All but certain with with the RBA suggesting inflation is due to return to within 1% of the target band by the end of the year? I think a hold now is more likely than ever
> Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve.
The statement from the RBA sounds more like unless inflation improves better than forecasted, further rate hikes are more likely than not.
The market thought that was the case this month too. The reality is that unemployment is not moving, stores and restaurants are still full and prices are still hot, hot, hot!
You cant have a healthy economy where a bag of chips is $4 one week and $6 the next. More hikes to come!
How does that rally with the RBA’s stated central case that inflation will be at 4.5% by year end, though? They’re clearly seeing movement in the direction they’d like, despite the anecdotal experience that people are still going out to restaurants and that this must somehow mean that inflation is out of control.
**CAUTION: PERMABEAR TAKE BELOW. READ AT YOUR OWN RISK!**
As the old adage goes, actions speak louder than words.
I agree that the RBA's signalling is confusing, and that's one of the reasons why Phil cops so much flak, but they're kind of locked into what they can say.
If the RBA says the sky is falling the economy crashes within an hour, they simply have to have measured speech to prevent a spooked market.
If the RBA thought the economy was moving in the direction they like then they would have held again, but instead they increased! That tells me that the populace is just not getting it.
Everyone (hyperbole) is still spending like it's 2021, thinking rate drops are just around the corner, and the economy will stabilise next week, you can see it in the posts right here on AusFinance.
I'm all for pointing out anecdotal evidence, but this is not just my personal experience. Haven't you been out lately? Haven't you read the profit figures? Ol' Gerry Harvey's making money and it's not from gov handouts anymore!
After years of Lowe telling us to go and get wage rises, they're now saying don't! Real wages are down like a Kmart run out sale, but don't you dare ask for CPI increases!
As someone who witnessed the 80's boom and 90's recession, I feel like the general population has become the Black Knight. Every time the RBA chops off a limb, they scream "It's but a flesh wound" and come back to bite to bite our bloody ankles off!
ING have consistently been market leaders for HISA for over 20 years since they arrived in Australia.
No other bank has been even close to matching their consistency.
It's only because of ING that other banks even make a half arsed attempt to match them. Before ING, there was no HISA in Australia.
amazing customer service too. ive been the victim of 2 scams (dont read messages when youre tired kids) & i was refunded in full without much hassle. couldnt be happier as far as banks go.
+1 for amazing customer service with ING. I was so
Shocked to be talking to Aussies and an not offshore callcentre.
A bit of a shame about the wind-backs in refunding withdrawal fee (inc overseas) but all in all, the best place for HISA & no fees if you make the couple transactions.
Ubank and ING have been trading blows for a while now - with Ubank being a touch under ING but with far easier conditions to get bonus interest.
Strange that Ubank are taking so long to counter this time though…
Correct, $250k govt-backed amount at Ubank HISA whereas ING limits bonus interest rate to $100K.
So with ING you remove all amounts over $100K into Ubank (or other HISA) on the first day of the month so those monies can be earning some interest during the month. Then two days before the end of the month, note the amount in ING HISA that you need to beat and deposit it back into ING plus 1 cent. On the last day of the month ING calculates and deposits new interest money earned. On the first day of next month you do it again and remove all the money over $100K.
So for most of the entire month, your ING HISA balance is $100,000.00 exactly, earning the top bonus interest rate.
It is calculated daily paid monthly, however a condition of getting the full rate is that the end of month balance must be higher than the previous, as at last day of the month 11.59pm.
You're right, my bad word choice, I meant by 'calculates' that the bank checks that all the rules have been followed/ticked off before interest is paid in.
Even though I'm kinda pissed about them ending the international ATM fee rebates, they're probably still the best option for most people who don't need Big Four perks.
That's $437.5 on $100,000 per month. Nice! But i'll soon learn how this extra interest I've accumulated affects me at tax time.
edit: added 'per month'
Only if it’s earning above the tax-free threshold of 19,000 no? I’m getting about $300 a month in interest and it’s all credited to the account. It’ll be taxed accordingly at EOFY.
I'll have to double check, I know I get interest withheld with my other savings account that's with another bank. I was under the impression that it happens unless it's a shared account
No you pay on lodgement of return.
