Question About Bonus Interest Eligibility – When Are Balances Checked?

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  Hybroid on 01/02/2025 - 12:00

  ANZ Plus app is crystal clear:

  Looks like you are on track

  Estimated target of A$xxxxx at 11:59 pm Melbourne time, 28 Feb 2025 to earn bonus interest.

  • 

    Techefy on 01/02/2025 - 21:54

    Thanks, probably I will have a chat with commbank to see this

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  AndyC1 on 01/02/2025 - 12:05

  Are you in AEST, ACST, AWST, ACDT or hopefully CC or CX? Then DST or non DST and then do the bank you are transferring from do "instant" or batch transfers….

  Then there is does the bank you are transferring from or to do batch transfers over the weekend and what about bank holidays….

  Better to do a transfer in week 2 or 3 of the month so you ensure that you get the bonus.

  • 

    Neoika on 01/02/2025 - 12:19

    +1

    Is it possible to double(or more) dip the same amount for two or more times of interest among banks due to the time zone difference?

    • 

      AndyC1 on 01/02/2025 - 12:38

      Yes if you own the bank.

      • 

        Neoika on 01/02/2025 - 12:53

        +1

        No, minimum two banks to start with.

    • 

      bluesky on 01/02/2025 - 21:52

      Nothing to do with time zone difference - but with Citi accounts (before NAB takeover), I observed a few times that interest calculation for Citi withdrawals (using fast transfers) on weekends would be posted to next Monday. But what was unusual, was that interest calculation would use the posting date, instead of the actual trans date (unlike some other banks that also post weekend transfers to Monday). So the money sent to the other bank would earn interest from the actual date of transfer (say Sat or Sun) at the other bank. Meanwhile, Citibank would also give the interest for those days. Conversely, if you deposit into Citibank on the weekend, you lose interest.

    • 

      surfingedge on 01/02/2025 - 23:07

      +1

      Yes, but
      - if a transfer ever doesn't get sent instantly, you may lose a day's interest or more
      - you have to be awake and alert around midnight every day and never make a mistake
      - you need to send very large amounts every day otherwise you won't really make a significant amount. But when you have a million bucks going in and out of your own accounts every month you will trigger all sorts of flags. Then you will have to explain yourself to the fraud protection people at the banks and your accounts will get frozen / closed.

      It is never really worth doing in Australia. It was worth doing in the UK from 2012 when instant payments between banks was introduced. Posters on stoozing.com discovered that every bank had a different time of day which they used to calculate interest - e.g. bank A was 1830, bank B was 2000, bank C was 2345 and so you could triple or quadruple dip by sending money through a succession of banks.

      Even better, on weekends there was a bank which would give you 3 days of interest if the money was in there for a few minutes around midnight on Saturday, and 5 days of interest if the money was in there for a few minutes around midnight on Good Friday (or at the start of 4 days of bank holidays when Christmas was adjacent to a weekend).

      But it had to stop around 2018 when all the KYC and anti-fraud nonsense really started kicking off and many people got banned for life from some of those banks.

  • 

    Techefy on 01/02/2025 - 22:00

    I just simply need to know when the balance snapshot is taken for the bonus interest calculation. Probably I need to check with the bank.

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  MS Paint on 01/02/2025 - 12:53

  For God's sake please check your emails.

  • 

    Techefy on 01/02/2025 - 21:59

    ouch! I'm with commbank fortunately

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  bluesky on 01/02/2025 - 22:27

  Generally-speaking, from my experience, business days are irrelevant for GoalSaver. The T&C pdf has this, with no reference to business days. Simply,

  Have a higher account balance at the end of the calendar month than at the start of the calendar month

  However, further down, it also has this:

  Your daily positive closing balance takes into account all deposits and withdrawals performed on that day. At times, transactions may be processed or settled on a different day to the day on which they are performed. Where this occurs, the date on which deposits and withdrawals are performed may be shown as the “value date” on your account statement.

  So, just to be safe, best not to cut it too close.

  Every bank is different. So for e.g, Bank of Melbourne Incentive Saver, eligibility is based on last business day of the month.

  • 

    Techefy on 01/02/2025 - 22:30

    +1

    Thanks for the reply. Thats helpful. I send a message to the bank as well. Will post the answer when I get a reply!