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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
Go to Deal
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…

Referral Links

Referral: random (671)

Until 30/11/2024, referrer and referee will each receive $100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $100/$125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 from an external source into the new Orange Everyday account, deposit any amount into the a Savings Maximiser Account, and make at least 5 (settled) card transactions within any calendar month with the new Orange Everyday card.

Financial Bank Account Savings Account

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closed Comments

        • Myone888 on 06/05/2023 - 17:45

          Absolutely. I shift from ing to ubank and life is so simple then. Ing condition RE so cumbersome to do!

      • [Deactivated] on 05/05/2023 - 20:06
        +8

        Lazy and spoilt? Some people(such as yourself) have more free time than others to keep track of trivial things like this, others don't. It's not a difficult concept to grasp. If you're using up the entire 100k limit and forget to jump through ing's hoops even for a single month in a year, that's a $400+ mistake. The sole reason this requirement even exists is to trip people up and get out of paying interest.

        • Igaf on 06/05/2023 - 15:11
          -2

          The sole reason this requirement even exists is to trip people up and get out of paying interest.

          Complete nonsense. The main reason would appear to be to encourage people to leave their funds with ING, providing a relatively stable source of funds . The fact that it incentivises people to save is a bonus. Miss a month and you're still ahead of the opposition.

          • [Deactivated] on 06/05/2023 - 22:58

            @Igaf:

            The main reason would appear to be to encourage people to leave their funds with ING

            How does the 5 transaction hoop "encourage people to leave their funds with ING"? It had the opposite effect with a lot of people including myself who moved to banks with simpler hoops despite lower interest. The higher interest rate was enough of a reason to leave your funds with ING and save. The 5 transaction requirement serves no purpose apart from dodging interest payments. Even if ~2% of their customer base forget every month, that is a lot of interest ing have weaseled their way out of paying.

            Miss a month and you're still ahead of the opposition.

            what happens if you miss 2 or more months? Moved to another provider and now have peace of mind knowing I will be missing 0 months and don't have to track jack shit.

            • Igaf on 08/05/2023 - 23:25

              @[Deactivated]: The growth reqt encourages stability and saving, the other hoops are even less problematic for both ING users and a very large section of the community. $1K a month is $12K a year and if you can't deposit that you're in significant poverty and pain already. I could be wrong but I somehow doubt people in that situation will be worried about meeting ING's bonus interest rate criteria. Having deposited that $1K (or more) you can spend all but 1c - yes that's $0.01 - of the monthly deposit and still grow your account.

              As for the 5 completed spend reqts. Presumably you don't eat out/takeaway, pay bills, buy fuel, coffee, food, clothes, donate to charities etc? Even if you didn't, there are simple, cheap strategies to make 5 card payments every month. You can read about them on this deal and other similar Ozbargain deals. Fortunately, or perhaps unfortunately, I live in the real world where I don't have to think about the 5 payment "hoops".

              What happens if you miss 2 months? You're about square, but it's probably time you stopped doing jack shit and got your money mgt act together, or looked at more appropriate accounts - something which has been said ad infinitum. Missing a month's bonus is no big deal, there are ways to minimise the impact of that also. They involve transferring money out (to Ubank for example) then back in again late in the month. Will take you all of 10 minutes. Can't be bothered or don't think the effort is worth it? Then move on, settle for something simpler with poorer returns, and stop whining.

              Bottom line is this. No-one is forcing you to sign up to this deal, but there are real rewards for those with the wherewithall and discipline to do so.

              "Why do you yell at the sky?" someone asked the old man. "Because I can and I've nothing better to do" he replied.

              • [Deactivated] on 09/05/2023 - 10:46
                +1

                @Igaf: The people on here complaining who moved away from ing live in the real world as well. It just seems our worlds are larger than yours. When you have multiple accounts and rewards credit cards, tracking ing's dogmatic hoops religiously every month are a waste of time(this part should really be common sense, so I'm not sure why you're up in arms defending ing). Thrown in a full time job, side business, kids and the time you can spare for shady business hoops is even smaller. After a certain point in your career/life you don't have mental realestate to waste on things like this. No ceo (or even their accountants) care in the slightest about monitoring hoops like these and would rather stick with a no-hassles savings account with decent interest.