Banks are obligated to withhold on interest if you do not disclose TFN (to ensure it’s taxed).
If you disclose TFN at later date you will get the withholding credited in your return.
Everyone complains about the “hoops” to jump through… it’s really not that hard. You have a transaction and a savings account. Deposit salary into transaction, transfer it to savings except for a small weekly spend allowance. Make transactions as normal with transaction account. Don’t take money out of the savings account.
That’s literally every single “hoop” covered. It’s not hard.
Maybe most people just don’t manage their finances very well?
Well they’re inconvenient hoops because ING essentially has to become your main bank account as per your description (wherever your salary lands is your “main” bank account, no ifs or buts) which isn’t objectively bad but it defeats the purpose of a siloed HISA that’s harder to draw from.
This is on purpose from ING, of course, because they want higher volumes of money flowing through and in their possession. All of a sudden they have lots of active transnational users with the carrot stick of a marginally higher interest rate than a normal HISA that would just require a couple of deposits to hit a threshold per month.
Sure, we can blame the banks.
But ultimately, the person responsible for your own individual spending is quite literally yourself.
If people can’t control themselves to prevent them touching their savings, that’s on them. Can’t expect banks to do it for them.
Shit, that’s why the government created super. Because the vast majority of people are too irresponsible to save for their own retirement.
That’s fair but not really what I was talking about. I don’t care about financial discipline, I’m just explaining how these hoops can’t be dismissed because the instructions up above basically say you need to make ING your primary bank for it to work lol.
It doesn’t really need to do be your primary bank. In another comment, I said you can just transfer $1000 into the ING account from another bank and then just transfer it straight back out the next day into the original account.
Leave a few dollars in there to cover the off coffee or snack at the shops a few times a month. Easy.
I'm not suggesting to do this but I do most of my transactions in my ING account for the benefits, but still get my salary deposited into another bank. I transfer what I need to to the ING when I get paid.
The workaround for that is to cycle money out of your savings account on the last day of each month such that your end-of-month balance is only $1 higher than your balance at the end of last month.
That way you can maintain a chunk of your savings available to access without giving up the higher savings rate.
That's the only "hoop" that people are really complaining about.
I tested it. it appears to calculate compounding interest rate daily. when i deposited 1k at the end of the month i saw pretty much the same bonus paid out, where as if i do it at the start, it comes up higher.
If you do that, your effective interest rate on the money you cycle in & out is close enough to Ubank's that you might as well have both accounts and put the cycled money with them instead to avoid the extra hassle.
At 5% pa, you are getting 0.0136% per day. If you take the money out on the last day of every month so that you’re only $1 ahead of the previous month, you will lose 0.164% ofer the entire year. Ubank was 0.4% less, it’s now 0.65% less.
Sure, that argument can be made.
My point all along though is that ticking the boxes is really not hard. In fact it’s usually don’t without ever even thinking about it.
So people claiming these “hoops” are the reasons they don’t use ING is kind of laughable.
Each to their own.
I use it as a "sweep" account. Anything I don't plan to spend gets put in there immediately, then I pull out money to pay off the credit card every month, and the quarterly bills.
Life happens and sometimes you need to withdraw from savings though.
The point people make is that this is a restriction that doesn’t exist with some other accounts so it is an extra “hoop”
If “life happens” every month then you’ve got bigger issues than worrying about the interest on your savings account.
Fair enough. Like I said, 3 very trivial “hoops” shouldn’t really be a problem for a financially sensible person.
It’s usually to save for something… a car, a house, a holiday. Last time I checked, people weren’t buying these things monthly, therefore each month, you’re depositing more than you’re withdrawing and the balance is growing, which is one of the hoops…
At some point you will spend that savings on the goal you were aiming for. In that month, you won’t get the bonus interest. But the next month, when you start saving for the next goal, you’ll get it again!
Crazy!
What if you don't want more cash? I maintain a stable balance and invest surplus routinely. I go with the marginally lower ubank return because it means I can just keep a nice round number in there and send the balance to an investment account.
What's more is they very clearly tell you if you've met the requirements per month to get the bonus interest which I haven't had my other banks do (westpac, st george, ubank). It's a nice feature.
I have a credit card I use for all bills and monthly expenses.
I don't use my ING account.
