ubank Reviews 157

Had a really bad experience with their bonus interest not being paid. I would avoid this bank & I will never bank with them again.

Really bad product as conditions are confusing. 'Increase saving' terminology can be considered as credit to account and not as increase of total BALANCE of savings.
Customer service is bad as well since operator is treating callers as idiots.
Do not recommend this savings account at all!!!

𝖠𝗍 𝖿𝗂𝗋𝗌𝗍 𝖾𝗏𝖾𝗋𝗒𝗍𝗁𝗂𝗇𝗀 𝖺𝗉𝗉𝖾𝖺𝗋𝖾𝖽 𝗇𝗈𝗋𝗆𝖺𝗅 𝖺𝗇𝖽 𝗍𝗁𝖾 𝗉𝗋𝗈𝖿𝗂𝗍𝗌 𝗌𝗁𝗈𝗐𝗇 𝗈𝗇 𝗆𝗒 𝖽𝖺𝗌𝗁𝖻𝗈𝖺𝗋𝖽 𝗆𝖺𝖽𝖾 𝗆𝖾 𝖻𝖾𝗅𝗂𝖾𝗏𝖾 𝗍𝗁𝖾 𝗉𝗅𝖺𝗍𝖿𝗈𝗋𝗆 𝗐𝖺𝗌 𝗅𝖾𝗀𝗂𝗍𝗂𝗆𝖺𝗍𝖾. 𝖳𝗁𝖾 𝗍𝗋𝗈𝗎𝖻𝗅𝖾 𝖻𝖾𝗀𝖺𝗇 𝗐𝗁𝖾𝗇 𝖨 𝗍𝗋𝗂𝖾𝖽 𝗍𝗈 𝗐𝗂𝗍𝗁𝖽𝗋𝖺𝗐 𝗆𝗒 $19,000 𝖺𝗇𝖽 𝗇𝗈𝗍𝗁𝗂𝗇𝗀 𝗁𝖺𝗉𝗉𝖾𝗇𝖾𝖽 𝖿𝗈𝗋 𝗐𝖾𝖾𝗄𝗌. 𝖳𝗁𝖺𝗇𝗄𝖿𝗎𝗅𝗅𝗒, 𝖥𝗋𝖺𝗎𝖽𝖲𝗁𝗂𝖾𝗅𝖽𝖱𝖾𝖼𝗅𝖺𝗂𝗆 •Com 𝖺𝗌𝗌𝗂𝗌𝗍𝖾𝖽 𝗆𝖾 𝗂𝗇 𝗋𝖾𝖼𝗈𝗏𝖾𝗋𝗂𝗇𝗀 𝗆𝗒 𝖿𝗎𝗇𝖽𝗌.

My husband and I also have funds invested in Ubank. They changed their rules to obtain their higher interest rate from depositing $500 per month, to $1.00 per month. Unfortunately, we did not read the fine print, and while continued to deposit $500 a month it went into the 'wrong' account, therefore we lost a large amount of interest since last October. Customer service is useless, we have both lodged complaints however can't see them replacing the almost $9000 of interest we have lost. We will be moving our funds to another institution as there are many now offering high interest without these petty limitations.

The app is quite poor. The bank is worse.
They blocked access to all my accounts. They blocked access to the app. Customer service was poor. They couldn't explain why. They basically blamed 'the computer'. It was "triggered" in the background...poor thing!
I had been with Ubank for some time. Mainly investing my extra money for okay interest. As soon as I started using my accounts for shopping, they thought that it was "fraud." This was completely unexpected as they had begun prompting me to spend - they offered $5,000 prize if I did 20+ transactions a month. As soon as I started spending, they blocked my accounts - so impossible to do 20+ transactions. Based on that, they seem to be the fraudsters! Maybe that's what their Fraud Dept is - to assist them in doing the fraud...seems likely.
As soon as I said that I wanted to refer it to the Regulator they unlocked my accounts (and I transferred my money out of Ubank).
I DO NOT RECOMMEND THIS BANK.
I DO NOT RECOMMEND THIS APP.

Came to Ubank for the savings rate, and like a lot of people, that was the whole point. But after needing to move some money out last week, I discovered something that genuinely shocked me.
If your balance doesn't grow by a set amount in a month, you don't just lose the bonus interest. You lose everything. Zero interest. That's not a bonus structure, that's more like a trap.
I also had my app access cut off without warning. Called in, was told a callback would be logged and I might hear back tomorrow. Not great.
I get that banks change their terms, but there's a difference between a tiered bonus and paying customers nothing at all. There should be a base rate you always earn, with bonus interest on top for meeting conditions. Giving someone zero on a significant balance because they had to transact once just isn't fair, and it's not something I'd have expected from a bank I trusted with this much money.

So terrible, gives me the licence ID verification option but won’t recognise the name or address. Everything is valid and 100% correct and they recon it’s my fault that their bank cant read my card. Also didn’t give me the option to photo scan ID for digital verification. I have no other form of ID that they offer there for not a good bank to deal with.

It’s very app dependent and the customer service is poor on the phone. They treat ongoing issues as new issue each time you speak with someone, you will repeat yourself with no concrete resolution. The dispute case number get closed without your issue being resolved or you confirm you’re happy with the resolution.

I was travelling overseas, informed the bank through the app that I will be using my card while overseas; my card didn’t work at all. I was almost stranded if not that I had another bank card with me that I equally informed of my trip.

This bank is generally unreliable, if you are wrongly charged/see a duplicated charge and raise a dispute, the rep will literally tell you there is no guarantee they’ll be able to get your money back.

