This was posted 1 year 6 months 17 days ago, and might be an out-dated deal.

Related
  • expired

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

4412
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 (658)

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

Related Stores

ING
ING

closed Comments

    • JoJoker on 06/05/2023 - 19:00

      It can be automated

    • izkai67 on 07/05/2023 - 10:03

      either you let someone use your card or miss the bonus, that's the reason I'll never open account with ING, too many hoops for that amount of money.

  • wetsandwich on 05/05/2023 - 16:49
    +1

    Might actually start jumping through the hoops now.

    • tharlow on 05/05/2023 - 16:55

      We train our monkeys well here. Come join the fun!

      • Igaf on 05/05/2023 - 22:20

        Money doesn't grow on trees, nor does common sense money mgt,

        • tharlow on 06/05/2023 - 00:10

          It might not grow on trees, but we can print loads more of it whenever we want to. At least we can rely on the government to follow common sense money mgt principles, even if the plebs don’t understand the finer points

          • Igaf on 06/05/2023 - 00:27
            +1

            @tharlow:

            At least we can rely on the government to follow common sense money mgt principles,

            That was tongue in cheek presumably. Common sense has little place in modern economics because it relies on hindsight and is often not necessarily what a nation needs. Even (the once lauded) Howard and Costello were economic failures. They not only put $100B of taxpayers money into multinational petro company pockets (classic conservatism) they also left incoming govts with significant structural deficits, sold off national assets (the gold fiasco was a particular highlight) and failed to invest in infrastructure at a time of growing population. They did manage to meet the "common sense" principles of budget surpluses tho.

  • Homr on 05/05/2023 - 16:57
    +1

    Will AMP follow? They just started 4.8% from 1st May

    • SomeGuyOnOzB on 05/05/2023 - 22:14

      It would be nice to see but the May increase was from March, and I think they had missed 1 or 2 rate rises before March.

  • Brandon3ic on 05/05/2023 - 17:02
    +1

    Does anyone know if ING has a referral code for new users?

    • hanofee on 05/05/2023 - 17:22
      +1

      They used to have it, but it's no longer in ozbargain system, so I assume it's gone?

    • Guybrush57 on 05/05/2023 - 17:30
      +2

      I wouldn't worry if I were you. ING weasel'd their way out of giving me and my referee the prizes. Complaints and a threat of the ombudsman pursuaded them to comply with their promotion.

  • Culpable on 05/05/2023 - 17:03
    +4

    All eyes on BoQ and UBank.

    • Yola on 05/05/2023 - 17:11
      +2

      and Virgin.

      • Culpable on 05/05/2023 - 17:36

        True, Virgin too.

        BoQ released this Orwellian-esk press release, titled "BOQ responds to May RBA decision and lifts savings rates".

        But the page only specifies that it's increasing the variable home loan interest rates by 0.25%.

        For the savings rate, no specific rate increase is mentioned.

        Instead, it says:

        To help customers build up their savings, we have continued to reward them with competitive rates.

        Which sounds like a euphemism for "We're not increasing our savings rates this time".

        • FujiFruit on 05/05/2023 - 17:40
          +1

          Are you kidding, so that means they are planning to not increase. I hope AMP increases so we can leave virgin to teach them a lesson.

          • SomeGuyOnOzB on 05/05/2023 - 17:50
            +2

            @FujiFruit: AMP updates it's rates less frequently than the others.
            BoQ is pretty infrequent.

            Virgin I think is not as bad as those two, but not as good as UBank.

            ING is still the best in terms of how quickly it responds to rate increases.
            From what everyone said, if ING could use the money, they could do well if they increased that $100,000 limit

            • freoleo on 05/05/2023 - 20:15

              @SomeGuyOnOzB: BOQ actually last updated their rates ahead of the the last rise

              but now its fallen back in line if it isn't updating this time

      • payless69 on 06/05/2023 - 01:45

        All the Vestal ones have been collected already…..

  • ripoffmerchant on 05/05/2023 - 17:29
    +2

    Was expecting every bank to skip this rise on the HISA side. Good to see ING taking the lead hope Ubank keeps up.

    • Yola on 05/05/2023 - 19:19
      +3

      Incentive Saver and Maxi accounts at St George/BOM/Bank SA are going up to 4.75% on 12 May.