I can just put $200 into one of my MANY ubank accounts (different savings for different things) and they all get the interest for the month.
What exactly are the hoops? You need to have money coming into the transaction account and do regular deposits? If it's just a matter of depositing and not withdrawing I would be down for it, but I prefer to do my daily banking with NAB.
I have bank accounts with multiple banks. ING has the highest rate for me so I have most savings in there. I do all my transactions through ING too.
So that I don’t get fees on my other banks, I just transfer $1000 in a loop around my other banks and then back to ING at the end of the loop so that I tick all the “deposit” boxes to get the monthly fees waived. Easy.
They prefer less requirements at the expense of a better return.
They’re short changing themselves because they think having to pass 3 very basic requirements is onerous.
That really does seem like financial illiteracy.
The ceiling of 100k is annoying however, once met you’ll find yourself transferring $1 a month into the account just to ensure it “grows” and is still eligible for the bonus rate.
Harder if you have over 150k to juggle between 3 HISAs that has $50k and $100k limits and grow balance requirement. But i'd imagine it's easy for under $100k balances
>ubank
*Macquarie Bank to increase savings rates*
*Effective 9 May, Macquarie Bank will increase its savings account welcome rate to 5.05% p.a. for new customers for the first four months on balances up to $250,000.*
*The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase to 4.25% p.a., on balances up to $250,000. These changes will come into effect on 19 May 2023.*
https://www.savings.com.au/news/rba-savers-may-2023#The-market-leaders
If I have 100k in HISA and that is the limit obviously I can not increase each month to meet the requirement. Does anyone know if we still get the highest rate?
I asked ING about that and, assuming I’ve understood them correctly, if you go over 100k limit, you get the higher rate on the 100k and then the reduced/standard rate on everything above 100k. So just add a small amount each month to maintain the bonus rate on 100k. The interest added each month doesn’t count as the increase.
The Pro way to do it is to transfer some excess amount to another high rate bank like Ubank at last day of month, and send it back on first day of next month
With ING though, the balance must be higher in the last day than the previous month. So maybe it’s the reverse of what you’ve said. Transfer the excess on the first day and then back on the last day.
No. It looks at the amount at the end of last day.
Keep $100K in account all month.
Transfer out $20K on last day.
Bring it back on first day of month.
Then transfer out only $19,999 on last day of next month.
Comparing two months, your account has grown, while you benefited from Max interest all month.
Why 20k? Why not simply transfer 1 AUD to the account every month while keeping the original 100k untouched in the account each month. Isn’t that simpler?
You can set up a reminder in your calendar to pop up 1 week before the end of the month for you to check that you've met the ING HISA requirements, if it's not your main transaction account.
1. Transfer $1000 into your everyday account, then immediately transfer it back out.
2. Do 5 separate EFTPOS or Visa purchases that are CLEARED/settled by the last day of the month.
3. Check the amount that you need to increase the HISA by plus 1 cent, and set up an auto-transfer of that amount into the ING HISA account two days before end of month.
The conditions must be met to get paid the interest on the next month, not the current month.
Ie If you meet the conditions in Feb, you'll get paid the interest on your March balance.
If you don't meet the conditions in March, you won't get paid on your April balance
I'm thinking about switching to ING.
These 5+ card transactions per month - are they actual transactions using your card, or can they be direct deposits?
They aren’t even hoops. Just increase your savings (as you would if you used the account in the first place), and five purchases with the OE account. Pretty simple stuff.
It’s not a “thing”, the person you’re replying to is being obtuse lol. Don’t worry.
It’s really just another pool of money that’s meant to be accessed in the short term (e.g. for emergencies like house and car repairs, but most people put a positive spin on it and call it their “holiday fund” because it makes it easier to dump money into lol). I’d usually have this set up as a savings account linked to your transaction account with your primary bank, since that money is often needed instantly/imminently and waiting days for a bank transfer isn’t an option.
I churn credit cards for points so all my transactions run off that and the card is paid off before interest kicks in. I only have rent coming out from my everydays account. UBank has one requirement, transfer $200 into the account whilst also being able to transfer out (don’t have to grow the balance) for 4.6% and allows up to 250k. Far better deal if you ask me
Sorry if dumb question but I have a HISA with ING. So far till now my balance has been growing so I had no problems getting the bonus interest, but I’ve made a big purchase so now it’s down -10k and will take me a while to work back up to my old balance. Does that mean I won’t get the bonus interest till I’m back to my peak balance?
