Isn't that just great of them. Only passing on 0.15% of the 0.25% RBA cut on their home loan rates while dropping their savings account rates by the full 0.25%.
They don't even have the flimsy excuse of "oh but we're trying to help all the savers out there by not passing on the full cut everywhere"
This is an observation of ING's behaviour compared to other banks during this October rate cut rather than a discussion on general monetary policy and what the RBA is trying to achieve
Wow how
You're a poet and don't even know it.
Nee hao brown cow
Wow how interesting is monetary policy maybe consider not having your money in a savings account?
Okay, I'll go right now and take out a home loan on an overpriced POS dump.
The RBA monetary policy is socially regressive and irresponsible. By cutting interest rates, the RBA is forcing everyday moms and dads and pensioners into dumping their savings into riskier investments like the ASX and property where the bubbles are already forming. It is highly irresponsible of a central bank to indirectly use retirees savings to prop up ailing stocks with lopsided PEs and a precarious property market.
Whats going to happen to these average Australians when the global recession hits and the bubble finally pops?
Create cheap labour for the retail and food service industry?
They don't publicise their actual reasons because 1. Part of it is that they want to make more money, but since all banks are doing it, 2. Part of it is increased lending risks and capital reserve requirements which the public wouldn't understand anyway.
If a bank could do it, one would've done it so as to attract more customers.
ing is rapidly becoming a very mediocre bank. i don't think they are trying to compete with ubank anymore
Seriously!! The only benefit over uBank is 24/7 support (which I could pass), PayID (which I get around to an extent using Beemit), and ATM operator fee rebates (which I can only see useful if going overseas, in which case I'd "qualify" for the benefits a month prior).
Can't believe they still require $1k deposit + 5 purchases a month to offer such meh benefits when uBank only requires $200 deposit period. I've personally moved away from ING as a result.
Small price to pay really. The foreign ATM subsidies saves me about $20 each visit and I travel abroad every couple of months. I'm way ahead with ING.
Just put it in ETfs, can't go wrong
Or put it in Ratesetter. :-P
Well that's a shame, time to re-think ING
Yep, goodbye ING. No more money for you.
I'm moving my savings to 86400 now. ING is no longer competitive.
Glad I picked ubank
Has anyone sent money overseas to a bank account with higher interest?
Ratesetter currently has 1 month interest at 3.5%
But, I thought Ratesetter isn't Government Guaranteed.
Also, how does it work when people start defaulting?
you blame everyone else. ask the government to bail you out of your risky investment decisions.
No. I am double checking that Ratesetter is not the same product as a savings account, and also what are some of the risks associated with it, that do not apply to other investment instruments such as savings accounts and term deposits.
They have a fund that pays out to investors if the borrower defaults, though it is limited.
Me bank has 2.2% (compared to U Bank's 2.1%). Similar requirement though - 4 Tap and Go transactions.
Wow how interesting is monetary policy maybe consider not having your money in a savings account?