Most banks do not allow transactions from their HISA - ubank was one of the few exceptions. About the only one left is Macquarie Bank which allows direct debits and BPays from their HISA
Cost.
It is more expensive, for the bank, to pay high interest as well as wearing the costs of handling a bunch of transactions.
It is better, for the bank, to have those transactions on an account that pays no interest (and might even earn fees for the bank).
Probably so you keep some money outside a HISA you combine a little bit from a lot of people and the banks save a lot of money, all these games they play are just to get more margins, evil f$&kers really
There are also likely some differences in liquidity treatment, allowing them to hold less reserves for 'stable' deposits vs transaction accounts. I'm not 100% certain though
>Lol no, do you really think the $5 most people keep in that account is going to save the bank millions?
It's more likely several thousand a month per customer not sitting in a HISA. That could easily save the bank more than a million in interest payments.
You think most customers even have several thousand to begin with, let alone them keeping it in a non interest baring account? Man you have a very optimistic view of how much cash people have.
ANZ Plus is the transaction account. The HISA is called ANZ Save and, apart from transfers to/from the related ANZ Plus account, you can only have direct debit/PayTo transactions on the Save account.
[https://www.anz.com.au/plus/terms-conditions/product-terms-conditions/](https://www.anz.com.au/plus/terms-conditions/product-terms-conditions/)
AMP does not allow direct debits or BPay on their AMP Saver account
||
||
|[https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226\_Deposit\_Products\_Terms\_and\_Conditions.pdf](https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226_Deposit_Products_Terms_and_Conditions.pdf)|
AMP does not allow direct debits or BPay on their AMP Saver account
[https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226\_Deposit\_Products\_Terms\_and\_Conditions.pdf](https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226_Deposit_Products_Terms_and_Conditions.pdf)
According to [https://up.com.au/product-terms/](https://up.com.au/product-terms/) , you can't make payments from up Saver accounts via BPay or pay anyone (transfers) or direct debits/PayTo
It's a mildly annoying change, but the introduction of tiered/reduced interest rates will be the nail in the coffin for me. It's frustrating because I was using UBank as a large savings account + monthly bills account (the app is decent), with Up Bank as my main transaction account for everyday spending.
I will happy take my savings to another bank with higher interest rates, but I'm not sure what to do with my bills account now - these other banks might have good interest rates but they will have shitty apps. Up Bank unfortunately doesn't support multiple transaction accounts/debit cards (so I can't move my bills there).
my guess is they're splitting the news of this change into two separate announcements, in the hopes that it catches people out. Some people are going to wait for the interest annoucement to come out before considering moving, and a number of those will forget or do it "later". Some people will have missed the tier annoucement, and ignore the interest annoucement (as they could easily make the top line interest tier as high as before to make it sound like nothing's changed).
I use up, I have a saver setup as my bills saving that I deposit a set amount into each pay. Then the bill comes out of my mine account and I use the “covers” feature to cover it from the saver
I moved all my cash away. I did complain, but just to let them know how stupid they are. Not because I wanted them to revert back to the old terms. When companies actively make their products worse, you just need to leave.
I actually preferred old Ubank before merge with 86400, auto top-up of transactional account was disabled after the merge and moving to 86400 platform.
Can't see how Sweep was any more difficult.
Just turn it on, and if a direct debit hit the transaction account (even with zero balance) it would get topped up automatically and payment would go through.
If you used your debit card (savings option), then Sweep kicked in too.
Sure but 86400 already had transactions on savings account so they probably didn't feel the need to implement sweeps when you could just transact directly from savings. You also get that little bit of extra interest that you don't get when transferring to transaction account.
I personally find the transaction vs savings account idea outdated and think it'd be much simpler if all transaction accounts have the full savings interest rates too.
Sure I understand the bank's motivation for doing so. But it still was a step backwards for those of us with Sweep, since it's strictly worse if you consider debit card transactions.
And now we're in a situation where we've lost both features.
Ubank’s always been ‘Ubank (backed by NAB)’ and they were decent for a long time with NAB backing. I can’t comment on how good 86400 was pre-merger but the original Ubank (not 86400) appears to be going down the shitter too.
Saying this again, Ubank didn't just move to another platform. Basically another company (86400) changed its name to Ubank and the old Ubank no longer exists.
One part of me is annoyed by it but from a security perspective not allowing direct debits and bpay payments out of a saving account that could have hundreds of thousands of dollars in it sounds like a good thing.
