess this isn’t bad news for me? still gonna investigate other options
Womp guess I’m moving banks again
Bye Felicia 👋
I have not had to close a bank account in so long. Is the best way just to give them a call or do people just leave these free accounts dormant?
….and they didn’t bring back the sweep function UBank just keep getting worse and worse
I think I’m with rams, are they any good?
I’m buying a house soon, can anyone vouch for a high interest one, which I can also get the money easily enough (2 or 3 days?) if I settle on something? It’s a relatively significant amount
Not being able to transfer money, or have a direct debit, come from a savings account? I’m out.
Back to macquarie for me.