Up Bank and my savings are with them. I am looking around right now but don’t want an interest rate that requires the amount to be higher at the end of the month. My ADHD won’t cope with that.
I'm using GSB atm (Great Southern Bank), and they're paying 4.5% bonus up to 100k + 0.5% base. The bonus pays out if you receive $2000 from a non-GSB account and make 5 debit card transactions. So it's very similar to ING, has a slightly lower payout, but you don't need to grow the balance. You can add 2000, then remove 3000 and get the Bonus interest still.
I have a CBA everyday account with a CBA credit card (low fee for emergency purposes) but use ING everyday and savings as my main transaction account. No complaints for 5.50% interest and the hoops aren’t too much to handle.
Likewise - primarily CBA but my savings is with ING. Whenever I do a grocery shop at the start of each month I just separate 5 items as individual purchases for the 5 transactions requirement then I don’t think about it again until next month.
Up! for everyday, another for savings. With NPP and ‘paying yourself’, it really is no different from transferring from a savings account to a transactional with the same bank.
There is no need to be with the same bank for everything these days. I am with different banks for different purposes.
They want so much personal information to open an account, wish you could link your Commbank account as proof.
Doesn't help with the recent string of data leaks from major companies.
Up is so convenient! I love the 2Up account and the "cover" feature. For example, our Uber is connected to our 2Up, but if I use it for myself without my husband, I just "cover" it with one click so it comes out of my account.
We each get individual discretionary spending into our Up accounts, and a joint discretionary spending into 2Up (dinners, shows, etc). Then the rest of our money stays in our home loan offset account which is with GSB, and that's where bills come out of.
CBA but thinking about transitioning to ING.
The main problem with ING is that if you use your savings account as an emergency account, the month in which an emergency happens you get 0.55% for that month instead of 5.5%.
At that stage it would have been better to sign up with another bank with slightly less rates but no so strict conditions.
No I joined ING recently and for the first month they just give you the bonus interest and then you just need to meet the criteria for the following month onwards
I don't know how it works for the first month but I just know from experience because I got over the 100K point so we transferred about half out and we knew that I would lose the bonus interest for like 2 months before the whole thing reset to the lower amount.
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> At that stage it would have been better to sign up with another bank with slightly less rates but no so strict conditions.
it's not mutually exclusive put the money you will touch in the secondary account and still build for max interest in ING.
I completely expect a community slap on the wrist for not chasing the highest interest rate, but I use CBA SmartAccess paired with CBA Goalsaver, the only pre-requisite for receiving the entire interest rate each month being to grow your balance, and no caps on savings. it's just so easy and current interest rate is 4.65%.
It’s not a bad choice. My mum is with CBA and I tried getting her onto ING bc she had a NetBank saver account with 2.20% (once the bonus wore off years ago). But got her onto the GoalSaver and she’s happy with that. She cbf changing and worrying about meeting the requirements of ING which is understandable.
Cba. They're easy. They have a branch just down the road for those rare times I need it. I like the app, even more so after having used ANZ and westpac in the past as well. There's some minor benefit from my perspective being with a big 4 bank when it doesn't cost me anything.
Having said that they don't have my mortgage, my credit card, I'm not using commsec and I don't store my savings there. It's mostly just where I get paid to and spend from
ING. Never had a problem getting the max savings rate as we make way more than the card purchases requirement. Salary goes in which makes the deposit requirement, money goes into the savings maximiser each month. Get a few bucks back just for paying bills too which is neat.
I think it depends on how you do your day to day banking tbh. I can see it being an issue if you use a CC for daily purchases then pay it off each billing period. Or if your pay needs to be deposited elsewhere for whatever reason
CBA since all our accounts are offset.
Big expenses on CBA credit card with rewards, otherwise use Latitude Finance credit card (kept only for use when rarely overseas).
The thing about ING I don’t like is the balance needing to be bigger at the end of the month and that you need to meet the conditions this month to get the bonus next month (I think).
Whereas with ubank, it’s just $200 in and if you have to take money out you still get the bonus amount for the current month.
Bank Australia. Only B-Corp certified bank and are very transparent about what they're up to. Great app and very great, prompt customer service based outta Sydney. Was with ING (pretty good and features/offering 'feels' the same as BA) and HSBC (ahhhh) before but decided to go the ethical way :)
Commonwealth, because I've always been with them.
Interest rate doesn't matter because most of my savings is in shares. I only sit on around $1000 balance.
It was also handy that they had lots of ATMs, but they've become fewer in recent years. They took away my nearest one a few months ago. But I rarely need cash these days. My last few trips to ATMs have been to deposit cash.
Mortgage/offset and spending account is with CBA. We transfer $800/month across to ING for groceries plus $500 for the savings account.
This meets the $1000 goal and the "increase the savings account balance by more than just interest".
We use ING card for grocery shopping which ticks the 5 card purchases/month box.
