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Savings Maximiser 5.25% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.25% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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puglikesabargain on 05/05/2023 - 14:41 ing.com.au (2128 clicks)
Last edited 09/06/2023 - 18:21 by 1 other user

Breaking news….ING boosts savings account rate to market-leading 5.25% p.a. In usual fashion, ING has responded following Tuesday’s RBA decision, rewarding savers with the full 0.25% cash rate increase, taking its Savings Maximiser account rate to 5.25% p.a. New and existing ING customers are eligible for the new rate of 5.25% p.a. for balances up to $100,000 from 9 May 2023 - in only four days time.

"5.25% p.a. highest variable rate (made up of the standard variable rate and 4.70% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.

  1. Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super and Orange One)
  2. Make 5 or more settled (not pending) eligible ING card purchases
  3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.

The standard variable rate is 0.55% p.a".

Also reported at https://www.savings.com.au/news/ing-may-increase-2023 and https://mozo.com.au/savings-accounts/articles/ing-ups-its-sa….

Now the pressure is on Bank of Queensland/Virgin Money, JudoBank and UBank (NAB) to respond……

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-may-2023 and https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

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closed Comments

  • steve84 on 05/05/2023 - 14:45
    +16

    Bring it👌

    • HeWhoKnows on 06/05/2023 - 19:27
      +9

      Its definitely a good rate but Too many hoops to jump through and far too restricted……
      One miss and you miss out completely……

      The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

      • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One),
      • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
      • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.

      And what happens when your balance exceeds $100K ????
      Anything over $100K earns a whopping 0.55%…WOW!

      And there is a limit of 5/month free ATM withdrawals as well

      There are much better accounts around paying similar interest and for balances up to $700,000
      Just wait a few more days for the rest to catch up…and they will !

      • Igaf on 06/05/2023 - 20:55
        -1

        You don't miss out completely. You miss 1 month's bonus rate, or ~0.38% interest (0.25% after tax). Helps to sharpen your inattention/lazy money mgt I suspect.

        The hoops are only problems if you make them so. For the vast majority chasing high interest they're trifling.

        If you have over 100K you spread your funds. Nice problem to have eh?

        The rare case of someone needing cash more than once a week (who are these people exactly?) is easily solved. You can get cash out at supermarkets.

        According to you there are much better accounts paying "similar" interest for balances up to $700K. What are they? Are you concerned that you'll miss a month's additional interest while they "catch up" or is that only relevant when you want to trash ING's product?

        • HeWhoKnows on 07/05/2023 - 13:59
          +1

          My argument is based on experience and hence stands

          yes if you only need one account/bank and have much less than $100K and pay everything with your card and dont dip into your savings (almost impossible) then ING might suit you. However its highly unlikely this is the scenario with most people and so most will fail to qualify every month. The account is so designed that way.

          Furthermore if you have less than $100K then high interest is not your deciding factor
          And makes very little difference if earning 3.75% or 5.15%.Will only be a few dollars at the end of the year
          And if you miss just one of the qualifying factors then near zero interest for the month

          So in a nutshell if you have lots of money in several bank accounts chasing the highest interest rates ING is not for you.
          As I said there are much better savings accounts (more every month) with relatively passive qualifications which you can set and forget and that suits about 95% of the population. There are much more important things to focus on then making sure you dot all the "i"s and tick all the "t"s every month with ING.

          My neighbour has this account and complains about the maximum 5 free cash withdrawals every month let alone all the other qualification critera. I told him to get out of ING.

          Like I said:. too many hoops to jump through for most people

          • Igaf on 07/05/2023 - 16:53
            +8

            @HeWhoKnows: You obviously have zero experience with this product, otherwise you'd have known about the cash withdrawal options.

            The criteria are clear. If you can't meet them or are too lazy to manage your funds to get the best available interest rate then look elsewhere (eg Ubank) and stop your whining about a product which eminently suits many, including me.

            Anyone capable of depositing $1K a month can spend $999.99 of that deposit and qualify. Even you should be capable of saving that 1c per month I'd expect. Everyone's circumstances differ but knocking a product because of you own particular limitations or situation is childish.

            So in a nutshell if you have lots of money in several bank accounts chasing the highest interest rates ING is not for you.
            Furthermore if you have less than $100K then high interest is not your deciding factor

            These generalisations are precisely why YOU shouldn't be offering financial advice to anyone, let alone "friends". You couldn't be more wrong. Anyone looking for maximum interest will spread their money to get the best possible return after tax, It takes a little effort and some research, which is why many people can't be bothered. Others will, and do, open and close accounts or move their money around in order to maximise returns. If you don't have loans to pay off then ING is currently THE best rate available up to 100K. There are other advantages you know nothing about such as no fees on OS purchases which may or may not apply, hence the need for research and experience.

