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Savings Maximiser 4.80% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.80% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
puglikesabargain on 09/02/2023 - 16:56 ing.com.au (1998 clicks)
Last edited 10/03/2023 - 15:07 by 1 other user

Just Announced - a new rate on Savings Maximiser according to the ING Facebook page and Internet site, a full 0.25 percent increase: https://www.ing.com.au/rates-and-fees/interest-rate-announce…

Effective from Tuesday 14 February 2023 -

4.80% p.a. highest variable rate calculated daily (made up of the standard variable rate and 4.25% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.

  1. Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)
  2. Make 5 or more settled (not pending) eligible ING card purchases
  3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. The bonus interest is available on one (1) account for balances up to $100,000.

The standard variable rate is 0.55% p.a (remains unchanged).

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-february-2023 , https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e….

Please note you can open up to nine (9) Savings Maximiser Accounts in the same name but only one (1) can be nominated for bonus interest. You can easily change the nominated account at any time online.

For those who are very near or exceeding the $100,000 balance limit to qualify for bonus interest, one strategy to meet the ING growth requirement is to open and "juggle" two Savings Maximiser Accounts - based on a past OzBargain comment :

"Month 1 (say February 2023):-
SM1: Earns bonus interest. Your SM1 balance is sitting around 100K.
SM2: On-line or through the app, nominate SM2 for the next month (March), then add any amount to grow the SM2 balance

Month 2 (March 2023):-
SM1: No longer earns bonus interest. Move preferred balance to the SM2 on first day of month. Move remaining funds elsewhere.
SM2: Earn bonus interest on your new SM2 balance.

**when you nominate an account to get the bonus it only takes effect from the 1st of the following month. In the meantime you continue getting the bonus on the current account. You need to transfer 1 cent to the new account to meet the balance increase requirement. Then move the 100k (or less if you want a buffer) on the 1st of the following month. Only miss out on the bonus interest on the 1 cent.

**better long term plan is open a second SM account and nominate that for bonus interest in March – you nominate the account prior to the month. Transfer 95k or whatever on the 1st March from your existing SM account"

Referral Links

Referral: random (511)

Until 30/6/2024, referrer and referee will each receive $75/$100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $75/$100/$125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 and make at least 5 (settled) card transactions within any calendar month.

Financial Bank Account Savings Account

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closed Comments

  • hanga10 on 10/02/2023 - 07:20
    +2

    Wish we could get this for amounts more than $100000

    • xis123 on 10/02/2023 - 07:45
      +1

      Interest is calculated daily and paid at the end of the month.
      A cheeky workaround of sorts is to start your Savings Maximizer, fulfill all the requirements and end Month 1's Savings Maximizer with $1.00 as the closing balance.
      Add $100k for every day until the last day of the month, pull everything out except $1 and it'll pay you interest on $100k balance most of it.. something around ~$385 iirc

      Month 2 will commence with $1.00+interest earned from the previous month.
      Fulfill the requirements ($1000 deposit, 5 card purchases), top up balance to $100k in Savings Maximizer and on the last day of the month, pull out everything except for $1+interest from month 1+$0.01 extra.. rinse & repeat

      That way you'll never have to worry about going over the cap and losing out on the bonus interest rate for the surplus over $100k

      • alamodey on 10/02/2023 - 09:50

        will save this for later

      • Stopback on 10/02/2023 - 15:22

        Dont you lose 12 days of interest

      • nokia3660 on 11/02/2023 - 13:31

        A better way would be to remove say 10K on the last day of the first month giving yourself sufficient room. Even with current rates it would take quite a while for you to accumulate close to 10K in interests alone. The subsequent months just adjust the amount you remove based on what the apps says as the limit you should cross (which can be achieved by just adding a 1c). This way you loose a day's interest on 10k or lesser.

        There is also another swap approach which I believe gets you the 100k interest for all the days. I am haven't given it time to understand completely

  • Maq on 10/02/2023 - 11:40

    First they hit you with interest rate hike, then they dish out a little bit to keep you in the game. How very naive of us to still keep on playing the game.
    The only ones who benefit from interest hikes are the banks. Everyone else loses. Inflation is that loaded dice used to manipulate the game.

    • muncan on 10/02/2023 - 13:01
      -1

      Inflation is a double-edged sword. Deflation is coming, maybe in a year or two. Get your eggs ready for that.