                For the second time now you conveniently didn't address the fact that the 5 transaction minimum is shady and serves no purpose other than giving ing a chance to avoid paying interest for a percentage of their customer base who inevitably will forget every month. This is partly the reason they are able to pay (slightly) higher interest to begin with. At the end of the day, because of the 100k limit, the difference in savings between them and other banks is negligible. Some of us can recover the difference in interest for the year in 5 minutes and afford to stay with a close second like ubank without jumping shady hoops like a show pony.

                • silverstone2023 on 09/05/2023 - 11:23
                  +1

                  @[Deactivated]: I agree that the 5 transaction requirement has no benefit to you, but I suspect that ING are trying to get their card to be ‘top of wallet’, ie the card that you reach for first when buying something. Based on the comments in this forum, their strategy is having the opposite effect.

                  I would be interested to hear how you ‘recover the difference in interest for the year’.

                • Igaf on 09/05/2023 - 11:26
                  -1

                  @[Deactivated]: You have multiple account and cards, an extremely busy life but apparently don't buy anything or pay bills each month and can't spare less 10 mins (actually no time is needed for most people) to manage your money? That's not reality, that's someone inventing problems and looking for excuses. Here's a clue - it takes no "mental real estate:" whatsoever, but it might - only might - take 5 minutes of your time every month, far less time than you've already spent of this deal and the Ozbargain website commenting about completely inconsequential topics like chips and bad tennants.

                  I've addressed the hyperbolic nonsense about 5 transactions many times - as have plenty of others on this and similar deals. The 5 transaction criterion is easily met, or you can artificially make them in one hit as has been suggested many times. As much as some people will find conspiracies in and ascribe ulterior motives to everything they encounter, the very easily made 5 transactions aren't there to trip anyone up. They exist because - unsurprisingly - the bank wants to encourage account holders to use their ING cards. They live in the real world where business profits are the bottom line. Previously they offered a 50c rebate every time you withdrew cash at supermarkets as an incentive to use the ING card (and avoid third party teller fees), but this has recently been curtailed, probably because of abuse. Why do they want people using their cards? Because, ta da, most card transactions bring income/profit to the bank - the very same way every card from every other FI does.

                  Show ponies don't jump through hoops, they're far more likely to be found on deals websites claiming they're busy with jobs, businesses, families, sport, and making life changing business decisions.

      • izkai67 on 05/05/2023 - 22:11
        +3

        for me ING high interest is not worthed with those hoops,I'd consider it if is close to 1% higher than ubank.. I pay all expenses with credit card, get points and pay all once a month, save money in ubank auto pilot get bonus all the time. few months is ok doing hoops but all the time? no thanks, life is to short for such small difference and one mistake you'd lose all, can;t go overseas, can't withdraw more than you can deposit back within same month, too much trouble.

      • Bullion78 on 06/05/2023 - 06:17

        The problem I have is that these conditions were never necessary 15 years ago, the reason they are in place now is because banks hope that you'll forget and thus make bank on a technicality. It's an extremely high penalty to pay on high balances if you don't get it absolutely right each month.

        Can you just imagine if it was somehow reversed and the borrower put all these hoops in place for the lender to jump through to get their 6% interest? Never going to happen.

        • Igaf on 06/05/2023 - 15:19
          -2

          If it was the "extremely high penalty" you claim then you wouldn't forget would you? It's not like we're all politicians who mysteriously forget investment properties they have yet claim to be competent Ministers.

      • ninnypoop on 06/05/2023 - 09:22
        +1

        For us renters out there, just split your monthly rent balance into 5x bpay transactions. That's what I do to meet BOQ requirements.

    • whatgift on 05/05/2023 - 16:02

      I imagine it wouldn't be worth it to them - the losses would outweigh the benefits.

    • pennypincher98 on 05/05/2023 - 17:10
      +2

      Really don't think the second condition is a hoop. Auto top up your Opal/Myki etc, direct debit bills, buy a coffee for 5 days or if you're really struggling - buy one item at Coles etc and split it into 5 payments lol.

      Would take about a minute, maximum 2 minutes per month?

      • zeno on 05/05/2023 - 17:14
        +1

        Bit of a pain if you're overseas for the entire month though.

        • pennypincher98 on 05/05/2023 - 17:15

          Buy 5 $5 gift cards and use them when you get back.

          I'm sure there's a million ways to get around this.

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

            @pennypincher98: That's what makes it a hoop for me - the fact you have to think about how to achieve the 5 transactions. Don't get me wrong, I'm fine with them, just saying it could be better.

            • pennypincher98 on 05/05/2023 - 17:20
              +1

              @zeno: You just presented me with a situation I never thought about previously and I found a solution in 2 minutes.