            Your "friend" deserves better than to be given advice based on ignorance and bias.

        • CommuterPolluter on 08/05/2023 - 00:41
          +7

          I think those hoops being attached a month forward is a bit annoying. I deposited into my BoQ Savings Account instead of the Everyday Account, didn’t make the criteria. It’s now impossible to make the criteria until the following month, so I might as well move all my cash to my Westpac Account for the rest of May to get something on it.

          However, this ING account prevents that by imposing an additional “balance growth” requirement. I’d stick with BoQ or Westpac.

          • daoddv on 08/05/2023 - 12:24
            +3

            @CommuterPolluter: I don’t feel safe with BoQ, there is no account/ password required to access, only sms verification code. I’m with UBank, no need to growth my balance.

          • Igaf on 08/05/2023 - 18:39
            -1

            @CommuterPolluter: Yes annoying for some, very easy for many. Unless I've misunderstood your comment, according to this from squanchy - and previous similar comments - it appears you're misinformed about how the Savings Maximiser works, and hence may be misleading others. I'm waiting in ING confirmation and will post when they reply (probably tomorrow).

            Anyone dealing with large amounts should always make sure they understand ALL rules AND tax implications about any account, and not make presumptions which could be erroneous. Knowing the terms and conditions and fees and benefits of savings, transaction, loan, offset accounts, term deposits etc, AND how interest is calculated (daily, monthly, annually) and when it's paid is also important if you want to maximise returns.

            If conditions and returns don't suit, the solution is simple - look elsewhere, as you did.

            As you've put it above it seems you didn't have a strategy to maximise your returns. The reality is though that even if you had deposited the maximum bonus balance of $100K (not a good strategy due to the growth requirement and the ~$440 possible interest earned every month) you only "lose" ~$13 interest ($9 after typical tax) each day you missed out. On a $10K balance that's 90 cents per day, or a cup of coffee per week. Hardy worth losing sleep over for most people surely?.

            There have been many useful - and many equally useless - comments about how to maximise your returns, meet the "onerous" (lol) growth ($0.01 per month) and spend requirements using this account. The former are worth reading but even then you should ask ING to clarify any doubts you have and not rely solely on Ozbargain comments, especially from people who have no knowledge of the product or expereince with the bank.

            • CommuterPolluter on 08/05/2023 - 19:24
              +1

              @Igaf: No, you have misunderstood my comment. Let’s say you joined today. They have to waive requirements for the May precisely because you would have needed to meet those requirements in the April, prior to your account even existing. It’s not a bonus.

              Let’s say, like me, you made a silly mistake and didn’t meet the requirements in the month of May by transferring directly into the savings account. You then won’t be eligible to earn any interest for the month of June. You’d know this on June 1. If you have your money in BoQ, you can simply move it from BoQ to another institution such as Westpac for the remainder of June. For this account, you’d need to redeposit that money with ING before July 1 or you wouldn’t be eligible for interest in July. Just an added hoop.

              • Igaf on 08/05/2023 - 20:08
                +2

                @CommuterPolluter: Sorry. Are you simply saying that any time you don't meet the three criteria (deposit, spend, growth) the interest defaults to the base rate of 0.55% the next month, while other accounts (like Ubank) don't?

                If you can't/don't get the bonus then you're doing the right thing by moving funds elsewhere during that low interest month. Anyone approaching or exceeding the $100K threshold should also do this (while still ensuring the deposit/spend/growth criteria are met by the end of the low interest month) .

                The vast majority of people who join ING for the Savings Maximiser do so to get the bonus rate and an educated guess suggests to me the vast majority of account holders make sure they meet the criteria more than 91.6-100% of the time.

                It's not an account which suits everyone, nor are any of the other options, for a variety of reasons.

              • Igaf on 09/05/2023 - 10:34
                +1

                @CommuterPolluter: Info for new account holders direct from ING this morning:

                As a complimentary, our clients are given the first 2 months bonus interest without meeting the criteria [caveats apply, see below]. This is to give time for the cards to arrive for them to meet the eligibility criteria's going forward.,

                For reference, if they open the account on the 01/06/23 - they will receive the bonus interest for the 30th of June and 31st of July (depending on the balance they have in the account). What they need to make sure is that both Orange Everyday and Savings Maximiser are open for them to receive the bonus interest. They will not be opted in if they only open the Savings Maximiser account.

                It also depends what date of the month they open the 2 accounts. Lets say they open the account on the 28/06/23 and their closing balance is $2 at the end of June, They then deposited $5,000 on the 1st of July - as the balance is too low for the interest to be credited, no interest will be paid in the account on the 30th of June and they will only receive the bonus interest on the 31st of July.

