Hi all, happy near year!
I just checked my ING app this morning and it looks like the Savings Maximiser interest rate has dropped from 5.50% to 4.95%? I can't find any e-mails or info on the website which suggested this drop. Or did I miss all of this and it's ended up in junk mail or something? Might have to transfer everything to Ubank or something now… Cheers!
Update - The app now says 5.50% instead of 4.95% after I updated it. Don't worry about this post - please ignore!
It says 5.50% on the app again now so all good. Think my app just required an update. Cheers, happy new year!
I am quite frustrated with ING's process for changing the maximiser acct to get interest paid, which requires a PC to change (as most things I do on the app; I have complained about that to them) - So that's just a bit of a pain I was willing to live with. Additionally in terms of the change, ING don't seem to send out, or email, or txt, or use their internal messaging (not that I can find, bar me taking a screenshot) to confirm my changes each month from one maximiser to another; such that if there is a dispute you could more convingly argue or reason with them. I know, thankfully, that they have some processes in the app, for each maximiser acct, to see interest status; like grocery transactions have gone out of pending status, but somehow things got confused last month and none of my 3 maximisers could get the bonus and so I had to take all but the scraps out and go to another bank. Thanks to Ubank for making that easy and at least ING had the monies moved in a few hours. I had to remind them about PayID, as I was expecting the whole lot to take till next week. Still a lot of other banks (Virgin - after the month changes (so OK in the month leading up); and I think ME home bank not at all - do NOT, to me, seem to even let you assess current interest bonus criteria indicators for upcoming months or current month). Some banks on doing a 'dangerous' withdrawl will advise, I think St George do this (maybe Suncorp) but others like Move Bank, give no warning that no withdrawals are allowed - so you have to do most things near the end of the month. For Move, I guess, you're supposed to just know the rules like put in $200 into move bank on last business day of the month. I got something from NAB that want it all done 2 business days before the end of the month, and they say it is easy. I am amazed they don't get on to better indicators to inform and look after their clients. They could introduce traffic light systems to make it super easy, tho ING was fine, I thought, up to last month, but I guess if you are none the wiser the banks win - for the given months in question. For the ING I definitely schedule it all in my phone calendar so i really don't know how it could of got missed. What do others think of ways and the best approach, perhaps like pressuring the banks to have better ways to keep their clients, us, better informed.
Standard variable rate is 0.55% pa, the bonus variable rate is 4.95% = 5.50%