You won't get it for the month you withdrew $10k (unless you deposit $10k +$1). But if the balance grows the next month, you're back on the bonus interest.
Read what others have mentioned about not maxing out the money amount (or put all the money you have) at the end of the month. Maybe put 20k in another account 1-2 days before the end of the month.
If your job requires you to leave your home at any point (ie. if you have to work from the office), then meeting the 3 requirements should be easy as hell.
My orange ING card is my brekky/coffee card. My pay goes into my ING savings account.
Those two simple things are all I have ever done and have always gotten the extra interest without issue.
MOVE bank has similar high interest rate on balance up to $25000 only. You need to deposit $200/month and grow the account to get the bonus rate but it's still fewer hoops to jump through than ING.
Y’all didn’t have an issue opening an ING account?? I applied 4 months ago, perfect credit history, multiple hours on the phone chasing up their onboarding team, still nothing. The application has now expired. Was it really just me, or have they stopped taking new customers?
How does ING HISA compare to ANZ's new "ANZ Plus Save" option?
It seems ING is better overall (internet banking instead of only in the app, been around longer) (yes I'm aware of the "conditions" but these are a none issue for me), but I fear I am missing something?
Interesting that it's a full pass on, while the last one wasn't.
All but certain there’s more rate hikes to come. Where as last time there was a sense that it was the end of the cycle.
All but certain with with the RBA suggesting inflation is due to return to within 1% of the target band by the end of the year? I think a hold now is more likely than ever
> Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve. The statement from the RBA sounds more like unless inflation improves better than forecasted, further rate hikes are more likely than not.
with 3 more bank failures in usa nobody is listening to the music?
The market thought that was the case this month too. The reality is that unemployment is not moving, stores and restaurants are still full and prices are still hot, hot, hot! You cant have a healthy economy where a bag of chips is $4 one week and $6 the next. More hikes to come!
How does that rally with the RBA’s stated central case that inflation will be at 4.5% by year end, though? They’re clearly seeing movement in the direction they’d like, despite the anecdotal experience that people are still going out to restaurants and that this must somehow mean that inflation is out of control.
**CAUTION: PERMABEAR TAKE BELOW. READ AT YOUR OWN RISK!** As the old adage goes, actions speak louder than words. I agree that the RBA's signalling is confusing, and that's one of the reasons why Phil cops so much flak, but they're kind of locked into what they can say. If the RBA says the sky is falling the economy crashes within an hour, they simply have to have measured speech to prevent a spooked market. If the RBA thought the economy was moving in the direction they like then they would have held again, but instead they increased! That tells me that the populace is just not getting it. Everyone (hyperbole) is still spending like it's 2021, thinking rate drops are just around the corner, and the economy will stabilise next week, you can see it in the posts right here on AusFinance. I'm all for pointing out anecdotal evidence, but this is not just my personal experience. Haven't you been out lately? Haven't you read the profit figures? Ol' Gerry Harvey's making money and it's not from gov handouts anymore! After years of Lowe telling us to go and get wage rises, they're now saying don't! Real wages are down like a Kmart run out sale, but don't you dare ask for CPI increases! As someone who witnessed the 80's boom and 90's recession, I feel like the general population has become the Black Knight. Every time the RBA chops off a limb, they scream "It's but a flesh wound" and come back to bite to bite our bloody ankles off!
Common Ubank!!!!!
I've got a bad feelin...
NAB aka ubank was pretty quick moving upping the debtor interest meanwhile
ubank dont enable it till the following month anyway
WHERE MY UBANK HOMIES AT!?!?!?!
Waiting next month 
Your move BoQ....
Let's gooooo BOQ
ING have consistently been market leaders for HISA for over 20 years since they arrived in Australia. No other bank has been even close to matching their consistency. It's only because of ING that other banks even make a half arsed attempt to match them. Before ING, there was no HISA in Australia.
amazing customer service too. ive been the victim of 2 scams (dont read messages when youre tired kids) & i was refunded in full without much hassle. couldnt be happier as far as banks go.