              Don't get me wrong of course not having to do something is easier than having to do something but it's certainly not a deterrent. To me remembering the first hoop is harder than achieving the second.

              • zeno on 05/05/2023 - 17:21
                +1

                @pennypincher98: Definitely not a deterrent and I'm keeping my ING account. The whole point is not finding a solution, but removing the need for said solution.

                • pennypincher98 on 05/05/2023 - 17:24

                  @zeno: I understand but the whole business model they're operating on is very easy hoops to hook people in and then preying on people's busy lives so they don't need to pay out.

                  Luckily, a phone reminder easily solves the 2nd hoop. It can't solve 3 if you need money (or 1 if you're really strapped for cash).

                  • zeno on 05/05/2023 - 17:30

                    @pennypincher98: That's why I said "imagine if…". I'm not here to criticise their business model, just expressing my hopes and dreams for a better future. LOL

            • Mokr on 05/05/2023 - 21:56

              @zeno: It takes five mins.

              But yeah got to compare it to ubank the next best thing

            • JoJoker on 06/05/2023 - 11:23

              @zeno: I've automated it

          • izkai67 on 05/05/2023 - 22:13

            @pennypincher98: for how much extra you'd spend time look for million ways?

            • pennypincher98 on 05/05/2023 - 22:39
              +1

              @izkai67: Well you only need one, the rest are for the anal contrarians who imagine up and overthink scenarios that could possibly happen years into the future.

              In the time it takes to think up all those, they could've just done an easy initial method..

          • cookie2 on 06/05/2023 - 06:42

            @pennypincher98: Why do you have to get around it?… because it's a hoop. Whether you see it as easy and worthwhile, that's different. But it's a hoop.

            • pennypincher98 on 06/05/2023 - 07:01

              @cookie2: Well nah shit Sherlock lol of course it's a hoop. Never said it wasn't

              The second hoop is by far the easiest. You don't need to grow balance and you don't need $1000. You literally just need 5 cents and 2 minutes of time. Even if you only get $10 extra per month your hourly rate is $10/2min = $300/hr

        • bgbrendan on 05/05/2023 - 18:43

          Online transactions count

          • zeno on 05/05/2023 - 18:51

            @bgbrendan: I'm not saying it doesn't. I'm saying it's a bit of a pain. I also think if you are overseas, you don't normally think of shopping online for stuff here.

            • SerialExperience on 06/05/2023 - 16:56
              +1

              @zeno: You can pay yourself to meet the 5 transactions. There's a variety of ways but the simplest automatic way is to setup 2 paypal accounts. Have 1 sub to the other with your card doing 1c payments every 5 days or so.
              Done.

      • heytherehoney on 05/05/2023 - 17:52
        +3

        It is a hoop, even if you consider it an easy one. Also, direct debits don't count - they must be card purchases. I always prefer to use my credit card (spending targets, points, etc). I currently do 5x $0.01 transactions at Coles/WW as that's easy enough, but if there was another obstacle like being overseas I'd just ditch the ING acc.

        The current difference between ING (5%) vs UBank (4.6%) is only $33/month before tax on a $100K balance. I know a lot of people (outside of OzB obvs) who would not be bothered keeping tabs and buying/spending gift cards etc. for that amount of extra interest, which is fair enough.

        • SomeGuyOnOzB on 05/05/2023 - 17:55
          +1

          Soon to be 5.25% vs 4.6%

          Unfortunately, even if UBank does respond next week, the raise won't apply till the following month, and it might not pass on the full .25%

          If I'm wrong, I'm gladly wrong. I'd love to see all the banks competing for savings dollars. The more competition the better!

        • Yola on 05/05/2023 - 19:09
          +2

          I do 5 1c Paypal transfers to another account. Has worked for over 12 months.

          • raspudala on 06/05/2023 - 11:44

            @Yola: Can you please explain? Going overseas for 4 months, would love to automate this somehow.

            Can I for example transfer x5 0.01 cent from ING to Credit Card or another bank account?

            • Yola on 06/05/2023 - 12:40

              @raspudala: I am not sure about this. I do them from my Palpal account to my sons. You can get someone to give you the details of their Paypal account and transfer to them. I do 1c and there is no charge. I let my son keep the 20c per month.

              • ern123 on 09/05/2023 - 15:42

                @Yola: I looked at this but PayPal wants to charge me every time as it’s from a card to PayPal account. Not a big fee , is your one free transfer?

