UBank USaver cut to 6.01 on Jan25

Discussion in 'Markets & Economies' started by zurnaik, Feb 2, 2012.

  1. zurnaik

    zurnaik Member

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    Noticed that Ubank cut the USaver rate to 6.01% last week (including the 0.6% bonus interest).

    Before the latest couple of interest rate costs, USaver was 6.51%

    RBA moves -0.25%, USaver responds with -0.4% to 6.11%
    RBA moves -0.25%, USaver does not move from 6.11%
    On Jan 1 USaver actually increases from 6.11% to 6.21%
    On Jan 25 USaver changes -0.2% from 6.21% to 6.01%

    Total RBA movement -0.5%, Total USaver movement -0.5%
     
    zurnaik, Feb 2, 2012
    #1
  2. fishball

    fishball New Member Silver Stacker

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    I think the increase (to 6.21%) is because they increased their ASP bonus before decreasing the base rate.

    Still one of the best offerings out there, I'm sticking with them for now despite their horrible website interface and the absence of a mobile website.
     
    fishball, Feb 2, 2012
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  3. jnkmbx

    jnkmbx Well-Known Member

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    I'm not usually in TDs, but their 6 months - 6.11% p.a offer was good enough that I went for it.
    Besides, I suspect interest rates are going to be cut further.

    As for their USaver account, their rates are still the best around.

    Oh, and frankly, I don't give a conch about whether they offer a mobile website - high cost per gig anyway. :p
     
    jnkmbx, Feb 2, 2012
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  4. renovator

    renovator Well-Known Member

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    Too small a bank for me if & when banks go down the smaller banks will be the first to go . Im sticking with the big 4
     
    renovator, Feb 2, 2012
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  5. Arsenal

    Arsenal New Member

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    It is a Big 4.........its part of NAB.
     
    Arsenal, Feb 2, 2012
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  6. col0016

    col0016 Active Member

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    Credit union ftw.
     
    col0016, Feb 2, 2012
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  7. jnkmbx

    jnkmbx Well-Known Member

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    They can't beat UBank rates though o_O
     
    jnkmbx, Feb 2, 2012
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  8. renovator

    renovator Well-Known Member

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    & if NAB is introuble they will shut down the smaller entity first i would imagine
     
    renovator, Feb 2, 2012
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  9. hyperinflation

    hyperinflation New Member Silver Stacker

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    Nope - the liabilities of U Bank are guaranteed to rank equally with the NAB parent. The whole bank would have to die for UBank to go
     
    hyperinflation, Feb 2, 2012
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