  • [Deactivated] on 05/05/2023 - 17:34

    Keep going up… it's helping reduce the greedy real estate agent's rent increase.

    Now if only they'd drop the hoops and limits I'd switch from Ubank in an instant.

    I saw an article the other day… government planning to interfere with property AGAIN by giving the RBA the boot. (Every time government interferes with property in some way they succeed gloriously in INCREASING its price.) So expect property to double again in the next 5 years if they do.

  • ranma241 on 05/05/2023 - 17:50

    Anyone know what happen if you withdraw the amount excess the $100k so for example if the account balance is $102k and withdraw $2k do you loss the bonus interest?

    • ozprash on 05/05/2023 - 18:24

      Yes, since you are not meeting requirement #3

    • Yola on 05/05/2023 - 19:21

      You can withdraw but must return it and increase it before the end of the month.

  • Mr BoMBAStiG on 05/05/2023 - 18:08

    My offset is 2% for another year and I am in the second highest tax bracket, it's finally now worth emptying my offset to my SM account!

    • orbital on 05/05/2023 - 19:45

      Lol - I feel sorry for you if you think these are complicated hurdles.

      • leep35 on 06/05/2023 - 12:14
        -3

        Once you reached the 100k threshold , 0.55% interest > 100k is a deal breaker.
        I have better things to do with my life

        • unfinishedsentenc on 07/05/2023 - 12:54

          So just put 100k in there then. The rest into UBank or something.

  • moneyhungry on 05/05/2023 - 18:41
    +1

    100k is a pittance

  • metro2012 on 05/05/2023 - 18:50
    +1

    High offer, just a shame there are so many conditions now from ING.

    • TheGman101 on 05/05/2023 - 20:16

      Completely agree! They’re making so much money from everyone but make it difficult with the hurdles. You stuff up one and there goes your interest for the month. Meanwhile they make real $$ from your money no matter what.

      • Igaf on 05/05/2023 - 22:48
        +1

        At what point in life did you start expecting that FIs would share their profits with you Gman? If you're yearning for the return of times when banks focused on community enablement and service you wouldn't be on your pat, but those days are long gone and will never return.

        Any adult serious about managing their money has no reason to "stuff up" with the ING criteria. Even if you need to use your money for one month or do manage to fu what are quite simple rules you're still ahead of the pack at current available rates.

        The good news is that if ING's reqts are too hard for you to manage there are options elsewhere. ING is leading or near the lead in the market which puts pressure on other institutions to step up. Why any consumer would think that's a negative is beyond my low level of economic comprehension.

        • TheGman101 on 06/05/2023 - 01:02
          -1

          This is complete crap mate. All they are there for is to increase the chances of the consumer stuffing up and making an error so they don’t have to pay you out. There should be a compete ban on this sort of stuff. “Any adult” what a load of **** Life happens you miss things which is exactly what they prey upon. There shouldn’t be “bonus this” it should be the flat rate with no hurdles from the get go.

          • Igaf on 06/05/2023 - 10:34
            +2

            @TheGman101: Whatever. As I said, there are alternatives for people too effing lazy to manage their money and others whose circumstances don't suit the model. For most people it takes no significant effort at all to get the bonus, let alone any brainpower. If you can't work out a system which works for your specific circumstances then read some comments here or on similar "deals", or ask questions. ING provides relatively simple rules and the data req'd you need to monitor your progress (if that's reqd, often/usually it isn't). Even if you miss a couple of months because you're too lazy to manage your money or have unexpected bills the rates are highly competitive.

            I'd like to see mandated minimum base rates but banning innovation and competition is economic nonsense. No hurdles? Seriously "mate" that bs doesn't stand up to even basic scrutiny. You're on a deals website which the vast majority of the population either don't know about or don't use for many reasons. Should we ban all discounts and just have everyday low prices for all comrade? The irony/hypocrisy is palpable.

            The first hurdle many people have is being able to save enough to earn a few shekels in interest every month. Some people still pay banks to store (not manage) their meagre funds and even pay to use it. Others can't get (cheap) loans because their circumstances don't fit the significant hoops they have to jump through. Your angst would be better placed railing against bank fees, or ludicrous credit card interest rates.

