Just read an email from ING having following message. I am angry. Will need to find a new bank with lesser onerous conditions and move my business.
What do you guys think?
Get the highest variable rate
To earn our highest variable savings rate on your Savings Maximiser – currently 2.80% p.a. – every month you’ll need to deposit your pay of $1,000 or more and from March 2018 also make five or more card purchases each month. Available on one account on balances up to $100,000.
It looks like the ING 5-transaction requirement can be satisfied by making BPAY payments, in which case it should be okay to make 5 BPAY payments to a Ubank account. Can anyone confirm?
From their T&C, sounds like BPAY payments do not count.
Card purchases includes in store credit or EFTPOS purchases, online purchases, regular card payments, payWave, Apple Pay, and Android Pay transactions made with an Orange Everyday Visa card, Orange One or Orange One Platinum Visa card or Nil Interest Visa card provided with an eligible ING home loan. Card purchases made in store or online this current calendar month which settle next calendar month do not count towards the 5 card purchases needed this current calendar month.
Ah, thanks
Anyone work at ING know how they count cashout along with eftpos purchase at the same time?
Also, are split payments via paywave counted?
I wonder if there is something different about how it appears.
Could it be that you get 20c cashback if you do eftpos payment over $200 automatically? I am not sure, because I haven't done it myself.
It's funny how inferior (in this case) ING is when you compare what they're asking (5 card transactions + $1000 deposit a month for 2.8% interest) with:
ME Bank (4 paywaves a month for 2.85%)
UBank ($200 deposit a month for 2.87%)
RAMS ($200 deposit a month + no withdraws for 3.00%)
How far the once mighty ING has fallen. I reminisce about the old ING days of 5% rebates and boasting the highest interest rates of all the competition. Indeed, I remember them fondly the same way I remember my comrades and our brotherly bonds back in 'Nam. They're not coming back no matter how hard I wish for it.
You left out AMP Bett3r: 3% for $2000 monthly deposit, with no spend requirements or withdrawal limitations
It's what happens when they attract more and more customers, they don't have to be as competitive.
Yes, I think it is precisely this … early on, they want people to sign up. Last 1-2 years, lots of people signed up. In last year's OzB poll, ING was by far the most popular choice. So now, they are probably trying to cull the customers they deem as not that profitable.
Just got an email from ING, these conditions are not applicable to homeloan customers.
No.
I don't believe that is correct. Are you confusing this with fee free international transactions?
ING homeloan customers get fee free international transactions when using their orange everyday card. Irrespective of whether they do 5 transactions per month of not.
HOWEVER, to get the bonus savings rate on the savings maximiser you DO NEED TO DO 5x transactions per month (+ deposit $1K) using the orange everyday card.
I asked and this was confirmed on twitter.
The email you refer to which i also received on the 14th of March mentioned nothing about the savings account.
No, I was not confusing, and I don't care about the saving maximiser account as I am a home loan customer and all the money is sitting in the offset account.
Here is the email:
We're writing to let you know that we're introducing extra account features through your Orange Everyday that you need to be aware of. For as long as you hold an ING home loan with Orange Everyday you won't need to take any further steps to access these extra account features.
Starting 9 March 2018, in addition to free ATMs around Australia, you will now also have ATM fees rebated worldwide within 5 business days. Plus ING will also rebate our international transaction fee when you shop online and overseas.
For any questions, please contact 133 464.
Your response was directly to the OP’s post about the savings maximiser.
The OP made no mention of overseas transactions in their initial post. Someone reading this thread would read into your post that as an ING home owner they don’t Need to make 5x card transactions per month to get the bonus rate on their savings maximiser.
That would be incorrect.
To get the 5 transactions, can I simply pay 1$ on my mobile phone bill or energy bill. That account will go in to credit but that is fine by me.
As long as you use it as a visa card instead of entering your bank details for a direct debit then it counts.
I have made 5 payments of $1 each onto my citylink account which I use everyday anyway.
MeBank interest rate is now 1.30% plus 1.55% bonus = 2.85%