Apply online today using promo code BONUS (in capital letters) and you’ll get a $50 cash bonus when your balance reaches $100 or more by 15 September 2013. This offer is available for new customers and a limited time only.
Update 15 August: ING has changed the rate from 4.75% to 4.5%
Try here: http://www.canstar.com.au/term-deposits/25k-term-deposit-int…
The best deal depends on how much $ and the length you want. Rabo, Ubank & MeBank all have pretty good rates though. Having said that you would be better off with this online saver deal as 4.75% beats all the term deposit offers.
Only for 4 months though.
After that, it's back to the 'money churn'
Usaver 4.66% is always around though :) Just as long as you don't mind topping it up with $200 a month. A lot better than low 4s term deposit rates.
Keep in mind though that RBA is still on an easing bias so interest rates are likely to fall further which will affect 'at call' accounts.
If you have a sum of money that you don't mind locking away, a term deposit is a good option when interest rates are on their way down.
Yeah fair call :)
No pun intended.
If you use less than $5,000, and are aged between 18-29, the USaver Reach account can be used with the same interest rate of 4.66% and no need to save a fixed amount each month.
I've used this page that I found on OB before: http://www.saverscene.com.au/finance/savings/ not sure why it's not been updated this week. still looks right from my quick glance over it. Best interest rate for a term deposit is the 5 year @ 5%.
Hi Moots hopes this post helps you.
Thank you MoneyMan for listing this, I noticed some clicks from Ozbargain and came across this page. I'm Gav from SaverScene - due to my association with the website, I hope this isn't considered spam.
The reason why I hadn't updated the page was my computer was off for repair and I've been working on a better way of finding the rates, the new page can be found here:
http://money.saverscene.com.au/compare-the-best-term-deposit…
Unlike a few other high profile comparison websites (not OzBargain obviously!) that offer their take on top rates, it's not just based on who pays the website the most, I'm actually interested in the top rates, sharing it and helping.
Hopefully get a instant access page soon.
Hope it helps,
regards Gav.
The new instant access best interest rates table is now up, hope it helps:
http://money.saverscene.com.au/compare-the-best-interest-rat…
Like the term deposits it updates Thursdays.
regards
Gav
Where RAMS and Ubank Usaver ?
Two of the best accounts.
Thanks jm48 for the feedback, sorry should have stipulated that they're ones that you don't have to add $200 per month (or in the case of the Ubank Reach 18 - 29 year old account a fixed sum each month) to get the interest rate, however I'll have to make mention and have been wondering what best to do there. Could make another column got conditions.
Any suggestions would be great!
Ubank are listed on the term deposit ones
http://money.saverscene.com.au/compare-the-best-term-deposit…
As far as I've been able to find Rams don't offer fixed term ones? If I'm wrong please do let me know.
I'll make special mention of the UBank and Rams in the savings forum: http://www.saverscene.com.au/savings/ and work out how to lay something out for next weeks update.
regards and thanks for the help.
Gav.
Sorry I forgot to drop back and mention that I have added a new page for the regular saving accounts.
If there's any others that I should have please let me know and I'll add them.
new page is here: http://money.saverscene.com.au/regular-savings-high-interest…
regards
Gav.
same as previous deal?
Legend!
Just in time too given I have just been 'reincarnated' with ING ;)
Fancy seeing all the usual suspects again… lol
I reckon ING are gonna be sending a hit squad to get us pretty soon :)
Missed this when signing up my 2nd orange account.
Lets sign up on new account for the 6 months 5% cashback and the $50 bonus.
"PissLUR hack mark 2"
PROFESSIONAL!!
Of course you'd be silly to sign up for this deal as a joint Savings Maximiser account.
Unless, maybe, you're signing up for a joint account in addition to two new separate his & hers Savings Maximiser accounts….
PROFESSIONAL!!
Lucky I closed my Savings Maximiser account previously… new customer here I come :-)
That's what I keep saying time and time again to anyone who would listen!
Once benefit extracted, CLOSE account.
Amazing how many people neglect to make that second crucial step.
Um, exactly how many times you think this can be executed by 15 September 2013?
10 OPEN NEW ACCOUNT(S)
20 DEPOSIT $100
30 WAIT FOR $50 BONUS
40 WITHDRAW $150(+)
50 CLOSE ACCOUNT(S)
60 GOTO 10
Basic stuff
You ceased to be a 'New' Customer at the completion of Line 1 of code.
Why do you count in 10's?
Not if you applied for the second account as a NEW CUSTOMER and never provided your existing client ID to ING.
This is loophole in ING's IT systems and that loophole works! Multiple confirmations have been received to that effect (including my own).
You will just end up with LOTS of client IDs but other than that, should work.
probably something to do with computer coding.
Dont you give TFN with each account?
Think you missed a step.
55 WAIT FOR NEXT $50 PROMOTION
Counting in 10s allows for edits to be inserted without having to renumber every subsequent line.