            You have super? If so, bank profits are helping to build your nest egg. This product isn't for you it seems, so time to move along.

            • TheGman101 on 06/05/2023 - 10:41

              @Igaf: You’re talking like you worked in the industry and created these hurdles to justify them. Strangest comment I’ve seen for a very long time on here.

              • Igaf on 06/05/2023 - 10:53

                @TheGman101: What's strange about my comment? That it's based on knowledge and direct experience or that it shows your argument has sfa foundation and even less logic? That you seem to be advocating for a one size fits all interest rate while taking advantage of special Ozbargain deals is hypocrisy writ large. I don't and have never worked in banking or financial industry. Even if I did how exactly would that negate my "strange" comments?

  • G14Classified on 05/05/2023 - 18:59

    Can you not just make 5 Beem it transfers?

    • Yola on 05/05/2023 - 19:22

      Beemit used to work for this but no longer due to the way those payments are processed. Paypal transfers from one account to another do work.

    • Moo Deng on 05/05/2023 - 19:25
      +1

      No they plugged that loophole a while back

  • steve84 on 05/05/2023 - 19:43
    +5

    Guess the RBA must be right given the number of “what happens after $100k” posts. OzB community is flush with savings. More hikes!

    • tharlow on 06/05/2023 - 00:14
      +1

      Yes, raising rates is pointless — they’d have to go much, much higher to influence the median person’s purchasing decisions

      • virhlpool on 06/05/2023 - 00:23
        +1

        0.25% at a time is a bit too slow given how much money people have and are able to spend. Faster/ bigger hikes could do the trick sooner.

        • Igaf on 06/05/2023 - 00:53

          And risk putting the economy into reverse, with fairly obvious consequences. Unfortunately Lowe's 2020? prognostications on interest rates lulled people into complacency and sent a message of false security, and we're now paying the price. International events over which the RBA had no control haven't helped wrt inflation.

          • virhlpool on 06/05/2023 - 01:01
            +1

            @Igaf: Who's paying the price? Look at how much money people got and are spending.. no need to go too far to find it.

            People had no issues when it came to over-borrowing, splurging, and cheering with house prices going up (for 3 years and even now).. and suddenly the complaints start when rates go up? That's not fair. Market is still insanely up.. anyone in serious stress can sell the property and have peace with it. No one is stopping them.

            • Igaf on 06/05/2023 - 10:42

              @virhlpool: I don't get your point. The RBA and most economists know the risks of sudden/large rate rises. Yes they hurt those with big loans but sending a nation onto recession hurts the less well off far more, which was my pretty obvious point.

          • Starcraftmazter on 06/05/2023 - 13:05

            @Igaf: It doesn't matter if it causes a recession - that's far less bad than recession, and every central bank knows it, and has admitted it. RBA just fails to act.

            • Igaf on 06/05/2023 - 13:24

              @Starcraftmazter:

              It doesn't matter if it causes a recession - that's far less bad than recession

              Que? I think I get your drift though - you think a recession is preferable to 7% inflation?
              Spoken like someone who won't be significantly affected by a moderate recession. I'm in that category but like most responsible and socially aware people I acknowledge that any recession will hit plenty of less well off people pretty hard, not to mention govt debt spiralling further. Depends on the depth and length of the recession but small business, the un- and under-employed (esp older women), part-time workers, renters, single income families with debt etc etc will all cop it.

              It's not an either/or situation. You can bring down inflation without causing economic stagnation and panic, which is what the RBA is attempting to do after sitting idly by during the pandemic (with some, but not complete justification).

              • Starcraftmazter on 15/05/2023 - 20:42
                -1

                @Igaf: I dont think it, it's an economic fact agreed upon by all economists. This is why you see central bankers all over the world sweating, despararely hoping their soft action hasn't lead to sticky inflation.

                Because if they cannot quickly get inflation under control, you won't be facing a mere recession, but a depression.

                • Igaf on 16/05/2023 - 15:01
                  -1

                  @Starcraftmazter: What "fact" are you talking about. Cant think of any economic "fact" thats agreed on by all economists, let alone opinions regarding inflation and interest rates. Suffice to say the RBA board doesnt agree with your theory for starters.
                  There is zero chance of a depression here unless the iternational banking system collapsed and economists and govts in advanced countries are very aware of that as a potential catalyst, as you will know if you follow international financial matters.
                  Speaking of that topic, how does a country like Turkiye think yhat Erdogan is a viable leader goven hes presided over the nflation rates in the 80% mark, and still in the 50s? Theyre either living in a dream worlld, gullible, or extremely forgiving.

