Hi just got a quick questions.
I have an ING account earning the 3.5% interest.
Say I have 100k in savings from the start of the month until say the 28th of the month and I withdraw the 100k from the bank will interest still be applied for those 27-28 days as it is calculated daily and paid monthly?
Thanks for any help :).
Thanks for the reply I thought so but wanted to confirm I'm pretty sure the only conditions of the 3.5% bonus rate is depositing certain amount each month withdrawals are fine.
Pretty sure ING bonus interest only applies if you have $200 more in account on 1st of month than you had on 1st of previous month.
Also.. remember the interest rate is yearly.. so if you had $1000 in the account for one year and never changed it.. you would earn 35 total, and this is calculated Daily. (u prob new this but thought i would share)
I've only seen the condition to increase your account by $200 on the RaboDirect Premium Saver.
I also have an account there. I currently maintain $99k constantly in ING without any problems and loss of bonus.
My understanding is, as long as you have deposited $1000 the month before, you will be getting 3.5% on your balance (up to 100K) everyday. It does not matter if or when you withdraw any or all of your funds - you will still get whatever interest accumulated for the days you have funds in the account.
Thanks i think this is the case will confirm next month.
https://www.ingdirect.com.au/savings/tips-hints-guides/types…
"ING DIRECT's Savings Maximiser is an online savings account which offers a high rate of interest calculated daily and paid monthly"
yes.
Not sure of the ING rate and terms but the 3.5% might be if you do not withdraw any funds for a set period (eg. some banks have 3.5% based on no withdrawals for the month, or 2% if you withdraw some funds)
You will get paid interest though