No you don't have to give TFN with each account (but they'll deduct Withholding Tax, as required by law, from any interest that you earn on your account)
What you Need to Apply
…
Your Tax File Number or Exemption Code (optional)
By giving our tax file number what is there to lose?
Ever heard of decimals?
I suggest you add branch to your code regarding:
Also, don't make you program an infinite loop…
Programming tutor :-)
prolly went to school in the '70s and learnt a bit of basic ;)
Are 'new customers' those with ING that don't have Direct Savings Maximiser Accounts or just those who are not not with ING altogether?
Official T&Cs:
"To be eligible for the $50 cash bonus you must be a new ING DIRECT customer, apply online using the promo code “BONUS” and deposit at least $100 by 15 September 2013 (“Eligible Account”).
The cash bonus will be paid as bonus interest and be credited to your first Eligible Account within two weeks following your balance reaching $100 or more. A tax liability may exist with the payment of the cash bonus. One $50 cash bonus payment per Eligible Account (including joint accounts). Cash bonus offer is available for a limited time only and ING DIRECT reserves the right to withdraw the offer at any time at its sole discretion. If withdrawn, ING DIRECT will honour all promo codes entered before the offer is withdrawn, provided that you make your first deposit by 15 September 2013."
This leads me to believe that if you already have ANY products with ING (even if you never held a savings maximiser), you are not eligible and will NOT get paid!
Anyone reads that differently?
Also, pay attention to the last two sentences in the T&Cs. If you want to take advantage of this promo and think you are eligible, HURRY UP. Don't wait!
Apply first…..ask questions later :)
Pity I just opened an account with them for 5% cashback. If open the account now I would have benefit from both promotion.
Yep. seems like it.
I am in the same predicament. Should have waited longer.
Oh well, might end up with THREE client IDs with ING…lol
same. Dunno if there's a way around it now
I was going to sign up for the 5% cashback offer yesterday, but saw this now and so I think I should sign up for this one first to get $50.
But can I sign up for the 5% cash back now?
Damn. i just signed up for the savings maximiser to keep idle funds for my orange everyday account. if only i knew about this earlier.
You can try contacting them if it was just a few days prior. They may still credit you some "goodwill" money.
great idea. i have found ING to be a very flexible bank unlike their competitors. so i shall give that a shot.
If this all makes sense, I gonna close my account right away tomoro, then reopen it straight away a few hours
-call them up, hi I wanna close my account, all done.
-3 hours after, hello it's me again or maybe not, I wanna reopen a new account just to benifit from 2 things, $50 and 5% rebate.
This should work like a breeze!
Close account over the phone but open the new account online otherwise, no $50 for you.
Can you please confirm if that ends up working for you? Cheers
I am unable to verify my identity online using the driving licence. Anyone facing the same issue?
Yes.they don't accept Victorian driving license.
Yep unable to verify online using Passport and Birth Reg why??? whats the point of giving the option to verify online if you can't?
went through application for savings account (already have the 5% paywave one, only), smashed it in as an existing customer but got to the end and realised I didn't get the opportunity to apply the BONUS code… any one have an idea if this is an issue/how to fix it?
Only new customers get the option to type the promotional code :(
"To be eligible for the $50 cash bonus you must be a new ING DIRECT customer, apply online using the promo code “BONUS"
You applied as an EXISTING account (same client ID) and that's where you mistake is. As you are an existing client, the option to enter a promo code is not available.
You will not get paid for this account you just opened. You need to reapply as a new customer. If you don't end the process and have another client ID with ING, you have done something wrong :)
Doh! Got me on a technicality, haha. Cheers though.
Civil duty required. Someone call up ING, speak to a consultant, and ask if we can have two client ID's so we can get this promotion
Just a warning for everyone not to use Opera to sign up. I did and it was working fine until the verfication process, it said both documents were verified and I hit continue but then a page came up saying I had to go to Australia post to complete the signup…
yeah that happened to me with Chrome a couple of months back when I signed up.
Pretty sure its not browser problem
I'm going to sign up my wife now :)
Happened here with Firefox
is there any cost to me to use Bank at post to verify?
what a hassle.
ing direct have given you all so much cashback & bonuses and you are abusing their generosity?
Don't be so naive. Ing is a corporation not a charity. I wouldn't call this abusing the system
Let's call it overly active participation with the highest level of enthusiasm in their marketing campaign…
Also good way to try out their online banking/phone apps to see how they all compare and check some plans always good to be able to switch around to another bank if your not satisfied with your current one.
if online app is going to sway you, then i have to say, i have no problems recommending ING. quite simply, i find it the best overall banking app.
peek at your accounts without logging in. log in for detailed transaction summaries, and what not.
Is this only available online ?
If I sign up for this offer can I sign up for the 5% cashback? It doesn't look like it:
The Wave & Save 5% rebate offer ("Wave & Save 30th June Rebate") was available from 1 October 2012 to 30 June 2013 ("Offer Period') to all existing Orange Everyday customers (including joint account holders) who requested to update to a Visa payWave card during the Offer Period ("Eligible Customers").