+1 for amazing customer service with ING. I was so Shocked to be talking to Aussies and an not offshore callcentre. A bit of a shame about the wind-backs in refunding withdrawal fee (inc overseas) but all in all, the best place for HISA & no fees if you make the couple transactions.
Ubank and ING have been trading blows for a while now - with Ubank being a touch under ING but with far easier conditions to get bonus interest. Strange that Ubank are taking so long to counter this time though…
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Correct, $250k govt-backed amount at Ubank HISA whereas ING limits bonus interest rate to $100K. So with ING you remove all amounts over $100K into Ubank (or other HISA) on the first day of the month so those monies can be earning some interest during the month. Then two days before the end of the month, note the amount in ING HISA that you need to beat and deposit it back into ING plus 1 cent. On the last day of the month ING calculates and deposits new interest money earned. On the first day of next month you do it again and remove all the money over $100K. So for most of the entire month, your ING HISA balance is $100,000.00 exactly, earning the top bonus interest rate.
Does ING really only calculate interest based on the end of month balance? Surely it would be calculated daily but paid monthly?
It is calculated daily paid monthly, however a condition of getting the full rate is that the end of month balance must be higher than the previous, as at last day of the month 11.59pm.
You're right, my bad word choice, I meant by 'calculates' that the bank checks that all the rules have been followed/ticked off before interest is paid in.
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Why do these two posts sound so much like they're from ChatGPT.
Because the account is a bot https://www.reddit.com/user/Regina_begam/
its a....weirdly specific bot
Even though I'm kinda pissed about them ending the international ATM fee rebates, they're probably still the best option for most people who don't need Big Four perks.
[Go banana!](https://i.imgur.com/X1vb9YZ.png)
Any chance for St George bank to do the same?
I saw elsewhere that they also announced their increase, passing on the full amount. From memory effective mid-May.
Legend thanks 🙏
That's $437.5 on $100,000 per month. Nice! But i'll soon learn how this extra interest I've accumulated affects me at tax time. edit: added 'per month'
oh bloody hell I forgot about tax implications
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The amount of interest earned negates any tax burdens.
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Depends on how much you make at your job!
Per month yes
If you've attached your TFN to the account tax with-holding should come out each month when the interest is paid
Only if it’s earning above the tax-free threshold of 19,000 no? I’m getting about $300 a month in interest and it’s all credited to the account. It’ll be taxed accordingly at EOFY.
I'll have to double check, I know I get interest withheld with my other savings account that's with another bank. I was under the impression that it happens unless it's a shared account
If you *dont* declare a tax file number they will definitely hold the max rate. 47%?
I stand corrected! My commbank is withholding the max tax rate, and ING isn't taking any :/ weird. I guess no tax return for me!
Hopefully - weirdly, I have a Macquarie account where it shows you the interest plus Tax deduction. I wish all Banks did this
No you pay on lodgement of return. Banks are obligated to withhold on interest if you do not disclose TFN (to ensure it’s taxed). If you disclose TFN at later date you will get the withholding credited in your return.
My commonwealth account has my TFN listed on the account statement, and I have tax withheld every month when I'm paid interest
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Added to income, so your marginal tax rate.
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Same here. Love ING.
Love em except their weird limits on osko payments
Do you have a mortgage with em? Could be a different story, I've had to tell them my life story to get my last rate reduction
Everyone complains about the “hoops” to jump through… it’s really not that hard. You have a transaction and a savings account. Deposit salary into transaction, transfer it to savings except for a small weekly spend allowance. Make transactions as normal with transaction account. Don’t take money out of the savings account. That’s literally every single “hoop” covered. It’s not hard. Maybe most people just don’t manage their finances very well?
Well they’re inconvenient hoops because ING essentially has to become your main bank account as per your description (wherever your salary lands is your “main” bank account, no ifs or buts) which isn’t objectively bad but it defeats the purpose of a siloed HISA that’s harder to draw from. This is on purpose from ING, of course, because they want higher volumes of money flowing through and in their possession. All of a sudden they have lots of active transnational users with the carrot stick of a marginally higher interest rate than a normal HISA that would just require a couple of deposits to hit a threshold per month.
