Summary of changes:
- Interest can now be earned on balances up to $1 million (up from $250,000).
- Interest rate is now flat up to $1 million (instead of progressively lower for higher balances).*
- Bonus interest rate activated by growing account balances by $1 (instead of by depositing $500 per month regardless of withdrawal).**
* But the interest rate has been lowered, so if you’re one of those peasants who doesn’t keep a cool mil in your bank account, you’ll probably have a lower effective interest rate now
** this change only applies from October onwards.
Yeah I’m not a big fan of the hoop-jumping - being able to withdraw the money when needed (without losing the bulk of the interest) was a big pro of a ubank account for me but I guess not anymore 🫠