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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 (2130 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 (713)

Until 31/03/2025, referrer and referee will each receive $125 for opening new Orange Everyday & Saving Maximiser Accounts.

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

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closed Comments

  • cashless on 05/05/2023 - 15:00
    +15

    Thought it odd that ubank didn’t announce rate increase on Tuesday. They’re normally first to announce, last to implement.
    This time they’re silent.
    With NAB having just made record quarterly profits, they must be too busy counting the cash to offer some help to their savers.

    • PerthectDeal on 05/05/2023 - 15:59
      +1

      Was thinking the same thing, ubank up the rate usually the next day…

  • Lakon on 05/05/2023 - 15:03
    +2

    I am new in the property market so i need advice, to confirm my understanding.

    I got 300K mortgage loan with 6% interest, it comes with 100% offset account.
    I got 50K saving.

    It would benefit me more if I put my 50K in my offset rather than this term deposit..

    My objective is either get biggest return for term deposits or biggest reduction in mortgage interest.

    Is my decision correct?

    • puglikesabargain on 05/05/2023 - 15:05
      +21

      yes, your offset is the most appropriate option, effectively earning 6 percent (being the mortgage rate) - if you deposit into a saving account or term deposit you will be liable for tax on the interest as assessable income

      • djsherly on 05/05/2023 - 15:16
        +14

        The tax point is key. You don't pay tax on the interest savings you get from the offset account.

      • XXRydeR on 05/05/2023 - 17:13
        +1

        Fantastic reply.

      • pixxelpusher on 05/05/2023 - 21:52
        +1

        Have always wondered about this. Can you still withdraw money from the offset account, like a savings account?

        • puglikesabargain on 05/05/2023 - 21:54
          +1

          yes definitely, at least with mine - through the app, online banking, a visa debit card, atm

        • SoTightEcoLPI on 05/05/2023 - 22:13
          +1

          I use my offset daily. Have my pay going in to offset. Go to shops and withdraw from offset into my everyday account. Interest calculated daily. I'm lucky to have $150 in my everyday account at one time. People roll their eyes when my payment is declined. Just gotta move the beans. Don't even care 🤣

      • Mokr on 05/05/2023 - 21:59

        It makes more money.

        But it doesn't feel as good as you don't get that extra 500 of interest every month.

        Even if it does occur.

    • onetwothreefour on 05/05/2023 - 15:09
      +3

      Curt is correct, but fyi this isn't a term deposit, it's a savings account.

    • whyisave on 05/05/2023 - 15:29

      Is your mortgage for a principle residence or an investment property ?

      • Lakon on 05/05/2023 - 15:48
        +1

        this is for principle residence.

    • scratchy on 05/05/2023 - 15:35
      +2

      What is your income? Any interest you will pay tax on unless you earn less than $18200 a year IIRC.

    • aligind4h0us3 on 05/05/2023 - 15:44
      -2

      You would be absolutely stupid to put money into a savings accounts instead of your offset.

    • patadi on 05/05/2023 - 16:27

      offset or if you don't need the money put the amount directly in a variable loan account to reduce the principal(thereby reducing the duration of the loan) and use redraw in case of un-forseen requirement.

  • onetwothreefour on 05/05/2023 - 15:07
    +5

    @UBank

    I just opened a ubank account, I hope I don't have to switch to ING so soon.

  • lilkid28 on 05/05/2023 - 15:09

    5 card purchases - can be 5x $5 gift card purchases on Amazon/Shopback?

    • Lurker101 on 05/05/2023 - 15:11
      +7

      have been doing 5x$1 gift cards to myself on amazon for a year now, no issues

    • RTY on 05/05/2023 - 15:29
      +3

      I do $0.01 x5 at coles or woolworths

      • lilkid28 on 05/05/2023 - 15:41

        Yeah i know that possible. But if I'm overseas frequently for weeks it might not be possible for that month.

      • OzByte on 07/05/2023 - 13:10

        What do you buy for 1 cent ? How does that even work.

        • Moo Deng on 07/05/2023 - 15:14
          +1

          You don’t buy anything for 1c.

          You pay 1c towards the total bill amount using the split transaction option. So you pay 5 x 1c with the ING card and the balance with gift card or another credit card.