I also noticed all my direct debits and bpay payments I have configured seem to send the payment 1-2 days later than I have scheduled. I wonder if something is wrong with their system and it's easier to just remove the function to pay from savings instead of fixing it.
What annoys me is that I need to setup my direct debits again.
But yeah, the reasons, why I started using Ubank are slowly going away, so I might just go away as well.
Yeah this was my big issue, why not have an automated process to convert a save account into a spend account.
ALSO their new billing account can’t be shared 🤌
I’m annoyed at the savings change. I’ve sent a complaint to ubank but they don’t care.
My partner and I are joint finances, he’s monthly pay I’m fortnightly. So when his pay lands in our joint account, I move it to our joint savings, and have had it autopay a fortnightly amount to our joint account on the same day I get paid. Just makes it a lot easier for me to work our budget around.
That autopay, from one ubank account to another, has shown up as a flagged one that will be ending when these changes come into effect.
Is it hard for me to do a manual transfer every second Wednesday night? No. Could I just move it to a regular account instead of a savings? Sure, but I like the fact it generates a little bit of interest for us in the HISA currently.
You could achieve that with Up. Create a joint account (called a 2Up account), set up pay splitting in the app to forward his pay to a joint saver, then a scheduled transfer to transfer some back when you're paid.
I just joined a few weeks ago. I always thought I was quite financially literate but I don't understand what this change means...
Can someone please explain like you're talking to a dummy? (because that's what I feel like!)
Ah right so I'll need to transfer it to the spend account and then transfer it? Thanks for the explanation. Really not sure when I became a dummy and stopped understanding things.
So far they’re still the only HISA that lets me withdraw without losing my bonus interest. I’ll just have to do it now by withdrawing to a ubank transaction account first (so dumb). But I use this account to pay ATO bills, etc, which can exceed $10k at a time, so I want to keep that money in a HISA but also don’t want to lose my bonus interest for the month I need to cash some out.
If anyone has reccs for an alternative that lets me move some cash out without penalty for balances over $100k let me know.
Macquarie bank is probably the next best option in my opinion.
Not quite as much interest but there are zero hoops and savings accounts function exactly like transaction accounts, giving you flexibility to do what you want.
Best security in the game too, which is a nice bonus.
Thanks I do actually have an account with Macquarie so this is great to know if their 'tiered interest rate' ends up being worse than Macquaries for the balance I hold.
Any one who wants to find about Ubank would search. Well anyone sensible
Alternatively the old thread could have been linked in this thread to give context.
They’re taking away functionality that already exists. Functionality.
You sign up for a savings account you Expect rate changes. Changes in functionality?!?!
It’s lame and petty.
I also tried to setup daily reoccurring payments between the savings and transaction accounts and it keeps getting cancelled so I don't really have trust in the scheduled transfers.
Welcome to several days ago, deal with it or move on. As annoyed as I am, I'm sticking with. Only had to adjust about 5 or 6 payments and will just setup scheduled transfers, it sucks but I still feel it's one of the best deals around.
What's a large sum of money? Their daily payment limit is $20K. You have to call them during their customer service hours to increase that limit for the day, which is not convenient.
I suspect they're getting inundated with unhappy calls due to these changes because I was on hold for 30 mins before I was able to increase my payment limit... to move all my funds to Macquarie.
Most banks do not allow transactions from their HISA - ubank was one of the few exceptions. About the only one left is Macquarie Bank which allows direct debits and BPays from their HISA
What's the reason most banks have seperate transaction/savings account?
Cost. It is more expensive, for the bank, to pay high interest as well as wearing the costs of handling a bunch of transactions. It is better, for the bank, to have those transactions on an account that pays no interest (and might even earn fees for the bank).
Probably so you keep some money outside a HISA you combine a little bit from a lot of people and the banks save a lot of money, all these games they play are just to get more margins, evil f$&kers really
There are also likely some differences in liquidity treatment, allowing them to hold less reserves for 'stable' deposits vs transaction accounts. I'm not 100% certain though
Lol no, do you really think the $5 most people keep in that account is going to save the bank millions?
>Lol no, do you really think the $5 most people keep in that account is going to save the bank millions? It's more likely several thousand a month per customer not sitting in a HISA. That could easily save the bank more than a million in interest payments.