      • Igaf on 10/02/2023 - 13:23

        It is, but deflation here is highly unlikely.

        • muncan on 10/02/2023 - 14:58

          What goes up… 🎈

          • Igaf on 10/02/2023 - 15:34

            @muncan: Not sure your understanding of deflation is accurate.

  • kiLbiL on 10/02/2023 - 11:42
    +1

    Why it's so friken hard to talk to one of their customer service agents on 133464. I have been for days now and it's all hearing to their recordings!

    • muncan on 10/02/2023 - 13:04
      +2

      If you have a Pixel 3, you’re in luck
      https://support.google.com/assistant/answer/10071878

      • kiLbiL on 10/02/2023 - 16:25

        Interesting. Thanks for the share

      • SuperLate on 03/03/2023 - 11:46

        I did call hold on pixel 7 and google assistant held the call for me and when connected ING customer care asked me are you aware that Google might record this call, to which I was surprised that I've to give verbal consent to this before proceeding further.

  • Hugh G Rection on 10/02/2023 - 14:46
    +1

    I will keep my 50k at ubank with 4.35% and do nothing and getting $52,753.30 for the year

    vs

    having to do a lot to get a tiny bit higher rate of 4.80% giving me $52,989.80 for the year

    • Stopback on 10/02/2023 - 15:18
      +2

      yeah but when you get to 90k its an extra $400 ish for 5 min of work a month

      • Hugh G Rection on 10/02/2023 - 15:39
        +1

        multiply that by 12 months, and i am guaranteed to miss one of the months, lol.

        while i set it and forget it and still make slightly less money for the year.

  • Nickos1990 on 11/02/2023 - 11:21
    +1

    I have been using ING for 2 years now (Maximiser Saver) and I can highly recommend it!

    • alamodey on 11/02/2023 - 15:08

      good to hear, i'm not sure why they never upsold this product to me despite already being a customer

      • Nickos1990 on 11/02/2023 - 21:35

        You always have to do your own research! It’s never too late! Qudos has term deposits for 4.40% pa for 3 years. Try Qudos as well!

  • SomeGuyOnOzB on 11/02/2023 - 11:30
    +2

    Virgin isn't passing the rate rise to savings. Just upping loan rates
    https://virginmoney.com.au/blog/news/february-rba-decision-2…

    • nokia3660 on 11/02/2023 - 13:00
      +1

      I am pretty sure they will come out with a rate increase soon. VM hasn't been too quick with their rate announcements in the past

      • puglikesabargain on 03/03/2023 - 08:34

        I think Virgin Money is waiting for the next interest rate rise to be announced next Tuesday before any change. Customers may miss out on any rate increase in response to February's RBA meeting. Bank profiteering ……..

  • BadGiraffe on 11/02/2023 - 20:27

    I need help from smarter people than me. Suppose this is higher than your home loan interest rate. Would it be better to put your money in your home loan or put it in this? Because you'll still get taxed on the interest you make on this.

    • Yola on 12/02/2023 - 11:44
      +1

      Yes, you are correct. But better to put into an offset account than the home loan.

      • MicMac on 14/02/2023 - 17:14

        Why? What's the difference or advantage?
        Just wondering!!

        • Igaf on 14/02/2023 - 18:04
          +2

          Individual circumstances differ markedly but for 'average Jo' on a $55K salary the tax on interest earnings on a savings account will be about 33c in the dollar (check required). Hence your real interest rate is 0.67 x the nominal rate. Eg 4.8%*0.67 = 3.2% roughly

          So if your home loan fixed interest is above 3.2% you are theoretically better putting your discretionary dollars into an offset account.

          This is a highly simplistic example and is only the starting point. Lots of variables. Eg If you have a joint savings account the interest earnings can be split with your partner etc

        • Yola on 14/02/2023 - 19:08
          +1

          MicMac, firstly you can withdraw anytime so if an investment opportunity or an emergency occurs you have money immediately. If you put it into the mortgage you would need to apply to withdraw and it may not be approved especially if house prices dropped and your equity is below 80%. The second reason is that when you purchase your next home or move interstate/overseas but keep that property as an investment you cannot increase the outstanding loan amount. That amount is a major component in how much loss you can claim against your other income.

          • MicMac on 15/02/2023 - 09:41
            +1

            @Yola: Thanks for your replies Igaf and Yola.
            Much appreciated.