    • pixxelpusher on 05/05/2023 - 21:54

      Yes. Or buy a single $5 gift card on Shopback using Zip Pay, and then make 5x $1 payments to Zip using your ING card.

  • botchie on 05/05/2023 - 15:11
    +3

    what BS - 100k only, they should do the same with loans then, the higher it is the cheaper it is but NOOOO, its the opposite

    • djsherly on 05/05/2023 - 15:17

      The last time interest rates for deposits were routinely in this range was the 90s. Hardly BS even if you have to jump through some hoops

      • NotBritishorUK on 16/05/2023 - 21:35

        Rates were consistently at this level and higher all the way to 2012 (except for a drop in 2009). It’s only the last 10 years we’ve had lower rates than now, not sure what you mean

  • GeoK on 05/05/2023 - 15:16
    +1

    So What happens after I have 100K with ING!
    If I transfer it out how would I Keep the 3rd requirement?
    "Grow their nominated Savings Maximiser balance"

    • djsherly on 05/05/2023 - 15:18
      +4

      grow your balance, even if above 100k but the bonus interest is only on the first 100k of savings. You'd be better off opening a second account outside of ING with a similar interest rate bonus

      • GeoK on 05/05/2023 - 15:20

        Correct that is why I am asking cause I don't wanna earn pennies after the 100K.
        So is there a work around it to keep the requirement but not having to have extra cash that wouldn't earn the 5.25%

        • ajr5k on 05/05/2023 - 16:43
          +2

          The condition is that you grow your Savings Maximiser, it doesn't stipulate a minimum growth amount. Have a scheduled job to transfer $1000.00 into the account, pair with a job to transfer $999.99 out the next day.

          You have grown the balance by 1c per month excluding the interest.

          "What this means is that customers need to grow their nominated Savings Maximiser balance by any amount in the month. As long as the balance at the end of the current month (not including interest) is higher than it was at the end of the previous month, and customers meet the other existing eligibility criteria, they’ll receive the highest variable rate available on the nominated Savings Maximiser in the calendar month after the eligibility criteria has been met.. "

          Is this workaround-y enough?

          • ajr5k on 05/05/2023 - 16:51

            @ajr5k: Oh and transfer the interest out to a facility that offers interest at a reasonable rate…

          • GeoK on 05/05/2023 - 16:52

            @ajr5k: Definitely easier to do 4 me. Thanks

          • Culpable on 05/05/2023 - 17:31
            +1

            @ajr5k: I don't think this is a full-proof method because of the sneaky way that ING counts "growing your balance."

            While the monthly interest you accumulate does not count towards "growing your balance", it is counted as part of the end-of-month savings figure that you need to outgrow each month.

            Which means if you transfer out your interest, you'll no longer be "growing your balance".

            • ajr5k on 05/05/2023 - 18:07

              @Culpable: What deposits are counted when you calculate my monthly balance growth?

              All deposits into the nominated Saving Maximiser are included when we calculate whether your balance has grown in the current month. The total balance is calculated when the funds are deposited and reflected in the current balance, not when they are cleared, so don’t worry if your available balance hasn’t updated – we’ve seen it.

              The important bit:

              The only deposit that isn’t included is the interest paid to your account in the current month and this won’t be counted in how we calculate whether the current month balance has grown when compared to the total balance at the end of the last month.

              • Culpable on 05/05/2023 - 19:35
                +5

                @ajr5k: We're talking about slightly different things.

                I'm talking about the balance they look at in the proceeding month to compare against to see if your balance has grown.

                Example: You end month 1 with 50k in your account. They add $200 interest (just using easy numbers).

                While that $200 does not factor into whether you grew your balance in month 1, in the next month (month 2), they will calculate the final balance for month 1 as 50k + 200 = $50,200.

                So at the end of month 2, they will consider your balance to be "grown" if it is above the balance of $50,200.

                You will be able to observe this within the app when you click on the interest conditions. It will say "grow your balance so it is greater than your month 1 balance of $50,200".

                I'm not just talking theoretically: I confirmed this behaviour last month within the app.