          • noddypiper on 09/05/2023 - 15:34

            @Yola: Hi, I just tried using Paypal.
            Did a 1c payment to my wife in PP using my orange debit card on my PP account to her email.
            Shows in my Orange Everyday transactions, but not counting towards the 5 needed.

            Am I doing something wrong, or do I have to pay someone via Paypal using my bank account instead?

            • Moo Deng on 09/05/2023 - 15:37

              @noddypiper: If you just made the payment now, might take overnight for it to be counted?

              • noddypiper on 09/05/2023 - 15:43

                @Moo Deng: Thanks, did the payment last week, it was pending for a couple of days.
                No longer pending and not counting towards the 5 transactions.

                Maybe ING have stopped this?

            • ern123 on 09/05/2023 - 15:43

              @noddypiper: Were yo charged a fee from PayPal?

              • noddypiper on 09/05/2023 - 15:44

                @ern123: Yes, transferred 1c and was charged another 1c fee.

                • ern123 on 09/05/2023 - 15:55

                  @noddypiper: So this method didn’t count towards the 5 needed transactions anyway?

                  • noddypiper on 09/05/2023 - 18:41

                    @ern123: Correct, not sure how others are doing it or whether I'm doing something wrong.

                    • ern123 on 09/05/2023 - 19:11

                      @noddypiper: Thanks o well will continue to just tap small amounts at Woolworths early in the month. Was just looking for an easier way as heading OS for a month or so…will tap a coffe in Europe instead

                      • noddypiper on 09/05/2023 - 19:12

                        @ern123: Same here, was looking for an answer on how other people are doing this via PayPal

                    • Yola on 09/05/2023 - 19:40

                      @noddypiper: The PayPal payment I make is called "Paying for an item or service" I pay 1c and there is no additional charge. Have been doing it for over 12 months.
                      I did 4 yesterday (because I did have 1 prior purchase) and appeared in ING as
                      08 May 2023 PAYPAL *nameofperson withdrawal −$0.01
                      A few minutes ago I checked and ING shows the green tick next to 5 settled transactions.
                      I am not sure what happened to you. Maybe you need to do the "Paying for an item or service" payment and check it does not charge extra. Perhaps it is processed differently in that case and does not count.

                      • ern123 on 09/05/2023 - 20:10

                        @Yola: Ahh maybe as I ( maybe both) were paying to “family and friends “ will see if this way works

                        • Yola on 09/05/2023 - 20:24

                          @ern123: Let us know.

                          • ern123 on 09/05/2023 - 20:44
                            +1

                            @Yola: Just tested via “paying for item or service” it didn’t charge a fee. Will let you know when the transactions appear in ING …However had already done my five at Woolworths so will need to check on the first of next month to see if I get “ticks” Thanks for your help.

                      • noddypiper on 10/05/2023 - 07:37
                        +1

                        @Yola: Thanks, it worked.
                        I did the "Paying for an item or service" for 1c x 5.

                        Thanks for the advice.

                        • Yola on 10/05/2023 - 07:38

                          @noddypiper: Did you get the green tick from ING?

                        • noddypiper on 10/05/2023 - 07:40
                          +1

                          @noddypiper: I did 1 last night which has counted, wanted to see that before I did the remaining 4.
                          Looks like it will be fine as the 1st one counted.

      • Moo Deng on 05/05/2023 - 19:19
        +2

        Would rather earn points on my credit card for those purchases than jump through ING hoops

        • pennypincher98 on 05/05/2023 - 19:47
          -1

          What kind of points you going to earn on a few cents/dollars lol

          The hoop is only 5 transactions (of any amount) per month not to make it your everyday banking account

      • M00Cow on 05/05/2023 - 20:47

        Really don't think the second condition is a hoop.

        Oh it tis

        Auto top up your Opal/Myki etc

        No PT here.in the GC

        direct debit bills

        That breaks 3)

        buy a coffee for 5 days

        Nah coffee is shit

        buy one item at Coles etc and split it into 5 payments lol

        I use gift cards LOL

        If they didn't f'up & make it difficult buying itunes cards in Turkey…

        • pennypincher98 on 05/05/2023 - 20:53
          +1

          I use gift cards LOL

          Buy gift cards with your card then? Or if you could spare 5 cents and then put the rest on gift card that also works :)

      • Voldox on 07/05/2023 - 12:23

        I usually just buy 5 random steam games at the lower price like .40c each - cost is $2 - takes 5 mins of my time then get the 5/5.25 percent which is a heck of a lot more than $2 without spending money on petrol, travel to woolworths etc. Then transferring the $1000 via osko and back is too easy.

