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HomeME Savings Account: 5.65% p.a. Interest on up to $100,000 ($2,000 Monthly Deposit & Grow Balance Required) @ ME Go App

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HomeME Savings Account: 5.65% p.a. Interest on up to $100,000 ($2,000 Monthly Deposit & Grow Balance Required) @ ME Go App
Go to Deal
Lthebigsleep on 27/06/2023 - 20:22 mebank.com.au (2941 clicks)
Last edited 27/06/2023 - 20:59 by 1 other user

Earn up to 5.65% p.a. bonus interest on a HomeME Savings Account @ ME Go (exclusive from existing ME Bank app/Internet Banking).

Base-rate: 0.55%
Base + Bonus-rate on balances >$100,000: 3.00%
No bonus-rate on balances >$1,000,000

Criteria
A HomeME home deposit savings account comes bundled with a SpendME Transaction Account, which helps you earn bonus interest on your savings by:

  • Depositing at least $2000 into your SpendME Transaction Account every month and;
  • Growing your saved balance in your HomeME account (excluding interest) by making regular contributions.

Exclusive to the ME Go app and especially designed to help you save for a home deposit.

Things you should know
The HomeME account is only available on the ME Go app and can't be accessed via Internet Banking.

If you're already a ME account holder with accounts you access via Internet Banking, please note these accounts aren't accessible from the ME Go app.

To open a HomeME account, you’ll need to be:

  • over 14 years of age.
  • an Australian resident with an Australian residential address.

How ME Go calculates bonus criteria eligibility
Month 1 (e.g. January).
During the month, you deposit at least $2000 into your SpendME transaction account and grow the balance in your HomeME savings account (excluding interest). By doing this you’ve unlocked the bonus interest rate for next month.

Month 2 (e.g. February).
ME calculates interest daily based on the closing balance in your HomeME account each day.

Month 3 (e.g. 1st March).
ME pays your bonus interest into each HomeME savings account on the first day of the month.

Referral Links

Referral: random (31)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Financial Bank Account Savings Account

Related Stores

ME Bank
ME Bank

closed Comments

  • FujiFruit on 28/06/2023 - 22:49

    So 100% you get the 5.65 bonus straight away?

    • NotBritishorUK on 28/06/2023 - 23:19
      +6

      Yeah I put in $1,900 to the HomeME and it was saying 30c interest year to date the next day which lines up

      • FujiFruit on 28/06/2023 - 23:43

        Thank you

      • rezgad on 05/07/2023 - 16:24

        curious where you saw the interest YTD? I can't find any of the info on the app…I'm using the ME Go app if that matters.

        • NotBritishorUK on 05/07/2023 - 23:13
          +1

          When you’re in the HomeMe account and you hit the 3 dots in the top right, top option for view account details

          To double confirm for everyone, I got paid the bonus interest on 1 July

  • FujiFruit on 29/06/2023 - 00:14
    +2

    So growing balance doesn’t include interest. So putting $99000 it will go over $100k by month 2 so balance would be over 100k, they would still pay interest even if the balance is over $100k and I just deposit 0.01 end of month and they will pay that ? Or what do you suggest?

    • Love a bargain on 29/06/2023 - 12:34
      +1

      Put 100k in.
      Drop it down to say 90k at the end of month 1.
      Top it back up to 100k in the beginning of month 2.
      Drop it to 1c higher than month 1's closing balance (ie 90k + interest earned in month 1).
      Repeat.

      It should take you a while to get to 100k if you follow this.

      • Chris T on 29/06/2023 - 19:30

        I've been using this technique with ING to make the most of their good rate, and I'll probably now do similarly with the HomeME. It does take a bit of planning because ING and apparently also ME Bank have a daily limit of only $1K on fast transfers to another bank. This means that you need to transfer out on the last business day of the month. Or alternatively just move the excess to the Everyday/SpendME on the last day of the month and forgo one day's interest.

        • Love a bargain on 30/06/2023 - 15:04

          even slow transfers are usually processed overnight and effected on the same day (if the transfer instructions are placed during business hours)

          • Chris T on 30/06/2023 - 18:57

            @Love a bargain: Yes, but not if it's a weekend or public holiday, hence my remark about doing it on the last business day of the month.

