The madness continues… ING have upped their savings interest and beaten the latest UBank announcement.
See bargainsgrabber's comment for the announcement from ING Facebook.
Savings Maximiser 3.10% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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lars06 on 04/08/2022 - 18:15 ing.com.au (3606 clicks)
Last edited 12/09/2022 - 11:59 by 2 other users
Last edited 12/09/2022 - 11:59 by 2 other users
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Virgin money have really missed out after adding so many strings, good to see uBank and ING leading the way.
ING have too many strings too
Yup, just switched from ING to Ubank because of all their hoops. Used to be the best, still are worth considering if you can guarantee that you'll meet the criteria every month and have a balance of less then $100k.
Yes I’m done with them
Me too- not a caring bank…had Covid & missed the final 5th transaction = no bonus interest but they had my money for the full month.. BS. Do not really want to learn another bank system but hate their approach
@corrocoat: Did you contact them as I have in the past and they paid me the interest for that month as a goodwill gesture?
They've been missing out since day 1 by having a sh*77y app only solution that's regularly down for maintenance as their prime business model.
Saves me from having to open an account with uBank
ING breathes a sigh of relief
Hoping for clarification - ING bonus rate only applies the month after you meet the criteria, right? So the real comparison is with UBank's 2.85% rate on 1 September, which is a difference of $250 a year on $100k which is only 70c a day?
What? I will recieve 3.1% on my balance at the end of this month.
Yes the difference on 100k should be $250 over a year.
I guess that's true for existing customers who met the criteria last month. I was thinking in terms of people who switch now.
@UnrealMacaw: New customers automatically get the criteria met for both the first (remaining of) and second month.
Ubank will catch up again soon enough. Plus make one mistake with ING one month and you're worse off.
I hope this trend continues. Years ago rates kept going up and up until I think I was about to hit 8 or 8.5% with someone… Elders Rural maybe(!?) before they all started falling.
I remember when they were 17%.
Ubank will catch up again soon enough
2.85% is already Ubank's increased rate…
I had a term deposit with ANZ around 2008 and the rate was 8.??. I didn't know much about savings and investing back then, wish I had taken more advantage of that high rate!
I was still in School so I didn't have a lot of savings back then. I didn't finish uni until 2016 so I have only ever had a decent savings amount in a low interest environment.
@Mr Haj: I was 26 and had been working full time for 10 years with a couple of years gap in between for travelling.
@onetwothreefour: Oh well I'm sure that paid for some amazing experiences. You can save your money now :)
They were one of the first to release their increased rate. So they won't be catching up anytime soon unless they decide to go with another announcement to try and beat their competitors.
It’s crazy in hindsight how negative some of the comments on that post were.
That guy in 2014 holding a 8% TD account….
Ignorance is #bliss
Getting the best rate at ING involves too many annoying hurdles these days. I’m sticking with UBank.
Agree.
I'm happy to jump through the hoops to get the higher rate
It’s as easy simple as buying 5x $1 Amazon gift cards
I make 5x 1c transactions at Woolies self-serve.
@dtorr: I do this as well, I had a rep that came up to me and said "is your payment working ok?" and im like "oh yes, I just need to put through 5 transactions on this card to get bonus interest" lololol
@hasher22: This rep is very polite. I was at my local Coles self checkout. Self checkout lady called manager over and I got a tap on my shoulder and was asked what I have been doing. I explained that I needed to use my debit card 5 times and manager apologized. But a few Coles employees whispered among themselves. In the end I printed the receipt and it was so long that I wished I didn't print it.
@hasher22: i do 25 over 5 cards, on 27th of the month. I swear the woolies lady wants to call the cops.
best thing is the length of the receipt.
@VerticallyIntegrated: You'll know once you start doing weirdest stuff like me when I get drunk.
But here's one for ya. (Dont expect to be actually physically getting anything)
Put this item number on a barcode generator (if you cannot then you'll need to get a staff member to enter that item number)2100001044688
try going to store (woolworths) and scan the barcode generated by this item number.
If I am not wrong it should come up as 1 cent item. (Something which kinda sellls for like at least 10 x that price easily).
Let me know how ya went out.
@VerticallyIntegrated: You can buy something for any price then 'part pay' with card - 1c X 5. Then pay the balance on an airmiles earning card.
not that simple or easy
need to do this every month
then need to know what spend $5 amazon on every month.that is a a lot of work/effort for most people
@pinkybrain: I have to do this sort of thing for a few accounts per month, it is a pain, but worth it. Yes, I just do 5 x 1c payments when I do my shopping at Coles at the beginning of the month to get it out of the way. Coles and Woolies allow split payments
@souths123: BTW you can even do them at the end of the month (bank transaction will take at least 1 business day to settle). So this one should count towards the next month
@pinkybrain: I dont understand why people find it hard?
transfer $40 when you get paid, use the ING card 5 times for coffee through the month. Done..
@Moses: You don't get it, people don't get paid, and they never buy anything at all.