                It is essential that the new client meets all 3 criteria in the month of July for them to continue to receive the bonus interest going forward. Getting the bonus interest at the end of July doesn't automatically meet the criteria for them to receive the bonus interest in August. Remember that the bonus interest is credited the following month after the eligibility rules.

      • gamma on 07/05/2023 - 10:35
        +5

        Totally agree! I have moved out of ING for exact reasons and them not allowing more than $1000 to Osko (Payid) payments per day. Surely there is no real limitation as such because every other bank allows more (worse I have seen is Bankwest which only allows $5000/day all others seemingly unlimited.

        Having said that given Ubanks recent F***up of "upgrading" to a worse web/mobile app system I'm seriously considering moving back at least partially. Will wait a bit and see how others do before cos I still remember how frustrating those ING hoops were :D

        • HeWhoKnows on 07/05/2023 - 14:09
          +3

          Experience is so valuable

          Thank you

          • Igaf on 07/05/2023 - 17:08
            -5

            @HeWhoKnows: Indeed, experience you clearly do not have.

            Limits can be changed online or by contacting ING but if the maximum doesn't suit and is critical to your needs then obviously you look elsewhere. Limits exist because such payments do not check the recipient and are "instant", so if you send money to the wrong account then it may be difficult to recover. My limit is significantly higher than gamma's and I could have increased it when I recently moved some money elsewhere, but instead I did transactions over two days. How's that for experience?

            If you want more advice based on my ING experience feel free to ask but keep in mind that my and your situations may differ markedly.

            • HeWhoKnows on 08/05/2023 - 14:54

              @Igaf: I have plenty of advice from others suffereing bad experience and short comings of ING

              I think I have made my case very clear.

              Whilst ING might suit you and I am sure you are incedibly diciplined to be ticking all the boxes each and every month, but most others will fall into one of thier traps/hoops and so wont qualify for the high interest of 5.25%.

              The best high interest savings accounts are the set and forget ones.
              OBers have better things to do that be ticking off all of INGs boxes each and every month to earn maybe 0.25% more than the others for little or no qualifications

              And when you onoy have savings of $20,000 the difference is miniscule

          • Igaf on 08/05/2023 - 14:38
            -1

            @HeWhoKnows: So you negged my comment despite having no experience whatsoever with the product and obviously zero knowledge of how limits work at ING or how account holders can change them? As The Who once said - Go to the mirror boy.

            Childish behaviour and gross ignorance isn't uncommon on deals on this website but where they involve important investment decisions they deserve both derision and condemnation.

            Is your list of much better accounts paying "similar" interest for balances up to $700K anywhere near completion or should we take that with the same truckload of salt as we should your other comments about this product?

            • HeWhoKnows on 08/05/2023 - 15:04

              @Igaf: Pls dont attack people for voicing thier highly informed opinion, especially those with many years of experience and with using various savings accounts to earn the highest rate of interest.
              Thats the wonderful thing about OZbargain.

              I have carefully qualified my vote so no need to be rude and condascending.
              I must say you are the one being childish and ignorant here failing to acknowldge the shortcomings I have pointed out which apply to most people.
              yes you are the wonderful exception - congratulations

              You live and learn if you listen.
              In your case, maybe not

              • silverstone2023 on 08/05/2023 - 15:33
                +3

                @HeWhoKnows: I acknowledge your many years of experience. Can you please share your list of much better accounts paying "similar" interest for balances up to $700K.

                • HeWhoKnows on 08/05/2023 - 15:41
                  +4

                  @silverstone2023: Several are now accepting balances up to $700K and even uncapped.
                  The best of these are Great Southern bank, BankSA and Suncorp.
                  AMP, Macquarie, Rabo and Ubank are good too but still capped at $250K.
                  They are all "set and forget" accounts
                  Current rate is about 4.5% to 4.8% mostly with a $50 to $200 deposit each month.
                  Some require that to be a $200 increase in balance each month. Others not (Ubank, Macquarie, AMP).
                  These rates have not yet been adjusted for latest rise so expect them to be 0.25% higher
                  Rabo are currently at 5% intro rate for first 4 months with no hoops.
                  expect that to increase to 5.25% -same as ING but up to $250K (Not $100K) without all the qualificiation conditions

                  This is an ever changing envirnment
                  Just google "best high interest rate savings accounts"

                  • silverstone2023 on 08/05/2023 - 16:25
                    +4

                    @HeWhoKnows: Thanks for the list.
                    Great Southern Bank, BankSA & Suncorp all have requirement to grow the account balance each month the get bonus interest. Isn't this one of the hoops that you don't like about the ING product? Why would you be suggesting products that have a similar hoop to ING as being 'better'?
                    Macquarie will increase its rate to 4.25% tomorrow - 1.0% lower than ING. I acknowledge that Macquarie has no hoops, but 1% is a big difference.
                    That just leaves uBank @ 4.5% - 0.75% lower than ING and AMP @ 4.8% (4.9% if you have an eligible Super product with them). The problem with AMP is the long lead time AMP takes to pass on interest rate increases to their customers with savings accounts.