        • Meovel on 30/06/2023 - 16:05
          -1

          It doesn't matter if you transfer to external or SpendME, one day interest has to be lost regardlessly

          • Chris T on 30/06/2023 - 19:08

            @Meovel: Not so. If you leave the excess in SpendME you will lose a day of interest. If you transfer to a suitable external account and it arrives same day you will earn interest, albeit probably at a lower rate, e.g. UBank Save 5.00%. The interest on $10K at 5.00% for one day is $1.37. Whether that is worth the trouble is up to you.

            • Meovel on 30/06/2023 - 20:11

              @Chris T: I thought you don't earn interest on the day fund arrives, so it does earn proportionally?

              • sghetti on 01/07/2023 - 09:10
                +1

                @Meovel: Fairly certain all banks perform interest calculations on the closing balance of the account at the end of day. So depositing throughout the day via fast payments would mean those funds are included. I'd recommend doing it before 9pm as some banks start their daily calcs prior to midnight.

  • payless69 on 29/06/2023 - 10:32
    -1

    NO internet access
    No branch access
    Welcome to Hotel California
    You can deposit as much as you want
    and you can NEVER leave!!

    • timhn on 01/07/2023 - 09:33
      +2

      We’re all heading there sooner or later …

  • brendanbren on 02/07/2023 - 11:48

    I was trying to see if the interest rate would change from 0.0% to the max rate in the HomeMe after depositing 2k into the spend account and got locked out of my account. And its a Sunday so they arnt open…
    https://ibb.co/xGyJ247
    did it about 5 times in 5 mins. :(

    • timhn on 02/07/2023 - 12:21

      Did you open before Jul? I open yesterday and immediately saw bonus rate. Deposited $2K yesterday and today saw interest of 31¢ - under "Interest earned in financial year to date"

      • brendanbren on 02/07/2023 - 12:49

        Yes account was opened on the 29/6 and showing 5.65% on the 30th. not sure what happened, but when i put in the 2k to make sure id activated the bonus it was sitting at 0.55% and 0.0%

        • jackofspade on 02/07/2023 - 12:57
          +1

          You need to deposit $2000 in the previous month to get bonus interest

  • Ryk on 02/07/2023 - 19:41

    but what colour card to choose? blue/orange/green, can i have one of each?

    Free ATM cash out at atmx too.

    • timhn on 02/07/2023 - 20:52
      +1

      Take the rainbow card. It has all the colours.

  • adrianehm on 02/07/2023 - 22:13
    +1

    Can you open more than one HomeME account like with BOQ FutureSaver (that allows up to 9 x $50k balances)? This product seems really good with 5.65% interest rate, which is the highest in the market now. Plus no need to do the tedious 5x transactions every month, so better than ING.

    • Chris T on 03/07/2023 - 06:58

      Not according to ME Bank's terms & conditions document:

      Each customer is only able to open two SpendME Accounts, nine SaveME Accounts and one HomeME Account at any one time (Account Limit).

  • JumboJumper on 03/07/2023 - 01:41
    +2

    I’ve thrown 100k into the account. I like how you can see the interest rate increase Daily. I have to withdraw 99999.99 on the last day of the month and then deposit it back on the 1st so I will always be able by to get the high rate. I do this with ing maximiser as they have the same
    Criteria in regards to the accounts bring higher every month.

    • jwl81124 on 03/07/2023 - 09:28

      you have to plus the interest that home me paid you, so 99999.99+plus interest, the above over $100,000 won't be receive 5.65%

      • FujiFruit on 04/07/2023 - 01:59
        +1

        So it includes interest ?

        • Yola on 04/07/2023 - 07:43

          This bank and ING say last month's interest is not included but because it's paid on the 1st of the month it is. And if you do not make sure your balance is higher, including this interest you will not receive the bonus.

          • FujiFruit on 04/07/2023 - 15:54

            @Yola: Ok good to know

          • FujiFruit on 06/07/2023 - 00:08

            @Yola: What is the best and easiest way to increase balance every month ?

            • Yola on 06/07/2023 - 07:23

              @FujiFruit: I just transfer 1c from Orange.

              • FujiFruit on 15/07/2023 - 19:12

                @Yola: Im using this account just for transferring funds when needed to another bank account eg hsbc for shopping, bills etc , so i would have to look at 2nd last day of the previous month what the balance is then transfer over? Is that the easiest way to do it?

                • Yola on 16/07/2023 - 03:17

                  @FujiFruit: When you use internet banking, not sure about the App, where you check if you have qualified for the bonus it actually tells you the amount you have to be higher than.

