Just got this email from ING stating:
from 1 March 2021 we'll be introducing one new additional requirement that you'll need to be aware of, and it's that your savings need to grow each month.
For me this is the last straw and i’ll be ditching these tools who have progressively made their account worse and worse over the years.
Any recommendations on who is now best these days?
No I haven't and yes
If I'm reading this right, you are losing interest for one day (March 31 to April 1st) for the entire balance of your savings
iirc they have clause in there t&cs letting them close or freeze your account if you act in a manner that is not appropriate
They screwed me, my beemit transfers were treated as cashout.
Time to move….. And don't forget tell your experiences to as many as you can… Let's bring ING down down down…..
Did you get $0.50 cashback bonus for a $200 cashout?
I did
They have closed the beemit loophole now it seems.
Actually it has worked but ING only updated a few days after the transactions were completed. So it just takes a bit longer than usual.
Maybe if you got it done earlier in the month it worked, but for my wife it appears as EFT cashout and the transactions do not go to pending anymore.
Guessing the change has been made at Beemit's end.
Up is showing the same, EFTPOS cash out and deposit
@bamzero: Hmm , interestingly the Beemit withdrawals still seem to satisfy the Up requirements to activate the bonus interest. Pity it's only 0.7%.
"grow your nominated Savings Maximiser balance (excluding interest)"
So the prior month's interest doesn't count and we can just leave $0.01 in Savings Maximiser this month (prior month balance was $0)?
It is confusing but in practice, you do need to leave the interest and another 1c or more. It has worked for me this way. The good thing about ING is that you can practice and they will tell you if you are on track. The system updates overnight.
I called ING and the rep told me the same. Checking the previous month's closing balance (same day as interest payment) and adding 1c is the easiest way
Genuine question, to clarify, is interest given for last month counted or not?
ie. Balance X + interest + $0.01
or
Balance X + $0.01?
@KSMLJ: To be eligible: Balance X + interest + $0.01
So today I will ensure my Savings account is: $0 + Feb interest + $0.01
@Yola: Just learnt that EFTPOS bought Beemit at the end of the year. I'm guessing that's got everything to do with the change to withdrawals and deposits instead of the old system of purchases and refunds.
so i guess if i didnt do anything (re: moving the funds) means it is too late to all the tricks, right? my balance already high….
i think i can move all to macquarie (i got the honeymoon rate there) for a month then start again with $1 and then Balance X + interest + $0.01 at the last day of the month (move everything to everyday and move back 2 day of the month). im still a bit confused with all this.. .seriously ING want to be awarded as the most complicated bank in australia?
If you have already done the hard work in Mar, fulfilling the conditions for this month (April), don't move out yet until the end of April, and enjoy the 1.35%. The 5 taps, etc this month is for next month's bonus, you still have time to decide if you want to keep the bonus for May.
Good that ING's requirements allow a 1 month look-ahead time. So if you have big spending this month and unlikely to be able to increase the balance, then at end of the month, withdraw everything, and you still won't lose out.
On the other hand that is a problem if you have money elsewhere and they suddenly drop their rate you cannot move to ING as you have to go through the steps first. Same for Bank of Qld.
Quite right, could take a month to "ready" the ING acct again. Hence why I still keep enough accts where bonus condition does not lag a month (Macquarie, CUA, Citibank, 86400, etc). Just to mitigate the downside when this happens.
Oh btw, for those who might not be aware, ubank has changed from bonus next month to bonus this month, when conditions are met, from 1 Mar 2021.
I opened Ing accounts today before then I was told that I need to have the account 'grows' which is complicated things - put my wages into? I confuse. If I put in saving - the balance can be lower than previous months then I don't get interest. Put into Orange account then those money does not get anything. Can also do multiple saving accounts - seems to a lot of work. 5 Transactions per month? Note the no international fees and the saving interest only kicks in if you do that 5+ transactions in a month - how about if you just happen to have your 'transactions' after day 7-10 of the month? Painful.
I guess I just move funds to Ubank/Macquairy as many people suggested here - may leaning towards Ubank for their no transaction fees and the sweep feature. That ING accounts will last only 1 day.
Does anyone knows if Macquaire marketplace also a feature for business accounts?
Guys, consider putting your money into the likes of index funds AFI - which has 10%+ returns rather than the much smaller 'highest' bank interst.
Thanks to MrsJones for Scott Pape's update.
Have you read this thread?
Also a lot of information here about ING
and here about saving accounts generally
Really should have found out if this account is what you need before you spent time opening it.
just got email saying deposit $1k to orange each month for 2 months and they give $50
easy money - assuming we can take them out after ….
Got that too.
Maybe they are losing customers in droves.
I think they sent an email stating it was an error.
No $50 for you!!
So just to clarify, is the end of month balance:
A) The balance as of 11:59PM on the last day of the month, e.g. 11:59PM on 31st May? OR
B) The balance as of 12:01AM on 31st May?
There is actually almost 24 hours of time in between them and an extra day of interest earning so it would be good to know.
Also, when can I move my money back in to avoid it being counted as the closing balance?
C) On 12:01AM on 1st June? Or
D) On 12:01AM on 2nd of June?
Thank for the clarification
Personally, I would never leave it to the last day - in case of unexpected system down, etc. But I can understand different people can tolerate different risks.
The end of the month is (A). So in theory, you can move funds away at say 11.50 pm 31 May.
The beginning of the month is (C). Move back anytime on 1 June and you should be fine.
In practice, with some banks, when close to a day boundary, I notice sometimes that the date shown for a transaction can be a bit off (before midnight, showing a day later, or vice versa). Maybe to accommodate the different times in different states, or for whatever reason. So I try to avoid midnight by a few hours if a certain date is intended.
I always move $ out on the last day of the month and move back on the first day of the following month (during day time).
Been 3 months now, have no issue with the bonus interest.
yeah now my balance is $100, i will keep it like that till today midnight.
tomorrow i will bring back $10,000 from macquarie.
last day of june i will transfer $5000 to my orange to make balance of june is not too high
first of july transfer 5000 back from orange to saver
last day of july make the balance = end of june + interest + $1, remaining go to orange
rinse repeat
Yeah, I doubt there would be problems generally speaking. I am just overly cautious :-)
Do you move it to your everyday account or to another bank?
I move it to another bank and have been getting the bonus interest for months.
I've been moving it to my Orange everyday account and still getting the bonus. The tricky part is remembering to do it.
Have you confirmed with ING staff that will work? And move to orange account you meant?