                  • Igaf on 08/05/2023 - 17:21

                    @HeWhoKnows: We know exactly what the market is offering because of the Leaderboard spreadsheets linked by the deal OP. None is close to ING for amounts up to $100K, many have hoops, some have short term intro rates, others do not offer account holders benefits ING does on its transaction accounts. Not that you would know because you haven't examined the pros and cons of any of those you've mentioned. Savvy investors will already have consulted guides like Canstar and listed their must have reqts prior to looking at various account t&cs and thankfully won't be influenced by your stabs in the dark.

                    Your guesses about "expectations" of rises are meaningless, and completely contradict your complaint about missing out on interest for a month with ING if you don't meet quite simple criteria. While you're waiting for other FIs to catch up many of us will have earned actual money.

                  • Igaf on 08/05/2023 - 20:36

                    @HeWhoKnows: I glossed over it previously but this bit of nonsense shows just how poor your understanding of the ING product is:
                    yes if you only need one account/bank and have much less than $100K and pay everything with your card and don't dip into your savings (almost impossible) then ING might suit you. However its highly unlikely this is the scenario with most people and so most will fail to qualify every month. The account is so designed that way.

                    1. The number of accounts you have with ING or other FIs is totally irrelevant,
                    2. If you have more than $100K in savings you diversify - as you should with most financial instruments (see comment 5 below)
                    3. You don't have to pay for everything by card.
                    4. You can dip into your ING savings every month (but not that $0.01 required to grow your balance) and still qualify for the bonus every month.
                    5. Wrt your comment that "several [FIs] are now accepting balances up to $700K and even uncapped." As you know, bank accounts are only govt guaranteed up to $250K, so it is prudent to spread your funds, especially in times of instability. Complacency is never a good attribute when managing money.
                    • HeWhoKnows on 13/05/2023 - 21:23
                      +1

                      @Igaf: I am totally amazed at your obsession with the need to attack and argue with everyone.
                      We understand how the ING account works and we understand its shortcomings for most people.

                      Please acknowledge that there may be better options out there for most people.
                      And once for have more than $100K even for you!

                      PS We have never had a bank failure in Australia because our banking system is both well regulated and protected.
                      But yes, its a good idea to diversify if you have a lot of money to bank and yes I do that.

                      Thank you

                  • TheCandyMan2020 on 08/05/2023 - 21:11
                    +1

                    @HeWhoKnows: Thanks Amayzingone for actually listing the details of good accounts - rather than saying there are better alternatives and mentioning none….

                    I have just opened a UBANK account (well a saver and a spend) as a result. Seems straight forward….

                    I note there are at least 3 different UBANK apps on Google Play. I assume only one of them is the NAB owned UBANK….

                    • Igaf on 08/05/2023 - 21:30
                      +2

                      @TheCandyMan2020: Even though he got the criteria wrong, as pointed out by silverstone? There has already been plenty of discussion on alternatives here and on similar Ozb deals, from people with direct knowledge and experience of the institutions and products being offered. Search for ING, Ubank, BoQ deals if you're actually interested.

                      If you read the OP's excellent deal description, you'll also find it contains links to updated spreadsheets with notes and direct links to the products on offer. No need for inaccurate speculation or opinion, others have done much of the legwork already.

                      The latest Ubank app is the dark blue square with two vertical light blue dots. Apart from the well-hidden logoff (under Settings) it's simple and easy to use.

                    • HeWhoKnows on 13/05/2023 - 21:28

                      @TheCandyMan2020: yes uBank is owned by NAB which makes it a rock solid choice.
                      And its very flexibile indeed.
                      I have money with ubank but I dont use the apps at this stage, just internet banking. Enjoy

                      • HeWhoKnows on 16/05/2023 - 16:57
                        -1

                        @HeWhoKnows: uBank have just increased their rate to 4.75% effective 1 June
                        Unfortunately not the full 0.25% increase.
                        But similar increase to most other banks

                  • HeWhoKnows on 13/05/2023 - 21:19

                    @HeWhoKnows: Since my reply above..

                    BankSA has increased their rate to 4.75% and the only requirement is a $50 increase in the account balance by the end of each month.
                    Yes withdawals can be made but as long as your final balance (after interest is paid) is $50 higher than last month you qualify.
                    And there is no cap on the balance to earn the high interest.
                    If you have more than $250K to invest this one is worthy of consideration

                    Rabo has increased the High Interest account rate to 5.15% so just shy of the ING rate of 5.25% but without any hoops or conditions other than $250K balance limit for maximum rate
                    They have also increased the ongoing rate on thier premium saver to 4.6%

              • Igaf on 08/05/2023 - 16:56
                -2

                @HeWhoKnows: I'm "attacking" your ignorant opinion and advice, not your character.

