Good news for you and your savings! From 1 December 2023, you could be earning up to 5.10% p.a. 🚀
It’s easy for you to earn more on your savings
To get the bonus interest rate on your Save account all you need to do is have a Spend account and deposit at least $200 per month into any Spend or Save accounts (not including internal transfers). Simple.
Your new bonus rate is 5.00% 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.
@dazweeja: That and because they don't verify the target with NPP (eg Osko) transfers. So if you make a mistake and send money to the wrong account they may not be able to recover it for you,
I've called twice before to increase my limit and on both occasions no hold time and no questions asked.
How about me go home account saver account? It s 5.5 % requirement only make deposit $2k monthly. I transferred $2k to me bank in the morning and return fund back in the afternoon, all Osko paynent, easy.
Me Bank max $100,000 and you have to grow your balance every month. Might suit you, doesn't suit me
I auto transfer 1 cent every end of month month to saving account- get 5.55 % - way better than ING
How exactly did you do $2K OSKO same day out the home ME account (it is 5.55% by the way) when their daily OSKO limit is only $1K? just curious. Both BOQ & ME bank (as well as ING bank) only allow a $1K OSKO transfer per day. That is extremely out of touch with say UBANK $20K per day. St George is $100K, AMP can do $250K near instant fast payments and CBA up to your approved daily limit (can be $250K). ANZ can also do $25K online + $25K from the app (for a $50K per day). Even Great Southern Bank can do $5K, not much higher but better than $1K, that is completely inadequate for most needs other than small payments. They basically want to make it hard for you to instantly get your money out & their no OSKO transfers are processed over night but reduce your balance immediately. If you are lucky you will get your money next day with only a days loss of interest (ME & BOQ are the worst in that respect). I made a $2K transfer out of BOQ on Friday evening forgeting that the OSKO limit is only $1K and I am still waiting to see my money by midnight Monday. If am lucky I will get my $2K Tuesday (it could have been much worse).
Agree with you. I move money around a lot and find that if you do a transfer on a Friday evening or the weekend it will arrive even later than if you had done it on Monday. BOQ at least I find if I a large transfer in the morning it will arrive around 10 pm. same day.
To transfer 2 k out if me go is easy- do it twice - first transfer 1k it is instant- the rest 1 k will arrive in your non me bank account within hours on the same day- just do it in the morning
Thanks for clarifying. If the target account is St George, non OSKO transfers will arrive next day as StGeorge does all transaction processing overnight (still credited same day though). Yes I did notice that transfers to UBANK or AMP are received later same day (done from BOQ so I assume it will be the same for MEB).
1k via payid
1k via beemit.
Or you can also do 1k via PayID and if you already have an account with myBOQ or Virgin Money - bank transfers from MeBank are instant, so you can redo a payID transfer from those apps instead.
Even though they are screwing over depositors the bank's net interest margin (the difference between what they receive and earn) has fallen in the past 12 months according to the AFR below. Blame them for offering too low a rate on the mortgage side of things
https://www.afr.com/companies/financial-services/the-banking…
Net interest margins – a key measure of profitability – at Westpac fell 2 basis points to 1.94 per cent from March to September. NAB’s margins dived further, 6 basis points in the half to 1.71. For both, that is at a group level; diluted just to the retail banks, margins were off more than 20 basis points.
I wonder what their net interest margin was during covid when they received 0% cash from the government? That's where they made their money
nope…
refer "Major Banks' Net Interest Margin" chart from RBA:
If only all the banks would jack up their mortgage rates another few %.
Ubank is the best. One of the highest interest rate with minimum requirement
Did I miss something or did ING not increase rates ?
101 hoops to jump.
Disqualified long ago on that basis.
Yep, it's nigh on impossible for anyone to make 5 purchases a month and still be able to deposit an extra 1c into their savings account.
And the other 100 conditions????
Plenty here have ruled it out for this reason.
but yes, it does suit a handful of people
@HeWhoKnows: Agree, some are too lazy to manage their money, others can't manage THREE simple criteria. Horses and water.
Deja vu all over again.
@Igaf: True I have done the ING Tango for years with no issues. The most difficult issue is managing the amount over $100k. I have to flip flop 2 ING accounts every 2 months.
@Yola: You can automate most of it if you have 3 savings accounts - you can rotate them to reset the minimum growth balance to $1 each quarter.
Automatically transfer $99999.00 to the next savings account each first day of the month, and also automatically transfer $1 from the orange everyday to the next next savings account (growing the balance from $0 to $1), so its ready for next next month (e.g. all of these payments scheduled for quarterly payments - set and forget). The money automatically circulates in your 3 accounts forever. The remaining money in the first savings account is your interest, which you should move out of ING.