  • Max Payne on 11/02/2023 - 22:44

    I would like some suggestions on how to get around one problem I have with ING. I have my maximiser account and it earns the bonus interest. I deposit into my everyday account, make 5 purchase with my card and transfer over $1 each month to the maximiser and meet all the requirements. I would like to take the extra interest in the maximiser and transfer this to an outside account. My problem is that when I take out the interest earned in the maximiser account it 'reduces' my balance and at the end of the month I have not 'grown' the balance and do not earn the bonus interest. Any thoughts on how to get around this and be able to withdraw the interest and still meet the requirements. Thanks.

    • nokia3660 on 12/02/2023 - 00:03
      +1

      You can't. You have to grow your balance to meet the bonus criteria. But if you so badly want to utilise the interest earned somewhere else then take out as much as you want on day 1 and deposit sufficient amount back on the last day of the month to satisfy the grow your balance condition. obviously the interest earned will only be for the amount of money that was in that account for that day.

    • puglikesabargain on 14/02/2023 - 13:14

      see the strategy outlined above within the deal's post. Cheers

  • Nino3232 on 12/02/2023 - 17:04

    Hello mates
    Sorry for my poor knowledge. I am bit newbie in this. I am a student and have 40k saved in my Commonwealth bank account.
    I have two options to start putting in index funds ,etf ( I don't know how to pick )
    Or
    I can put it in this ing savings account.

    I prefer putting in savings account because if I loose the part time job, I might have to use that to pay for the last one year of my studies. If I split my savings for investment in savings and in ETFs/index funds ,Can anyone please tell me how to pick ETF's and secondly if I meet all conditions of ING savings : how much interest I will get for keep $40,000 in it at the end of the month.( For one month , how much interest I will get ? ) . Thank you

    • Yola on 12/02/2023 - 17:31

      I cannot help you with the EFT's. You would get $160 after 1 month once the interest rate increases to 4.8%.
      https://www.bankwest.com.au/personal/bank-and-save/calculato…

      • Nino3232 on 14/02/2023 - 03:07

        Thanks mate

    • nokia3660 on 12/02/2023 - 22:45
      +1

      no experience with EFT but if you prefer a savings account, rather than ING I'd suggest Future Saver from BOQ. They offer 4.75%, the highest among any bank currently and the expectation is that it'd hit 5% once they revise the rates. This account is only for people between 14-35 yrs of age for a maximum of 50k which is perfect for your situation.

      • Nino3232 on 14/02/2023 - 03:07

        Sounds good. Thanks

      • Nino3232 on 14/02/2023 - 03:10

        Does future saver BOQ has conditions as well to satisfy ?

  • Notacommie on 14/02/2023 - 12:36

    How long this interest rate offer will last? Does it have expiry date? What if interest increases further or go down next 6 months?

    • puglikesabargain on 14/02/2023 - 13:12

      it is variable and can therefore change at any time. However given, this morning, two major banks revised upwards the forecasted peak in the official cash rate, I think there is room for further increases in deposit rates over coming months (eg ING). A 5 plus percent deposit rate would not be unreasonable in the near future.

  • Thundresso2 on 14/02/2023 - 22:46

    For the 5 card purchases a month - can this be literally anything or is there a criteria? Specifically would sending money via Beem It 5 times a month satisfy this criteria?

    • Yola on 15/02/2023 - 07:42

      Beem It does not work any longer. You can do split payments at Colesworth, buy a coffee, etc. I do 5 Paypal payments to another person. Takes 2 minutes.

      • nokia3660 on 15/02/2023 - 11:38

        or afterpay, if you use them already. I always end up buying one thing or other from ebay every month for a coupe of dollars and pay it off using the ING & VM cards on afterpay.

    • RTY on 16/02/2023 - 11:26

      I pay 0.01 5 times at coles/woolworths

  • Dr-Bargain on 15/02/2023 - 11:02

    is there any new sign-up bonus with ING?

  • Hurg on 15/02/2023 - 18:37

    Sorry for the (probably) dumb question, but what's better - chucking 100k into an offset account to lower home interest, or putting it into one of these savings accounts?

    • Bangers on 15/02/2023 - 18:56

      that would depend on the interest rate you're paying on the mortgage

    • Bangers on 15/02/2023 - 19:01

      The rule of thumb would be - if your interest rate for the home loan is higher than the savings account rate then putting money into the offset is more favourable.