                Uninformed prognostications with no basis in fact such as :
                So in a nutshell if you have lots of money in several bank accounts chasing the highest interest rates ING is not for you.
                Furthermore if you have less than $100K then high interest is not your deciding factor                 (your words, both clangers of the highest order, although the latter is in a class of its own for obvious reasons) are highly misleading to people too lazy, naive and/or incompetent to do their own research. They have no place in serious discussions about financial options, even on this website.

                But wait, there's more….
                but most others will fall into one of thier traps/hoops and so wont qualify for the high interest of 5.25%
                The best high interest savings accounts are the set and forget ones.
                OBers have better things to do that be ticking off all of INGs boxes each and every month to earn maybe 0.25% more than the others for little or no qualifications

                Couple of old adages which apply here - don't judge others by your own low standards or limitations, and don't presume to know what others think or do.

                • HeWhoKnows on 13/05/2023 - 21:37

                  @Igaf: Man you have a huge problem, dont you
                  You just cannot accept constructive criticism.
                  I have even praised you for your success with ING
                  Poor baby. I feel sorry for you

                  • Igaf on 14/05/2023 - 13:39
                    -4

                    @HeWhoKnows: Didn't know you were criticising me, how did I overlook that? i was certainly criticising you and your ludicrous and ignorant financial "advice". Here's another clue. There are many deals which don't suit individuals. I look forward to you negging them and telling us why they don't suit you (and everyone else, as is your wont) and how you advised your "neighbour/friend' not to get involved in a class leading financial product - even though you don't have even a basic grasp of economic fundamentals. The arrogance - and ignorance - in your comments is breathtaking.

                    If nothing else you should at least acquaint yourself with this site's rules for deal negs (which are apparently even more complex than ING's rules for a particular Ozbargain demographic). If that's beyond you, perhaps your can ask your "neighbour" for assistance? You certainly need it. You are one of two neggers of his deal - the other one had a valid reason. I'll leave you something to cogitate - currently the deal has 419 positive votes and 2 negs. Why is that, and why did other commenters who didn't like the hoops not feel the need to neg it?

                    • HeWhoKnows on 16/05/2023 - 16:59
                      +1

                      @Igaf: Please do us all a favour and go see a Doctor and ask for some "Calm me down" tablets

                      • Igaf on 16/05/2023 - 20:08
                        -2

                        @HeWhoKnows: The ones which lead to your delusions?

      • doctordv8 on 13/05/2023 - 21:08
        +2

        Just to be totally fair and clear… Too many hoops for you, as there are 1000's and 1000's of customers that are very happy to meet the 'hoops', and do so very easily. Myself included…less than 10 minutes a month for all the creamy bonus interest in my account.

        • HeWhoKnows on 13/05/2023 - 21:12

          Well congratulations to you and well done.
          But i wonder exactly how many do qualify every month
          You make a very brave assumption my friend.
          This account is designed so people fail to qualify.

          My point is there are accounts paying similar interest with minimal if any conditions or qualifications. You can just set and forget them unlike your over-complicated ING account.
          Hence although the interest is slightly lower you get it paid every month and thats what counts in the end.
          But thanks for making an effort
          Part of success is to recognise shortcomings

          • Igaf on 14/05/2023 - 13:45

            @HeWhoKnows:

            You make a very brave assumption my friend.
            This account is designed so people fail to qualify.

            The irony is palpable, not that you'd understand why.

            Deja vu all over again as the saying goes https://www.ozbargain.com.au/comment/13725382/redir . You have not a shred of evidence for your claims, nor do you know anything about the accounts involved, nor do you have experience worthy of offering advice to others. Those conclusions have been established beyond doubt by your comments here.

            As I and others have said already: if this - or any - deal the deal is beyond your capacity to take advantage of, or doesn't suit your circumstances then by all means tell us why (we're hanging on your every word), then move along. We've read enough of your financial "advice" and difficulty in managing simple rules to appreciate its value.

      • jjj123 on 19/05/2023 - 12:58

        i summarized a way where you can follow:

        • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One),

        this condition is to do with most banks, just open up an ubank account, transfer $1001 from ubank to ING (either everyday ac or saving maxmimier ac, i prefer everyday ac)at the start of each month, then transfer $1001 back to ubank from ING at the same day

        • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and

        transfer $30 to ING everyday once.
        Visit coles or woolworths before 25th of each month, using split payment 0.1 x 5 = 50 cents at the self check out, $30 is enough for the next 5 years

        • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.

