UB increase Ufirst rate

D

di74

Registered User
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I have UB U-First current account with monthly charge of €9. Seems like a lot but it does give me a 0.1% discount on my mortgage. This month they upped the charge to €10 without any warning... anyone else experienced this and can they do that without giving me written warning. Am very annoyed about it and just waiting to be able to contact them on Monday.
 
Re: Bank Charges

How much is the .1% discount on your mortgage worth? How competitive is the discounted mortgage rate?
 
Re: Bank Charges

they usually send out a letter about any change in charges...no doubt it was lost in the post or some other admin mess up!
 
Re: Bank Charges

They refer to €10 on the site - maybe a change in T & C's means they don't need to notify? Or maybe it was included on your last statement?
 
Re: Bank Charges

Rate is ECB +0.75%, usual rate for LTV is 0.85%.
Still think they should have let me know in advance about change in charge.
 
Re: Bank Charges

They always write out when increasing the fee. I got notification of the increase a few months ago. I think it was tacked on to the end of a letter about the benefits of a uFirst account so could possibly have been missed. I opened the account to take advantage of the discounted mortgage rate - have never used any of the other services - and at the current price I don't think it is worthwhile keeping the account.
 
Re: Bank Charges

I had UB u first account, got this letter about 3 months or so ago. I switched banks, now earning more than 10 euro per month interest on my current account.

Couldn't believe the UB charged a 10 euro account closing fee when switching current accounts to another bank. They say this is standard. Anyone else get charged this when switching banks?
 
Re: Bank Charges

For what it's worth Halifax pay 10% interest on current account balances up to €2K. That's about €16 p.m. gross or €13 p.m. net.

Of course, as mentioned earlier, you need to work out the benefit of the 0.1% discount on your mortgage and check that the mortgage rate is competitive with the general market before deciding whether or not it's worth paying current account maintenance fees.
 
Re: Bank Charges

By my calculations - on a 25 year mortgage - you will be better off with the .1% discount if your mortgage is more than 120k. Below that - the savings are less than 10 euro a month.
 
Noticed UB increased the monthly fee from €9 to €10 on this account, I have mortgage with them. Aren't they supposed to inform us in advance if they do stuff like that?

Its a small amount, but it all add's up.
 
I did get a letter from them explaining the proposed increase and when it was gonna be effective. Maybe the letter went to a previous address or something in your case.
 
Rang UB re increased charge and was told I definitely received notification..... which I didn't! Made a complaint and was told I would have my call returned by someone in branch within 2 hours - that was at 10am this morning and no word since!
Savings on mortgage do amount to greater than the €10 per month so I'll prob just stick with them.
Get annoyed when ring branch.... automatically put through to branch support in Belfast and can never actually get to speak to someone in branch itself.....
 
I ditched my Ufirst account over a year ago - I don't have a mortgage with UB so it was a complete scam for me - paying account charges when entitled to free banking on an ordinary account.
 
hope4711 said:
I ditched my Ufirst account over a year ago - I don't have a mortgage with UB so it was a complete scam for me - paying account charges when entitled to free banking on an ordinary account.
Click to expand...

Not sure it's fair to call it a scam - presumably you knew the benefits and cost when you signed up versus the competitition, and could easily have gone elsewhere. I was in same situation and switched to standard fee free account a couple of years ago, yes it was a waste, but it was my fault for opening the account or not changing earlier - not the banks.
 
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