Just got this email from ING stating:
from 1 March 2021 we'll be introducing one new additional requirement that you'll need to be aware of, and it's that your savings need to grow each month.
For me this is the last straw and i’ll be ditching these tools who have progressively made their account worse and worse over the years.
Any recommendations on who is now best these days?
Yes, it is.
(profanity) sake. I don't use the savings accounts but looks like ill have to put a dollar in it each month just for the ATM rebates. Ridiculous
Check out Macquarie, they have unconditional domestic ATM rebates.
Not sure how long that will last
Actually, reading the terms again, it might only apply to the bonus interest on the saving maximiser, so if you can't 'grow' your savings one month, it won't affect your ATM rebate.
CBA and ANZ ATMs don't charge fees for any cards anyway. I'm sure there are others too.
ING rebates is probably talking about international ATM rebates, which AFAIK is ING only. Many others wont charge ATM fees for using the card, but make you choose specific ATM branches or otherwise won't pay back the charges given by the ATM operator.
The rebates on international ATM withdrawals are indeed great, and I loved the feature while traveling. I don't miss it right now (who does?), but by late next year we'll be doing a lot of international travel again.
What ING's changes mean is I'll keep less money in ING as it's not worth using the card as my main debit card. I'll leave the card dormant and increase the balance every month plus run through 5 almost worthless transactions at a self service checkout.
@ATangk: Even easier is to use the Beem It app. Just send 5 small amounts to a friend or family member who also has the app and then have them send it back to you. My wife and I both have ING accounts which makes it a very simple and quick process.
@wombat1955: Why do you need two people? Just send it to your own account (another bank or another type within ING).
@virhlpool: In my case, it's the simplest way for both of us to meet requirements, but yes, you can set it up between two of your own accounts.
but by late next year we'll be doing a lot of international travel again.
I would love to as well, but I can't say this as confidently as you as it will depend on a lot of factors beyond the vaccine progress across various countries and its effectiveness itself. Who knows what will be the situation with borders, air tickets and so on then! Too hard to predict when most of the world can't predict even the next month very well.
No, it doesnt say that. Only for the savings maximiser section is there any listed bonus for the interest rate. The first 2 for transaction fees and atm fees only have the 2 standard stipulations.
The guys at whirlpool have a nice graph showing a bunch of different savings accounts. A whole list of options.
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
I have been an ING Direct (now just ING) customer for around 20 years. Their products were once market leaders, but over the years have progressively become worse and worse. We already had the 5 transaction/$1000 deposit requirement. Now we need to increase the balance too. What's next? Requiring those 5 transactions to be at least $100 each?
OP make a poll.
One of the options must be "I asked ING to motivate me into saving more by adding more conditions". Might end up being a silent majority…
Just saw the email.
Seems like 100% of ING customers lose.
At some point you want to use your savings, even if its just buying something small like a Microwave.
Buying a $300 microwave means you lose a decent amount of money from lost interest, for example the microwave now costs $350 if you normally earn $51 interest.
I cannot believe that in this day and age some banks STILL put a minimum deposit on their savings accounts. What a load of crap
My partner and I have about 100k in our ING, but have just created a Westpac 3% account for under 30's up to 30k. If we move 30k into our westpac account, I understand that we would lose the interest for that month, but for the next month would we just need to increase the remaining balance of 70k?
Your interest is calculated daily, paid monthly so you won't be losing any interest you have earned for the days money is in that account for the month.
Can you not make seperate accounts and have 60k at Westpac with the balance to ING?
We could, but she gets a bit flustered with anything finance related. I guess she could open it up and I could do it for her too. She’s just turned 29 and i’m turning 27, so she’d only benefit from a year’s worth but I guess it’s still a decent amount of interest.
It doesnt start until next year march, move it all before then.
Can't you just create a 30k account each and then you can have 60k at that interest rate
You've got until 1 March, whatever that means. Just do it ASAP.
What other banks cover international transaction/coversion fees and fefund ATM fees from non bank ATMs?
ING is pretty good with this.
