ME Bank and Bank of Queensland Have Paused the Requirement for Card Transactions to Qualify for Bonus Interest

bluesky on 28/03/2020 - 03:45
Last edited 28/03/2020 - 03:51

ME Bank Online Savings Account

  • ME Bank will automatically pay the bonus interest rate for the next three months (March 2020 – May 2020), provided the Online Savings Account has qualified for the bonus in any of the previous three months (December 2019 – February 2020), or was opened in March 2020.
  • There is no need for the 4 tap and go purchases.
  • Current rate including bonus is 1.8%.

Bank of Queensland Fast Track Saver Account

  • BOQ has also paused the requirement to make 5 or more eligible transactions from the linked transaction account to earn Bonus Interest on the Fast Track Account, effective 1 March 2020.
  • This temporary change to the Bonus Criteria will remain in place until 31 August 2020.
  • You will still be required to make the minimum deposit ($1000) into your linked transaction account in order to meet the Bonus Criteria each month.
  • Current rate including bonus is 2.0%.
Financial

Related Stores

ME Bank
ME Bank
BOQ
BOQ

Comments

  • Donaldhump on 28/03/2020 - 08:32
    +1

    Thanks,

    Was wondering this, I just went and bought 5 items on each last njgh night.

  • JIMB0 on 28/03/2020 - 10:02
    +3

    Now I won't hold up the que at the self checkout.

  • Unorthodox on 28/03/2020 - 13:17
    +2

    I've messaged ING to see if they'll do the same

    • bluesky on 28/03/2020 - 15:55

      Do let us know if you hear from ING.

      Beem It transactions can count as eligible transactions by ING. So at least one way out if ING is not exempting them.

      With ME Bank and BOQ however, I am not sure if this is true (I have not tried). So these exemptions are good.

      If anyone knows if Beem It can count as eligible transactions by ME Bank and BOQ, please share - useful for after this period.

      • Unorthodox on 31/03/2020 - 12:21
        +2

        Received a response saying that it won't be changing as they still consider online purchases and direct debits via card are reasonable avenues.

        This isn't great for those who've gotten older parents on ING who don't shop online.

        • bluesky on 31/03/2020 - 14:35
          +1

          Yes, agree with your last point. Surprised they are so inflexible, given the times we are in.

        • bluesky on 20/04/2020 - 17:00
          +2

          Seems like ING has caved:

          So to help keep your savings on track, from 1 April until 30 June 2020 you'll get our bonus rate of 1.70% p.a variable on your Savings Maximiser account that received bonus interest in January, February or March 2020, without needing to do anything more.

          Looks like you don't even need to deposit the $1000.

          • Unorthodox on 20/04/2020 - 17:05
            +1

            @bluesky: Nice!

            Looks like they dropped the savings rate by 0.10% though

            • bluesky on 20/04/2020 - 17:23
              +2

              @Unorthodox: I thought that too for a while. Then, upon another careful reading, the interest rate has not changed. The 1.7% is the bonus rate. The base rate is still 0.1%, making a total of 1.8%. So that is good news.

              • Unorthodox on 20/04/2020 - 17:42
                +2

                @bluesky: Awesome, thanks for clarifying.

                I didn't get that email but my Maximiser did still stay 1.8%

                Might need to transfer back from Ubank to ING

                Someone posted as a deal and pointed out that to get free ATM withdrawals the card conditions may still need to be met

                • bluesky on 20/04/2020 - 18:35

                  @Unorthodox: Yeap, from FAQ:

                  Q. Will I still get Free ATM's and ING International transaction fees rebated?
                  A. To receive rebates under our Global ATM Rebate Offer and International Transaction Fee Rebate Offer, you will still need to meet our standard eligibility criteria.

                  The Global ATM Rebate Offer and the ING International Transaction Fee Rebate Offer will apply for the next calendar month when you perform the following during the current calendar month:

                  • deposit at least $1000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One), and

                  • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).

  • bluesky on 09/04/2020 - 04:53

    ME Bank Update 08/04/20: Contactless purchases will be temporarily increasing from $100 to $200, making it easier for you to pay for essentials.

  • bluesky on 30/05/2020 - 18:22

    Some good news: ME Bank has extended this offer to June 2020.

    We are now extending this offer to include June 2020. This means that you don’t need to do anything else to qualify for the bonus interest this month or next month (May 2020 and June 2020), you’ll automatically receive this.

    From July 2020 the existing terms and conditions will apply to receive the variable bonus interest on your Online Savings Account.

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