  • onceupon8 on 03/07/2023 - 19:21

    It seems you can open two HomeME accounts - one as an individual and one as a joint account.

  • artkingjw on 03/07/2023 - 22:12

    Anybody here stuck on the infinite ID loop bug? The app keeps asking me for ID documents even though I have provided everything. I recall myBOQ having the same issue. I managed to my myBOQ to work by uninstalling/reinstalling the app, but it didn't seem to help for Me Bank.

    • MegaMane on 04/07/2023 - 15:57
      +1

      Yes, I ended up having to go down to a post office and have them manually verify me, and even then the process was so new the clerk had no idea what to do. Kind of an annoying and archaic process, however the turnaround time was great, was all verified within a day.

  • guybornthisway on 04/07/2023 - 21:43

    does everyone knows whats their:
    daily osko limit
    daily transfer limit
    how to increase daily transfer limit?

    • Ave Maria on 04/07/2023 - 23:27
      +11

      Daily Osko limit is $1K - same as for ING & BQL (same ADI as MEB)
      Daily Transfer Limit - default is $20K Pay anyone / $10K Bpay - can be increased to whatever is needed for the day - done so in the app

      Hope that helps - this is the kind of usefull info I kept providing on Whirlpool that got me banned indefinetely as I dared the moderators (a bunch of monkeys)
      I am now as of this week an OzB regular & will try to be as helpfull as can possibly be.

      By the way as others asked. I have verified that HomeMe & SaveMe have bonus activated immediately in the month the account is opened.
      Difference is that SaveMe has a clear indicator for both active in current & next Month. HomeMe just shows the current applicable interest with a note that criteria must be met (that has caused great confusion). I opened my account on the 1st June, but only put $2K on the 2nd & waited to see what interest was credited (from account details at the top right corner tap menu) before I topped my accound on Monday. Only hassle is to meet the balance increase each month. Best way is to keep the SaveMe 4.25% rate going (doing 4 card transactions) & move $10K there on the last day of the month, back on the 1st. Then repeat process, making sure you have increased the balance each month. It will take you about 20 months (depending on interest rates) before you run out of repeats. Also to meet the $2K deposit into the SpendMe, if you need to take the money back out, as Osko is limited to $1K, you can do it over 2 consecutive days x $1K, otherwise a $2K transfer will not be Osko (but probably same day if done early).

      Also my personal experience with MEB as a new customer (used them a decade ago when the Home Saver account was a thing) was fantasic.
      Opened a new account, with just a Medicare card id, in under 5 minutes, including the time it took to install the smart app.
      The Smart app is easy to use and money in/out is a breeze (I did several $1 verification transfers in/out).
      Now I am waiting for the green card in the post as my partner would not let me go for the rainbow one.

      Hope giving too much useful info does not get me banned here as well (oops I've done it again) -:)

      • guybornthisway on 05/07/2023 - 18:53

        this is a great reply. thank u very very much!

        I reckon it will be helpful if the's a google sheet containing all the payment limits in a one-pager. this be ultra helpful for people especially if they need to make one off large payment.

        • Ave Maria on 05/07/2023 - 19:13
          +2

          For the ones that I know of

          ING/BQL/MEB effectively have no daily limit - it's your money to take out if you need it.
          AMP - you can get limit up to $250K (you would never put more money than that there) - setup for individual payees
          STG (St George)- $100K per day - setup for individual payees
          YOU (Ubank) - $20K (you have to call them for more) - used to be $100K to linked accounts
          MBL (Macquarie) - $100K from the transaction account & $100K from the savings account (I once managed $300K, $100K from 3 account)
          Rabobank - $300K from each of the HISA & Premium saver but only to the nominated account (a know limitation if yu bank with them)
          CBA - $100K increased a branch or $250K increased by your customer relationship manager
          GSB (Great Southern Bank) - $30K but can be increased via a call to $250K for a day, $100K for 14 days, $50K for 30 days

          Osko Limits

          ING/BQL/MEB $1K per day, GSB $2K per day, AMP $5K per day, STG (up to your limit from the Freedom account only), CBA up to $250K (your set limit)

          Instant is not always what you get especialy as banks may hold up payments up to 24 hours if the security AI things that payment is fraudulent or in the case of CBA a 1st time payment to a new recipient. It is pot luck most of the time. Had a $300 payment from STG to YOU held up for 24 hours last Friday (there exuse as it was held from my protection) even though I had to verify via SMS when I added that payeed months ago & also when I increased the limit.