                • ajr5k on 05/05/2023 - 19:44

                  @Culpable: Oh wow. Thanks for sharing, I now understand what you are saying. Thats dissappointing!

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

                    @ajr5k: All good mate. I don't want another rate-hunting soldier out there to get rug-pulled.

                    You can still make it work, you just have to subtract an initially larger amount at the end of the month so that the "end of the month balance" is lower (e.g. subtract 5k or so).

                    Then on the first of the month, top the savings balance back up to 100k, send out your extra cash, and do the same thing next month.

                    Except this time, subtract out a smaller amount than you did the month before which is equal to your initial amount minus the interest for last month plus a small safety margin to account for fluctuation in the number of days in the month (e.g. 4.5k), resulting in an "end of month balance" that is slightly higher than the month before.

                    While this sounds like a lot of math, you can just check within the app what the final "end of month" balance was for the previous month, and subtract out an amount that leaves your balance slightly higher than this number.

                    @curt67 has another method in this thread involving two accounts, although I can't say I've tried it myself.

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

                @ajr5k:

                The only deposit that isn’t included is the interest paid to your account in the current month and this won’t be counted in how we calculate whether the current month balance has grown when compared to the total balance at the end of the last month.

                This is poorly worded. What it essentially means is that at the end of each calendar month you need to have at least 1c more than the final balance of the previous month (which includes ING's interest). So if you deposit the $1000 minimum each month you can withdraw up to $999.99 and qualify. It is very easy to check what your target is each month because your monthly statement will show the target balance (which includes ING's interest) as the last entry (usually).

                In arithmetic terms:
                M2 Balance (before ING's interest is added) >= M1 Final Balance + $0.01

                When you are approaching the $100K limit you need to be careful because each month your interest will be $400+. This is when you should consider transferring most of your funds to another high interest account (eg Ubank) for 1 month (slightly less than a month to take into account any transfer time. Osko is "instant" but other transfers may take a day or more).

          • virhlpool on 06/05/2023 - 00:29

            @ajr5k: As long as your balance is 1c higher on the last day of the month than the balance on the last day of the previous month (+ interest earned), it will work. Simple.

            e.g.
            Your month1 last day balance = $1000
            You met the conditions for so you earned bonus interest, let's say total $5 interest so your final balance on the 1st day of Month2 is $1005.
            Now, as long as your balance on Month2's last day is $1005.01 (or higher of course), you will earn bonus interest for Month2.

    • puglikesabargain on 05/05/2023 - 15:21
      +17

      although you do not earn bonus interest on any part of a balance >$100,000, here is the strategy I use. Its easy to do:

      For those who are very near or exceeding the $100,000 balance limit to qualify for bonus interest, one strategy to meet the ING growth requirement is to open and "juggle" two Savings Maximiser Accounts - based on a past OzBargain comment :

      "Month 1 (say May 2023):-
      SM1: Earns bonus interest. Your SM1 balance is sitting around 100K.
      SM2: On-line or through the app, nominate SM2 for the next month (June), then add any amount to grow the SM2 balance

      Month 2 (June 2023):-
      SM1: No longer earns bonus interest. Move preferred balance to the SM2 on first day of month. Move remaining funds elsewhere.
      SM2: Earn bonus interest on your new SM2 balance.

      **when you nominate an account to get the bonus it only takes effect from the 1st of the following month. In the meantime you continue getting the bonus on the current account. You need to transfer 1 cent to the new account to meet the balance increase requirement. Then move the 100k (or less if you want a buffer) on the 1st of the following month. Only miss out on the bonus interest on the 1 cent.

      **better long term plan is open a second SM account and nominate that for bonus interest in June – you nominate the account prior to the month. Transfer 95k or whatever on the 1st June from your existing SM account"

      • GeoK on 05/05/2023 - 15:24
        +2

        WOW thanks a lot. got what needed to know.
        Ubank is better maybe!

        • puglikesabargain on 05/05/2023 - 15:26
          +1

          No worries but its really easy to do online on the ING internet banking site…once you do it once, it easy thereafter :)

        • Cheapskate Paul on 05/05/2023 - 16:16
          +1

          You are allowed to have both ING and UBank accounts, e.g. first $99,000 in ING, up to $250,000 in UBank.