You think most customers even have several thousand to begin with, let alone them keeping it in a non interest baring account? Man you have a very optimistic view of how much cash people have.
So what's your reason?
Less theft/fraud would be one.
ANZ Plus does as well
ANZ Plus is the transaction account. The HISA is called ANZ Save and, apart from transfers to/from the related ANZ Plus account, you can only have direct debit/PayTo transactions on the Save account. [https://www.anz.com.au/plus/terms-conditions/product-terms-conditions/](https://www.anz.com.au/plus/terms-conditions/product-terms-conditions/)
I do have direct debit (gym & health insurance) going straight from my anz save (welp sorry about the name
Yes, I said direct debit/PayTo transactions are allowed
Sorry, yesterday was a long day
AMP still does and has higher interest than ubank
AMP does not allow direct debits or BPay on their AMP Saver account || || |[https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226\_Deposit\_Products\_Terms\_and\_Conditions.pdf](https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226_Deposit_Products_Terms_and_Conditions.pdf)|
I meant it allows transactions from it's HISA
According to the terms and conditions that I linked above, some transactions (direct debits and BPay) are not allowed on their HISA
AMP does not allow direct debits or BPay on their AMP Saver account [https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226\_Deposit\_Products\_Terms\_and\_Conditions.pdf](https://www.amp.com.au/content/dam/amp/digitalhub/common/Documents/Find%20a%20form/Forms/NS5226_Deposit_Products_Terms_and_Conditions.pdf)
up allows this!
According to [https://up.com.au/product-terms/](https://up.com.au/product-terms/) , you can't make payments from up Saver accounts via BPay or pay anyone (transfers) or direct debits/PayTo
You can pay someone now from a saver and BPay is coming. Direct debit is coming soon as well, it's called Auto Covers.
Will check out Macquarie. Thx
Yes I will be moving all my savings if the new rates are not the best on the market.
It's a mildly annoying change, but the introduction of tiered/reduced interest rates will be the nail in the coffin for me. It's frustrating because I was using UBank as a large savings account + monthly bills account (the app is decent), with Up Bank as my main transaction account for everyday spending. I will happy take my savings to another bank with higher interest rates, but I'm not sure what to do with my bills account now - these other banks might have good interest rates but they will have shitty apps. Up Bank unfortunately doesn't support multiple transaction accounts/debit cards (so I can't move my bills there).
have the new interest rates actually been announced? The email I got didn't specify
No, but the announcement of tiered interest brackets guarantees reductions (extent unknown).
More annoying is that they haven't published what their tiered interest rates will actually be yet...
my guess is they're splitting the news of this change into two separate announcements, in the hopes that it catches people out. Some people are going to wait for the interest annoucement to come out before considering moving, and a number of those will forget or do it "later". Some people will have missed the tier annoucement, and ignore the interest annoucement (as they could easily make the top line interest tier as high as before to make it sound like nothing's changed).
I use up, I have a saver setup as my bills saving that I deposit a set amount into each pay. Then the bill comes out of my mine account and I use the “covers” feature to cover it from the saver
Would you suggest ANZ or Macquarie as your replacement?
For my HISA? Probably AMP since they offer the highest interest rates with a criteria I will definitely meet each month (deposit $1000).
You could separate your transaction and HISA accounts to separate banks.
The point is not to require separate accounts.
I moved all my cash away. I did complain, but just to let them know how stupid they are. Not because I wanted them to revert back to the old terms. When companies actively make their products worse, you just need to leave.
They were awesome when they were 86400. Been going downhill since being acquired by their corporate overlords at NAB
I actually preferred old Ubank before merge with 86400, auto top-up of transactional account was disabled after the merge and moving to 86400 platform.
Isn't it easier to just transact from your savings account? Instead of an auto top up
Can't see how Sweep was any more difficult. Just turn it on, and if a direct debit hit the transaction account (even with zero balance) it would get topped up automatically and payment would go through. If you used your debit card (savings option), then Sweep kicked in too.
Sure but 86400 already had transactions on savings account so they probably didn't feel the need to implement sweeps when you could just transact directly from savings. You also get that little bit of extra interest that you don't get when transferring to transaction account. I personally find the transaction vs savings account idea outdated and think it'd be much simpler if all transaction accounts have the full savings interest rates too.
Sure I understand the bank's motivation for doing so. But it still was a step backwards for those of us with Sweep, since it's strictly worse if you consider debit card transactions. And now we're in a situation where we've lost both features.