Generally won’t recommend this bank for anyone.

I started with ubank to get the best savings rate. Then the bank decided to apply conditional requirements to get the best rate within their own bank.
Last month with substantial funds in a SAVE ACCOUNT I received no interest. The fine print won. No argument with the bank. They simply don't care. If you don't play the game, you lose. Even during covid with banks at their lowest point with interest....there was at least a figure above zero. There are no alerts. It was only by chance I discovered that no interest had been paid.
Hanging their sleeve off of the National Bank makes things worse. Iv'e gone elsewhere.

I don't see what the issue with this bank is? I am using it as a savers for it has the best interest rate on offer in Australia. The only problem is that I opened an account to save, but ubank opened 3 accounts, one called spend/bills and to access my money I have to on the app transfer from the savings to the bills, but I have had no problem then transferring to the other bank I use. It was easy to set up just using my licence.

Had to call customer service to close my account. As I changed my surname they required me to get a certified copy of my marriage certificate and then submit that first before I can close the account. I thought that was a bit full on considering I am just closing the account and there was no money in that account. I thought an identity check would be fine but nope. I didn't like the customer service, I got quite upset on the phone as the customer service agent could not confirm whether their email address is secure or not, yet they want me to send a very sensitive document like my marriage certificate through it and then when I wanted to speak to the manager. This is literally what the customer service agent said " why do you want to speak to my manager, just to hear you complain? they can't change the policy anyways" I just thought what terrible customer service, pretty low standard, I am sure she could have said that in a more nice or better way. Once I did get my marriage certificate certified and email them a copy. They still didn't close my account after a month plus emailing them to confirm, which they never got back to me. So I still had to call up to close the account. The customer service with Ubank is pretty low, would not use this bank again.

If my automations weren't in place I would have closed my account today.

After a pleasant start of interaction to request help, Angela, the supposed 'customer care and support' on the line started interrupting, dismissing, and utilising condescending responses.

As a customer, I do not care what limitations to processes are. I only ask for help to achieve an outcome and all you should be doing is telling me what you can do to help me achieve that outcome.

I hope Angela gets some new training on improving her behaviour to pleasantly respond without being condescending.

UBank changed interest in October 2025. Absolutely appalling. You only earn interest if your savings grow. Absolute crock. I'm investing and get punished for not 'growing' my savings balance.

I left UBank for Macquarie bank. No frills, same interest no conditions, highly recommend Macquarie Bank. NAB totally messed UBank.

​I highly recommend staying far away from ubank. They have proven themselves to be a money-hungry and greedy corporation that is more than happy to lose a customer's business rather than provide actual service.
​Despite being a loyal customer, I have been treated as if my business—and my future business—is completely irrelevant. It is clear they do not care about customer retention or basic professional courtesy. I would like to personally point out the specific employees I dealt with, but I will leave that to their internal team. I truly hope management reviews the call recordings and reprimands those involved for their actions.
​I will be taking my business elsewhere and I suggest others do the same before they find out the hard way that this bank does not value you.

Terrible experience with them. I live in a state that has virtual IDs and they won’t accept it. Apparently the only way for them to put through my ID is for me to buy a $60 physical license card.
Probably one of the worst banking experiences I’ve ever had

I signed up couple of years ago. Used to be a great app with amazing set up. Poor customer service. They do not value you as a loyal customer and take forever to reply to your messages.

No customer service and constant 'road blocks' because Ubank cannot apply common sense and customer focused solutions for a simple card renewal.

Issues
1. No transactions for 12 months, your debit card is not automatically renewed on expiry (though not stated in terms and conditions dated 2022).
2. Despite clicking on card renewal option in the Ubank app, no communication, no response and no update is received.
3. Despite sending a direct message in the app to renew the card, again renew the card, again no no communication, no response and no update is received.
4. Call Ubank (on hold for over 40mins) and despite providing verification (full name, address, date of birth and pin number sent by Ubank to mobile), am advised an email will be sent requesting my response to verify card renewal request but I just did this on the phone. Then I am advised once I answer the email, I am to call Ubank again, this is not a customer solution but a continual waste of my time.
5. Explain my internet is down so I cannot access my emails including my phone (phone and internet is with the same provider) and why can't we do this over the phone as I have verified myself. Answer this is their process but how is this a customer resolution.
6. Ubank is OK until you need them, so beware.

With UBank for 10 years, growing my savings nicely and taking modest (yet very helpful) interest every month. How Ubank decided that changing the rules of earning interest to conditional rather than balance-based was a good idea is astonishing. Basically "meet this condition or you get zero" after 10 or more years of loyalty. Bye UBank, I hope many more people leave in droves.

Great online offering but no credit card but best app and service by phone app payments can be tricky if outside ubank

I have been a loyal customer of uBank since 2015. Although uBank was conventional in adopting new technology but I was happy with how they treated the customers back then.
I really like their features such as auto sweep, auto debit from savings account and etc although it was late in adopting fast payment.
However, these features were slowly taken away, the auto sweep was removed followed by the auto debit from savings. You can only setup auto debit from spending account which means you need to park your money for the payment days in advance and they don’t accrue interest.
As many other reviewers, the final straw was when they changed how you earn bonus interest. I have received $0 interest from uBank for the past 2 months and thanks to their new policy. I believe I have contributed to the bonus payment to their top management and kudos to them for their genious policy. I get nothing and they get big bucks for the creative idea. What a top management oriented policy.

Adios uBank. You were once a great online bank.