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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You don’t lose the bonus interest. You just get the bonus for 100K and standard rate on the rest
No. 0.05% for anything over 100k. Open a Ubank or BOQ account for the overflow.
open a second account and swap them every 2 months…..you can have more than one savings max and you nominate the account you want to get the bonus on the next month (on the first day of the month) I have been doing this since this extra criteria started
Is this for ING?
Can you elaborate on this?
Thanksyes, ING allows you to have more than one saver account, but only one can be nominated per month for the bonus, so every 2 months, if you are at the max amount, you need to swap accounts for the bonus. When you nominate the other account, it changes it for the NEXT month. That current month will be the account that was nominated before the change. Make sure any debits set up from the saver is changed over as well. It is a pain, but, oh well. I am prepared to do it every two months.
@souths123: Could you please try to explain the process with example?? Say Saving max 1 has $101,000 and saving max 2 has $100
@bubaebae: if this is on the first day of the month, although you can do it any time in that month….I just like to get all this out of the way at the beg of the month (after interest has been credited). You would go to a drop down box on your maximiser account to edit the account that receives the bonus interest for the next month) you would select the no2 account and then transfer at least $0.01 to it and just leave it. You don't need to do anything else other than make sure you unlock the bonus with the $2000 deposit into any account and 5 x card purchases. so, the next month you would get bonus on no2, and the month after as well (so, first month you've grown it by 0.01, then the next month you have grown it again by the rest of the money), then you have to do it again the following month that you went over the $100k limit on the last day of the month incl interest. rinse and repeat.
@souths123: by switching to max 2 account(with balance of $100) for next 2 months won't I miss out on overall higher interest that I could get on max 1 (with balance of $100k) ? $100K gets me just over $200 in interest. Maybe I didn't understand what you explained.
@bubaebae: the month you switch is for the next month, not immediate, so, you leave the money in the account that has already qualified for bonus for that month. You would then transfer your max amount into no 2 that next month when the new rate is going to apply. Your no 1 account would now have minimal amount left in it.
@souths123: Thanks for the explanation.
I'm still getting my head around it, especially with every 2 months.
Do we leave the 100k in acc 1?If we do leave 100k in acc1 and select the benefits to acc 2 with 0.01c balance, doesn't that mean the bonus rate applies to the 0.01c only?
Thanks
@Rollie: see above where I explained it again example, I had to change the bonus to account 2 on the 1st of this month. I have already qualified for bonus for this month for my current account. NEXT month, as long as I have gone through all the other hoops to qualify (which I have) then I would transfer the $99999.xx to the second account. The first month you nominate, you just increase the balance by very small amount, that then increases the account for the month, then when you transfer the max month the next month, it again increases your account balance for the NEXT month…so first one might be $0.20 + $0.01 = $0.21, second month is $0.21 + $99999.xx, or whatever you transfer) and that increases the account balance again more than $0.21
@souths123: Understood now. Wouldn't it make more sense by keeping max 2 with 100K balance and increasing it by $1 each month and moving surplus/leftover funds from max 1 account(since it would only get standard interest of 0.05%) to something like UBank that could get 2.85% (with criteria of only depositing $200 each month) ?
@bubaebae: no, once it goes over the $100k mark with the interest it is done. Don't forget the balance at the end of the month incl any interest added. You could get away with it for a long time if you were on about $95k and didn't add much per month, but eventually even that would go over the $100k mark…might take a while, but if it has to increase each month it will
@souths123: True. 95k takes near to 20 months to reach 100k with 3.10%. I could move the remaining funds from saving max 1 to Ubank that could fetch additional 2.85% instead of 0.05% standard rate with ING
Damn I just moved the money to BOQ, which provide 3%
I take it you have the account for under 35?…they might increase that rate on 1/9 anyway.
BOQ is still good if you want to have multiple savers earning the max interest and you have <50k. ING will only let you have one savings maximiser that earns the max interest.
