Question about ING Savings Bonus

Uncle Roger on 03/09/2023 - 00:49

Hey guys, so one of my savings accounts with ING had approx $32k in it by the end of the month.

I received just under $110 total interest this month, but shouldn't it be closer to $150? What am I missing?

Thanks so much in advance

Financial Bank Account Savings Account

Related Stores

ING
ING

Comments

  • jaffar on 03/09/2023 - 01:34
    +7

    Interest is calculated daily and paid into the account at the end of the month.

  • stwongy on 03/09/2023 - 03:36

    I did not notice this and you are absolutely right… my additional variable interest is off by around $2…
    I have around $39,300 in savings
    I received $160.45 for bonus interest and $17.83 for base interest for last month (August).

    i am calculating interest as 4.95% / 12 * savings + 0.55% / 12 + savings. (given all requirements are fulfilled)

    last LAST month (July) I received $157.83 bonus interest and $17.54 for base interest. Savings amount $37739
    I should have received $155.67 and $17.29. So I actually got around $2 extra here.

    It seems like they give you more in some months and minus it off on other months… weird. I don't get it but it is making sense now for these 2 months. I can't be bothered calculating the other months so I will blindly trust them.

    • jm7 on 03/09/2023 - 06:15
      +3

      Likely due to the number of days in the month?

    • miwahni on 03/09/2023 - 23:29

      Calculation is balance x (rate%/365) x days in month, for accurate amount. If your balance changed at all during the month then you'd need to do a separate calc for each balance / period eg if your balance was $37730 for 20 days then $37739 for 11 further days, calculate both of these out and they should equal what you were paid. Emphasis on the "should".
      Assuming the balance doesn't change, then a 30 day month's interest will be lower than a 31 day month. But then again assuming your balance doesn't change you won't qualify for bonus interest the following month….

    • leigh8904 on 07/09/2023 - 08:12

      I am calculating interest as 4.95% / 12 * savings + 0.55% / 12 + savings.

      Formula is not correct. Should be:
      (4.95% + 0.55%) / 365 * (days in the month) * savings.

  • Hugh G Rection on 03/09/2023 - 08:54
    -3

    isn't ing going out of business?

  • Lunarboogie on 03/09/2023 - 14:53

    I have 23k sittting in ING and that earned me $110 this month. Not sure what's happened but you got short changed.

Login or Join to leave a comment
Login Join