        Setup a monthly schedule transfer from ING orange everyday to ING saving maxmiser for 1 cent, that $30 above can do 250 years

        Correct me , if my way is wrong.

        • Igaf on 19/05/2023 - 17:09

          Some good work there but possibly to miss the point of having as much in the high interest ING account as you can for as long as you can each month (since interest is calculated daily) ? One of the critical factors to remember with the growth reqt is that you MUST remember to account for the interest ING will pay you per month, which could be 2,3,400 per month. I've been with them for a few years but still forget in some comments that this is critical to any growth strategy. Also remember that this interest rate won't be around for a year, let alone a decade so it's important to grab it while it's there and not strategise for anything more than say 18 moths. jmo.

          • jjj123 on 19/05/2023 - 23:34

            @Igaf: About interest paid each month, ing says (excluding interest earned for the current month)

            For example, for a $90k balance,

            March 31st, ing paid interest 450 ,

            then in April 2nd transfer this $450 out to ubank ,

            and in April 3rd also transfer 1 cent to ing, this will still meet growth condition, as it says (excluding interest earned for the current month)?

            • Yola on 20/05/2023 - 06:53

              @jjj123: This will not work. The way ING explains it is misleading and many have questioned it. Have a look at a detailed explanation from silverstone2023 on page 4 and my comment.

            • Igaf on 20/05/2023 - 12:04
              +1

              @jjj123: 'Excluding interest' earned refers to interest earned in THIS current month. Basically means that the balance this month must be at least 1c higher than the previous end of month balance - excluding the interest ING will pay you this month.

              Eg Your end of May balance AFTER interest is $50,222 (so you had $50K in for all of May and ING paid you approx $222 interest on May 31). 50,000 x 5.25/100 x 31 / 365 = 222 (the interest varies depending on when your $1K goes in and your $999.99 goes out because it's calculated on the daily balance).

              At the end of June you will need to have at least $50,222.01 in the account (ie you must add $0.01 nett to the balance BEFORE ING adds its interest). ING would then pay you another ~$217 in interest, so your June balance is now $50,222.01 + $217 = $50,439.01
              In July the balance will have to grow to $50,439.01 + say $218 + 0.01.

              So essentially each month you must grow the account by $0.01 + ING monthly interest. With the $50K example that means it grows by more than $200 every month.

        • HeWhoKnows on 22/05/2023 - 09:11

          Lost you after the 2nd condition.
          Too much information
          Too many conditions
          Too many "i" s to dot and "t" s to cross

          But for those that like complex conditions and challenges designed to stop you from getting your monthly bonus - good for you

          • Yola on 22/05/2023 - 09:59

            @HeWhoKnows: Yes, definitely an individual thing. Some people are too busy to do this or have other things on their minds to cope with. Certainly, there are many with easier conditions but lower rate.

          • Igaf on 22/05/2023 - 10:49

            @HeWhoKnows: How many times do you feel the need to tell us the same thing?

            Your opportunity to access a deal - or your gut feeling, or your inability to perform simple functions in this case - are NOT valid reasons for a deal neg. As a member since 2014 it's way past time you learned the basics of the website

    • jjj123 on 19/05/2023 - 12:39

      do i need to transfer $1001 to saving maximier or orange everyday ac? or just one of them?

      Can transfer $1001 to saving maximier or orange everyday ac from CBA and then transfer out to CBA at the same day?

      • Yola on 20/05/2023 - 06:56

        Just one of them. If you are close to $100k transfer to Orange so as not to increase your balance in SM. You can transfer out as soon as it arrives.

      • Kabal on 20/05/2023 - 14:17

        $1000 to either. I've basically automated it with:

        I setup a scheculed transfer of $1000 to the everyday ING account on the 3rd of the month (So my crappy bank doesn't do something dumb like do it early if the 1st falls on a saturday or sunday).
        And then a second auto transfer from my main bank to the ING savings account of $0.01, also on the third. This fulfills the balance increase requirement.
        And then a third repeating scheduled transfer of $995 on the 4th of the month, from the ING everyday to my main bank… cos i don't really want to use the ING account for transactions.

        This leaves $5 left for 5 card transactions which i've been doing with $1 split payments at self checkout at Coles, or $1 amazon gift cards.

  • freedomofspeech on 05/05/2023 - 14:49
    +3

    will BOQ increase as well?

    • Mr Frodo on 05/05/2023 - 14:51
      +94

      Let me call the CEO. Stay tuned.

      • Jamesozbargain on 05/05/2023 - 14:55
        +7

        What did they say?