Agree, I think the best option for a lot of people is to just use it as a transactions account and put savings somewhere else like uBank
Yeah, it costs nothing to keep an extra card, and with PayID we control the shots. With Covid I ain't withdrawing from a foreign ATM any time soon. But when I do, assuming it's even a feature when the time comes, I'll be pulling out $5 equivalent at a time from Thai ATMs, which will cost them about $10 a pop. Then I'll send them a screenshot with an explanation of my intent, which was to pay back the motivation they gave me to save a little harder and I'll be there, clapping from the sidelines.
/r/pettyrevenge
With Covid I ain't withdrawing from a foreign ATM any time soon. But when I do, assuming it's even a feature when the time comes…
I'll write it for them…..
Now that international travel restrictions have been eased, our customers have been asking for motivation to stay home to stay extra safe. So from 1 March 202x we'll no longer be rebating overseas ATM fees. /s
FWIW, I'm moving to Macquarie.
Pretty easy to do if you dont maintain any ATMs yourself.
Macquarie, and there are no deposit requirements to get their features.
Ditched ING years back when they did away with free money on purchases.
Those were the days.
Nowadays Ubank Ultra/Saver seems to do everything I need, currently 1.25% interest
What are savings?
Do we need to start calling them "the big 5" now?
Not sure if they even bother reading their complaints email inbox after thinking this insult to their customers would just fly.
but please write to them anyway, every effort counts - [email protected]
The only saving grace is it's starting next March so my Xmas purchases, rural holiday, rego can be paid off this month without loss of interest. Next year I'll need to deposit $1 in November to ensure I can get it for December
Extract from money mag - best of best 2021
Not mine.
https://m.imgur.com/a/lZL7KmP
🤫
Me no speak Ingliss 😁
Bank deposits will be an utter waste of time in terms of "earning" money for years to come.
Interest rates on savings will never go back up again. Australian banks have a licence to print as much fiat they need to keep operating. If that doesn't work then they will ask the federal government to give them a "loan" at the taxpayer's expense.
and here we are
This aged well
Will be switching back to UBank, while still keep ING for its overseas ATM benefits (not that it matters atm really, due to no overseas travels)
Whats the requirement?
Did you actually read the description?
re-read now…LOL wtf
so is this going ahead?
let me clarify:
i have automatic salary deposit for say $3,000 every 2 weeks (ie $6k incoming/increasing every month), but if one day i decided to buy a gold watch for $10,000 then bad luck that month i will NOT get bonus interest ?
what a scumbag…….
That's exactly right.
Also, once you hit 100k, you don't get any extra, but still have to increase your monthly savings to get that interest on 100k.
Spend on a big ticket item and you get nothing.
yep i’ve switched to macquarie
I like my ING account, though on the fence about whether or not to cancel it as overseas travel won't happen anytime soon.
No fees so you cant just let the account sit there, then the month prior to travel, do the $1k + 5 transactions
dont cancel just leave $0.01 in there to tell them gtfo
looks like it is going to be macquarie for me. the growth requirement is the thing that has finally made me part ways with ing.
So, I was thinking about having there say $10000.00 on the last business day of February (26th). Then they credit interest there (say $20.00) on February 28th. You have $10020.00 at the end of Feb. Then you live your March life, balance goes down and up and down and on the EOB of the 31st of March you need to have at least $10020.01 there to meet this requirement, right? So, why not just send money from your other interest account a few days prior to making sure you have it? Yes, quite a bit of additional effort, but current UBank/ING difference in rates is 0.25%. Need some opinion on this scheme, please.
yes the problem is, what if one day you need to spend big expenses that will decrease the balance for that month compare with previous month (and yes you dont have that much money on the other account to top up otherwise just use money from that other account)
Yeah, this is f***d. I reckon Macquarie and/or UBank then until ING realises how much capital they lose just from Ozbargain people exodus…
and also your theory, whats the point to separate money into 2 banks/accounts and transfer bit by bit every month to ing to fulfil the growing requirement?
yes you get high interest at ing but how about the other money at the other bank?
if the other bank also has high interest then why not just use that bank?
@CyberMurning: Because ING currently has 1.35%, whereas any other (including UBank) without promotional 4 months - 1.1%
rates is 0.25%.
That is a lot of work for a measly 0.25% APY.