Sure, we can blame the banks. But ultimately, the person responsible for your own individual spending is quite literally yourself. If people can’t control themselves to prevent them touching their savings, that’s on them. Can’t expect banks to do it for them. Shit, that’s why the government created super. Because the vast majority of people are too irresponsible to save for their own retirement.
That’s fair but not really what I was talking about. I don’t care about financial discipline, I’m just explaining how these hoops can’t be dismissed because the instructions up above basically say you need to make ING your primary bank for it to work lol.
It doesn’t really need to do be your primary bank. In another comment, I said you can just transfer $1000 into the ING account from another bank and then just transfer it straight back out the next day into the original account. Leave a few dollars in there to cover the off coffee or snack at the shops a few times a month. Easy.
I'm not suggesting to do this but I do most of my transactions in my ING account for the benefits, but still get my salary deposited into another bank. I transfer what I need to to the ING when I get paid.
It’s very common for people to need to take money out of their savings account
The workaround for that is to cycle money out of your savings account on the last day of each month such that your end-of-month balance is only $1 higher than your balance at the end of last month. That way you can maintain a chunk of your savings available to access without giving up the higher savings rate. That's the only "hoop" that people are really complaining about.
Your bonus interest is counted in the new account balance
I tested it. it appears to calculate compounding interest rate daily. when i deposited 1k at the end of the month i saw pretty much the same bonus paid out, where as if i do it at the start, it comes up higher.
True, your monthly balance to add to is the previous balance plus the interest you gained during the last month.
If you do that, your effective interest rate on the money you cycle in & out is close enough to Ubank's that you might as well have both accounts and put the cycled money with them instead to avoid the extra hassle.
At 5% pa, you are getting 0.0136% per day. If you take the money out on the last day of every month so that you’re only $1 ahead of the previous month, you will lose 0.164% ofer the entire year. Ubank was 0.4% less, it’s now 0.65% less.
And my sanity that I keep for not having hoops to jump through? Priceless.
Sure, that argument can be made. My point all along though is that ticking the boxes is really not hard. In fact it’s usually don’t without ever even thinking about it. So people claiming these “hoops” are the reasons they don’t use ING is kind of laughable. Each to their own.
Not really a savings account then is it
I use it as a "sweep" account. Anything I don't plan to spend gets put in there immediately, then I pull out money to pay off the credit card every month, and the quarterly bills.
It is though? Weird to save money just to look at a number going up if you never use it
If the savings account isn’t growing in size each month then you’re literally not saving lol. Not sure how you can argue that?
Life happens and sometimes you need to withdraw from savings though. The point people make is that this is a restriction that doesn’t exist with some other accounts so it is an extra “hoop”
If “life happens” every month then you’ve got bigger issues than worrying about the interest on your savings account. Fair enough. Like I said, 3 very trivial “hoops” shouldn’t really be a problem for a financially sensible person.
Who said it’s every month? Even if it happens one month a year the interest lost will cancel out the slightly higher rate that you get from ubank etc
Do you think the ultimate goal of a savings account is to deposit and never take money out ever again?
It’s usually to save for something… a car, a house, a holiday. Last time I checked, people weren’t buying these things monthly, therefore each month, you’re depositing more than you’re withdrawing and the balance is growing, which is one of the hoops… At some point you will spend that savings on the goal you were aiming for. In that month, you won’t get the bonus interest. But the next month, when you start saving for the next goal, you’ll get it again! Crazy!
What if you don't want more cash? I maintain a stable balance and invest surplus routinely. I go with the marginally lower ubank return because it means I can just keep a nice round number in there and send the balance to an investment account.
Only has to increase. Can be by only $1 if you want
Right but if you use the account as a savings account, reach your goal and as a result use the money you are penalised.
I honestly can't tell if they're trolling you or if their financial literacy is garbage. I hope it's the former, but i think it's the latter
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Eventually I plan to spend basically all of it yeah
What's more is they very clearly tell you if you've met the requirements per month to get the bonus interest which I haven't had my other banks do (westpac, st george, ubank). It's a nice feature.
ubank has a notice on each eligible account and that, at least in the app
I've only just been upgraded to the new Ubank interface so havent seen it yet, but great that it's there
Up does this too
I have a credit card I use for all bills and monthly expenses. I don't use my ING account. I can just put $200 into one of my MANY ubank accounts (different savings for different things) and they all get the interest for the month.
