With ING changing to requiring 5+ card purchases from March 2018 to earn the highest interest rates on savings maximiser, what is the next best account available?
I have looked at
Would love to know what people are switching to from ING
Do you need a minimum? I remember when (I think ME) were doing free movies tickets with one paypass a week, I was putting 1c through.
You could put 1 cent through if you really wanted to. I prefer to put through $1 when meeting minimum transaction requirements. I don't think it's fair to the trader putting through any less.
But wouldn’t it work out the same regardless.
Say it’s either 20c or a % - if it’s still two cards, they’re still paying 20c twice, or if it’s a percent, well 1% of $4.99 + 1% of $0.01 is the same as 1% of $4 + $1.
It does work out about the same. However, when they (trader) renegotiate the fees the bank takes the average transaction size to figure out the percentage to be charged the next period. The smaller average transaction the higher percentage that is charged.
I don't feel comfortable asking the checkout operator for a split payment of 1 cent.
$1 is fine…1 cent is not. Personal choice.
However, when they (trader) renegotiate the fees the bank takes the average transaction size to figure out the percentage to be charged the next period. The smaller average transaction the higher percentage that is charged.
Ah, fair enough. I did not know that.
cash deposits
From legal sources I'm sure ;)
Just put them into your everyday account and then do a transfer over to ubank/rams/amp/etc
And not even a day interest loss if you transfer the fund out before 7pm AEST.
Even if you 'lost' a day or two interest while doing the transfer, you're only really talking about a few cents.
For a $10k deposit, you'll be earning 82c a day @ 3%.
If it was $2k, it would be 16c in lost interest.
Either way, they only do it every 2 months, so its a nothing loss really.
But yes, you are right. Deposit in the morning, transfer out in the afternoon for zero loss.
AMP Bett3r Account - 3% interest but no ATM access or cash deposit facility
This is not true.
Yes, looks like it has ATM access, but is there cash deposit available? I couldn't find it on their site….
Rams
Does anyone know if we need to start doing 5 transactions in February or March (i.e. whether the March start date refers to when the 5 transactions requirement starts or when the qualification requirement is changed)?
in March.
Cheers
I had 4 transactions in March, and the 5th which I made on the 29th wasn't settled until the 4th of April. My interest rate for that month is 1.15% = Goodbye ING.
When I do my shopping I split the payments to put $1 on the ING Direct account and the rest on my Woolworths e-gift card or Coles Reward Mastercard.
It will effectively cost me 5 cents per dollar due to not using discounted e-gift cards or not getting reward points…so a minimum of 25 cents per month.
I don't like it but it's still a good account to get the benefits.