          • Chris T on 06/07/2023 - 08:03
            +2

            @Ave Maria:

            ING/BQL/MEB effectively have no daily limit - it's your money to take out if you need it.

            Re ING my understanding is it's not that simple. Default daily limit on outgoing transfers is $5K. You can set it up to $20K yourself via Internet banking or in the app. You can call them to get it set to $25K on an ongoing basis.

            For a temporary one-day higher limit of up to your available Orange Everyday account balance you can call them.

            Osko Limits
            … GSB $2K per day

            I get $5K Osko per day with Great Southern Bank.

            • Ave Maria on 06/07/2023 - 21:08

              @Chris T: You are correct for GSB : " Fast Payments have a daily limit of $5,000"
              For some reason on the weekend I did one $2K transfer & when I tried to do a $1 verification to another account, it kept saying I was over the limitt (that's what made me think it was only $2K - my mistake)

              For ING, I wil try to see what the app let's me do, definetely the MEB/BOQ app let's me increase the limit to whatever, I thought ING was the same but again thanks for the clarification, good to know that in advance.

              • Ave Maria on 06/07/2023 - 23:03

                @Ave Maria: Looks like you are right, for ING it will require a call. However happy to take the max of $100K out in 4-5 days if ever need it. I will ask them to permanently increase it to $25K (thanks for the tip). While at it I would see if they can be convinced to offer the limit increase via the app MEB/BQL style. If you do not ask you do not get (if we all do they may listen). I will send them a secure message to start with. I am obviously a new ING customer.

  • drakdaystar on 05/07/2023 - 12:17

    Anyone know if this card comes with eftpos?

    • Ave Maria on 05/07/2023 - 18:54

      I have not received it yet, but I checked all of my other debit cards & all have the eftpos logo on the back.
      As the BQL one does I can only assume this one does too.

    • NotBritishorUK on 05/07/2023 - 23:16

      I got the card and it does

    • Ave Maria on 07/07/2023 - 14:09

      I also got mine yesterday & it does have the eftpos logo on the back (all debit cards seem to also be eftpos enabled)

      • Chris T on 08/07/2023 - 13:44

        One exception I am aware of is the Virgin Money Visa debit card, which does not work with EFTPOS (and does not have the logo). For that reason it doesn't work with Beem It.

        I am now wondering whether SpendME Beem It payments will qualify as card transactions for the purpose of meeting the bonus interest conditions on a SaveME account. If so, this will make more attractive the scheme of pulling up to $10K out of the HomeME account on the last day of each month and stashing it overnight in a SaveME account.

        • Ave Maria on 08/07/2023 - 15:51

          Buying x $1K Amazon Gift Cards online works with all banks, it is treated as an online purchase against the card & no bank can claim you are cheating their system (as they know very well that your playing their own game & by their own rules).

          • Chris T on 08/07/2023 - 18:33

            @Ave Maria: Sounds like a reasonable option if you expect to purchase something from Amazon, though I hope they come in amounts smaller than $1K :-)

            • Ave Maria on 08/07/2023 - 18:37

              @Chris T: blame it on inflation & all the $1K deposit requirements -:) yes meant $1 (1 dollar) -:)

  • freemoneyhunter on 05/07/2023 - 18:19

    How do I get this bank account, do I need to already be with mebank?

  • Ave Maria on 05/07/2023 - 18:57

    You can start the application online & complete the process after the app is installed on your phone & you logon with your mobile phone number.
    Mobile, Logon & email address will be authenticated via SMS.

    You can kick start everything from here

    https://www.mebank.com.au/banking/home-deposit-savings-accou…

  • Ernestpogi on 06/07/2023 - 11:33

    I opened an account on 30th of June, transferred 2k on spendme and a few dollars on homeme. How would I know if I am starting to earn the highest interest rate this July? Will there be a 'Yes' next to bonus rate like in BOQ and Virgin money?

    • Ave Maria on 06/07/2023 - 13:03
      +2

      If you opened the account in June, the conditions where already met for June - you had to earn the July bonus rate by meting July conditions in June.
      If you did the $2K deposit to Spend Me & a few $$$ in Home Me, then you should also qualify in July.