        • GeoK on 05/05/2023 - 15:07
          +45

          GEO here, NO

        • PopCounty on 05/05/2023 - 15:12
          +1

          Mr… FrodO

      • ireadtermsofuse on 05/05/2023 - 15:35
        +1

        I’ll provide the crystal ball if you fail to keep in contact

        • Serapis on 05/05/2023 - 20:21
          +2

          I'll provide a free tin can telephone (limited to 2m of string)

          • doctordv8 on 06/05/2023 - 10:39
            +1

            @Serapis: If you get the 5.25% for a month you can afford a longer piece of string.
            STD calls here we come!

    • daoddv on 08/05/2023 - 12:17

      may I ask how you think about their “easy to access”? Im a bit worry about their security. Someone else can logging into our account with our phone number/ via sms verification code, no account/ password required.

    • HeWhoKnows on 08/05/2023 - 15:05

      Most appear to be chasing the rates higher.
      Its a case of sit and wait for a week - it wont make any difference since higher rates usually apply from the next month or more.

      • Igaf on 08/05/2023 - 18:55

        It will make a difference, even if others match the ING rate. Most FIs will not get to 5.25%, something anyone who follows deposit rate markets already knows. Meanwhile many ING account holders will have made $400+ and done no work to earn it. How's that for a targeted bargain?

  • zeno on 05/05/2023 - 14:50
    +50

    Imagine if they offer this to balance up to $250k and get rid of the 2nd and 3rd conditions…

    • Stoibs on 05/05/2023 - 14:55
      +29

      They would poach a lot of Ubank users..

    • drazenm on 05/05/2023 - 14:57
      +1

      Have no idea what's the problem with transferring $1 from an everyday account to the savings account once a month and making 5 purchases a month. You have to go shopping and spending anyway however you look at it, can even make those 5 purchases in one go at a for example Woolworths self checkout. Jesus people so lazy and spoilt.

      • OZKap on 05/05/2023 - 15:20
        +3

        You have to go shopping and spending anyway

        Credit cards, salary packaging cards…

        • z28 on 05/05/2023 - 15:29
          +32

          I do 5 1c transactions with ING then do another 5 1c transactions with Virgin Money at Woolworths or Coles. That is done for the month (my pay goes in one account and my wife's go into the other).

          I actually got satisfaction doing these things to banks, so bring on more hoops - I know I am a pseudo-masochist like this.

          • KangaDrew on 05/05/2023 - 16:01
            +3

            @z28: What are you buying between 1 and 5 cents at Colesworth?

            • z barg on 05/05/2023 - 16:08
              +8

              @KangaDrew: Split the payment into 5 x 1c payments, then pay the rest.

            • z28 on 05/05/2023 - 16:28
              +5

              @KangaDrew: As z barg said - split payments. I sometimes have to explain to those manning the self-checkout the reason I was doing them; normally young people, they don't really grab the idea or maybe I am a bad explainer.

              • KangaDrew on 05/05/2023 - 16:50
                -1

                @z28: Ahhh, that's a clever idea. I use self-serve 100% of the time so I'd just split it out myself. But yeah, makes sense. I tend to dump $100 in the ING account from my other account, run 5 small transactions and then put the rest into savings. 5 transactions really isn't a huge challenge, but yeah, 5x 1 cent transactions would be a viable solution for most.

              • lily99 on 05/05/2023 - 21:02
                +2

                @z28: Just tell them you like to pay in this way 😂

          • nightelves on 05/05/2023 - 17:51

            @z28: What is the 1c payment with Virgin Money for? I'm curious as I have that account as well.

            • Yola on 05/05/2023 - 19:07

              @nightelves: Virgin has the same requiremnt as ING for 5 settled purchases per month.

              • Moo Deng on 05/05/2023 - 19:19
                +1

                @Yola: Except with Virgin BPAY payments count towards the 5 transactions per month, so it’s much easier to make 5 x $1 payments to pay off your credit card

                • chrisharry53 on 06/05/2023 - 12:26

                  @Moo Deng: Thanks. Didn’t know that as never read the conditions properly. I no longer have to make 20 split payments at the checkout for 2 ING and 2 Virgin accounts plus pay the balance if under $100 with HSBC to get 2% cashback 😀

                  • Yola on 06/05/2023 - 12:37

                    @chrisharry53: I do 20 each month in the privacy of my home with Paypal.

              • nightelves on 05/05/2023 - 19:23

                @Yola: I get that but I'm asking what benefit you get after meeting that requirement.

                • Yola on 05/05/2023 - 19:23
                  +1

                  @nightelves: You receive the bonus interest rate.

                  Deposit at least $1,000 into your Go Account from another financial institution.
                  Make at least 5 purchases on your Go Account that settled in that month (not pending).

                  If you do not meet this you will receive .05% pa. If you do you will get 4.5%. If you use the lock feature you will receive the maximum rate of 4.85%.

                  • ninnypoop on 06/05/2023 - 09:18

                    @Yola: Why use that when BOQ pays more interest?