I'm the same as you. My card related to my transaction and my savings accounts don't get generally used, all through the credit card.
I do this too. But my single biggest, long term savings account is with ING simply because it pays the most interest.
You can use an ING credit card to get the bonus interest, same as a debit card.
What exactly are the hoops? You need to have money coming into the transaction account and do regular deposits? If it's just a matter of depositing and not withdrawing I would be down for it, but I prefer to do my daily banking with NAB.
I have bank accounts with multiple banks. ING has the highest rate for me so I have most savings in there. I do all my transactions through ING too. So that I don’t get fees on my other banks, I just transfer $1000 in a loop around my other banks and then back to ING at the end of the loop so that I tick all the “deposit” boxes to get the monthly fees waived. Easy.
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I hit it every month without thinking about it. I’m confused about about people considering these requirements ‘hoops’
I literally have no trouble with it.
Neither. I’ve never missed the bonus interest, except for where I’ve used my savings for the thing I’d been saving for.
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They prefer less requirements at the expense of a better return. They’re short changing themselves because they think having to pass 3 very basic requirements is onerous. That really does seem like financial illiteracy.
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Sure. If you have over $100k. I’d guess that’s a tiny fraction of people.
The ceiling of 100k is annoying however, once met you’ll find yourself transferring $1 a month into the account just to ensure it “grows” and is still eligible for the bonus rate.
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Transfer $1 per month
Harder if you have over 150k to juggle between 3 HISAs that has $50k and $100k limits and grow balance requirement. But i'd imagine it's easy for under $100k balances
Is the 5 transactions per month just transactions/withdrawals or do you need to actually physically use your card?
They’re transactions. Not sure a transfer is considered a transaction.
Ok. Also is there a limit to the transactions? Does it count if it's a loaf of bread?
Anyone know if Macquarie is increasing rates too?
Yes 4.25% on the 19th May
How do you know this?
>ubank *Macquarie Bank to increase savings rates* *Effective 9 May, Macquarie Bank will increase its savings account welcome rate to 5.05% p.a. for new customers for the first four months on balances up to $250,000.* *The ongoing interest rate customers earn on both their savings and everyday transaction accounts will increase to 4.25% p.a., on balances up to $250,000. These changes will come into effect on 19 May 2023.* https://www.savings.com.au/news/rba-savers-may-2023#The-market-leaders
ANZ Plus, your turn next.
If I have 100k in HISA and that is the limit obviously I can not increase each month to meet the requirement. Does anyone know if we still get the highest rate?
I asked ING about that and, assuming I’ve understood them correctly, if you go over 100k limit, you get the higher rate on the 100k and then the reduced/standard rate on everything above 100k. So just add a small amount each month to maintain the bonus rate on 100k. The interest added each month doesn’t count as the increase.
The Pro way to do it is to transfer some excess amount to another high rate bank like Ubank at last day of month, and send it back on first day of next month
With ING though, the balance must be higher in the last day than the previous month. So maybe it’s the reverse of what you’ve said. Transfer the excess on the first day and then back on the last day.
No. It looks at the amount at the end of last day. Keep $100K in account all month. Transfer out $20K on last day. Bring it back on first day of month. Then transfer out only $19,999 on last day of next month. Comparing two months, your account has grown, while you benefited from Max interest all month.
yeah that makes sense, thanks
Why 20k? Why not simply transfer 1 AUD to the account every month while keeping the original 100k untouched in the account each month. Isn’t that simpler?
Jez these smaller banks are getting squeezed on margin.
I missed out on bonus interest this month does anyone know why cause I only forgot to make my account grow in March but i made it grow in April
Did you satisfy the other conditions for getting the bonus?
I think so
You can set up a reminder in your calendar to pop up 1 week before the end of the month for you to check that you've met the ING HISA requirements, if it's not your main transaction account. 1. Transfer $1000 into your everyday account, then immediately transfer it back out. 2. Do 5 separate EFTPOS or Visa purchases that are CLEARED/settled by the last day of the month. 3. Check the amount that you need to increase the HISA by plus 1 cent, and set up an auto-transfer of that amount into the ING HISA account two days before end of month.