      To confirm 100%, you need to put enough money in Home Me, so interest for a day will show the next day. If you already transfered the $2K into the Home Me, then tap on the top right corner once you are in te Home Me & click on show Details - you will then see both the active interest rate as well as interest earned, $2K @5.65% will be earning 31 cents a day. If you already had $2K for the whole month of June it should show interest for 5 days = apx $1.55 (rounded up)

      Unfortunately the ME bank implementation is different for Save Me (mush more transparent) & Home Me.
      I woud call it "lazy", but I am sure they will come up with another exuse -:)

      Hope the above helps.

      • Ave Maria on 06/07/2023 - 19:20
        +1

        Meant to say "If you already had $2K for the whole month of July (5 days) it should show interest for 5 days = apx $1.55 (rounded up)"

  • Ave Maria on 07/07/2023 - 14:08

    So - looking at posts at the ING site (related to the MEB self managed temprary daily limit increase to > $20K)

    50% of ING savers say they have done it themselves either from the app or online, the other 50% that they tried & did not work for them

    I will confirm 100% when I need to do that (not yet) - as usual, some info is reliable, some is not & some depends on the circumstances

    • bbking18 on 07/07/2023 - 15:30
      +1

      My experience is that it usually works during the day. I sometimes do the transfers between 12am to 1am and it usually don't work. System let me increase the daily transfer limit to > $20k but will block the actual transfer with an error message of "you have exceeded your daily transfer limits". Happened many times. The way around it would be that I could do a few $5000 transfers separately and always worked for me by doing it this way.

  • denserham on 08/07/2023 - 21:55

    Does anybody know if it is possible for a couple could have a single account each and 1 joint account so they can get the 5.65% rate on upto 300k?

    • Ave Maria on 08/07/2023 - 23:17

      Their web page states "HomeME accounts are restricted to one per entity e.g. individual or joint."

      I may be wrong but that sounds you can only open one as an individual or one as a joint account.

      Best to open the 2 Individual accounts & then try and see if you can also open a joint one (I doubt they will let you).

      Also having 3 HomeMe accounts means that you have to meet x-times the conditions for each account as each come with their own spend account.

      • denserham on 09/07/2023 - 07:47

        BOQ t&c's say a lot of things that aren't exactly true, you can have 9 accounts all earning interest on up to 50k. So I think it might be possible but yeah will need to test it.

        • Ave Maria on 09/07/2023 - 13:07

          Yes. it is always possible that the IT team did not implement what the bank wanted as per T&Cs -:)

          From other posts I saw, it appears that BOQ may have already figured out & fixed the 9x$50K max rate "feature". If not enjoy it while it lasts and hope BOQ does not ask for an interest refund later on -:)

  • timhn on 10/07/2023 - 07:59

    Anyone know if doing Bpay 4 times quality for the bonus rate for SaveMe account? Shuffling money between Save & Home accounts would be instant while still earn a bit interest in SaveMe account.

    • Ave Maria on 10/07/2023 - 11:05

      re: Bpay 4 times quality for the bonus rate for SaveMe account

      I do not see how that relates !

      The condition is 4 transactions using the Debit Card associated with the SpendMe account to qualify for the SaveMe bonus rate (for the money out/money back in from HomeMe each month)

      • timhn on 10/07/2023 - 19:16
        +1

        This method is working for BoQ and Virgin Money.

      • FujiFruit on 12/07/2023 - 18:22

        Is this part of the criteria to get 5.65? It doesn't say on post that we have to tap and pay 4 times to get this interest rate?

        • Yola on 12/07/2023 - 18:38
          +1

          You can get the 5.65% when you have the HomeMe and SpendMe accounts. But if you have the SaveMe account which gets 4.25% you have to have the SpendMe account and do the 4 taps to qualify.

        • Ave Maria on 12/07/2023 - 18:41
          +1

          thats for SaveMe, so to at least get 4.25% for any funds transfered there at the end of the month before putting them back on the 1st of the month. So to keep the balance of HomeMe under $100K

          • timhn on 12/07/2023 - 19:27

            @Ave Maria: That's what I'm plan to setup to flipping between Save & Home accounts - rather than between Spend&Home.

            Schedule
            28th trx $10K from Home to Save.
            1st trx $10K +1c from Save to Home.

            Now if i can automate for Spend that would be great - by BPay.

