This deal is back again. New customers, open a reward saver with IMB, deposit $50 and keep until the end of the promo period to get a $50 bonus.
Terms and conditions apply. Previous bargain hunters indicate this can be a bit of a painful journey to get your free dollars; delayed sign up process, missing emails, broken apps etc, but hey, if you're willing to give it a go, $50 is $50.
Update: I’ve opened mine deposited the $50. It’s worked from ME Bank.
Sounds like my crypto wallet, except when i checked my account at the end of the month it was $0
There is one key difference. That's AUD $50 not UST 50. 😂
Sounds like it I’ve never done this deal before saw some old OB posts. Just opened a account see how it goes
what happends if you dont close?
ITS $50 ACCOUNT SEASON BOILS AND GRILLS!
It's actually 44.90 take the interest lost into account
@mokr What kind of interest rate are you missing out on for it to be anything like that? Two months of of not much per annum shouldn't work out at more than a couple of cents.
Looks like you could wait until 31st July to open the account from the T&Cs.
Your calculator is broken
Holy crap could you please link me where you are getting 50%+ interest rate from. I want in on that.
Is it easy to close the account?
They will show you their consternation faces.
Considering how much trouble some folks actually had signing up in the last promotion, I would imagine it would be another horrible mess.
whats happnes if you dont close?
it will be open forever
Some banks close inactive accounts.
Oh right. Just wondering then, why would you bother to close it if nothing happens?
i'll give it a pass after the problems people had in the last promotion they ran
Tried this last time. IMB wouldn't let me do a standard Pay Anyone transfer of the $50, and wanted me to go into a branch and do it in person. More trouble than it's worth, IMO.
They do pay. But their ground staffs are extremely rude and suspicious of your intention.
They're running a promotion where they pay you $50 for signing up, I would think the intention should be pretty obvious to them. If they want to get new customers that genuinely want to join their bank, this is not the right marketing technique.
By that metric the only way to get customers is to do free international transactions (Macquarie, ING, Citi), have super high interest rate (boq) or just have a good interface with good interest rate and none of that 5 transaction stuff (does this exist?)
They have to make people want their products. If they offer $50 for sign up, people sign up, take the $50, then leave or it stays dormant. Unless they find something that stands out about the product. To be honest nothing stands out about this product for me, but I don't really know anything about it. If they offered 2% cashback on certain purchases or something up to $50/year people would have to use the account to get the money.
And now you're like, that's insane (or at least that's what people not on Ozbargain think). But it works for me. I know what accounts I use for what and day to day it was 95% NAB/HSBC, Hiver's come into the mix with their 5% cashback. None of them have fees for leaving it open. I'm also using super for my home deposit savings which is better than any interest rate (FHSSS). With OSKO it's not much different to using different accounts with the same bank. Different people have different things they want and yeah, they need to offer something if they want genuinely interested customers instead of scavengers (like me). But maybe good marketing teams can get non-ozbargainers to sign up without offering free shit.
@Miss B: lol my story was similar 10+ years back when us savers had decent interest rates. 5-6% iirc.
i had so many bank accounts that when it came time to do my online banking every monday morning, all those opened tabs almost crashed my browser. did wonders for my memory — back then, i could remember all the usernames/customer numbers and passwords for every account.
just got an email from ubank the other day saying if i don't make a deposit into my four accounts there, they'll close it. ooh the nostalgia
@Miss B: Hi!!
Just wanted to ask you, if HSBC bank charge atm fee for using any other banks atm for cash withdrawal?
Thanks
@Ramy7: I'm not 100% sure as I rarely take money out and it would normally be from my NAB account, but I'm pretty sure the big 4 don't charge fees for withdrawing using any Australian debit card these days.
@CyberMurning: Oh damn I thought there was a new law/rule that said ATM fees can’t be charged. I don’t remember a limit on how many times you can use it per month.
@bobwokeup: Used to be unlimited (after you fulfil the requirements) then they changed to 5x (same requirements). Of course i forgot….
@CyberMurning: Oh damn didn’t even hear about that. I don’t use cash unless it’s the only option, so that explains why I didn’t hear about it.
@CyberMurning: My understanding is that they have to flash a warning up on the screen flagging how much you will be charged before you tap withdraw. I don't know if this is the law or just by agreement among the banks, easily missed I suppose.
Signed up, got email with account details instantly. $50 here I come. Hopefully inflation doesn't impact my $50 deposit too much by end July.
Thanks OP.
It sold still be worth at least half by then.
Half a lettuce probs
and that is equivalent to how many avocados? i'm a little rusty with the conversion rates…
By the time you finsihed typing your post, your depos was affected by inflation.
Signed up to this last week, transferred cash, then inexplicably they reversed the tranfer and sent my $50 back. 🤷
Same here, so called them and they said I need to visit the branch to activate the transaction feature, and only branch in Melbourne is at Glen Waverley.
Tried to transfer 1$ (test) from up bank and it failed osko payment… weird. Had to try another method which would take 1-2 days to clear
Just tried depositing $50 and they returned the money almost instantly. 🤨
Same here
What a pathetic way to run new promo
You need to do an IN BRANCH ID check to enable osko. Standard slow transfers will go through.
If you don't see a way to transfer out, then your account is set as view only and have to call to get full access feature enabled.
I suggest everyone read the previous deals this bank has recycled. Same hoops and headaches to work for your 50.