Over to you BOQ to raise your rates after not raising them in July because the savings rates are "competitive".
they might change it 1/9 like Ubank. Some do during the month and others are pushing it 1st of the following month
Well I’m preparing for the criteria on ING this month just in case BOQ doesn’t. ING is quite competitive for their better app and the international ATM thing.
Yeah I do hope BOQ raise their savings account as well.
I opened one and the criteria isn't too bad. Everything can be automated except for the 5 transactions. The app clearly shows you how many hoops youve gone through and because its all based on previous month you can just transfer your money to somewhere else if you screw it up.
I am an ING Customer. Does anyone know how to get that $100 refferal code?
Wait for a random email.
umm it was 2.8% last month and now its only going up 0.3%? jipped!
what
It's currently 2.6%
If my mortgage is 2% should I be moving money out of my offset and into this?
Depends on your tax bracket. Not financial advice.
Thanks for letting me know it's not financial advice. I'm sure you would have been in hot water if you didn't type that after the 5 words you previously typed.
Can never be too careful ;) Seems one can be too subtle with humour however..guess I spend too much time on fintwit
I think it was general advice Steve hahaha *
So:
- I doubt it’s 2%, that’s a ridiculous rate atm
- you’ll pay tax on the 3%, so depending on your other income, may not be worth it
Not financial advice nor authorised
Could it be that I have had the loan for a while?
Didn't consider the tax bracket when I wrote the comment, cheers.
If you have an offset there is no way your interest rate is 2%
Got 1.89% fixed 100% offset with Adelaide bank. Expires next June or July though.
Bank Australia have 100% offset with fixed rate. Was easy to get 2% last year fixed for 3 years.
Yeah hard to say you might probably come out slightly ahead leaving in offset because you aren't taxed on the offset savings vs being taxed on interest in ing
Mortgage. Mortgage is compound interest. This is simple interest. Not financial advice.
Do you still get $100 referral amount, if you have previously held account and they have been closed for past 2-3 years? I am planning to open a new account.
Not sure give it a try and let us all know what happens. It would be very useful info.
Looks like the $100 offer ended in July end as per the referral mentioned above.
More rate hikes coming
Not many more, down to 0.25% hikes from here I reckon. Max another 1% on the cash rate before they pause or cut
Well I bet you're wrong. Inflation is out of control. 50 points next couple of months. Current rates not even close to slowing it down.
We’ll see. I think short term inflation is near a peak, and central banks will switch focus to the economy, higher unemployment and forthcoming recession towards the end of this year. That gives us another 2-3 months of rate rises before it stops. Maybe 1x more 50bps then 2x 25bps. Max. 1%
what about term deposits ?
Just dump it in your offset ffs
Not everyone has a mortgage
Yeah, everyone I know personally who's using these bonus interest accounts (including myself) are using them for saving their deposit.
Some people own their own home outright, have maxed out their Super for tax-free investments, and need to have liquid funds.
So how much am I getting per month if there’s full 100k in it?
Around $258
Around $258
$258.333333333
It is not madness. This is what we should have been given from the start. The banks use our money to make millions and what were we given? 0.05%? Its time we were paid our fair share. 3% is still bloody less.
This is what we should have been given from the start.
Because a business should run its margins based purely on what some random guy on the internet thinks they should be…
Does ING offer any home loans where they only charge interest on the first 100K ?
And if your house isn’t more expensive at the end of the month than at the beginning, you pay no interest that month
Lol, love this one
Bargains on Nasdaq, you could beat this in a day
If your pay goes into your personal account, does it count towards your “external source” for your savings maximiser if it’s a joint account? Same question for the 5 transactions, can I use my personal account card? Cheers.
Yes your pay counts, I make 5X1 cent transactions on one of my joint account cards and it activates the bonus on the two savings accounts we have.
Do you get a notification it’s active for the month?
I only use the app but it tracks the progress and tells you when your getting the bonus. When completed, it activates the bonus interest for the following month.
What do you buy for 1c, can't find anything on ebay etc thats easy
split payments at Coles self service x 5 transactions
I’m waiting for Citibank to increase their rates. I’m leaving all my money there
Dont you also have to ensure your savings increases each month?
