I'm redoing my finances due to a change in circumstance and was recommended using the free online service of U-bank. Has anybody used this system? My friend has 7 little accounts that she divies money into. Just looking for feedback. Good/bad experiences?
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19-01-2012 12:36 #1Senior Member
- Join Date
- Oct 2008
- Northern Beaches, Sydney
Does anybody use U-Bank?
19-01-2012 17:46 #2
I use U-Bank and have never had any issues with them at all. I like the multiple accounts that you can use as it leaves little to think about. I have the Christmas fund that I put $100 a week into so I never have to think about anything but the weekly payments I make. It's handy because I know if I ever 'need' spare cash I can always dig into the Christmas Fund and replace it later on.
My hubby and I are shocking when it comes to paying bills. It's not that we can't afford to pay them, it's just we never remember to pay them and eventually they disconnect us. I found that by using U-Bank the auto-pay system is fantastic and our accountant loves us for it.
What I do personally is I have an account set up for every bill. At the moment I have rent, private health insurance, dog insurance, home and contents insurance, car insurance, groceries, foxtel, telstra home phone and internet, mobiles, general expenses and finally we have an account that is for money to maintain the support of my partner's ex wife and their children.
We get paid monthly so when our monthly pay arrives I divvy the money as needed into all the accounts. I use the 'regular payment' method to pay everyone so the only thing I have to think about is when I go do my grocery shopping or buy anything that is a general expense, I pay via my credit card and then log online and transfer the full figure from the grocery or general expense account to my credit card.
The only flaw I find is that its not immediate transfer and a long time before you get a statement. I find the statement issue fantastic because I just give the statement to our accountant along with all our receipts/bills that have been paid and he goes through it all. He loves the separate account thing as it makes his life easier when it comes to balancing our accounts out.
For the immediate transfer it doesn't really bother me, there are times where I might need cash on hand at all times but we have a normal bank account so I can easily just go to the bank and withdraw in cash if need be. So it's important if you're going to do what we do and put all your money into a high interest account that isn't locked into a contract, that you make sure you have an account that you can access immediately and not the next business day.
The Following User Says Thank You to DaisyVB For This Useful Post:
26-01-2012 06:24 #3-
- Join Date
- Jul 2010
DP and I have a u-bank U-Saver account too which we use just for our savings.
We were going to go with ING, but decided to go with ubank in the end and it's all been fine so far. It is a compound interest account (Interest is calculated daily and paid monthly), there are no fees and it was easy to sign up online.
Not sure what their customer service is like as we haven't had to contact them about anything yet!
26-01-2012 08:36 #4
I have a u bank savings account and it's awesome! Not much money in there at the moment though.
26-01-2012 08:37 #5
U bank is the best.
02-02-2012 13:56 #6
Another vote for U bank here!
I've been with them for about two years, and I just love them. It's great how you can split your account, and the graphs and stuff are fantastic. I can't recommend them for savings highly enough
03-02-2012 16:42 #7-
- Join Date
- Feb 2010
- Home, where my life lies waiting, silently, for me.
we use ubank as it was better rates than a term deposit
09-02-2012 03:26 #8
We use them for savings.
I had some issues with customer service but I'm sure it was just the idiot I spoke to - which can happen anywhere unfortunately.
Mummy & Daddy - expanding our family! Our little man born April 2011 and now expecting another munchkin in August 2012! Loving it!!!!!
09-02-2012 04:00 #9
Yep and have found them very good
27-03-2012 12:36 #10Junior Member
- Join Date
- Mar 2012
I have been using U bank online services from last 1.5 years and I found it a perfect savings account, as their interest rate is comparatively higher than others. I just love them..!!
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