Opened a Macquarie Bank account today
The online process was pretty quick, and was able to transfer $1k in today (the rest will be in 1-2 business days)
I've had my ING for many years, but it's time to move the money out and let it go dormant.
Anyone else sitting on the sidelines, just do it.
I did the same too. The app is pretty decent.
Did the same thing today. Looks like you can have multiple savings accounts too that all get the bonus intro rate.
does it allows direct debit from AGL or telstra bill or to pay credit card for example ?
So Barefoot Investor email today:
ING Makes Life Difficult
Hi Scott,
Today I received an email from ING (I am sure you did too) saying that in March 2021 there would be an extra criterion to meet to get the best interest rates for the Savings Maximiser — at the end of the month your balance has to be more than what it was at the start of the month.
What annoyed me was that it was framed as a great opportunity for customers to save, even though it is clear the bank wants to make more money and pay less interest! I called ING to give my feedback and was told it is what all the banks are doing. Is that true?
Full disclosure: I am someone who will be disadvantaged by this for a time as I will be going on maternity leave. We have saved hard into our ‘Fire Extinguisher’ account to cover the period I won’t be working. We won’t be able to save more during this time, meaning we won’t qualify for the best interest rate. Maybe I am getting more worked up over this than I need to be, but I would appreciate your perspective!
Bec
Hi Bec,
This move by ING reminds me of a girl I once dated at uni.
When we began dating, things were simple, open and transparent.
Yet it got way more complicated as time went by …
“Are you going to the pub to avoid me?”
“Don’t you dare pat my cat like that.”
And my favourite: “What do you mean when you say ‘good morning’?”
In the end, there were so many emotional hoops to jump through, it all became too freaking hard.
ING is fast becoming like my ex-girlfriend.
I was attracted to them because of the simplicity: they paid a leading interest rate, with no fees.
Unlike other offerings, they didn’t play those teaser rate and ‘bait and switch’ games.
Well, until now.
Their marketing guys have obviously decided they’ve got enough customers, so from March 1 they can afford to burn off a few, and trust the majority will stick.
So, Bec, I called up ING and spoke to them on your behalf.
They told me they plan on paying a higher rate of interest than they are now (though they wouldn’t confirm how much it would be).
They also said, “You know, Scott, technically you could transfer a single dollar and still get the interest”.
Yet that just gave me flashbacks to my uni dating days.
I mean, why make us jump through hoops? We’re already going steady!
So, Bec, what to do?
Well, many people may be better off with ING’s higher rate. But in your situation you’re probably better off with UBank, Up, or even ME Bank, who don’t (yet) play these silly games.
He does go on. I’m wondering about the even higher interest rate they’re planning on paying.. (they’re already paying the highest).
It's 1.5%.
They sent a survey to ask if THAT rate would make me recommend ING to people.
If THAT rate would encourage me to stay with ING.
If THAT rate would blah blah blah… etc
Basically told them they can take their rate and shove it where it don't shine. The problem isn't the interest rate.
It's their newest requirement, and how they disguised as a customer request.
all the other competing banks will adjust their rates accordingly
Lots of acquired wealth here! Spread around you commies!
So for a few months you opt to keep cash in everyday as a buffer then transfer $1 per month? Easy work around but annoying…
so i have been thinking 2 options:
open macq account, move say 10% of current ING balance there. change the salary credit to macquarie. every month transfer $1010 to ING from macquarie + make 5
purchases. when there is big expenses more than balance at macq then move everything from ING to macq, keep till end of the month than transfer back 90% to ING.
not sure if easy for people with thousand dollars cash ? also can move back $900 if you like back to macq.
open macq account, move everything there keep $1 in ING just to keep the account open (for the international free fee ATM in the future, this is handy).
any other solutions/ideas ?
My plan at the moment is
I've opened a macquarie savings account and will move around 8K from ING balance to Maxquarie.
I will move my salary to macquarie each week.
At the start of each month, move $1000 to ING everyday account and make 5 beem it transactions. Move $10 to ING savings (to increase monthly balance) and move
the rest back to my macquarie account.
At the end of the month, keep 8k in macquarie savings account and move the rest to ING. Maybe nothing is moved but thats ok.
