Best Bank in Australia 2024? | Ubank Review

Why could be the best bank account for some people and what makes it better than other banks in Australia? I will also compare you bank with another popular digital Bank Ing and why I think you could be better than ing just a disclaimer. I personally use you bank, but I’m not sponsored by you bank or have any affiliation with them. So rest assured this will be an unbiased review. So if you’re interested, let’s get straight into it. So if you’ve never heard of Eubank, it’s an online bank that is owned by nap, which is one of the big four banks in Australia. It was formed back in 2008 as Australia’s first homegrown digital Bank in 2022. It merged with another digital bank called 86400 It is another bank owned by neb become what it is today. And since it’s a digital Bank your bank does not have any physical branches or ATM. So you won’t be able to physically walk into one of their branches to do your banking. However, given we are in the digital age. I feel there is no real need for physical branches for most people and you can do majority of your Banking online. So if you think the best bank in Australia now, I’m not prepared to say ewbank is the best thing for everyone in Australia. In fact, I don’t think I’m perfect bank account exists for everyone because it’s like trying to find a glove that would fit every single hand in Australia. Everyone is in a different stage of their life. And what is good for Someone may not be so good for someone else. Now with that being said, I will list some reasons why I think you bank is a great choice for some people now firstly is you Bank safe if we’re putting our hard-earned money somewhere. We want to make sure it’s secure since you bank is owned by nerve which is one of the big four banks in Australia. I would say it’s fairly safe and the risk of it going bankrupt is quite low. However, if something bad were to happen to them even customers are protected under the government financial claim scheme, which means you are covered for up to 250,000 dollars under the net banking license. So this means

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that if you Bank were to go bus the government will ensure That you receive up to 250,000 dollars back. Now. The main reason I like you bank is the high interest rate that they offer. I think you bank has one of the best savings account compared to other accounts in Australia because it is a digital bank with no physical branch has to pay for it can pass some of his savings on to the customer at the time of filming. This video ewbank is currently offering three point eight five percent per year for keeping your money in their account. So if you look at the screen here, this is how they calculate the total interest of 3.5% The base rate is 0.1 percent and that is what you bank will give you for just keeping your money in their account and nothing else the bonus in Arrest rate is 3.75 percent. And if you add them together, it makes up the total three point eight five percent. Although at the time of filming this video ewbank just announced that they are increasing their bonus rate 24 percent starting from the first of January 20 23 this increases in line with the RBA announcement to increase the cash rate again, so if you combine it with the base rate of 0.1 percent, you can earn a total of 4.1% from the first of January 2020 3 onwards in order to qualify for the bonus interest rate every month. You just have to deposit over $200 into your account from an external Source every month. That’s it. So what you can do Is transfer your pay directly into your bank account every month or set up an automatic transfer for over $200 from another County or you bank account on the first of every month. That way you won’t ever forget and you

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will qualify for the bonus rate every month. Now, let’s compare you bank’s interest rate to another popular digital bank called ing. This bank was made famous by Scott Cape aka the Barefoot investor and I can see why you recommended it ing is currently offering up to four point three percent per year. Now, you may be wondering why not just go with ing over you Bank since they offer point four five percent more. Well, let’s have a look at how their total interest rate is calculated first. You get a point 55 percent standard rate for leaving your money in their account and doing nothing else, but to qualify for the bonus rate of three point seven five percent you need to one deposit at least one thousand dollars into your ing account every month. So that’s about $800 more than you bank, which should be honest should be achievable for most people to you need to make five or more eligible car purchases with your account. This is easy enough to do if you go grocery shopping or use your card to pay off your Netflix or Spotify Bill. However, it is one more thing to remember to do every month and three you need to grow your savings balance every single month excluding the interest. Earth for the current month this means if you have 1,000 dollars in your account in month 1 then you need to have at least one thousand and one dollars in month to all this is a good incentive to save money sometimes life happens and you may need to spend extra cash in one month. So that is three Hoops. You need to jump through if you want to earn the full 4.3% And remember all it takes is a couple of myths months for it to negate the extra bonus rate that you get over you bank. But if you are a good planner and don’t mind following these rules every month

