Hello,
I am aware of the 5 transaction requirement and the need to grow your maximiser account compared to last month. And that $1000 needs to be deposited/month.
For example if I have 105k, will I still get the 5.5% p.a. interest rate on 100k? Provided the above are satisfied?
If not, how do I best go about recieving the interest?
Thanks!
Yup, but you don't get interest on the amount over $100k
You don't get ANY interest? Or the bonus rate of interest?
See point 3.
You get 5.5% on the amounts from $0 to $100k. I think you're meant to increase the account balance every month too.
"ING's highest 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."
Source: https://www.ing.com.au/savings/savings-maximiser.html
Edit: sorry just read your message again, I think you might get 0.55% over $100k
Thanks!
So 5.5% for 100k and
0.55% for anything over 100k.
Is this correct?
@Clurt: Looks that way. I was in the same boat and put money into a term deposit.
Also, the 5.5% rate only applies to one savings maximiser account.
@Caped Baldy: @Caped Baldy what term deposit rate did you get if I may ask? I always thought it’d be better to put in an online bank like ubank for example.
@Clurt: Correct.
So you are getting almost no interest on the 5k. The only way to fix that will cost you a month's interest on the 100k.
You still earn interest for the portion over $100k at the standard variable rate.
“Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time”.
So first $100k earns standard rate + additional rate.
Anything over $100k earns standard rate only.
Open a Me Go HomeMe account at 5.65% for best bonus rate or ANZ plus for worry free interest 4.65%
https://www.mebank.com.au/banking/home-deposit-savings-accou…
re: "ANZ plus for worry free interest 4.65%"
No online banking access / You have to let them take ownership of your face to even open an account on a smart app, if you dare save more than $250K you get very low interest on all of your savings.
ANZ states "we collect, use and disclose behavioural biometric information about how you use your mobile phone or other device and the ANZ Plus"
that is a big privacy worry
What's the most efficient way if the $100k on ING Savings Maximiser is exceeded? I've read somewhere here that it's possible to open a 2nd Savings Maximiser account and nominate for bonus interest, but can't find anymore..
Alternatively only leave 100k on the account and transfer the remaining balance back on the last day of the month, making sure it clears on time.
Create a new Savings Maximiser account before the end of the month, deposit $1, and nominate it for the bonus interest next month at the same time (Click on the account hyperlink from the home screen>more account information>Bonus interest (if eligible)>Edit). Then next month transfer an amount less than $100k to the new account, and the rest to another bank.
Yes