ING bonus interest rate - work around

Donaldhump on 27/02/2021 - 11:16
Last edited 27/02/2021 - 11:33

As we all (should) know ing has introduced a new requirement to increase your linked "savings maximiser" by month end in order to get the bonus interest.

For those (inc myself) whose account balance is quite volatile, i.e. won't always increase as outgoings are sometimes more than the ingoings, is this a valid work around (i don't see why not).

i.e. current balance is 50k

on the 2nd last day of each month make the savings maximser $1 more than the previous month, or for march 29th (maybe should do this feb 27th) make it $1 by moving temporarily everything else to the savings account (with attached debit card). Hold onto your debit card for dear life.

on the following 1st move it all back into the savings maximiser, leaving only a bit for your needs.

repeat.

this rule they have put in place seems to be pointless if the above can be done, and ozbargainers stick to this method.

thoughts?

Poll Options

  • 1
    this method is good
  • 3
    this method is flawed
  • 14
    cant be assed
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Comments

  • markalex123 on 27/02/2021 - 11:55

    Doing this you lose a day of interest each month on the full month. Why not take out enough to leave $45,000 in high interest account in month 1 and just go up by $1 each month. Problem is it’s likely that we’ll forget once in a while and lose a whole heap of interest. Mind you with current interest rates it’s not really a heap of interest.

    I’m currently looking for another bank. UBank looks good. Less conditions.

    • Donaldhump on 27/02/2021 - 12:11

      each day is .003% or $1.84 on 50k. just the loss i must incur. i can't take out enough, as one month i may need 5k out of the blue. its a hard account to manage with bills.

      the ubank one would be worse off even after incurring a 3 day loss every month. 27 of 30 days on 1.35% is 1.215%. ubank is 1.1% (i believe)

      i actually have already stuffed next month up as havent done 5 settled pay waves (i just did 5 but likely stay pending till monday), so im pumping out to macqaurie for the whole month. prob should use ubank but that is a trailing month too.. so bloody hard now

  • Meho2026 on 27/02/2021 - 12:44

    Thats what Im going to do. Empty the account today, transfer it into a different savings max account.
    Then put the money back on the 1st, at the end of March, leave 1 cent in the account and repeat.

    • Donaldhump on 27/02/2021 - 13:01

      do you know how to achieve 5 instant purchases. i just ried at supermarket and guess they are still pending. i did 5 using paywave and 5 using insert and pin

  • bongom on 27/02/2021 - 13:25

    My understanding is that as soon as you make a withdrawal from the Savings Maximiser you will lose bonus interest for the current month?

    • Donaldhump on 27/02/2021 - 13:41

      source?

      • bongom on 27/02/2021 - 13:51

        Just reread the T&C's below so my statement above is probably incorrect.
        - in addition to the Current Eligibility Criteria, from 1 March 2021 you must also ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month.

        So the above methodology may work but you will have to remember every month to move the money out on the 2nd last day?

        My solution is to use a CUA savings account with less interest as the account I can withdrawal from while leaving the bulk in the ING Savings Maximiser.
        If I need to access the Savings Maximiser then I will move it all to the CUA on the 1st of the month and start again with the Savings Maximiser the following month?

  • CyberMurning on 27/02/2021 - 14:09

    I'm going to move mine next week to Macquarie, got promo rate for 4 months. Then think about next step later

    • Donaldhump on 27/02/2021 - 14:12

      yeh that got scrapped to .95 sorry to break bad news

      • CyberMurning on 27/02/2021 - 14:25

        Nope I just opened the account 2 days ago so still got 1.35

        • Donaldhump on 27/02/2021 - 15:03

          its a variable rate?!
          i opened mine 7 days ago, login and check the rate

          if i am wrong that is good

          • CyberMurning on 27/02/2021 - 15:19

            @Donaldhump: yeah just login you can see what rate you are getting. dont know vari/not

            • Donaldhump on 27/02/2021 - 15:23

              @CyberMurning: yeh mine says this

              Stepped variable interest rates
              Rate on your first $249,999.990.95%
              Rate on balance between $250,000.00 - $999,999.990.7%
              Rate on balance above $1,000,000.000.7%

              you may be lucky

              • CyberMurning on 27/02/2021 - 15:35

                @Donaldhump: huh ? mine
                Rate on your first $249,999.991.35%
                Rate on balance between $250,000.00 - $250,000.00 1.35%

                if you open 7 days ago you should be the same as mine

                • Donaldhump on 27/02/2021 - 15:45

                  @CyberMurning: whats funny is I have 2 of those macqaurie saver accounts, one is .95, and one is 1.35, so ill just move it over.

                  sweet

                  • CyberMurning on 27/02/2021 - 15:47

                    @Donaldhump: yeah just move everythign to MQ for 4 months we sit monitor what are people say/done/trick/way around/tips with their ING dont take risk

  • Magic Mirror on 27/02/2021 - 15:16

    on the 2nd last day of each month

    You should do it on the last day of the month, not the 2nd last. You lose 2 days' interest if you do it on the 2nd last day (Feb: 27th+28th, Mar: 30th+31st).

    Also if the last day of the month is a weekday, you could move it to another bank like UBank. Do it early enough and it'll arrive the same day. Then you'd still get some interest for that day.

    • Donaldhump on 27/02/2021 - 15:25

      good point, just leaving some leeway.
      i just smashed all mine into selfwealth, shit might get real in stocks next month

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