      • SomeGuyOnOzB on 05/05/2023 - 17:14

        if you have the > $100,000 problem

        Plan for the majority of ING funds to sit for at least 2 months in one of the ING accounts, if you move funds from one account to the other.

        Explanation
        If you move most of the money from account 1 to 2, at the start of month 2:
        - account 1 ends month 2 with around $0; no growth that month, so could never satisfy requirements for month 3
        - so don't nominate account 1 to get the interest in month 3

        • you can grow account 1 in month 3, and satisfy all requirements
        • if you are satisfying all requirements in month 3, that month you can nominate account 1 for the interest in month 4
      • warmfruit on 05/05/2023 - 20:08

        Then what do you do in Month 2 in order to activate the bonus interest in month 3? If you nominate SM1 for Month 3 to get the bonus interest, you need to grow the balance. However, SM1 started Month 2 with 100k + interest.

        So would you get SM3 and nominate that to get bonus interest in Month 3

        • Just Another Day on 05/05/2023 - 21:52
          +2

          Day 1 of month 2 you would transfer from SM1 to make SM2 have a 100k balance. That satisfies the growth requirement so SM2 gets bonus in month 3. Once in month 3 you nominate SM1 to earn bonus for month 4 and satisfy the requirements.

          Day 1 of month 4 your transfer from SM2 to make SM1 have 100k balance. Keep following this process and you get full interest rate on full 100k each month.

          Source: It was my comment here that gets referred to every month and it has been working for me. Takes me no time at all as ING is main bank account so its all pretty natural.

    • heytherehoney on 05/05/2023 - 18:23
      +1

      Here is what you should do. Arbitrary figures/dates for reference.

      30 April: Closing bal $108,549 (after interest earned during April)

      1 May: Transfer $8,549 to UBank (or another high interest savings acc. Unfortunately you can only link one account with your ING savings). Leave $100K in ING.

      During the month: 5x $0.01 transactions at Coles/Woolies with ING card, leaves bal of $99,999.95

      31 May: Your acc needs to have at least $108,549.01 which is April's closing balance + $0.01. Transfer $8,549.06 back to ING (crucial step). Your new May closing bal will then grow to include interest earned in May.

      This way you can maximise interest but you'll need to set up reminders in your calendar each month and you can't forget, otherwise you're better off leaving your savings elsewhere. Once ING stop offering free ATM withdrawals in August, I might ditch them (as that is the other reason I do the 5x $0.01 transactions)

      • clandestino on 05/05/2023 - 18:37
        -4

        why would you need to transfer $8,549.06? Why not just transfer $0.06? Then your balance has increased by 1 cent.

        • heytherehoney on 05/05/2023 - 18:40
          +3

          Because I transferred $8,549 out to UBank on 1 May. Anything above $100K with ING will not earn interest, so if you leave it there it will sit idly and do nothing for you.

          If you transfer $0.06 to ING on 31 May, your closing bal will be $100,000.01 and that is not higher than your April closing bal.

      • warmfruit on 05/05/2023 - 20:00

        The issue with this is as each month progresses, you're earning around $400 in interest, so the amount you transfer back and forth grows by $400 each time. It's not a lot, but you lose a few days of interest on an amount that becomes larger and larger every month.

        I'm thinking of opening a second savings maximiser account and just moving 100k back and forth between them, and moving the interest amount to a different bank each month. Either way it's a hassle and if you forget one month, then you get no bonus interest. I didn't bother previously and had my money in UBank and macquarie. But then Ubank and 86400 joined, and ING seemed more enticing at that point.

        • heytherehoney on 07/05/2023 - 19:09

          Why would you lose a few days interest? Just ensure you transfer it out to another high interest acc on the 1st of each month.

          But yeah, it's not exactly set and forget, so it's not for everyone. Another reason to ditch ING is their customer service sucks. Call them and you'll wait approx an hour on the phone, whilst with UBank it's been ~2 mins (from my experience). That time is worth something.

          • Igaf on 07/05/2023 - 20:32

            @heytherehoney: Ime Commbank is also 1 hr. Irrespective of the urgency (eg lost/hacked card) you're put in the same queue with no call back facility.