They should really make this step clear
Based on previous deals’ comments, following banks wont let us transfer money into IMB without Osko authentication (because it recognises the BSB as Osko, and wont let you try otherwise):
ANZ, BoM(Westpac), CitiBank, Commbank
Banks based on this deal’s comments and my trying:
Up, Ubank
Bank(s) may work:
NAB, HSBC, MQ (im waiting)
same i done from MQ and waiting.
to add:
ING - not working
NAB, Suncorp, and Westpac would not work… sigh
I have st.goerge and if you transferring from saving account (not transaction) it won't use OSKO and goes slow way. You may try the same with your bank
I tried transferring $50.00 the traditional way (BSB & account no.) using Bankwest. (Bankwest is fast, stable and reliable, I just love it) but it went through as an OSKO payment and was rejected almost instantly. I then remembered OzBargainers complaining about the lack of OSKO with Macquarie so rather than stuff around I just used Macquarie, now waiting to see how long that takes.
1 day peter, just be patient
I registered but never got the confirmation email with the member number. Only the SMS message with the password
Me too! I can't figure out how to find my member number
Me too, no email but it is the weekend, Sunday night, could this be the reason?
We opened two accounts on Saturday morning. One email came straight away, the other didn't come. Called them up and they sent it again, which was received.
Talks about transaction fees, but transaction fees aren't listed. Seems like they're trying to hide stuff. Might give it a miss.
Transaction fees for transaction account
No transaction dees for saving account.
Says when signing up
0.25%p.a. Interest rate as long as you deposit $50 per month and no withdrawals - lol.
Why would they think new customers would stick around after getting the bonus?
Excellent point
Feels like their web and app ui is written in the early 2000s. Also the server is damn slow!
Any financial gurus know if this $50 Bonus (and other similar offers) would be treated as a windfall gain or taxable income?
Credit card cash backs don't get treated as such it's a gift
Is this bank has different name a while ago? And they also ran similar promo? So if we got $50 under their old name would be become ineligible this time?
Account opened but Osko transaction from Up is failing? Anyone else experience the same?
see comments above.
Previous bargain hunters indicate this can be a bit of a painful journey to get your free dollars; delayed sign up process, missing emails, broken apps etc, but hey, if you're willing to give it a go, $50 is $50.
Worth giving them a call, confirm these things, confirm if they have improved their processes from prev deal, confirm withdrawal process, record calls etc if you are ready those $50
Looks like the negger not yet ready for $50
Can anyone recommend a good saving account for kids?
No withdrawals, it's just an account keep putting money into for my kids.
Currently with a NAB on the usual 0.01% or whatever.
bank west kids ac or great southern bank 2.5% best rates for kids accounts ref https://www.greatsouthernbank.com.au/bank-and-save/savings-a…
Thank you for saving me the research.
Have a great weekend :)
IMB? reliable? Gov guarantee applies?
Are you planning to put in more than $50?
Like many others, I am also facing issues attempting to transfer the required $50 TO the account, as OSKO payments are disabled without in person or physical form authentication.
My first attempted transfer was a normal transfer by default using 'OSKO' … "or if your institution does not accept OSKO payments, it will be done as an EFT which may take 1-3 business days" —- but it was straight up rejected and returned to my account instantly. I have called both banks and they both say different things (sounds about right)
So far unconfirmed, but I may have found a way around this.
If you are a NAB customer (not sure if other banks have a similar function or not), you can log in to internet banking (I did in a browser) and do a "New multiple funds transfer", which by checking the "When will my funds be recieved" help box, it shows standard processing times as 1-2 business days in most cases. This page has NO mention of OSKO.
I am assuming this means it will be transferred as an EFT, which by my discussion with IMB, is the only way you can receive funds without the aforementioned authentication process.
I input the required details in this "multiple funds transfer" page (only one line was input with the IMB account details) and so far the funds have left my NAB account and not yet bounced back.
I will update here upon either bounce back of the transfer or (hopefully!) the receival of the funds in my IMB account.
how about when transferring money out of IMB? Will osko work?
I followed Jayblesz' steps. Not too fussed about transferring out I'm sure it will be easy to spend of they give the osko problem to transfer out
OSKO won't work until you complete their authentication as far as I was told. However, just because you can't use OSKO transferring out of the account doesn't mean you can't use EFT…
Yep that’s what it is and you need to go into a branch. I’m in W.A. so I have to get ID verified and then post it into them so that I can deposit money into the account. What a joke!!
Update: yes this method worked. I received the money in my IMB account. I can taste the $50 bonus.
Had no issues getting my $50 from the last deal.
So these savings ac show up / hit credit files?
no
The ATO knows what you did last summer
Have you ever apply for a saving/ transaction account?
$50 is $50
But oils ain’t oils
Opened accnt. this morning, at the end it said we'll contact you when account is ready and heard nothing, no emails at all from imb
Have you received an email yet?
Nope, but got an sms with a password, lol, no customer number, just went into the branch and opened it in person today.
Page crashed. No email sent out and now waiting to see if any follow up to confirm.
For this deal, does the customers need to go in the branch to do anything? any ozbargainers can shed some lights here? There are only two branches in SYD, which probably not worth
"IMB boasts an extensive branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne."
Didn't know 2 branches in Sydney and 1 branch in Melbourne constitutes "extensive branch network".
wannabe bankers
try living in Perth…..zero! zero branches! ah! ah! ah!
Yep I hear you. That’s only for OSKO payments. We can do an EFT but not sure how to do it as my bank does OSKO automatically.
So open account, deposit $50 in the first 7 days. Leave until 31/7/22. Check account end of august for $100 balance. Withdraw and close?