  • serpserpserp on 05/05/2023 - 21:22

    Anyone know where I can park a few million in cash and get a rate like this?

    • ripoffmerchant on 05/05/2023 - 21:37

      Crown casino

    • Wimothy Jongingtons on 05/05/2023 - 22:00

      treasury bonds maybe dunno

    • gkh84 on 08/05/2023 - 15:12

      Maybe not this rate but HSBC offers 4.25% on balances up to 5 million AUD.
      Requirement: balance must increase by $300 per month (excluding interest payments).
      I believe only $250k is insured…

  • 50cent on 05/05/2023 - 23:54

    Dave Ramsey says I should invest in professionally managed mutual funds which average 10%… What do y’all think?

    • tharlow on 06/05/2023 - 00:18

      “Professionally managed” — they should apply for a trademark. The easiest way to make a billion dollars is to start with two billion

  • payless69 on 06/05/2023 - 01:43
    -5

    Stupid people dance with hoops.
    Smarter ones cash in 5% every week on trading……..

  • Bullish01 on 06/05/2023 - 01:45
    +2

    Has anyone got a promo code for ING to join as a new customer? Knew there was a 100A$ credit.

  • mitty on 06/05/2023 - 07:45
    +1

    Been doing the ING dance for about 12 months, takes 10-15 mins a month to jump through the hoops without even leaving my house. It's money for jam essentially.

    • Mokr on 15/05/2023 - 11:34

      Isn't it just 5 bpay transfers or buy something from after pay, or one pay pal transfer,

  • Jamesk811 on 06/05/2023 - 07:46

    Why would anyone do this when we have mortgage that have higher interest rates ?

  • payless69 on 06/05/2023 - 10:13

    Dutch Hula Hoop: If your ring drops once so do your undies.

  • doctordv8 on 06/05/2023 - 10:45
    +3

    Happy I do not have home payments anymore last 15 yrs, but thrilled to keep the Interest rates heading North.
    $400ish a month for 5min effort to meet the Rules of Engagement - sooooo easy thank you very much.

    The low Loan Rates had it too good for too long. Now, once all the CPI settles, can we have a balance between home Rates and a decent Savings Rate…forever…please.

    • Igaf on 06/05/2023 - 13:00

      Be careful what you wish for. Unless inflation stays high (which along with tax would kill the value of interest returns anyway), it's very unlikely that deposit interest rates will go much higher or stay above about 4.x% in the medium term. Current term deposit rates reflect that

  • bamzero on 06/05/2023 - 12:38
    +2

    Hope Macquarie is taking note. Been a bit stingy with increases of late…

  • Yuppieshrink on 06/05/2023 - 13:05
    -1

    Terrible bank, ban good customers for no reason

  • OzByte on 07/05/2023 - 13:06

    Can you take advantage of the round-up feature for the 5 x monthly qualifying purchases ?

    A few people talking about 5 x 1 cent coles/ww purchases, do they end up giving you 5 x 99c round-up or does it not work like that ?

    What are you all buying for 1 cent anyway ?

    With ING Everyday Round Up every eligible card purchase you make is rounded up to the nearest $1 or $5. By switching this feature on you're giving us permission to transfer the rounded up amount on your behalf, as per the Orange Everyday Terms and Conditions. You can choose to round up to your own account (either Savings Maximiser, Orange Advantage or Mortgage Simplifier) or to charity.

  • Wazzzzup on 07/05/2023 - 17:28
    +1

    Only problem I have is the increase balance is after interest earned… I have over $100k in savings… and I also have a Macquarie account… but I can't just transfer all the excess over $100k as it'll dip under the threshold

    • Yola on 08/05/2023 - 06:24

      You can but just have to return it on the last day of the month or follow the other method described by the OP on page 2 of this thread.

  • Ash-Say on 08/05/2023 - 07:10

    Who has best rate after ING?

    BOQ has dropped to 4.6% for me.