  • pao2x on 10/07/2023 - 19:26

    The bonus interest is slightly confusing. If I deposit 2000 in the first calendar month do I get the bonus interest for it PAID on the beginning of the 2nd month?

    Or does the bonus start only for the daily balance of the 2nd month paid on thd beginning of 3rd month

  • denserham on 11/07/2023 - 18:03

    Is the only way to see if you activated the bonus to wait a day and see if the interest earned math makes sense?

    • timhn on 11/07/2023 - 19:47

      Yes or see the bonus rate > 0%.

      • denserham on 11/07/2023 - 19:50
        +2

        Compared to BOQ that says
        Activated this month: yes
        Activated next month: yes
        That is a really poor solution that it seems like they went out of their way to make it a bad experience.

  • Ave Maria on 12/07/2023 - 18:43
    +3

    you get the bonus interest for "free" in the month you open the account. Yes you do need to meet the $2K deposit into the Spend account & grow the balance of the HomeMe account, to keep the bonus going next month.

    • archieduh on 14/07/2023 - 16:30

      Why does their website not mention it clearly? They have a video and even that says you are given the bonus only in Month 3

      • archieduh on 14/07/2023 - 17:54

        Update Found the confirmation in the FAQs

        To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.

  • archieduh on 14/07/2023 - 16:30

    Let's say I did below now:

    1. Open the account pair today 14-Jul

    2. Deposit $2k into SpendME

    3. Transfer the $2k to HomeME

    Can someone please clarify 2 things?

    1. If I open the account pair today (July), do I get the bonus interest for July? Some comments say you do not (and that if you don't get the bonus on 1st month you're effectively getting 5.11% not 5.65%) and some say you do. Their website does not mention it clearly and they have a video and even that says you are given the bonus only in Month 3

    2. Have I fulfilled the criteria for getting Feb bonus based on my money transfer? My SpendME has 0 and HomeME has $2k

    • archieduh on 14/07/2023 - 17:55
      +1

      Update for (1) Found the confirmation in the FAQs

      To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.

  • archieduh on 14/07/2023 - 18:23

    Noob savings question.

    1. I deposit $1000 into the HomeME on 1st of the month and $2000 in SpendMe
    2. I transfer $900 from this HomeME to SpendME on 10th of the month. Effectively increasing balance by $100.
    3. I do no other transactions on any of the 2 accounts in the month?

    So will I:

    1. imho I have satisfied the criteria. As i on the last day of the month would have $100 more than previous month closing.
    2. Willl I interest bonus interest on $1000 deposited on 1st to the 9th and then on $100 (remaining) from 10th onwards in the HomeMe.
      Is that understanding correct?
    • Ave Maria on 14/07/2023 - 19:41

      Yes & No, what you did will qualify for the bonus interest next month. So if you are a new customer yes you also get the bonus interest for the current month. If not a new customer, NO, not for this month.

      as per Web Page

      Now… about that bonus on home savings deposit?
      Month by month, we’ll help you stay on track to save for a home deposit through bonus payments. Here’s how:

      Month 1 (e.g. January).
      During the month, you deposit at least $2000 into your SpendME transaction account and grow the balance in your HomeME savings account (excluding interest). By doing this you’ve unlocked the bonus interest rate for next month.

      Month 2 (e.g. February).
      ME calculates interest daily based on the closing balance in your HomeME account each day.

      Month 3 (e.g. 1st March).
      ME pays your bonus interest into each HomeME savings account on the first day of the month.

      • archieduh on 14/07/2023 - 19:58

        Thanks for your reply.
        I feel I understand that fulfilling criteria is simple.

        I am just confused on savings account in general. Comments here and ING tell a strategy to put in 1000 on Day 1 and withdrawing 999 on last day of the month.
        So does it mean one gets interest accrued daily?
        Hence, in the example I put i will get bonus interest on daily basis… So first 9 days will get interest on $1000 and on $100 on 10th onwards…

        • Ave Maria on 14/07/2023 - 21:40
          +3

          It is not simple (far from it), but manageable once a routine is established

          For ING, my strategy to meet the conditions (it is simpler for me & covers account topped up to $100K) involves

          Early in the month, best on a business day
          (a) Deposit $1K into the EveryDay Orange account & take it straigh out or move to maximiser if not already topped up
          (b) Buy 5 x $1 Amazon Gift Card using the Debit Card

          On 1st of Month (using 3 Maximiser accounts)
          (a) Transfer interest amount (if balance is over $100K) to another savings account via Osko
          (b) Transfer the $100K to new maximiser account nominated previous month that had $1 in it
          (c) Nominate new empty maximiser account & transfer $1 in it

          This method allows you to take your money out if you need it, anytime, without any interest loss (just leave $1 in to maintain the bonus for next month).
          No need to take money out on the last day of the month, that is a great simplfication.

