Does anyone know how the ING savings Maximiser interest works?
I understand that it is calculated daily and paid monthly
i also understand that each month to earn the bonus interest the opening balance must be higher than the previous months closing balance
but would it be at all beneficial to do the following
deposit 20k into the maximiser on day 1 of the month
transfer say 19,950 out of the maximiser 1 day before the end of the month
would you receive the interest for the 29 or 30 days of the month that the 20k was in there?
The reason i ask is that I have access to Citibank Pay all that allows transferring large amounts of cash from credit to a bank account
i’m wondering if i can leverage this to earn extra interest
obviously the credit needs
to be repaid each month - hence needing to transfer the amount out of the account before the end of the month - but could it sit in the ING account earning interest for 29 or 30 days before being repaid
would that work?
As far as im aware, the end monthly total needs to be higher then starting total.
I also cant quite recall, but swear I’ve seen it in their t&cs that the total needs to always increase* (eg: no doing what your describing)
*Source needed 😅
So nope.