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then ing is also a great choice now, I spent a lot of time on those bargain which is a website that shows all the latest discounts on everyday. In items, I enjoy reading the comments of other like-minded people in the forum’s who also loves to get the best deals possible. And in the house barking Community, there is a constant debate between Eubank and Ing and which is the best digital bank and the arguments for and against each bank is usually the same one Camp argues that you back is better purely for the sheer convenience of only having to jump through one simple hoop every month, which can be set automatically and it’s impossible for you to forget and the other Camp argues that ing is better due to their High interest rate and that the three who He offers a maximum balance of 100,000 dollars per customer. So if you have more than that saved up, you won’t be able to get the bonus rate over that amount. Yeah, I know what a first world problem to has this ing debate. Please note that I have right in comparison you back as a maximum balance of 250,000 dollars, which coincidentally is the maximum amount you’re covered by the government if something were to go wrong so I know not everyone has a spare two hundred fifty thousand dollars lying around but if you do then you Bank may be a better choice for you in addition. If you want to make an instant transfer or payment using Pay ID or Oscar you are kept at $1000 per day with Ing. With ewbank you are kept at twenty thousand dollars per day to make an instant transfer or payment. So you have more flexibility if you require is an access to a large sum of money in terms of fees you Bank does not charge an account keeping fee. There are many banks out there that still charge you and account fee. I find this practice absolutely ridiculous because they are essentially charging you to hold your money in their accounts, which they are using invest and make their company richer and you get to pay them for it, but you won’t have to worry about this with you Bank. Also, there are no International ATM fees or any International transaction fees. So if you go overseas on a holiday you can use your car. And without having to worry

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about international fees now. Let’s talk about the sign up process to sign up for a you bank account is very easy. You just have to make sure you’re over 18 years old. You’re an Australian resident for tax purposes and you have an Australian phone number and residential address. And if you do decide to sign up and you can use my referral code to get $30 credited to your account if you make three purchases, so the easiest way to apply for an account is the download the app on your smartphone put in my referral code fill in your details. Send some proof of ID and your account will be set up in a few minutes. It’s a simple as that to do your everyday banking you can use the ewbank app or Going to be the website on your computer. I personally prefer using the app because I really like the simplistic design. I’ve been using you Ben for a few months now and it is one of the easiest Bank apps to use everything is easy to find and I’ve never had any issues logging in or the app crashing. So even if you are not tech savvy I think you’ll have no problem using the app and once you are signed up, they will automatically create a spin account and a savings account for you. They will send you a physical debit card, which is linked to your spend account and you can use that card to pay for things. If you wish if you don’t need the card, then you can simply just destroy it. You can also open up to 10 save accounts and set saving Targets on. Many of them so this could be a fun way

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for you to track certain saving goals like a house deposit or a holiday and you only need to deposit over $20 in one of your spend or save account and you’ll get the bonus rate across all your save accounts. And if you have a partner and you want to create a joint account, you can also do this just follow the instructions on their website. It’s very easy. So let’s now talk about who should use you think here are a list of people that I think are a perfect fit for you bank one busy people like me who prefer a set and forget bank account which will earn them a good rate without having to maintain it too much to people who are saving for a big expense item like a house deposit. Couture an upcoming wedding while I am not a big fan of holding on to too much cash in the bank because I am an investor after all but if you need that money in the short term like in 12 months time, then I would not be investing that money into assets like stocks and that is because the market might be down significantly in 12 months time and you don’t want to be forced to sell your stocks that are lost to come up with a house deposit in this scenario a high-interest savings account will be a

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perfect place to park your money and three people who just want somewhere to park their emergency fund and still get a decent return now, I think everyone should have an emergency fund in case you have some bad luck and need some quick access to some kind.That’s so far. I’ve mainly been talking about the good things about you bank. But there are a few disadvantages of using Eubank and other digital banks for that matter. And one of the main disadvantage is that you Bank does not accept cash or check deposits. This is because there are no physical banks for you to go in and do these things. So if you are a business owner or someone who receives cash or checks regularly, this could be a problem in this case. If you still want to earn the interest rate that you Bank provides then I walk around would be to set up another bank account that has a physical Branch so you can do all your cash and check deposits. Then you could just transfer the money over to your you bank account and still earn the interest. The downside of a physical bank is that they usually offer a low interest rate. So if you combine the two then you are getting The Best of Both Worlds and I think most people already have a bank account with a physical Branch anyway, so you can use View Bank as your second bank account to earn interest. This is what I’m And even though they don’t have a physical Branch they do have an Australians call center and they also have an email team. If you require further support your bank also offers other products like home loans at a competitive rate. Although I have heard that their application process is quite demanding which is understandable

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since they are a smaller Banks. So they need to ensure the correct risk assessment is applied to each customer. I don’t have a home loan with ewbank so I cannot personally comment about this but I have heard of people getting frustrated at the application process. So, please keep this in mind. You can also connect accounts from over 140 financial institutions into your ewbank app. You can add other beggar. Accounts credit cards or even your super so you can essentially turn the app into a One-Stop hub for your finances. If you have any other questions about you Bank, you can visit the frequently asked questions page on their website, which is neatly organized to answer some popular questions signing up to a high interest savings account is a good first step to maximizing your returns, but there are more money habits. You should adopt to be on your way to Financial Freedom. So you want to learn more about good money habits, then I want you to go check out this video on screen where I’ll go over ten bad money habits, which is keeping you pork and how to replace them with good habits instead and

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