I need to make a large purchase soon, but it potentially means I could lose out on bonus interest on my ING Savings Maximiser as my overall balance will be lower than the preceding calendar month. I think there's a way around it by transferring remaining funds to an alternative account but I'm unsure of the optimum procedure and timing.
Any wisdom?
But can't the T&Cs just make an exception this one time? There's $15 in monthly interest on the line!
Just make sure that by the end of the month, the balance of the Mavings Maximiser is high than what it was at the end of last month. (…and 5+ purchases with your card, and $1000+ deposit into any account)
dont withdrawl
Just open a 2nd Savings Maximiser account then nominate it for bonus interest next month. Deposit 1 cent this month then on 1st May transfer the balance of Savings 1 to Savings 2.
ingenious
invest in correct spelling
losing
not loosing
Didn't know ozbargain was actually a grammar correcting platform. Bonus service by the grammar police that feel pained by strangers incorrect spelling.
So no suggestion, just trying to be humourous and highlighting an error by OP?
If you use Paypal Pay in Four https://www.paypal.com/au/webapps/mpp/paypal-payin4
to make the Large purchase, you will draw down (initially) 25% (as opposed to 100%) to make your purchase followed by three equal amounts.
If that keeps you above the preceding months balance then it gets you your purchase and may keep your balance high enough to keep your interest.
Not financial advice, just an idea.
Obviously you need to keep the funds available to satisfy the subsequent payments that would be drawn down when due.
How much interest would you be losing?
$3.20
Loose change.
Is that you, JV? haha
pay day loans
buy now pay later
bikies
take personal loan out
sell a kidney
steal
freinds/family
get another job
better planning, month ir year in advance, have another account just for saving for big purchases.
I would say you'd have to grow your balance by the end of the month to get the bonus interest.
Who knows though, maybe you can call ING and beg them to let you off just for this one time.
you make a new account with another bank where you can bank higher interest that time after withdrawl
RTFM!!!
The app actually tells you all you need to know!
because the app will tell you about loopholes
I do it with 3 savings maximiser accounts:
Month 1:
* Transfer / have money into Account A, which is earning bonus interest
* Nominate Account B for bonus interest in next month
Month 2:
* Start of month: Transfer money from Account A to Account B
* Nominate Account C for bonus interest in next month
Month 3:
* Start of month: Transfer money to Account C
* Nominate Account A for bonus interest in next month
Why not just two accounts? Just use account A in month 3.
Account A starts month 2 with your savings (eg. $100k) - in order for it to be eligible for bonus interest in month 3, you would need to grow that number - which is what we are trying to avoid.
I did miss a step above (can't edit it now) which is to transfer $1 to the account you nominate for bonus interest (so it's balance grows from $0 to $1 before the next month starts).
Thank you very much for the tip.
I followed your strategy and opened more accounts. However I couldn't find where to "nominate" an account for next week.
Can you please elaborate it?
Many thanks.
@littlepcat: I think you have to do it through the ING website - it's not available through the mobile app for some reason.
This is how I do it:
Thank you very much for your tip. Now I can maximise the interests.
If you open a new ING bank account at the start of the month, and do 5 debit card transactions, don't you get bonus interest on that account in that month (since it doesn't have a history of increased balance from the previous month)? Can someone please confirm?
I guess that it would work if it’s your first Maximiser account, but if second (or third), then you’d have to nominate it to have the bonus interest in the next month.
Sign up to Ubank, and send all the money there, then close ING
You can do it with 2 ING accounts. This is what I've just done and will use what I did as the example.
Open a new ING savings account, chuck in $1 (did this in May)
Keep using your existing savings account so that you still get the bonus for this month, but nominate the other one for future.
Qualify for the bonus rate (for your new savings account) with your everyday account - $1k deposit, 5x transactions.
In the new month transfer your leftover savings into the new savings account after using what you need (received the bonus interest on my original savings account today, now leftover funds sitting in new account which has qualified for bonus interest from June, due to meeting criteria in May)
Probably just follow T&C's to keep your bonus interest.