We’ve got more good news for your savings. After the Reserve Bank of Australia announcement, we’ll be increasing our bonus interest rate (yet again!) to 4.00% p.a.
From 1 January 2023, you can earn up to 4.10% p.a. on your Save account. All you have to do is deposit $200 or more per month into any of your Spend or Save accounts – it's that easy!
The new bonus rate is 4.00% p.a. and is paid on balances up to $250K per customer on top of the 0.10% p.a. base rate.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
What issue did you have? We joined and created a joint account last month.
if you try to make one currently it gives an error saying 'Feature Temporarily Unavailable'
Migjt have to do with transition to new app /platform
@Nalar: dunno, this was a new account setup via 'new' platform, which has been operating for a while
Please double check for both users if joint account is showing. For us, despite it being marked as shared account, they did not link it to my wife
A few days ago, I was prompted to update the (new ubank) app to the latest version, after that, I cannot add a new payee (BSB Acct). Still the case.
Perhaps your issue is also related to this new update?
An account just for buying joints?? Time to go to rehab.
ING pays 4.30%
be 4.55% by 7 days too, but people here hate doing 5 mins work once a month, yet froth over $1 off battery deals
Up to 100k…. So hardly comparable. For up to 250k ubank is still one of the best.
@Donaldhump: For someone who doesn't care, you are spending an awful lot of time promoting and defending ING whilst making unfounded derogatory comments against anyone who doesn't bank with them
@Donaldhump: Your absolutely right and the bail in law the put in place means they can do what they want when it suits the gov with your money and no $250k guaranty.
@spock: Yes a lot of blind people here to the bail in laws. But Instead of reading about it this will just get down voted.
I have quite a lot of cash split over many banks ubank included. Having all your cash in one bank is going to be nasty if something happens to that one bank
@Donaldhump: @Donaldhump I read some of the bail in legislation and didn't see this smoking gun you're referring to, care to point it out?
Also, why do you assume ING is safer than ubank? I've seen a lot more people shitted off with ING's customer service than i have ubank.
@Donaldhump: If you think a bank just leaves your money alone when you deposit it, I think that maybe you are unsure about how banks work.
@mun4: Yes, are you familiar with the bail in legislation passed secretly without public awareness being made.
@Cheapskate Paul: so, its still very not ok. Man is losing his mind and bank cannot be contacted. Thats a hard pass for me.
@[Deactivated]: What's that story got to go with the 250k government guarantee if the bank goes under ? Also they are investigating where his money went and if he did nothing wrong it will be returned in full…..
@pauly85: Hahahaha and they are advising the rest of the community on how the financial system works.
The banking system in Australia is the best in the world. That's based on world ratings. It's the most regulated and trusted. These negative comments are ridiculous conspiracy theories.
@pauly85: It's a weird old French spelling anyway, the English way of spelling the same word used to be 'warranty' before they diverged into two separate and distinct words!
the $3 amazon bonus cashback was OOS in a few hours with 500+ likes. Considering 5% common gift card discount rate, it is only a saving of $1.5.
Don't know why people mentioned the fuss by ING (it is annoying honestly) all the time as there could be a huge bonus on the interest earned.
Considering 5% common gift card discount rate, it is only a saving of $1.5.
Where do you get 5% off Amazon gift cards?
@annarchon: Not to be that guy but 1% card fee is applied after discount so you’d be getting 4.05% discount.
5% is not "common" as you suggest, and the difference is actually $1.80. Might not mean much to some people, but it buys a bottle of milk for a Cobber family trying to makes ends meet in this great brown land of ours.
@Charlie Dont Surf: you are correct. I am a HCF member and bear the 1% fee.
these guys you mentioned would not complain about the hops of ING then lol.
@xiaozaocha: I am with AiA Vitality and they send me $5 every week just for going the gym. Bless them. I use the money to buy discounted gift cards to purchase milk and collect bonus points on occasion.
Many people on here wouldn't have more than a few hundred $$ in savings so any interest rate is irrelevant to them
You'd be surprised.
This is the place of the cheapest of the cheapskates. I would wager that the average savings for Ozbargainers to be substantially higher than the Australian population as a whole.
@annarchon: Yeah being extremely frugal has merit, but surely the longer people hang out on here they end up buying a lot of stuff they wouldn't normally (not need) to get a bargain lol. Fair enough if you were actually chasing something and refer to the best prices available..
ING has the following conditions…
The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:
• deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One),
• 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), and
• ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.
The only Ubank condition is that you transfer at least $200 into the account each month and your savings account balance can drop but you still get the bonus interest.