            Have you used ING's message service? Probably not great for urgent problems but for other issues I've found them to be more than adequate.

      • Tony76 on 21/05/2023 - 16:29

        It's only international ATM fees getting scrapped, not domestic.

        • heytherehoney on 22/05/2023 - 11:25

          Don't care about domestic ATMs. I only use cash when travelling.

  • Ohz on 05/05/2023 - 15:21
    -6

    Four digits access code for Internet banking in 2023? Are you serious ING?

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

      Literally anything that involves moving money to a new account/adding to your address book involves 2FA. There are rules around phone porting as well, so if someone ports your number and adds to a new account it will immediately be flagged as fraudulent.

      I agree it’s not great, but they have tried to mitigate risk. Certainly better than Westpac!

      • Ohz on 05/05/2023 - 16:08

        You have to call them when moving money(above a certain amount) to another bank. However, have you ever called them? I have called them a couple of times, the average waiting time is 45 minutes, and the longest I had was 90 minutes. It is absolutely ridiculous.

    • askbargain on 05/05/2023 - 15:47

      What's your username?

    • Quppa on 05/05/2023 - 19:53

      Why the downvotes? The 4 digit passcode is absurd - there's more entropy in the client number! SMS 2FA isn't great, either.

  • odysseus on 05/05/2023 - 15:24
    +1

    How does an account with a 0.55% standard rate - when the Australian cash rate is 3.85% - get so many upvotes?

    And even after this rate rise, as they state: "0.55% p.a. standard variable rate (remains unchanged)". So not passing any increase and paying you massively less than they should be unless you're an active customer who continually jumps through hoops as extra tasks for them.

    • tharlow on 05/05/2023 - 15:53
      +3

      Because OzBargainers love jumping through hoops. I guess it must be all the endorphins…

    • bgbrendan on 05/05/2023 - 18:56
      +3

      Shockingly many people are happy to jump through 5 mins of hoops a month for 5.25% interest

    • Igaf on 06/05/2023 - 00:05

      How does an account with a 0.55% standard rate - when the Australian cash rate is 3.85% - get so many upvotes?

      Because - quite obviously - we're voting for the industry leading (and consequently, trend-setting) bonus interest rate of 5.25%, not the abysmal (and discriminatory) 0.55% standard rate.

      This crops up every time high bonus rate "deals" are posted. Ideally standard rates would be much higher but banks want to maximise profits and minimise what they pay for cash, primarily because executives are paid on that basis. That's what shareholders like also (most superannuation investors/recipients are a party to that). As the FI Royal Commission showed very starkly, many/most FIs (and some politicians) didn't care how they achieved those two goals as long as they didn't get caught. Hopefully that culture has changed significantly.

      It will be interesting to see if the ACCC's enquiry in bank deposit interest rates recommends a minimum threshold, and if it does, what the govt's actions will be. I wouldn't be holding my breath on significant change.

  • Eugklng on 05/05/2023 - 15:32
    +6

    UBank is feeling the pressure now….

    • tharlow on 05/05/2023 - 15:49
      +9

      Both of their call centre employees agree

      • Igaf on 06/05/2023 - 00:12
        +1

        No issue with their - or ING's - messaging response times myself. Urgent issues might be a different story. Commbank's phone service wait times are invariably ~1hr, even for lost/stolen cards. Useless b's (the execs, not the service staff).

  • tharlow on 05/05/2023 - 15:46

    It’s such a shame about inflation, because thanks to ING I have so much more free money to spend. Thanks again for your breathtaking generosity, ING!

    • virhlpool on 06/05/2023 - 00:41

      Deduct around 30% for tax (or more depending on your tax bracket) while spending though.. Taxman will ask for it at the year end when you file the tax return.

      • tharlow on 06/05/2023 - 00:46

        Yeah I can’t wait for the stage 3 tax cuts to kick in

        • virhlpool on 06/05/2023 - 00:48
          +1

          What do you mean? My comment has nothing to do with stage 3 tax cuts. Interest earned in savings account is taxable. Many people don't know it and they end up getting surprised at the end of the year when they file the tax return - is what I meant.