          For MEB it is more complicated as only one HomeMe saver account is allowed, so money has to be taken out on the last day of the month (if needed to stay under the $100K limit), making sure balance is increased, and then back in on the 1st of the month. This is where it comes handy to use the SaveMe account & meet the SaveMe bonus criteria by doing the 4 Debit Card transactions. The $2K deposit into SpendMe, combined with only $1K Osko limit, makes that option a good choise. What amount to transfer on the last day of the month? Anything between $10K-$20K depending on how long you plan to use the account, the interest difference for a day is small, especialy if using the SaveMe account for the 1 day transfer. It's just invonvinient having to repeat each month.

          • archieduh on 14/07/2023 - 22:04

            @Ave Maria: Thanks. It does make sense… Makes me feel good I don't see I will reach 100k in near future so can be at ease for now..

          • freeman on 20/08/2023 - 14:42

            @Ave Maria: Hi Ave, could you please advise when we need to increase the balance of saving account? The last day of the month or the first day of the month? I guess the last day of month will be more sense. If it’s last day of the month, I think it might be easy to keep the saving account increasing $0.01 every end of month and transfer received interests to another account, because of the interests will be paid on the first day of the month.

  • eriktufa on 17/07/2023 - 13:03

    To make sure I understand this clearly,
    1. I just need to transfer $2,000 to SpendME Account.
    2. Then transfer $2,000 from SpendME Account to HomeME Account.

    This will make me qualify for the 5.65% correct? I just want to make it easy for me.

    • FujiFruit on 17/07/2023 - 20:20
      1. And grow your balance
      • 26ers on 25/07/2023 - 12:43

        Quite confused with this requirement tbh.. some say its balance+interest+extra, some say its balance+extra.
        Also, the app doesn't show the previous month balance like ING..

        • timhn on 25/07/2023 - 17:49

          Just keep under $90K and put $1 in it every month.

        • Ave Maria on 25/07/2023 - 22:26

          Whatever you balance is after interest is paid on the 1st of each month + $1 before the end of the month will meet the growth requirement
          You also need to deposit $2K into the Spend account. This savings account comes with high maintenance.

          If you do not have the energy & time for it then this account is not for you, as you slip one month & all hard work goes out of the window.
          I am using MEB/ING/BOQ on a trial basis at the moment - if it becomes too hard work I will transfer the money out with no second thoughts.

          AMP/UBANK/St George all offer a good interest of 5% to 5.1% at minimal effort
          The St George $50 increase requirement is easily bypassed by opening 2 incentive accounst & simply transfer the balance between the 2 on the 1st of each month, it also has no upper limit. So infact it is the most flexible account of them all & comes with accessible branches.

          • 26ers on 29/07/2023 - 00:18

            @Ave Maria: What I understand from "excluding interest" is that interest doesn't count as grow balance.

            Lets say we put $90k to HomeMe. The interest that we will get a month is $423. Since we will get the interest on the first day of the month, that interest wont be counted with our previous balance. Which means, we can transfer out that interest to another account then add $1 to HomeMe to satisfy the grow balance criteria.

            So to earn the maximum profit,
            First month:
            We can put $100k on the first day of the month then transfer out lets say $5k before the end of the month. (The system will record $95k as your final balance)
            Second month:
            We transfer the money back to reach $100k. But make sure that your balance is $95k + $1 at the end of the month to satisfy the grow balance criteria.

            Correct me if im wrong 🤔..

            • Chris T on 01/08/2023 - 13:51
              +1

              @26ers: I think you are probably wrong about this. The overwhelming opinion in the comments here, and in the relevant Whirlpool thread, is that the starting balance for the month includes the interest paid for the previous month.

              The only way to be sure would be to do it as you suggest and see if you still get bonus interest. I would suggest doing it with a balance of $10, not $90K, because otherwise if you are wrong you stand to lose about $400 in bonus interest.

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