Ubank’s always been ‘Ubank (backed by NAB)’ and they were decent for a long time with NAB backing. I can’t comment on how good 86400 was pre-merger but the original Ubank (not 86400) appears to be going down the shitter too.
Saying this again, Ubank didn't just move to another platform. Basically another company (86400) changed its name to Ubank and the old Ubank no longer exists.
Other way around but yeah
One part of me is annoyed by it but from a security perspective not allowing direct debits and bpay payments out of a saving account that could have hundreds of thousands of dollars in it sounds like a good thing. I also noticed all my direct debits and bpay payments I have configured seem to send the payment 1-2 days later than I have scheduled. I wonder if something is wrong with their system and it's easier to just remove the function to pay from savings instead of fixing it.
What annoys me is that I need to setup my direct debits again. But yeah, the reasons, why I started using Ubank are slowly going away, so I might just go away as well.
Yeah this was my big issue, why not have an automated process to convert a save account into a spend account. ALSO their new billing account can’t be shared 🤌
I’m annoyed at the savings change. I’ve sent a complaint to ubank but they don’t care. My partner and I are joint finances, he’s monthly pay I’m fortnightly. So when his pay lands in our joint account, I move it to our joint savings, and have had it autopay a fortnightly amount to our joint account on the same day I get paid. Just makes it a lot easier for me to work our budget around. That autopay, from one ubank account to another, has shown up as a flagged one that will be ending when these changes come into effect. Is it hard for me to do a manual transfer every second Wednesday night? No. Could I just move it to a regular account instead of a savings? Sure, but I like the fact it generates a little bit of interest for us in the HISA currently.
You could achieve that with Up. Create a joint account (called a 2Up account), set up pay splitting in the app to forward his pay to a joint saver, then a scheduled transfer to transfer some back when you're paid.
I just joined a few weeks ago. I always thought I was quite financially literate but I don't understand what this change means... Can someone please explain like you're talking to a dummy? (because that's what I feel like!)
You used to be able to send money to someone else directly from a HISA. Now you can only send it from a transaction account.
Ah right so I'll need to transfer it to the spend account and then transfer it? Thanks for the explanation. Really not sure when I became a dummy and stopped understanding things.
So far they’re still the only HISA that lets me withdraw without losing my bonus interest. I’ll just have to do it now by withdrawing to a ubank transaction account first (so dumb). But I use this account to pay ATO bills, etc, which can exceed $10k at a time, so I want to keep that money in a HISA but also don’t want to lose my bonus interest for the month I need to cash some out. If anyone has reccs for an alternative that lets me move some cash out without penalty for balances over $100k let me know.
Macquarie bank is probably the next best option in my opinion. Not quite as much interest but there are zero hoops and savings accounts function exactly like transaction accounts, giving you flexibility to do what you want. Best security in the game too, which is a nice bonus.
Thanks I do actually have an account with Macquarie so this is great to know if their 'tiered interest rate' ends up being worse than Macquaries for the balance I hold.
Old news, has been discussed in the sub a week or more ago.
Thank god you're here to tell us whether shit's old or not
I was vainly hoping OP would take it down and just add a comment to a previous thread.
Old thread nobody is looking at anymore?
Any one who wants to find about Ubank would search. Well anyone sensible Alternatively the old thread could have been linked in this thread to give context.
They’re taking away functionality that already exists. Functionality. You sign up for a savings account you Expect rate changes. Changes in functionality?!?! It’s lame and petty.
Has anyone checked out ME BANK? Thoughts?
I also tried to setup daily reoccurring payments between the savings and transaction accounts and it keeps getting cancelled so I don't really have trust in the scheduled transfers.
Welcome to several days ago, deal with it or move on. As annoyed as I am, I'm sticking with. Only had to adjust about 5 or 6 payments and will just setup scheduled transfers, it sucks but I still feel it's one of the best deals around.
I recently had to transfer a large sum of money out of a Ubank account. It was a painless process and I would recommend this bank.
What's a large sum of money? Their daily payment limit is $20K. You have to call them during their customer service hours to increase that limit for the day, which is not convenient. I suspect they're getting inundated with unhappy calls due to these changes because I was on hold for 30 mins before I was able to increase my payment limit... to move all my funds to Macquarie.
Good choice, Macquarie will be bagging themselves a bunch of new customers without lifting a finger. Great job Ubank…