    • HeWhoKnows on 08/05/2023 - 15:06
      -1

      My point exactly - it would definitely be the best savings account without all the conditions attached and I would have my money there in a flash!

      The account has been very carefully designed to have savers fail at least one of the criteria each month, one way or the other

      OP fails to observe this very shortcoming.

      Earning the highest interest rate nearly always comes with some risk or cost

      • Igaf on 09/05/2023 - 12:21
        -1

        The account has been very carefully designed to have savers fail at least one of the criteria each month, one way or the other

        So you keep repeating without any evidence that it actually happens other than very occasionally (in which case you're still ahead of Ubank for example). For most people, $1K a month in and at most $999.99 out with 5 card spends is extremely simple to acheve, although that 1c per month is obviously critical. Everyone in the "real world" buys things, eats, drinks, pays for fuel, public transport, clothes etc. If you can't make 5 transactions every month then you must be living off the largesse of others (or a trust for example). I/we accept that some people can't be bothered even though the reality is it isn't a bother for the vast majority. Bottom line is this - if you can't be arsed or for some reason think other accounts are more suitable then use them, but stop inventing problems and haunting deals with massively overstated whinges about a class-leading product which helps others earn real money and siultaneously stimulates competition in the market. For reasons obvious to all but those with obstinate and closed minds, the latter is good for consumers everywhere - including those using other FIs like Ubank.

  • Ash-Say on 05/05/2023 - 14:51

    Make 5 or more settled (not pending) eligible ING card purchases
    If these 5 transactions are not made or settled until 10th day of the month, does it mean I will be only paid 20 days of interest?

    • turtwanna on 05/05/2023 - 14:53
      +8

      No, it's a condition for the full months interest to be applied or not. You either get the full interest or you dont, the condition is checked at the end of each month.

    • Sqz66 on 05/05/2023 - 14:53

      When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month.

      If you haven't met the criteria last month, you won't be able to get the bonus rate until June. (Unless you're opening a new account in which case you'll get the bonus this month)

      • Ash-Say on 05/05/2023 - 14:58

        thank you - What's the best way if the funds need to be withdrawn without losing interest?

        • Sqz66 on 05/05/2023 - 15:00

          Pick a different bank.

          1. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

          ^ If you withdraw before the end of the month you won't get bonus interest that month.

        • ReqelinOz on 05/05/2023 - 15:28

          It just has to be bigger than your balance on the 1st of the month (or last day - can't remember).

          So if you have $10k at the start, deposit $2k but then withdraw $1.5k you are still > your initial $10k balance.

          • Igaf on 05/05/2023 - 16:57
            +1

            @ReqelinOz: Last day of previous month, AFTER ING has deposited your interest.

        • MagpieSilver on 06/05/2023 - 08:25

          You open a second ING saver account, do some jiggling about which account the bonus interest is applied to, then move all the money over, less the amount you need, on the first day of the next month.

  • Rifulreinhardt on 05/05/2023 - 14:52
    +11

    i switched to ubank which has only 4.6% but way less legworks. when you don't meet the requirement in ING's saving acc, you'd need 1 month to earn the next month to be 'bonus'. that's 2 months. for ther 1st month you don't get the bonus. i didn't notice this shit so i didn't earn any interest from $90k.

    • squanchy on 05/05/2023 - 15:03
      +1

      Not true, they waive all requirements for the first month so you should automatically get max interest

      • Rifulreinhardt on 05/05/2023 - 15:06

        not the 1st month with ING after opening. i reset it to 0, because i exceeded $100k.

        • Yola on 05/05/2023 - 15:20
          +1

          i didn't notice this shit

          Yes, you need to notice that shit or it will bite ya.

          • Rifulreinhardt on 05/05/2023 - 15:25
            +2

            @Yola: 1 slip like that offsets the effort of clinging to ING for a little more %. i'm done with it.

            • Yola on 05/05/2023 - 15:27

              @Rifulreinhardt: True. Just don't forget to deposit $200 into:ubank each month.

              • Rifulreinhardt on 05/05/2023 - 15:29

                @Yola: i'd assume plenty will slip for the long run unless very careful. such as that 'increase saving acc amount term'. i've been with ING for years, that mistake was the only time i made.