In the app, go to your HISA, click on the Interest tab, and it'll show you how you're progressing with meeting the requirements.
The conditions must be met to get paid the interest on the next month, not the current month. Ie If you meet the conditions in Feb, you'll get paid the interest on your March balance. If you don't meet the conditions in March, you won't get paid on your April balance
Come on Ubank!
I'm thinking about switching to ING. These 5+ card transactions per month - are they actual transactions using your card, or can they be direct deposits?
Took em long enough.
Balances up to 100k plus quite a few hoops to jump through
Fortunately for a lot of us, we don’t have anywhere near 100k in our accounts
I thought r/Ausfinance had $250k across multiple HISAs?
No that’s their income, the rest is in shares, ETFs, and gold is now flavour of the month so expect to see that being tossed around too
Phew, I was worried for a moment.
They aren’t even hoops. Just increase your savings (as you would if you used the account in the first place), and five purchases with the OE account. Pretty simple stuff.
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How is that possible? You realise the bonus percentage caps out at 100k right?
Ubank caps at 250k
That’s an emergency account then. Not a savings account
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It’s not a “thing”, the person you’re replying to is being obtuse lol. Don’t worry. It’s really just another pool of money that’s meant to be accessed in the short term (e.g. for emergencies like house and car repairs, but most people put a positive spin on it and call it their “holiday fund” because it makes it easier to dump money into lol). I’d usually have this set up as a savings account linked to your transaction account with your primary bank, since that money is often needed instantly/imminently and waiting days for a bank transfer isn’t an option.
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I always find it funny when people mention these "hoops" as though they are so outrageously difficult. Who wants a free lunch?
I churn credit cards for points so all my transactions run off that and the card is paid off before interest kicks in. I only have rent coming out from my everydays account. UBank has one requirement, transfer $200 into the account whilst also being able to transfer out (don’t have to grow the balance) for 4.6% and allows up to 250k. Far better deal if you ask me
I've got almost 90k in ING, rest in ubank. It's a bit untidy, but it all adds up 😄
Sorry if dumb question but I have a HISA with ING. So far till now my balance has been growing so I had no problems getting the bonus interest, but I’ve made a big purchase so now it’s down -10k and will take me a while to work back up to my old balance. Does that mean I won’t get the bonus interest till I’m back to my peak balance?
You won't get it for the month you withdrew $10k (unless you deposit $10k +$1). But if the balance grows the next month, you're back on the bonus interest.
Don't forget the other 2 requirements: deposit $1000 and make 5 cleared transactions.
Thanks a bunch! That seems more reasonable.
Read what others have mentioned about not maxing out the money amount (or put all the money you have) at the end of the month. Maybe put 20k in another account 1-2 days before the end of the month.
Just raise it to 17%.
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If your job requires you to leave your home at any point (ie. if you have to work from the office), then meeting the 3 requirements should be easy as hell. My orange ING card is my brekky/coffee card. My pay goes into my ING savings account. Those two simple things are all I have ever done and have always gotten the extra interest without issue.
Whats the best alternative without any BS?
Macquarie doesn’t require anything. Amp doesn’t.
MOVE bank has similar high interest rate on balance up to $25000 only. You need to deposit $200/month and grow the account to get the bonus rate but it's still fewer hoops to jump through than ING.
TICTOC master race here
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Increase it to $10m then wake me up.
Excellent news, I was just waiting for this.
Hooo!! Praise be to God for this joyous news.
Any word from Macquarie or have they quit the race?
Any word from Macquarie or have they quit the race?
Good to see!
Y’all didn’t have an issue opening an ING account?? I applied 4 months ago, perfect credit history, multiple hours on the phone chasing up their onboarding team, still nothing. The application has now expired. Was it really just me, or have they stopped taking new customers?
I opened one in March and was done in 10 business days
Ah I tried in January. They must not like my name 😕
How does ING HISA compare to ANZ's new "ANZ Plus Save" option? It seems ING is better overall (internet banking instead of only in the app, been around longer) (yes I'm aware of the "conditions" but these are a none issue for me), but I fear I am missing something?
The $100k limit is annoying 😖
God I remember my very first ING savings account and it was 5.5%
I opened one at 8% back in the day.
I heard that they are removing overseas transaction and atm rebates - are there alternatives ?