  • virtualds on 05/05/2023 - 15:52

    what is better? put money in savings account with 5.25% interest or in Investment property's offset account with 5.49% interest?

    • tharlow on 05/05/2023 - 15:54
      +1

      Both, obviously. Plus, leverage an additional investment property with all the extra cash you will soon have lying around

    • puglikesabargain on 05/05/2023 - 15:57
      +3

      Ordinarily I would deposit into your offset account as any interest from a savings account or term deposit is subject to income tax at your marginal tax rate. But given you have an investment property (assuming with tax-deductible interest), I think you would still be (marginally) better off with the offset option (after tax) based on the quoted interest rates….

    • Ghost47 on 05/05/2023 - 16:05
      +3

      Neither, buy another investment property.

    • maverick1 on 05/05/2023 - 16:20

      Depends also on your tax slab etc. negative gearing might help. You would have to do the math or consult a pro!

    • ajr5k on 05/05/2023 - 16:49

      The offset account is the obvious winner as long as drawings are not offered as a redraw facility.

      Interest offset in an offset account isn't taxable, while interest earned on a savings account is.

      • virhlpool on 06/05/2023 - 00:43

        The offset account is the obvious winner as long as drawings are not offered as a redraw facility.

        What do you mean by the second part of the sentence, about drawings? Can you explain please?

  • y2k on 05/05/2023 - 15:54
    +3

    Suspect ING felt some pressure to do this after they announced an end to their fee rebates for overseas ATMs
    . They caught a fair bit of flak - they were the most generous with overseas ATMs until then.

    • tharlow on 05/05/2023 - 15:55
      -3

      I have already forgiven them for that. Forgive and forget, I say

  • Ghost47 on 05/05/2023 - 15:56
    +1

    As a very loyal UBank customer I’m thinking about opening up an ING account now and putting some money in there.

    • tharlow on 05/05/2023 - 16:03
      +1

      Very loyal? How easily your affections wander! Go ahead then, I wonder if you ever really cared at all…

    • JSONBourne on 05/05/2023 - 16:25
      +1

      Honestly Ubank is the better bank. ING has stagnated and is looking less and less after their customers now

      • SomeGuyOnOzB on 05/05/2023 - 22:10
        +1

        Ing announcing interest rate rises close to the rba announcement and applying it soon after.
        (Ubank usually applies it the next month)
        Higher total interest rate rises.
        Things we have lost from ING, UBank never had.aa
        .
        You should ask what more UBank could do for you; not waste time trying to knock the opposition

    • Mokr on 05/05/2023 - 22:04

      Ubank gave me 50 for the merge.

      Yeah j should but I'd

    • Kabal on 06/05/2023 - 20:57

      There's no reward for being loyal to a bank. Don't do it.

  • chocfrogs456 on 05/05/2023 - 16:26
    +1

    Is anyone in this position… I'm going overseas for 6 months. I normally do my 5 transactions as 1c at coles/woolies. Is there a way to spend very small amounts of money online while overseas to still meet the criteria and not waste money / int transaction fees?

    • Cheapskate Paul on 05/05/2023 - 16:31

      Buy 5 coffees over the month and don't forget to deposit $1000. ING then don't charge international transaction fees.

      • chocfrogs456 on 05/05/2023 - 16:36

        oooh coffees overseas? Guess that's ok with no trans fees. I lost track of what they are still honouring, I thought they took it away but maybe just ATMs! Thanks!

    • Ernestpogi on 05/05/2023 - 17:50
      +1

      Deposit 5 $1 on thelott app if you play lotto. Others buy $1 amazon gift cards..

    • ozprash on 05/05/2023 - 18:23

      I missed one month's bonus as I was overseas and didn't know better. But one of the comments above mention you can even do 1c Amazon transactions and that counts towards the 5 transactions requirement.

      • Yola on 05/05/2023 - 19:15
        +1

        I do 5 1c transfer from my Paypal account to another.

      • izkai67 on 05/05/2023 - 22:18

        it must not be online transaction.

        • dazweeja on 05/05/2023 - 22:35
          +1

          Online works. I have 2 transactions counted so far this month and they are both to Amazon.

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

      Ask a friend to help (might forget)
      Take money elsewhere (term deposit?)

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