                • Yola on 05/05/2023 - 16:53

                  @Rifulreinhardt: Yes none of us is perfect. I once lost a month's interest from an account where you could make 5 withdrawals per month. Well, I made 6. If the rule had been none I would have been fine.

                  • Rifulreinhardt on 05/05/2023 - 17:10
                    -5

                    @Yola: i accepted it & didn't call ING. just a little remorse. looks like not only you gloat over it, but also think mentioning it is a redundancy. and the way you try to mock me is disgusting. seek therapy and don't think you are smart. you look like a clown.

    • Ruckmauler on 05/05/2023 - 16:56
      -1

      Yea - I switched from working at Macquarie to Coles checkout - WAY less legworks…..

    • Moo Deng on 05/05/2023 - 17:07

      Don't you only earn interest with the first $100k with ING? You can still have over $100k but interest only paid on $100k.

      Are you saying because you had over $100k you got no interest that month?

      • Rifulreinhardt on 05/05/2023 - 17:27

        no you still earn bonus on $100k but at the moment i decided to use ING as my 2nd bank acc and planned to put $90k in. but i can't do it for the 1st month because $90k < $100k doesn't meet the increase saving acc amount condition which will give you no bonus.

        so i moved all and it became $0.
        the 2nd month on the 1st day i put $90k in. because on 1st month i didn't meet condition, putting anything > $0 will only earn you bonus status for the 3d month, you still have no bonus on the 2nd month.

        well, instead of figuring all the shit out. might as well just use ubank.

    • izkai67 on 05/05/2023 - 22:14

      ubank will increase rate soon , just wait

  • Spets on 05/05/2023 - 14:52
    +2

    What do people with over 250k do, multiple bank accounts?

    • steve84 on 05/05/2023 - 14:56
      +26

      You’ve come to the right place to ask. Pretty sure everyone Ozbargain has over $250k in savings and salary. Or was that whirlpool? 🤔

      • Minimum chips on 05/05/2023 - 18:26
        +4

        Ozbargainers keep their wealth in high yield Luxury German assets, not cash.

      • z88713188 on 05/05/2023 - 18:32
        +5

        Ozbargainers keep their wealth in Eneloop Batteries and Giftcards, not cash.

    • Mokr on 05/05/2023 - 14:58
      +3

      I do loans to friends to put in their offset

    • nfr on 05/05/2023 - 14:59
      +5

      Spend the extra cash on eneloops to stay under 250K.

    • cashless on 05/05/2023 - 15:01
      +1

      Buy 2 Teslas

      • krisspy on 05/05/2023 - 16:06

        Don't you mean high yield mercs?

    • scratchy on 05/05/2023 - 15:33
      +2

      Different Banks or if with a spouse same bank but different names. If you want to be super cautious don't put it in the same group IE CBA owns Bankwest, NAB owns UBank so don't put $250k in NAB and $250k in UBank as they could in the unlikely event of a collapse be counted as the same lender. (This was discused on the The Australian Money Cafe Podcast a while back, I wasn't paying too much attention because, well, I don't have a lazy $500k I need to split).

      • Yola on 05/05/2023 - 17:00

        as they could in the unlikely event of a collapse be counted as the same lender.

        They would be counted as the same Financial Institution and the eligibility under the
        Financial Claims Scheme - a government-backed safety net for deposits of up to $250,000 per account - would be limited to $250,000.

    • JIMB0 on 06/05/2023 - 05:15
      +1

      Invest it rather than leaving it in a bank account.

    • Igaf on 06/05/2023 - 13:03

      Basically, yes. Or diversified shares. Or property depending on personal financial situations

  • JSONBourne on 05/05/2023 - 14:57
    +9

    Surprising they've stated this is from May 9. Usually it takes a whole 2-4 weeks to pass on! Well done ING (aside from the lame conditions, I'm so close to moving to UBank).

    • puglikesabargain on 05/05/2023 - 14:58
      +1

      yes very well done, super competitive…..

  • bargaino on 05/05/2023 - 14:57
    +5

    So my bank balance will almost keep up with inflation? Until the taxman takes away his share.

    • Igaf on 06/05/2023 - 13:05

      Not even close, although how much inflation affects you is variable.

  • Gojkins on 05/05/2023 - 14:59
    +2

    hopefully this puts some pressure on ubank to do better 🤞

    • Mokr on 05/05/2023 - 21:59

      ING used to have less hoops.

      Just be thankful ubank doesn't feel the need to add more hoops

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