# UBANK and Term Deposits



## Bill M (1 February 2012)

Just checked my UBANK statement online.

Be warned, as of today they dropped the interest rate down to 5.41% and that is including the bonus. They did not send any warning of this yet, just check your transactions list to verify.

The 6 Month Term Deposit is still 6.11%. I have a gut feeling this will be going down very soon too. 

As a consequence I opened a 6 Month Term Deposit this morning, they are still the highest. I would move quickly if any of you want to lock in that 6 Month rate, not advice just a friendly reminder that rates are going down, cheers.


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## Eager (1 February 2012)

Bill M said:


> Just checked my UBANK statement online.
> 
> Be warned, as of today they dropped the interest rate down to 5.41% and that is including the bonus. They did not send any warning of this yet, just check your transactions list to verify.
> 
> ...



No. The Usaver rate including the bonus is still 6.01%, down slightly from the 6.11% of a week or so ago.
https://secure2.ubank.com.au/ub/web/usaver/online-savings-compare-our-rates

6 month term deposit is still 6.11% as you say.
https://secure2.ubank.com.au/ub/web/term-deposits/term-deposits-compare-our-rates


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## Bill M (1 February 2012)

Hello Eager, I checked again, you are correct and now in the transactions it is showing 6.01% again.

I am absolutely sure it showed 5.41% this morning, maybe it was an error on their part and now it is rectified. Now I kind of wish I didn't do that term deposit but it might work in my favour anyway if rates drop on Tuesday.

Thanks again, 6.01% is much better than 5.41%, cheers.


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## skc (1 February 2012)

Bill M said:


> Hello Eager, I checked again, you are correct and now in the transactions it is showing 6.01% again.
> 
> I am absolutely sure it showed 5.41% this morning, maybe it was an error on their part and now it is rectified. Now I kind of wish I didn't do that term deposit but it might work in my favour anyway if rates drop on Tuesday.
> 
> Thanks again, 6.01% is much better than 5.41%, cheers.




Sounds like the French credit rating downgrade that was "accidentally leaked" before the real downgrade


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## drsmith (1 February 2012)

5.41% for cash is below par.

http://www.anz.com/aus/promo/accoun...13&s_kwcid=TC|21228|ANZ saver||S|b|8539691837

Ubank are currently offering 6.01% as their maximum rate.

http://www.ubank.com.au/ub/web/usaver/online-savings-compare-our-rates

Anyone changed to 5.41% should contact them and sort them out, or withdraw their money if they don't come to the party.


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## drsmith (1 February 2012)

Bill M said:


> Hello Eager, I checked again, you are correct and now in the transactions it is showing 6.01% again.



Sounds like they sorted themselves out.

The banks are still very keen for cash deposits.


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## Tyler Durden (1 February 2012)

It's 6.01% for me.

On topic of Ubank, recently it was 6.11% and their term deposits were lower than that. How does that make sense???


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## McLovin (2 February 2012)

Tyler Durden said:


> It's 6.01% for me.
> 
> On topic of Ubank, recently it was 6.11% and their term deposits were lower than that. How does that make sense???




Inverted yield curve; interest rates are going down.


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## blue0810 (3 February 2012)

Taking about Ubank Interest . Just in case  I  had a problem  with the amount  that showing  this financial year   “YTD Interest Paid”  . This amount was including of previous finacial  year(10/11) .   Ubank   took   a couple months to fixed it.


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## Julia (3 February 2012)

Rabodirect are offering 6.5% for five years.


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## Bill M (3 February 2012)

I saw that Julia, only came out a couple of days ago. Went up half a percent, what does that mean? Do they think rates are going up in the next year or so?


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## blue0810 (3 February 2012)

Soon will be available  fixed income ETFs  on the ASX


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## Bill M (3 February 2012)

From who Bluey? Betashares?


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## blue0810 (3 February 2012)

Bill M said:


> From who Bluey? Betashares?




The Big ones:

-Ishares
-State Street Global Advisors (SSgA)
-Vanguard

I hope PIMCO join to the party.


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## Bill M (4 February 2012)

Thanks mate, I will keep my eyes on it.


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