I'll have to have 2 client id's
I was going to sign up for the 5% cashback offer yesterday, but saw this now and so I think I should sign up for this one first to get $50.
But can I sign up for the 5% cash back now?
Yes you CAN. Thats what I was told over the phone. And with the same client ID because you're a NEW everyday account customer. Thats what she told me anyway
only 2?
"To be eligible for the $50 cash bonus you must be a new ING DIRECT customer"
"The Wave & Save 5% new customer rebate ("Wave & Save 6 Month Rebate") is available for a limited time only from 1 April 2013 for six months from account opening ("Rebate Period") for new ING DIRECT Orange Everyday customers"
From the T&C, seems like you should apply for the $50 cash back account first, then only apply for the 5% cash back account
Correct.
Apply for Savings Maximiser as a new customer (if you didn't finish the application with a shiny new client ID, you have made a mistake). Don't forget to enter promo code BONUS in the appropriate field (again, if you never got such a field during the application process, you have made a mistake).
Once Savings Maximiser is open and active, apply for Orange everyday transaction account for the 5% rebate. This can be done on the same client ID you obtained in step 1.
Profit
Be happy and wait for next 'milking' opportunity.
Have just prepared my 2013 tax return, and only now realised that the $50 bonus they credited last time was considered interest, and therefore have to pay tax on it. I figured a cash bonus would just be a deposit into the account, not interest. Little bit annoying.
one way or the other it is still income
Not necessarily. If it was a gift would not be taxable. Can't complain about free money, it is just annoying when almost a year later you realise you need to give $10-$15 of it to the tax man… long after it was spent.
I think paying tax on free money is a bullet to bite, anyone else agree?
Can't argue with that. And it is all there in the T&Cs if (unlike me) you bothered to read them.
Getting $35 for free is better than $0. But $50 would be even better :)
Does anyone know how much tax they withhold if you do not provide your TFN? I'm thinking of using this option toward the end of this financial year so I don't get bumped up a tax threshold.
according to another user in this thread it'd be about $22 I have no clue if this is correct though.
but will 50$ really bump you up a class?
Thanks.
I'm very close to the next threshold - if I get enough Ozbargain deals in the year, it will push me over. One lot of $50 won't do it ;)
Anyway think it does, it does state that you can cancel and make yourself new again and they are happily glad to offer you the 5%, they even insist you become a new member, so in other words, they love new members more than old.
-Meh, just make it easier, hello can I just close my account over the phone, of course'!!
-ok is it definitely closed?
-yes it is.
-thanks, so if I appl now online I will receive. The offers? $50& 5%?
-sure, make sure you tell your other friend and family they can do it to!!
-cheers!
Just be sure to print off all your statements before you close any account
why?
i have tried to close out my account today. they said it still can be accessed for 2 years.
can i still apply and be a new customer?
Maybe ING do let you access the account. My point was just precautionary, finding out after you close an account, that you cant access details is true for some banks
Make sure you enter your TFN, last time I only got $22 or so
Most people just to lazy to reopen, I understand its a tad but of a hassle, no body loves visiting the god dam post office! Mine never verified "ON THE LINE" if you watched internship, you know what imgetting at lol.
Thanks OP, have signed up :)
Hmmm, I was too lazy to get the orange 5% card last time. but now it looks like it's time to jump on the orange wagon.
Signed up as a "new" customer and got a new client number, but I noticed that I didn't get the whole identification thing at the end.
Did their systems silently notice I'm an existing customer?
Mine went through just using a drivers license and address verification. New client number equals new client in my eyes. I wsh it confirmed the BONUS had been activated. Hopefully they will send an email to let us know we are eligible. Maybe it's because you have to link to a legit account that they don't need as much ID.
Ditto. Signed up and only asked for my TFN and nothing else. I can now login to my account and it says I just need to put money in to activate it. I am also confused. Where do I provide my ID?
Fear not, I've done this many times before under previous promotions, and you only need to provide TFN + drivers licence to open a new Savings Maximiser account. Here's a screenshot of things to come… :-P
http://www.ozbargain.com.au/node/90747#comment-1201968
PROFESSIONAL!
I didn't provide TFN or driver's licence.
Just wondering, how did you get $130 bonus interest when the promo was for $50?
You truly are professional!
They had two promotions on at the time (dig through OzB archives and compare dates). The 1c deposit was to get the advertised $30 bonus at the time. The $100 deposit was when I realised immediately after there was another concurrent promotion on for $50 bonus (similar to this one).
Yeah the post office a bit of a hassle, I suppose it comes down whether you want free money or not…
I could not even be bothered with the now expired 5% as my 6 months is up. I am sure ING would know if you close and re open plus it is alot of work to have to re do Direct Debit, salary etc every 6 monthly.
I strongly advise against having ING as your primary transaction account (or savings account for that matter).
ALL accounts ever opened with ING should be treated as 'disposable' only as neither of their savings or transaction accounts are the BEST of their kind in Australia.
A bit off topic; but does anyone have any suggestions about term deposits?