    • Igaf on 15/02/2023 - 19:08
      +1

      Depends on your loan interest rate and your tax bracket among other things (fees etc). On average a wage earner will lose about 30% of the savings interest in tax - or in rate terms 4.8% becomes about 3.2% return in real terms (ignoring inflation). There's plenty of commentary on your dilemma if you search the web.

      • Yola on 15/02/2023 - 19:22

        And even on the previous page of this thread.

        • Igaf on 15/02/2023 - 19:30

          Assuming he's a risk taker.

      • Hurg on 15/02/2023 - 21:40
        +1

        Thanks, reckon I'll stick with offset

        • Igaf on 15/02/2023 - 23:01

          Most finance commentaries I've read came to the same conclusion. Horses for courses tho.

  • pseudo-turtle on 16/02/2023 - 11:20
    +1

    Just found out you can't use a plus-addressed email (e.g. [email protected]) in the signup process: it fails with a "this site key is not enabled for the invisible captcha" error.🤦

    • dingdingding on 17/02/2023 - 09:12

      Thank you, it's been preventing me from signing up and driving me crazy.

  • keenbargains on 17/02/2023 - 16:40

    Hi, I would appreciate some help with this please. I have about 90k with another bank that I would like to transfer to ING. I have read the guide OP listed and in the other comments but still can't quite wrap my head around it.

    I am adding to my balance by 1-5k/month currently though I expect this may drop off a bit in a few months. I am expecting a payout from work this month which will be around 10-20k so I am about to go over the 100k limit very soon.

    How exactly do I set up two accounts and move the money around to still get bonus interest on >100k? As I understand it, you can only get the bonus rate on up to 100k per month so presumably it would be better to have 100k sitting with ING and move money around to fulfil the hoops and have the additional with another bank?

    Thanks

    • Yola on 17/02/2023 - 19:28

      Yes, it is a bit complicated and there is more than one way to achieve this. There has been heaps of discussion on this on several ING threads. Search for previous ING deals and then maybe a word search for $100/limit. You will find more information than one or 2 answers here.

  • Mortgage Broker on 18/02/2023 - 08:53

    Wow times have changed… better than a lot of home loan interest rates!

  • OfTheOverflow on 22/02/2023 - 19:45

    Anyone have any advice? I have an ING savings account, but had to take a significant amount out for an unexpected expense. I probably won't return to the original balance for at least a month or two.

    Is it worth opening a savings account with UBank, moving out all my savings to there for their 4.xx% rate, and then just moving it back to ING and closing Ubank when I've got a higher balance?

    Not sure what the alternative is, other than suffer the insulting 'standard' saving rate at ING for a couple months.

    • eckorock on 22/02/2023 - 22:51

      Isn't this example clear enough to you that you should permanently move your money out of ING, instead of dancing through these ridiculous hoops, only to get punished and lose hundreds of dollars because you failed to adequately dance through their hoops for one month?

      Whats the loss of interest for this one month going to cost you, versus the fraction of a percent less that Ubank is offering? Is it really worth that fraction of a percent to spend the entire year sweating over the criteria , month on month stressing out to make sure you have made enough transactions, and grown your balance, and solved this months riddle, and so on… just for literally a few bucks? When you could find a bank that just lets you do what you want with your money and still pays you (save for a few dollars) the same amount?

      • OfTheOverflow on 23/02/2023 - 00:04

        You're speaking like you have something to sell, and I'm which case I'd at least like a kickback.

        ING's conditions are frustrating but they still lead the interest rate game. This is the first time in the 4 years I've had an account that I've had an incident like this.

        Having said that, I'm happy to move my whole balance to Ubank since their rates are going up next week. Just wanted others' opinions on whether it was a sensible decision before I made the jump.

        • Yola on 23/02/2023 - 03:21
          +1

          I agree with you. Open ubank or another account now, consleder Virgin at 4.6% if you lock and give the 32 day notice of withdrawal immediately and do not unlock. Then you can return to ING in the first week of April. You can qualify for the bonus for both in the month you deposit the funds unlike ING but open now to be ready. Move the funds on 1st March as you are still getting the higher rate but will just not qualify for next month. Do not need to close the other account/s as may need it next time and do not need to do anything to qualify until then.

          • OfTheOverflow on 26/02/2023 - 19:39

            @Yola: Hey thanks for the advice.