I think all that should work and if I think I will need more money to spend, I won't move any money to ING at the end of that month.
oh yeah right, move $1000 to orange not maxi so the increment of maxi is only $10 each month (less 5x taps at coles i dont use beem)
yep sounds like a good plan to me.
so, everyone is moving to Macquarie/other by end of this month, or its ok to start moving end of March ?
I read it as by March 1 so end of this month move to Mac is my plan i.e; by end of this week
hmm yes new policy starting 1 March but the effect will be effectively early April, as it will compare 1 april balance and 31 march balance (if increase then you get interest for march)
am i right?
The Email I recieved on the 2nd of Dc 2020 outlines Balance at end of Feb to Balance end of March.
"Secondly, from 1 March 2021, we'll be introducing one new additional requirement to receive our top rate of interest, and it's that your savings need to grow each month. "
So if you grow the balance during March, sure. However the policy begins March 1st
The way I read it is that they will compare the end of Mar balance with the end of Feb balance, to see if it has increased. And the increase must not be due to March's interest, but rather, by the customer growing the net balance by end Mar. This is to determine if you qualify for April's bonus rate.
It is OK to start moving end of March. The new requirement is from 1st March, relevant to the bonus rate for April. The indicator within your Savings account should display that March's bonus rate is already assured (assuming you have already deposited $1K and made 5 transactions this month).
"Getting our highest interest rate?"Yes (1.35 pa%) How about next month? Yes"
As long as the balance is higher accoridng to the email sent on 02/12/2020
You only need the balance to be higher at the end of Mar (compared to end of Feb) if you still want the bonus rate for April. But if you are moving your funds away towards the end of Mar, who cares if you won't get the bonus rate for April?
Oh, that email you are referring to: the graph is illustrating what is meant by growing the balance from end Feb to end Mar. Their assumption is that you are maintaining savings with them in April and therefore want the bonus rate in April.
huh? someone neg you means you were wrong? im confused
As wiipantz said, give ING a call to confirm if you feel uneasy about it. I am pretty confident based on the "How about next month?" bonus indicator in my savings account, and their wording:
Additionally from 1st March 2021, grow your nominated Savings Maximiser balance so that there's more in it at the end of the current month (excluding interest) than there was at the end of the previous month. Then the following calendar month, this rate's yours. 1.35%p.a
To me, negs don’t mean much.
yeah i thought so. to get bonus highest interest in march we just need to do the old way, therefore stay with ing in march is fine, till 4th week of march
Did they update any info since sending that communication in Early December with Clear outlines of months and graphs?
Banks don't need your money. Their hoops are a polite way of telling you.
They make money in residential mortgages, sourced nearly for free from the government. Maintaining an active debt with your bank will be the next 'requirement'.
Given up using ING for savings as soon as they came with stupid 5 transaction requirement. I do many more than 5 online transactions a months but for these guys that doesnt count. Another issue I found was you can't do more than $1000 PayId transfers per day! That's a pretty low limit.
Moved Savings to UBank, it's not perfect but at least no stupid transaction rules. Downside is no payid/Osko payments at all(can receive in to UBank) and bank to bank transactions/BPay can take between 1-3 days(much slower than ING from my experience).
Was thinking of moving savings back to ING and then they came up with this stupid new rule.. I wonder what benefit they see with enforcing this.. essentially they find ways not to pay interest for money which we put in the bank instead of sharing some of the money they earn by investing those savings.. maybe they are really bad at investing it
86 400 is great with instant payments and their savings account is currently offering 1.2%, it may suit your needs.
remove most of your funds out before the end of the month then put it back in right after the 1st day of every month. increment that move out funds by bit smaller amount every time which will continue meet this criteria.
but effort seems too much for the savers point of view
if the interest is 8% pa not too much but for 1.xx yes too much
Okay this is silly but hear me out:
Why not start with 0.01 on the 28th of Feb.
After midnight March 1st put in your $$$.
On 11:50 March 31 transfer all except 0.02
Then after midnight April 1st put in your $$$
why not swap banks
Got one that I can use my card anywhere on earth for free?
Inb4 covid… Some of us had to travel for months still.
This requirement isn't required for the ATM rebates is it?