                    • Yola on 06/05/2023 - 10:31
                      +3

                      @ninnypoop: Virgin pays more interest, up to 4.85% v 4.6%. BOQ Future saver is more but only for up to 35 year olds and for $50k. Also, BOQ has exactly the same requirements as Virgin is owned by BOQ.

      • zeno on 05/05/2023 - 15:23
        +9

        That's what I do. But the more hoops there are, the more chances you might miss out on the interest for the next month.

        • Yola on 05/05/2023 - 17:03
          +5

          If you do them early in the month You can see in the app or website whether you have met the requirements.

          • zeno on 05/05/2023 - 17:25
            +3

            @Yola: Yep, just don't check between 12am and 3am since their eligibility feature is showing incorrect data during that period. :)

            • Babyboss on 05/05/2023 - 22:33

              @zeno: Any idea how long will it be reflected on the app? I did 5 x $0.05 Apple Pay on 1st of May, Virgin app still shows that I haven’t met the criteria for next month yet; All settled and $1000 deposited.

              • Moo Deng on 05/05/2023 - 22:56

                @Babyboss: Did you deposit in the Go Account, not Boost?

                • Babyboss on 06/05/2023 - 08:24

                  @Moo Deng: Yes, Go Account as usual.
                  But this is my first time to use Apple Pay. Not sure it count towards for it too

      • hasher22 on 05/05/2023 - 15:57
        +42

        lol, lazy and spoilt?

        Just cause it works for you, doesn't mean it works for everyone. I switched from ING to Ubank and all I have to do is deposit 200 dollars per month, that's it. I can even withdraw money and make it less than the balance from the previous month and still get bonus interest.

        ING has too many hurdles, what happens if you need money urgently and can't pay it back by the end of the month? you lose the bonus interest, not everyone can keep their balance more than the previous month.

        Another reason why I switched cause twice, people at woolies approached me thinking there's something wrong with my card and to look at it. I said I needed to do 5 x transactions to get bonus interest.

        My life and everyone else's life is different from yours.

        Ubank for me is the better choice, only 1 hurdle…..

        • ibuy on 05/05/2023 - 16:11
          +12

          I agree. UBank is much simpler because I don’t have to keep upping my balance each month. My balance is dependent upon when my clients pay and if I can’t get the balance higher than the previous month I get a lousy 0.55%. Ubank just need $200 each month and I can pull back the $200 or more if needed due to an emergency.

          • netjock on 05/05/2023 - 16:48
            +1

            @ibuy: I use Ubank as a sweep account until I need the money in my main accounts. Managed to fix too much of my mortgage on low interest rates

          • ibuy on 05/05/2023 - 16:30
            +13

            @drazenm: If you have the time to mess around with this sort of stuff that’s great. You should respect that other people don’t have the time nor maybe the ability to keep bumping up the balance higher than the previous month. Some of us aren’t as well off as you may be. It’s not a matter of being lazy and spoilt. I run a business and am doing it tough at the moment. My balance goes up and down like the weather in a day in Melbourne. Sometimes I can save a bit more. Other times I have to pay my bills and that means the savings pay the bills.

            And I did not neg your comment.

            • drazenm on 05/05/2023 - 23:51

              @ibuy: Sorry didn't know your circumstances, just thought that in general those 2 conditions shouldn't be difficult. Everyone's doing hard so i do understand you now.

              • ibuy on 07/05/2023 - 14:29
                +2

                @drazenm: @drazenm No worries. If I even had a spare $5,000 or $10,000 to save/invest I’d be laughing right now. But no, I don’t and it is what it is so we just get on with life and keep moving. Because we don’t know any person’s circumstances we really cannot judge a comment properly. Be well.

        • Igaf on 05/05/2023 - 16:55
          +1

          @hasher22 Unless Ubank ups its rate - which it ethically should (lol, banks and ethics are chalk and cheese as we know) - you can miss 1 month of bonus interest and ING is still ahead -,roughly 4.85% V 4.6%. The 5 transaction reqt is a non-event for most people who have to eat, pay for fuel etc to survive. Personal choice. I have both ING and Ubank.

        • HeuroMeuro on 05/05/2023 - 17:00
          +1

          Was in a similar situation as you stated. Pulled out money to help a close friend - made me lose out on the whole mo. interest as my balance was less than previous month.

          • greatlamp on 06/05/2023 - 09:09
            +1

            @HeuroMeuro: I hope your friend pays you back. So many friendships fall apart this way

        • serpserpserp on 05/05/2023 - 21:20

          It's pointless hurdles too

          • Igaf on 05/05/2023 - 22:02
            +1

            @serpserpserp: Not pointless to a bank. Every transaction earns them money and incentivising people to grow their balance means more relatively low cost funds under their care.

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