            Just to clarify - are you saying I can move my total ING savings balance now (26 Feb) to Ubank and on 1 March it'll have indexed at the 4.35% (despite only putting it in a few days earlier) and then on 1 March move my funds back to ING?…

            My ING account says 'Yes, 4.80%' for February but obviously not for March because I won't have grown it by 1 March - so will it give me the bonus for Feb, just not at end of March?

            So confused 😂

            • Yola on 27/02/2023 - 17:36
              +1

              @OfTheOverflow: Yes. Any funds you put in ubank will start earning interest from the day you deposit as long as it's over $200. This is because you qualify in the month you deposit funds not the month before like ING. Then every month deposit at least $200, and you can even withdraw immediately. That is the only requirement to earn the bonus. As I said Virgin rate is higher but has more hoops but if you have been doing the ING ones you can cope. ING has the hardest hoops of all.

              • SuperLate on 27/02/2023 - 18:45

                @Yola: Great Southern Bank is another option with lesser hoops.

              • OfTheOverflow on 27/02/2023 - 21:49

                @Yola: Thanks… But if I withdraw most of my balance from ING and put it to Ubank now, will it still earn the bonus rate on what WAS in the ING account on 1 February? Or does it only apply the bonus rate to the actual ING balance as-of 1 March?

                • Yola on 28/02/2023 - 08:40

                  @OfTheOverflow: As I said above move your funds on 1 March. To get the ING bonus, your monthly balance must increase even if it's 1c.

  • wileywopey on 25/02/2023 - 12:37

    I've unlocked my account benefits for February, but I did not get my Utility Bill Cashback this time. Anyone else experience this?

  • Macgyver on 27/02/2023 - 21:44

    Will ING match BOQ's ratre?

    • Yola on 28/02/2023 - 08:47

      ING's rate is higher except for the under 35 year olds. It will most likely not try to match that.

  • sakurakiks on 28/02/2023 - 16:53

    I moved money back into the savings account this morning at 1am (28th Feb) to meet the '3. Grow the balance' part. The tick does not show yet, but from previous experience it takes a day for it to update. Will I still be ok come tomorrow on the 1st, and the system will register that I've grown the balance and will be eligible?

    I usually do this 2 days prior to the end of the month to be safe, but this time I wanted to try take advantage of one extra day of interest, so hoping I will meet the criteria and all still?

  • FujiFruit on 01/03/2023 - 11:23

    I was a customer of ing last year but closed the account. So now if I open today would I need to do the hoops to get interest for end of this month ?

    • Yola on 01/03/2023 - 12:32
      +1

      They give you 2 months' grace as you cannot do the 5 transactions until you receive the card. You will be told this during the opening process.

      • FujiFruit on 02/03/2023 - 12:42

        Thanks, but i thought about it, i am not going to open ing bank again and go through the process im just going to stick to virgin 4.6% and have locked it and done the withdrawal 32 days. So when april comes my money is ready to be moved elsewhere when the interest rates rises. Its so annoying ing only has up to $100000 limit and then stupid hoops which i know i will stuff up. Virgin is easy.

  • dealer453 on 01/03/2023 - 15:03
    +1

    I have a couple of questions. I opened my account last month with 100k and on the last day of the month (28/02) I transferred 1k to my everyday account. I had 99k on the savings account but they added the interest for February later that day, which means I finish the month with 99,095$. At the end of March do I need to have 99,096$ or 99,001$ since they exclude interest?

    If it is 99,096$ should I transfer next month's interest out of the savings account immediately as soon as I receive it?

    • puglikesabargain on 01/03/2023 - 15:17
      +2

      To qualify for bonus interest in April, I think your balance as at 31 March must be higher than what it was at cob 28 February. Therefore you should have a balance as of 31 March (excluding any March interest) of at least $99,095.01

      "What this means is that customers need to grow their nominated Savings Maximiser balance by any amount in the month. As long as the balance at the end of the current month (not including interest) is higher than it was at the end of the previous month, and customers meet the other existing eligibility criteria, they’ll receive the highest variable rate available on the nominated Savings Maximiser in the calendar month after the eligibility criteria has been met. - https://www.ing.com.au/savings/savings-maximiser.html

      I guess you could (if possible) transfer the March interest out of the account as long as the closing 31/3 balance is, or greater than, $99,095.01.

      • dealer453 on 01/03/2023 - 15:37
        +1

        Right I see… Hopefully I can transfer the interest out on 31/3 so that extra $$$ won't count for the next month requirements or I will reach 100k very quickly.