    • Yola on 08/05/2023 - 07:13
      +1

      VIRGIN MONEY if you use the lock feature at 4.85% since 8.3.23, so it should go up soon.

    • freedomofspeech on 08/05/2023 - 14:24

      BOQ is 5.10%

      • Igaf on 09/05/2023 - 14:56

        4.6%? 5.15% for 14-35 yos.

    • OzByte on 09/05/2023 - 10:39

      St George have decent rates, but their platform, support and onboarding is utter trash, not a fan.

      Macquarie was a far better experience.

      What is Virgin's platform and support like ? Virgin have the same nonsense as ING (Deposit $1k+ p/m and a/c-5+ payments) so if you make a mistake with Virgin you only get the minimal 0.05% interest.

      • Moo Deng on 09/05/2023 - 11:40
        +2

        Virgin is a lot easier, as BPAY payments count towards the 5 transactions. So can do 5 x $1 payments to your credit card as this will satisfy the criteria.

    • Igaf on 09/05/2023 - 14:52

      See the OPs links in the deal description.
      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

      BoQ's 14-35yo rate of 5.15% is missing from the spreadsheet if you qualify

  • 50cent on 09/05/2023 - 13:51

    what happens when it gets over $100,000??

    • Igaf on 09/05/2023 - 14:34

      what happens when it gets over $100,000??

      (1) Excess gets only the base interest rate - currently 0.55%
      (2) Unless you are happy with that very low rate for the excess balance (not a good strategy) then it is very difficult to grow your account unless you transfer most of your monthly deposit out (see below).

      Strategy Ideas - jmo, do your own reading and pick whatever best suits your circumstances
      (1) Transfer significant amounts over $100K to Ubank or similar. A few dollars over is insignificant from an interest perspective as long as you adopt the monthly transfer out strategy (or similar) below. Preferably though don't let your balance get to 100K.

      (2) When you get to say $99,999 make sure you transfer (or spend) all but 1c of your monthly deposit to that other account eg Ubank. That is, make sure you grow your account but by the minimum possible. You can easily automate that transfer however you would need to be mindful of the cost of your 5 transactions and make sure your account is at east 1c higher than the previous month. Having $99,999 (or something similarly close to $100K) will give you 100 months of growth before you hit the $100K threshold. For safety you could choose a lower amount - eg $99K

      Keep in mind that criteria can be changed at any time so it's wise to have alternatives readily available.

      • silverstone2023 on 09/05/2023 - 16:03
        +3

        From my understanding of how the ING product works, your strategy will not work:
        If the account balance is $99,999 at the end of the month (say April), then on the first day of the next month (May) it will be around $100,430 from the interest earnt (assuming around $431) in the previous month. If you transfer out the $431 to another account and reduce the balance to $99,999 and then add $1,000 and transfer out $999.99 leaving $0.01 behind, you have not met the requirement to grow the account balance and you will no longer earn bonus interest in the next month. To meet the ‘grow your account balance’, the account balance at the end of May needs to be, at a minimum, $100,430.01.

        Also, the 5 transactions are debited from the Everyday account, not the Savings Maximiser account.

        • Yola on 09/05/2023 - 18:21
          +1

          Yes correct the account balance at the end of May needs to be, at a minimum, $100,430.01. I would add that its best if you are close to $100k, to deposit the $1k into the Orange account each month.

        • Igaf on 09/05/2023 - 18:40

          Yep my BLUNDERS, on both counts (transactions not coming from the Maximiser, and not including interest in the growth calcs).

          Thanks for pointing out the rookie errors and apologies to anyone misled (likely no-one, but you never know). The "strategies" were in fact NONSENSE and should be totally ignored.

          Ironically I was faced with the $100K problem recently and was obviously thinking more clearly then. This was what I did.
          (1) Moved "all" (nearly) of the $100K out (to Ubank) near the end of a bonus month. This triggered the no growth criteria for the next month, which didn't matter since the Maximiser was nearly empty.
          (2) Moved most of it back in towards the end of the "0.55%" month, allowing for the annual interest.
          I will have to do the same thing in about 12 months time, depending on changes to criteria and rates.

