Tuesday, December 22, 2009

UBank

One of my friends at work directed me to Ubank.

Alot of their ideas they have implemented are cutting edge and for some reason make sense to me as a Gen-Y. I will list below the points I enjoy most.

- The application is done online, UBank use your drivers license number and TFN to identify you. No paperwork (awesome).
-To set up a automatic savings plan (ASP) from another bank. You punch in your bsb and account number and UBank will credit your other account. From there you can link it up and start saving. Click here to see a video tutorial.
-If you want to transfer monies out of the USaver (im currently using) account you will receive a SMS with a code you will need to punch in to allow the transaction to take place. Brilliant idea!
-The call centre is in Australia.
-It has various other tools such as a goal traker, term deposits.

My setup is I want to keep money out of our normal cash account so I don't spend it. My thinking is if it's not there I won't spend it. Also if I add a layer of complexity to getting the money to spend it, there is more of a chance I wont.

You might be thinking " just be disciplined, don't spend the money". This mind set is a waste of time. I don't want to go through my day saying to myself "don't spend money". I'm wasting time, and time is a non-renewable resource. I would rather create a system that works for me to save money.

It's good to see this bank is keeping with the times.

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