        • puglikesabargain on 01/03/2023 - 16:00
          +2

          Don't worry about growing it up to $100k, as you should take advantage of "earning interest on your interest" (ie compounding effect) up to the $100k maximum. When you get near or over $100k, open another Savings Maximiser (SM) account and juggle between the two SM accounts (see the strategy in my post above). It pretty easy to manage, ensuring you always get bonus interest from ING on the full $100k and by transferring the excess funds out of ING into another bank, to earn interest elsewhere.

  • Munners1989 on 01/03/2023 - 17:54

    So after being on holidays for a few weeks, I completely forgot about the ING loopholes so am not eligible for the bonus interest for March. Give its the 1st day of the month, what is my best option to ensure that I'm getting a respectable level of interest for March? Open up a UBANK or BOQ account just for March?

    • Igaf on 01/03/2023 - 18:58
      -4

      March has barely started. Do you mean Feb? You can still qualify for March by meeting the spend, growth etc.

      Missing a month costs around 0.35% (diff between boosted 4.8% and standard 0.55%) and cant be recovered.

      • Munners1989 on 01/03/2023 - 19:21
        +4

        The eligibility for the maximum interest rate is dependent on meeting the requirements during the previous month. As I didn't meet the requirements during Feb, I'll only get 0.55% on any savings held during March.

        • Igaf on 01/03/2023 - 19:42

          Don't think that's correct. Afaik you get the full amount (0.4%) for any/every month you qualify.

          So for example :
          If in Feb you had $50K but didn't qualify you'd get 50000 x ~0.05 /100 = ~$25 interest. That interest won't appear until March.

          If you increased your balance to say $70K in March but qualified you'd get 70000 x 0.4 / 100 = $280 interest. That interest won't appear in your balance until April.

          • victorheaven on 01/03/2023 - 20:04
            +2

            @Igaf: Munners is right.

            "When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month."

            • Igaf on 01/03/2023 - 20:09

              @victorheaven: Yep, my error. It's in the FAQs. I'll ask ING to confirm and let you know.

              Sounds wrong. That would encourage people to move their money out for the month.

        • Igaf on 01/03/2023 - 23:26
          +1

          ING response. They confirm your comment. I don't use the app.

          Thank you for your message.
          Please note that if you meet the criteria in the current month you will be eligible for the additional variable rate the following month.
          You are able to track your eligibility for the bonus via the mobile app.
          Once logged in, select the Savings Maximiser account and choose the Interest tab. This will confirm if you are currently receiving the higher variable rate, and if you are on track to meet the requirements for next month.

          Haven't missed out on the bonus yet (obviously) but I now have to rethink my strategy re the upper limit, so thanks.

    • victorheaven on 01/03/2023 - 20:06
      +2

      If you are less than 35 yrs old, BOQ 4.9% vs ubank 4.35%.

    • Igaf on 01/03/2023 - 20:39
      +1

      Assuming you're correct about the Feb/March thing (check your Feb interest) Munners then it seems a no brainer to move it to somewhere with a high daily interest rate asap, then put it back into ING on say 30 March (31st should be okay but just in case).

      I've messaged ING to confirm their FAQ. Their response will determine how much I move out and for how long.

    • Igaf on 01/03/2023 - 21:58

      Ubank says: "Your Save account will not be eligible for bonus interest if you close or switch it to an offset account mid-month."

      • Yola on 02/03/2023 - 07:36
        +1

        But it will get the bonus if you withdraw the majority of your funds.

        • Igaf on 02/03/2023 - 10:54

          Is that from the horse's mouth Yola? Their website is short on details.

          • Yola on 02/03/2023 - 11:32
            +1

            @Igaf: Are you calling me a horse:) It's just my understanding of how these accounts work. Unless they state you cannot make withdrawals then you can. Ones that say you have to increase your balance you also can. ubank has neither of these conditions. Happy for others to contribute.

            • SuperLate on 02/03/2023 - 11:50
              +2

              @Yola: I agree wth Yola.

              What is the minimum and maximum amount I can have in my USave?
              There is no minimum balance and the combined maximum balance of all your USave accounts is $5 million per customer, this includes joint accounts.

              You can withdraw all funds, just don't close the account in same month.

  • Howza2 on 02/03/2023 - 21:15

    2 of my transactions were pending longer than expected and I missed the cutoff for the higher interest rate. Has anyone had luck getting the condition waived as a once off? Cheers

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