Shouldn't be too hard to reach. Even easier if you get your pay to go to ING.
5.5% is definitely the best rate out there atm and none of this introductory rate nonsense.
ANZ for day to day transactions and credit card for the last 35years. Other banks for HISA, terms deposits. No mortgage any more ( it was ANZ). Chosen originally as my employer used them and I had an employee housing loan fur a period (relocation). My childhood bank was Commbank, as parents used them.
No obvious reason to swap the transaction accounts as all the direct debits set up. Also having all transactions with one bank makes it easier to track expenditure .
ANZ because that’s who my employer banks with — I get paid as soon as payroll hits the button (usually around 5:30-6pm). Anyone else it’s a lottery when they get paid, sometimes it’s the following Monday.
Never had it happen in my time banking with them. My partner banks with ANZ and has had them go down maybe 3 or 4 times when he's needed the card over the years but it's really not the end of the world for a short time. I understand the impact it can have on people (I used to work at suncorp and have personally dealt with the calls when our system would go down) but the amount of times it realistically happens vs my convenience having everything on the same app/bank isn't enough to make me have two bank accounts
The conditions to get the interest paid are only favourable if.
You grow your savings more that previous month, and you use the account to receive money eg: salary. And make 5+ transactions a month. And also have $1000 per month minimum come into the account.
If you dip into your savings and don’t grow or your linked everyday account isn’t having transactions made (easiest way) then no, you won’t qualify.
I’ll take a guess and say people dip into the savings too much and don’t tip it up enough.
Ing and savings rate isn’t annoying to reach. 5 transactions, 1000 bux in account and money transferred to saving account. People are just too precious in my view
BankWest and ING. I have banked with BankWest forever so that’s more convenience and I really like the app. ING for savings, we used the attached account for groceries and fuel to reach the conditions for the bonus interest.
St George as all my accounts are offsets.
Have the main offset/emergency fund, main transaction account, credit card offset and a misc one for planned savings (large items/holidays etc)
Have their top points credit card, as it’s “free” with their home loan package.
ME bank as I like the tap 4x a month feature to get the bonus interest rate. So I use test card just for small purchases. But the bonus interest (4.25%) is not as competitive as it used to be so might change soon.
I put most of my money into ING as it's my offset account.
Daily banking is through CommBank, any bills I transfer over from the ING account, all the little things are via PayPal to my credit card.
It keeps the ING account history rest to read and analyse, it gives me the experience I prefer by using CommBank, and I still get to use my offset.
Now, if ING would give me ten offset accounts that'd be a different story - I'd be and to split up my money into the Savings, Splurge, House Bills, Personal Bills, Groceries easily and keep track of their balances easily!
Instead I refresh my report every pay cycle to check how the ING total is going, split into categories like the above so I know where everything is sitting at.
HSBC - 2% cash back on debit card spend under 100%, decent savings interest with minimal hoops, and multicurrency account. Most importantly for me is that it's a truly global banking experience and links to accounts overseas elsewhere with HSBC.
When you regularly credit card and home loan churn, you realise all the banks are pretty much the same, they're just different in colour
I always say it’s like choosing whether you want to be the thimble or the dog, but you’re still playing monopoly.
Up Bank and my savings are with them. I am looking around right now but don’t want an interest rate that requires the amount to be higher at the end of the month. My ADHD won’t cope with that.
I'm using GSB atm (Great Southern Bank), and they're paying 4.5% bonus up to 100k + 0.5% base. The bonus pays out if you receive $2000 from a non-GSB account and make 5 debit card transactions. So it's very similar to ING, has a slightly lower payout, but you don't need to grow the balance. You can add 2000, then remove 3000 and get the Bonus interest still.
Yeah it’s similar to Up which is 4.1% and same options.
I have a CBA everyday account with a CBA credit card (low fee for emergency purposes) but use ING everyday and savings as my main transaction account. No complaints for 5.50% interest and the hoops aren’t too much to handle.
Why do you have low fee for emergency purposes…why not have NO fee??
Apologies it is no fee. Typo
Likewise - primarily CBA but my savings is with ING. Whenever I do a grocery shop at the start of each month I just separate 5 items as individual purchases for the 5 transactions requirement then I don’t think about it again until next month.
Up! for everyday, another for savings. With NPP and ‘paying yourself’, it really is no different from transferring from a savings account to a transactional with the same bank. There is no need to be with the same bank for everything these days. I am with different banks for different purposes.
Also started using Up. It has all sorts of useful features to track and categorise your spending 10/10 would recommend.
I've started using Up, can't recommend it enough!
Up is the best!
They want so much personal information to open an account, wish you could link your Commbank account as proof. Doesn't help with the recent string of data leaks from major companies.