I have both Everyday and Savings, salary goes to Everyday, all I need is throw some to Savings once a month, two clicks.
Granted it suits you but not someone like me who already has a transactional bank but invests at others.
@cryptowiz: Is your transactional is really much better than ING's? Why not switch and stop whining?
@[Deactivated]: It's not whining, just clarification. Yes, my transactional account is superior to what ING offer and I was actually with ING for several years, until an incident which I will not go into here.
@WhyAmICommenting: It's not one available to Joe Public. I spent 35 years trading currencies, bills, bonds, options and commodities in dealing rooms for major Investment Banks. When I retired I was able to retain my banking package as part of that arrangement.
Why don't you automate the transfer?
I've set up $1 transfer on the 1st from my everyday to savings. Pb solved
I don't get why this is a hurdle though?
For years I have had no problems clearing #1 and #2 within the first 3 days of the month.
PS: I have accounts in 4+ different financial institutions and I move them around come payday
It's a hurdle if you already have a transactional bank that you use.
@cryptowiz: Throw in 1005 and take out 999, buy 5x$1 dollar Amazon gift cards. Couple minutes work each month
Keep 90k in there so there plenty of buffer to the 100k mark.
Then you have 90k at the higher interest rate and any additional at other banks (ubank etc) at a lower rate.
Yes, its a hurdle, but not much than many of the other hurdles that people go through around here to save/make a buck.
@annarchon: I believe you can withdraw the interest and it won't effect the bonus criteria - therefore you don't need to worry about a large buffer to prevent accumulated interest putting you over the $100k as your balance will only grow by a $1 month.
@rokufan: Sorry, I meant that what you wrote is wrong and will result in you not receiving the bonus interest.
The 5 transcations always gets me.
Does Opal travel count as 2 or 1 transaction as the total cost is always combined after pending for many days even though its 2 separate travel times.
I just do "mixed payment" at either coles or woolies and do 1c tap transactions 5 times when doing shopping at the beg of the month…easy.
@Pufff: when paying at self checkout at Coles or Woolies, select mixed payment, you put in the type of payment (card) and amount 1c and tap, repeat (select mixed payment again) until you have done your 5 transactions, then pay the rest as per your normal method for accounts that require physical card payment…..Virgin and BOQ I just make a few cents payments to credit cards at the beginning of each month
@souths123: Do you know why the terms keep referring to the 'next' month?
Have you had a situation where you got the interest but then took out all the money the following month. Then lets say 3 months later you had money to put back into the account. Would you need to do the 5 transactions and deposit $1 a month before hand?
Based on the 'next' month term you wouldn't be able to meet the terms right away and earn the bonus interest.
@Pufff: I usually try to keep accounts ready to go, but I am not going to bother with BOQ this month (for next month). If I was going to transfer I would ensure I had qualified before I did it.
@Pufff: yep, you have no idea….so many accounts to keep track of to ensure you qualify for bonus interest….but worth it
@souths123: this is my go-to method. although it is most inconvenient when you're challenged to a checkout race by the coles employee next to you, but you can't leave it for another day because your total is $20.05 lol
@tdw: wow, I have never had that happen and the other day I actually did it 15 times (for 3 different banks) lol
Will ING increase to 5% next year?
they will if there are another 2 x .25% rate rises by RBA
Too many hoops.
Lol at this deal posted every month
incoming hoop debates in the comments
incoming the confusion between intro rates, bonus rates and base rates.
incoming hoops to hard to earn extra $300 a year but frothing over $1 off batteries
Can't wait.
The usual one month of waiting and by the next month, another cash rate hike
RBA doesn't meet next month :)
Fixed ;)
The usual one month of waiting and by the next month February, another cash rate hike
AMP is of the view that by February or March there is likely to be enuf evidence of slowing growth, global slowdown and slowing inflation pressure to allow the RBA to stop hiking
Yes, I want another 1% rate hike. Can't afford a house still. Might as well get higher interest on the deposit.
@kron: I'd be happy with .75 extra altogether…takes all my savings accounts over 5%….I'd be happy with that…all the people whinging now about how dare RBA do this didn't care when rates were at historic lows and people that relied on savings rates to survive were stuffed good and proper.
emergency rate hike
hahhaha, you are right, thats why i have both ING and Ubank. so far i know they are not increasing in Jan, may be a new year present, no hike.
Why do you have both? Is it not better to use whatever has the better interest rate ?
ING has a maximum of $100,000 for the bonus rate.
Now if only they would fix their your joint account creation issue.