This was posted 15 years 6 months 3 days ago, and might be an out-dated deal.

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INGDirect 8.00% - since June 2008 - did anybody hear about this?

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INGDirect 8.00% - since June 2008 - did anybody hear about this?
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SomeGuyOnOzB on 24/10/2008 - 12:09 ingdirect.com.au (283 clicks)

ING is paying 8.0% interest for new customer funds, and for existing customers on the balance above 24 April 2008 they paid 7.9% between 9 May - 22 Jun, and 8.0% between 23 Jun - 31 Oct.

I'm writing this here because I don't remember seeing the offer or seeing it posted on OzBargain, and there are a number of other ING customers here too.

I was wondering if anyone else (Scotty? OzPete?) can verify this deal's been around that long or if this is the first they've heard of it too … ?

Thanks for any help :)

I also posted it here because this is potentially a bargain for a lot of people. (If you already have an ING account, you can get more interest for a few days)

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  • WaywardOne on 24/10/2008 - 12:15

    BankWest has been offering 8.1% promotional rate.

    The real problem is; after subtracting inflation (now 5%) and income tax (most likely 30%) — the return on 8% interest is a measily 0.6%. Hence saving money is barely worthwhile.

    • SomeGuyOnOzB on 24/10/2008 - 13:02

      If you don't save money, then you start with 0%, subtract inflation of 5%, and … instead of +0.6% you're on something like -5%.

      I guess, what I was getting at is, I'm a customer of ING. Normally they send out a letter saying they will have a promotional rate. I don't remember receiving it.

      Also, normally someone posts on OzBargain when there is a promotional rate too. I don't remember seeing it and I did searches on ING and IngDirect and could not find anything on here either.

      I'm pretty sure I've checked the rates on ING in the past few months too … so I'm baffled to find on ING today, that they've been paying 8.00% for months … :S

    • bobban on 24/10/2008 - 16:30

      So your argument is that because inflation is high, you are better off keeping the money in a shoe box? FYI: That means you LOSE 5% of your money's value annually, versus an account that not only neutralises that effect, but will increase it's real value. Of course your income tax rate heavily effects savings and the government needs to address that. But since shares and property are losing money or stagnating at best, this is quite possibly the best place to have your money at the moment.

      Highly recommend either this or the BankWest Telnet saver account. I have one of each, and an ANZ equivalent called the 'Progress Saver'. These two are very comparable and operate almost identically - high rate of interest, internet only account that is linked to ONE bank account you have with ANY institution, and allow you to transfer money between those accounts, in any direction, with 24 hours delay, with interest calculated daily, paid monthly. These accounts are far better than any of the big four's similar 'net saver' accounts, which in the case of the ANZ's Progress Saver offers ~5% interest, paid monthly, unless you withdraw anything from the account, in which case you are penalised by losing all of your interest (you must also make at least one deposit too).

  • Pyro on 24/10/2008 - 12:58

    What do you suppose is a better option WaywardOne? Shares? Property, perhaps?

    Cash is king atm.

    • SomeGuyOnOzB on 24/10/2008 - 13:02

      Oh yeah, there is that.

    • WaywardOne on 24/10/2008 - 13:58

      Well the sharemarket is no good, so that is out of the question.
      There are heaps of tax breaks (eg. negative gearing) for property and interest rates are quite low at the moment… (not that I own any property — I am just annoyed at it's profitability).

      • Pyro on 24/10/2008 - 14:11

        Mini rant: Negative gearing isn't a great idea for property necessarily. People all say, oh wow, let's do that so we get a tax break. But the story you can get a tax deduction only if you have a loss on your investment. A loss is still a loss. If the property market is flat or marginally positive, the strategy is no better than putting the deposit in the bank. Again, beating the 5% inflation is difficult.

  • quackster on 24/10/2008 - 13:12

    It's 8% for only another week anyway.. if you put in $10k the difference would be less than $4 interest - if you could actually open it up and put it all in today. Hardly worth applying for it considering the account cant be deposited into today.

    As mentioned before, BankWest has 8.1% - this rate is valid until 1st Jan 2009.

    • bbeatl on 24/10/2008 - 13:39

      For Bankwest, what does it go down to after that?

  • omygodde on 24/10/2008 - 13:30

    I was sent an email from ingdirect about the offer months ago. They also sent another one after the market crisis.

    • SomeGuyOnOzB on 24/10/2008 - 16:19

      Thanks … goodness :P Can't believe I missed it :P

  • lucky47 on 24/10/2008 - 16:22

    My personal best investment atm:

    Doing the complete opposite in my horse racing selections.

    I give them all the "kiss of death" ..LOL

    (Un)Lucky47

  • OzBLover on 25/10/2008 - 11:06

    I am very sure I received an email around 2 weeks prior to the deal commencement.

    BTW if you guys missed on this deal, bankwest (which is now CBA) is offering 8.1% per annum until 1/1/09. ING Direct is no longer able to compete as its parent company in NL is having lots of trouble I guess

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