  • Mybargins on 09/05/2023 - 17:46
    +2

    Macquarie bank has also made a move now 5.05% for 4 months.
    https://www.macquarie.com.au/everyday-banking/savings-accoun…

  • Yola on 09/05/2023 - 18:27

    MyState Bank will be increasing to 4.75% from 1 June 2023. So passing on the full increase but slower than in the recent past. Anticipate a similar increase from :ubank also from 1 June.

  • asian bargain hunter on 11/05/2023 - 18:02

    Just wondering if we have to open the everyday orange account they are mentioning or can we just open the savings maximiser to get the bonus interest rate

    • silverstone2023 on 11/05/2023 - 18:08
      +1

      You will need to open an Everyday account as well. This is the account that is used for the 5 transactions that you need to do to get the bonus interest.

  • fedupwithjunk on 12/05/2023 - 09:13
    -2

    As an additional savings account the extra hoops are a pain. I’ll stick with ubank and look for something else if I go over the $250k

  • Gumbootboy on 15/05/2023 - 21:42

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

    • Can this be added and removed, essentially straightaway? Eg automtransfer in, then auto transfer out.

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

    • Does 'excluding' mean that the interest needs to stay and the growth needs to.be ontop of that? or can the interest be removed/excluded and just grow by an amount smaller than then interest. Eg 1c or $1.
    • noddypiper on 16/05/2023 - 08:06
      +2

      Yes, you can deposit then remove that amount straight away and still meet the $1000 per month.

      The simple way to explain the "Grow their nominated Savings Maximiser balance (excluding interest earned for the current month)." is
      At the last day of the month prior, you will be paid interest and bonus interest if you qualify.
      At the end of this month, you just need to ensure you have 1c above the starting balance that you had at the start of this month.

      • Gumbootboy on 16/05/2023 - 15:16

        Thansk for the reply. Something weing with my head that that doesnt sound simple. Can i ask…

        Doesnt that mean that you essentially have to include the intrest as opposed exclude?

        Does this match what you mean (just using random numbers)?
        If in May I have a balance of $10K all month.
        On the last day of the month I get $100 interest (normal.and bonus).
        I also add $1 on the last day to make sure it grows.

        At the start of June my balance starts at $10101
        On the last day of the month i get $110 interest
        I also add $1

        At the start of July my balance is $10212.

        I guess the question I am trying to ask is, Can I transfer out the interest, and still meet the growth requirement? Eg if i ended june woth $10001 as opposed to $10101. Is that still growth?

        Or do I always need to leave the interest in there, a d any month that i remove it i will lose the bonus Interest?

        Thanks again.

        • noddypiper on 16/05/2023 - 15:31
          +2

          As soon as day 1 of the month has come around, you can do whatever you want with transfers etc.
          So if your balance is 10212 you can do whatever you want with transfers etc, you just need $1000 to be transferred in within the month and the balance to end up higher than 10212. I keep my balance higher than what it required, as the interest is calculated daily. On the last day of the month, I move out $ to another account to pay for bills etc. I just ensure that my balance is 1c higher than the previous month end.

          In short, you need to increase your balance including the interest and bonus interest your earned from the month prior.

          Hope this makes sense.+

          • Gumbootboy on 16/05/2023 - 20:04
            +1

            @noddypiper: It does. Thanks again. But it does (to me) sound like the opposite of what theybhave said: "Grow their nominated Savings Maximiser balance (excluding interest earned for the current month)."

            My ideal would have been that each month I could transfer the interest out.
            Month 1: 10,000
            Month 2: 10,001 (transferred out interest from M1)
            Month 3: 10,002 (transferred out interest from M2) etc

            But good to confirm either way.

            Cheers!

            • Yola on 17/05/2023 - 07:20
              +1

              @Gumbootboy: Yes, the way ING explains it is misleading but the way it works in practice is as noddypiper states. The way to test this is to increase your balance by 1c but not including the last interest. The next day see if you can see a green tick next to the grow your balance requirement. If not add the amount of the interest and then check again the next day.

  • strawberrybug on 19/05/2023 - 14:25

    Make 5 or more settled (not pending) eligible ING card purchases - can we do the 5x bpay transfer to CC that you can do with Virgin Money? I think no but happy to be corrected!

    • Yola on 19/05/2023 - 15:50

      bpay transfers are not purchases. But payments for services from one Paypal account to another do count.

Login or Join to leave a comment
Login Join