The only downside is that you have to reset the next month nominated account every month.
I blame ING for not increasing their rate.. if they pulled finger out of their bums perhaps Ubank would up the ante
anyone know if ING gonna lift there 100k cap for savings?
I used ubank in several counties to withdraw money and it was very easy and fee free, unlike commbank charging 3.5% fees.
This beats CBA Net Saver's 2.35% p.a. interest rate by a mile!
Tomorrow, they're cranking it up to 2.75%! I'm jumping ship.
Lol CBA is a joke.
Yeah, but we can earn points with their credit cards, but a 5.1% interest rate is likely a better deal.
To get the 5.1% interest rate, should I make a deposit into the SAVE Account or the SPEND Account?
Any but i would recommend deposit to Save first and transfer to Spend when needed.
Keep all funds in SAVE. This is where you earn the interest.
People get so outraged and entitled 😆 only 5.1% 😠Hey, heres an idea, cut out the banking middleman and loan your money directly to a new homebuyer at 6% like the banks do! I'm sure it'll go just swell for you
We should setup an Ozbargain credit union. Many banks have started smaller.
Inflation and tax take care of all that 5.1% in case you hadn't noticed.
Thanks for the PSA
You're welcome. Nothing like an occasional reality check.
I have had very good service with Ubank. I have set up a $200 pcm bank transfer in, and no more hoops to jump through.
What's westpacs equivalent
Something about moving a lot of money between banks makes me feel nervous never done it before not sure if it is worth the hassle or how it would be even done.
Do you guys just send the money in instalments to the new bank account
But yeah anyone know what westpac offer would be for a similar service savings account
Moving money is quite simple, same as paying a bill pretty much only you're paying your other account.
Large amounts may take up to 2 business days but many (Osko etc) are NPP which are instant. Be very careful with the account number and bank details with that. Also look at your current account's details - you may be losing a whole month's interest in some (rare) cases. Most have daily interest.
Have a look at the leaders spreadsheet below then read the details of the account you're interested in to see if the criteria suit. Plenty of different options depending on how you operate (how much effort you want to put in, how closely you monitor your account etc), whether you want transaction or savings accounts etc etc.
GL
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Ubank has dropped the ball by only increasing by .1%, AMP is now at 5.2% up to $250K, St George 5.15% (for existing customers) supporting multiple Incentive accounts up to $250K each. ING (5.5%) & MEB (5.55%) are the leaders but limited to $100K each & lots of hoops to meet the bonus criteria. The only bank sadder than Ubank is BOQ that recently reduced their saver rate by .1% and still pretends that there was no RBA increase for savers (they may still pass in an increase after watching their saver deposits depleted by the end of the month).
ING has a whole three "hoops", which most people could fulfill with a modicum of effort.
3 hoops is still 3 more than no hoops, if you also have an ME Bank, BOQ, GSB account etc. that becomes a significant task each month.
If you only have an ING account and less than $100K in savings then not a big deal. You miss a hoop & you get next to zero interest.
Stating a fact is not a basis to start an argument, and I am not looking to start any. Downvoting someone for posting is not a positive attribute.
There's nothing particularly significant involved, apart from the $1000 monthly deposit - $999.99 of which can be recycled out (and in). Those tasks are easily automated.
I didn't neg your comment, as my positive (balancing) vote now shows. I disagreed with your portrayal of the ING criteria.
There are exceptions, but generally speaking I agree wholeheartedly with your last sentence.
I agree that each of the hoops are pretty easy to do each month. You just need to put in a bit of effort at the start of the month to do so. But I also agree if you have multiple accounts it can get quite annoying. I currently have an ING and Westpac account and i used to find it hard to juggle with 10x payments.
But nowadays I found the perfect way to do it, just use ZIP pay and buy something that is $10 or more. At the start of the month pay $1 x10 to those accounts and youre done! (Still a bit annoying but you gonna do what you gotta do)
So all this requires is $200+ deposits at the start of each month (which can be scheduled) and bonus is applied automatically on balances up to $250k at 5.10%?
Yes. The deposit can be made at any time during the month. YOu can also withdraw it immediately.
And no need to grown monthly balance?
If I deposit 200 in month 1 but then in month 2 I deposit 200 and withdraw immediately, I still get the bonus rate in month 2?
Correct.
Irrespective, the ONLY limit (worst case scenario) to getting very large amounts out is (should be) the standard 'up to 2 working days transfer time'.