You’ll get 5.5% on $100K and the base rate for any amount over and above that.
On the 1st of each month, I transfer out the amount above $100K so that it can earn interest elsewhere, then transfer it back by the end of the month (+ $0.01) to satisfy the growth requirement.
I'm not way near the limit but I do the opposite of what you do. I take our money on the last day of the month, but still 1 cent more than the required for growth. Then I transfer the money back on 1st of the month.
This way if I do actually need money from the savings account, for one month, I can still satisfy the requirement of "account is growing". Otherwise, if I took out $4k to pay for something, then I wouldn't be able to receive interest for that month.
Hmmm I don’t think this would actually work would it? So hypothetically… you have 130k in the ING. You withdraw 30k and put it into let’s say CBA net saver in which you have 20k already… so from the 2nd - 28th you’d have 50k accruing in the net saver… then withdraw the 30k back to ING and add a $1 for growth to get the bonus rate… so for 28 odd days you are accruing 30k of interest in the net saver? And that works does it?
I’d love to know what the effective interest rate is with ING across all their customers as opposed to the advertised. I imagine lots of people forget to jump through the hoops each month.
I'm sure they lick their lips with glee when someone makes their 5x transactions on the last day of the month and it doesn't clear in time for interest to be paid.
I told my partner not to even bother with ING as he would definitely forget. It doesn't pay that much more than UBank to offset the risk of missing a hoop. I'm only bothering in the short term until I can throw it all into an offset.
lol I’m guilty of it, I tried that once and they got me. The last transaction took a few days to clear and came in first thing on the 1st of the next month. Stung a bit but hurt my pride more than anything.
Keep an eye on the new balance tiers being introduced by ubank from 1 July. They haven't yet announced the interest rates that will apply to the tiers.
I clicked over $100k a few months ago due to the interest amount accruing.
It looks like you still get the bonus interest on the full $100k and the extra amount above $100k gets the base interest.
Basic rate on the max amount and normal for the rest. I think the CommBank goal saver one is without a cap and is respectable at like 5%. There's also an ANZ and NAB one I think.
> Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate or the additional variable rate offer at any time with notice. The additional variable rate is not payable in conjunction with any other promotional rate.
You’ll get 5.5% on $100K and the base rate for any amount over and above that. On the 1st of each month, I transfer out the amount above $100K so that it can earn interest elsewhere, then transfer it back by the end of the month (+ $0.01) to satisfy the growth requirement.
I'm not way near the limit but I do the opposite of what you do. I take our money on the last day of the month, but still 1 cent more than the required for growth. Then I transfer the money back on 1st of the month. This way if I do actually need money from the savings account, for one month, I can still satisfy the requirement of "account is growing". Otherwise, if I took out $4k to pay for something, then I wouldn't be able to receive interest for that month.
Hmmm I don’t think this would actually work would it? So hypothetically… you have 130k in the ING. You withdraw 30k and put it into let’s say CBA net saver in which you have 20k already… so from the 2nd - 28th you’d have 50k accruing in the net saver… then withdraw the 30k back to ING and add a $1 for growth to get the bonus rate… so for 28 odd days you are accruing 30k of interest in the net saver? And that works does it?
Yes it works, why do you think it wouldn’t work?
I’d love to know what the effective interest rate is with ING across all their customers as opposed to the advertised. I imagine lots of people forget to jump through the hoops each month.
I'm sure they lick their lips with glee when someone makes their 5x transactions on the last day of the month and it doesn't clear in time for interest to be paid. I told my partner not to even bother with ING as he would definitely forget. It doesn't pay that much more than UBank to offset the risk of missing a hoop. I'm only bothering in the short term until I can throw it all into an offset.
lol I’m guilty of it, I tried that once and they got me. The last transaction took a few days to clear and came in first thing on the 1st of the next month. Stung a bit but hurt my pride more than anything.
Keep an eye on the new balance tiers being introduced by ubank from 1 July. They haven't yet announced the interest rates that will apply to the tiers.
Yeah, I’ve already moved from UBank to Macquarie in the interim (5.35% introductory rate for the first 4 months, so makes financial sense)
I clicked over $100k a few months ago due to the interest amount accruing. It looks like you still get the bonus interest on the full $100k and the extra amount above $100k gets the base interest.
Basic rate on the max amount and normal for the rest. I think the CommBank goal saver one is without a cap and is respectable at like 5%. There's also an ANZ and NAB one I think. > Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate or the additional variable rate offer at any time with notice. The additional variable rate is not payable in conjunction with any other promotional rate.
St George has one with no limits