They never need to buy coffee, never eat out, never go to coles/woolies, therefore the 5 transaction is impossible
Seriously, Google/Apple/Samsung pay is the norm these days, you simply change the default card for a couple of days and job done.
There was a guy last month complaining how during covid he was getting stuff delivered so he didn't have the chance to tap his ING card. But why didn't he just shop online with the ING card??? I guess the mystery can never be solved.
@dyziplen: Wait, so if I have my ING card linked to my google pay and use that to tap pay it doesn't count?
No 5 card transactions is not hard, The most difficult one in my opinion is the
INCREASE YOUR SAVINGS (so at end of month its higher than end of last month).for 5 card transactions honestly just do 5 x $1 Zip/Bundl transactions to your card (its a lot lot easier, and involves less fiddlying physically instore or annoying physical person).
@USER DC: You're right, the monthly deposit is no problem, and the 5 transactions are easy enough to manage, but losing hundreds in interest for a month because I had a large expense and the savings balance didn’t increase drove me away from ING to UBank.
@USER DC: Keep a buffer amount elsewhere at a lower rate.
Or transfer buffer amount out and back in at end of month.
Personally I just transfer 5k out on the last day of month and in again on the 1st. Lose one days of interest on the 5k. So with the pay coming in etc, got at least 5k for unexpected expenditures. Used to keep the 5k at UP when they had decent rates, thought about getting ubank but never got around to it. So am just doing the transfer out/in thing.
@dyziplen: So does the balance of the next month have to be higher than day 30 of the previous month or day one of the previous month?
If Balance on 1 July was $1000 and it grew to $1200 by 31 July, what does it need to be on 30 August to exceed the previous month?
Sorry for noob question but uncertainty over this question is what has prevented me from launching
@Lunarboogie: Last day of month needs to be greater than first day of month (including last month's interest.)
@pinkybrain: I send them to another Paypal account, in this case, my son's, and let him keep the 20c. Has worked for 12 months. very quick and easy. Better than doing it in Colesworth and getting funny looks or worse.
Credit Bluesky.
@Yola: How do 1c PayPal transactions meet the "settled card transactions" criteria for ING? Or am I missing something here? :-)
@KangaDrew: The payment to the other Paypal account is made using the ING card not from the account.
I am fine with the hoops they take me a couple of min at the start of the month. And the grow your balance hoop has an easy workaround. I'm surprised nobody seems to complain about the unchangeable $1000 daily osko limit that is the worst thing about ING.
Strongly agree. The $1000 Osko limit is one of ING's biggest disadvantages.
Can this be worked around by apps such as Beem? This is how I predominantly transfer between my Osko active bank account and my exceptionally slow transfer account.
I hear this a lot, but it's really not much if you're using them already as your everyday banking account, and the app makes it very clear if you've qualified or not for the bonus rates. But I guess if people don't want to swap to another bank its a bit more of a hassle
Very true, I guess it's alright if ING is your primary bank, but to sign up just to take advantage of the special rates is a lot steps.
… you’re correct … ING limitations !!! … targeted !!!
UBank the way to go !!!They are Dutch.
You have to work for your money.
Worth it.I can tolerate the $1000 deposit. I can tolerate the 5 x transactions. But I hate the balance must be larger than previous month requirement. Sorry, I had bills come in, and now I don't get interest on ANY of the money in the account?!
Sorry, I had bills come in,
The idea of a savings account is to save money, not transact with it.
And yeah I get they they want you to transact 5x a month, but it's not hard to have a transaction account for all your bills and a savings account for maximising interest. As everyone else has said, simply do 5 tiny paypal transactions at the start of each month and you're done.You can have a savings account and not transact with it, but still have your car break down and have to dip into savings…?
You're not exactly maximising interest if you can't put all your money into the savings account.
Finally thanks ING
up to 100k - what a waste of time
Ok Mr moneybags
lol, waste of time? just on that $100k that is $3100 p.a. now.
You'll get only half of that after tax though.
I don't pay tax lol…I'm a "homemaker" hahaha
$1,500 for ‘free’ is still nice
@steve84: unavoidable no matter what you do. atleast if your wise with who you give your savings you can make the most out of the situation
@OzBerghainer: I don’t disagree, let’s just be real that we have negative real interest rates and wages right now
At current inflation rate you’re losing $4500 PA for “free”
Depends on what you spend it on…
@hotdog85: It is definitely nice but we should get more after the millions bank make using our hard earned money.
With a 100k balance, you can make this amount in 5-10 min trading crypto.
And lose it just as quick…
What's "Madness" about it? this is just return to more normal rates
FREE MONEY!
Yay, they will give you 3% LESS THAN the inflation rate (CPI)… meaning you're losing time-effectively going backwards whilst they loan it out to someone who pays them more …. not so "free" now, is it!?
What’s the rate above $100k? That’s like 1/3rd of a Sydney home deposit
Extremely competitive
you have accounts with other institutions as well, and get the best rates on those as well.
Taken from this Facebook post by ING