So if for any reason you withdraw a chunk of money in a particular month and your deposits dont cover it + $0.01, you lose out on all that fabulous interest.
Yes lose it for the next month. So if that happens you should withdraw all the funds to another bank on the 1st of the next month.
westpac next?
This is terrible. Do not answer the phone if an unknown number, The person whose call she was waiting for would have started to leave a message and she could have answered then. Scammers do not leave messages they do not want to give you a chance to check out the number they are calling from. Speaking as a Boomer.
Getting more sophisticated by the day.
Surprise the unusual debit pattern was not picked up and account suspended.
Nice to have both savings banks 😷
Just have a question about ING compared to UBank. ING gives interest up to $100k and Ubank up to $250k if I am correct (plus less hoops to jump through). So if I had $100k in ING or $250k in Ubank which would be better or earn more interest?. I am just a bit sceptical with banks, but does it mean I will earn 1.5x more in Ubank than ING if I had $250k in each?. As an example if I had 150k in ING would I get more if I transferred to UBank?. Thanks.
If you think of it a each individual cent earns its own interest it might make more sense.
1k in ing you earn you $31 a year vs 1k earning $28.5 a year in ubank.
If you had 150k you wanted to earn interest on you would be better off have 100k in ing and 50k in ubank to maximise what you earn in interest.
Not a financial adviser, take your own circumstances into account etc…
Me and my partner both have ING but we need a 3rd savings account with bonus interest rates similar to ING - Should we go for UBank or Macquarie bank ? Please advise
Pick the one with a higher number?
If you haven't got a Macq account already that would be the one to go with right now for the next 4 months probably less I'm sure things will change again before then.
Unless you a worried about being locked out of future higher Macq 4 month intro offers, but depending on how much you and your partner trust each other you could do you open one in your name now and their name later to get the offer twice.
congrats on having >200k
Finally my favorite bank is doing move than 3%
What are the deposit and spend requirements?
I'm currently with AMP which has no deposit or spend requirements and can withdraw the interest earned without any penalties
Is AMP has currently 2.6% with $250 deposit every month?
Oh yes sorry, $250 deposit correct
But can withdraw without any penalties and balance does not need to increase from previous month
no thanks, I dont like ING approach, it's like set you up for a failure. One day that can happen, for saving < 100k, too much work for me.
How do I remove my payid, as I might want to close the account ?
I don’t want to wait a hour for a phone call to them.
If I close the account and reopen, would I be considered a new customer to get 3.1% as I don’t qualify for the rates this month.
I’m thinking I might have to come back to ing if Citibank doesn’t put the rates up.Does the referral link still work? It says referral promotion expired on 27 July
No referral code expired
Anyone tried to enter the referral code in?
Thoughts on BOQ vs ING? 3% vs 3.1% but with BOQ, you don't need to 'grow your savings' every month. One less hoop to jump through.
Only for under 35yr!
Sad
Hi OP, what if you just put all your money into the term deposit? what can i do
I believe you can submit a withdrawal request and wait for 31 days to have the term deposit account closed (CitiBank / Macquarie Bank). Not sure which bank you are using.
Ing
The terms for ING:
You may withdraw all (but not part) of your deposit before the end of the term. A reduced rate of interest will apply in these circumstances.
For Term Deposits opened or rolled over on or after 31 October 2014, you'll need to give us at least 31 days' advance notice (except in the case of financial support).
Where your Term Deposit is closed early, the funds will be transferred to your nominated linked bank account.
Please call one of our Customer Care Specialists on 133 464 if you would like to request to withdraw your funds before the maturity date.
Hi, wonderful people on the internet:
Do you know where I can find valid referral code that works for this month?
The referral link section on this thread says (at the time I am posting this) "$100 Campaign — Until 31/7/2022" , are these people with code from last month ?
I believe the code won't work for this month if they didn't send you an email that says refer someone before end of this month.Thank you and have a wonderful day :)
Grow the savings each month but if you go over 100,000 lose your bonus interest…. Ughhh