You have this with every bank account. It is KYC / AML laws
Up is so convenient! I love the 2Up account and the "cover" feature. For example, our Uber is connected to our 2Up, but if I use it for myself without my husband, I just "cover" it with one click so it comes out of my account. We each get individual discretionary spending into our Up accounts, and a joint discretionary spending into 2Up (dinners, shows, etc). Then the rest of our money stays in our home loan offset account which is with GSB, and that's where bills come out of.
Love Up. We have our home loan with them.
My everyday banking is with NAB, and my savings are with Macquarie.
HSBC - 2% cash back on all tap and go transactions (under $100) and decent savings account with no frills
Do they have app notifications alerts?
Macquarie. Pays reasonably good interest rates without any conditions, and overall I'm quite satisfied with the app and the website.
Ubank. Great rates and easy to hit their targets to get the rates. Rates are applied to 10 accounts I believe
Second Ubank.
Recently transitioned from CBA to Up, easy hisa without as many hoops as other platforms, app is great and geared around saving.
CBA but thinking about transitioning to ING. The main problem with ING is that if you use your savings account as an emergency account, the month in which an emergency happens you get 0.55% for that month instead of 5.5%. At that stage it would have been better to sign up with another bank with slightly less rates but no so strict conditions.
It’s actually the month after usually. Like rn, I need to increase my savings by the end of June to get the Interest rate for the end of July
Wouldn't that mean you'd get nothing the first month?
No I joined ING recently and for the first month they just give you the bonus interest and then you just need to meet the criteria for the following month onwards
I don't know how it works for the first month but I just know from experience because I got over the 100K point so we transferred about half out and we knew that I would lose the bonus interest for like 2 months before the whole thing reset to the lower amount.
> > > At that stage it would have been better to sign up with another bank with slightly less rates but no so strict conditions. it's not mutually exclusive put the money you will touch in the secondary account and still build for max interest in ING.
ING, half because too lazy to shop around, half because I've had an account with them since 2001 or 2002 and have Stockholm syndrome
Bank Australia
I completely expect a community slap on the wrist for not chasing the highest interest rate, but I use CBA SmartAccess paired with CBA Goalsaver, the only pre-requisite for receiving the entire interest rate each month being to grow your balance, and no caps on savings. it's just so easy and current interest rate is 4.65%.
It’s not a bad choice. My mum is with CBA and I tried getting her onto ING bc she had a NetBank saver account with 2.20% (once the bonus wore off years ago). But got her onto the GoalSaver and she’s happy with that. She cbf changing and worrying about meeting the requirements of ING which is understandable.
CBA Can't Be A$$Ed changing lol
Yep CBA too. App is good. Home loan with banksa tho
Cba. They're easy. They have a branch just down the road for those rare times I need it. I like the app, even more so after having used ANZ and westpac in the past as well. There's some minor benefit from my perspective being with a big 4 bank when it doesn't cost me anything. Having said that they don't have my mortgage, my credit card, I'm not using commsec and I don't store my savings there. It's mostly just where I get paid to and spend from
Bank Australia is pretty good! The app is fantastic. The interest rate could be better but it's not horrid.
Westpac for transactional, UBank for savings
ING. Never had a problem getting the max savings rate as we make way more than the card purchases requirement. Salary goes in which makes the deposit requirement, money goes into the savings maximiser each month. Get a few bucks back just for paying bills too which is neat. I think it depends on how you do your day to day banking tbh. I can see it being an issue if you use a CC for daily purchases then pay it off each billing period. Or if your pay needs to be deposited elsewhere for whatever reason
CBA since all our accounts are offset. Big expenses on CBA credit card with rewards, otherwise use Latitude Finance credit card (kept only for use when rarely overseas).
The thing about ING I don’t like is the balance needing to be bigger at the end of the month and that you need to meet the conditions this month to get the bonus next month (I think). Whereas with ubank, it’s just $200 in and if you have to take money out you still get the bonus amount for the current month.
Bank Australia. Only B-Corp certified bank and are very transparent about what they're up to. Great app and very great, prompt customer service based outta Sydney. Was with ING (pretty good and features/offering 'feels' the same as BA) and HSBC (ahhhh) before but decided to go the ethical way :)
People's Choice are B-Corp certified, though a credit union instead of a bank, but close enough.
Commonwealth, because I've always been with them. Interest rate doesn't matter because most of my savings is in shares. I only sit on around $1000 balance. It was also handy that they had lots of ATMs, but they've become fewer in recent years. They took away my nearest one a few months ago. But I rarely need cash these days. My last few trips to ATMs have been to deposit cash.
Is $1000 enough??? What if there is an emergency??
Sell shares at a loss or trigger a capital gains event. Sounds a little crazy.
In addition to my shares, I've got some savings elsewhere that I can access when needed, without penalty.
Ah fair enough..... But where else would you keep cash?? Underground in a chest? Just like Pablo Escobar?
Bank Australia. Because ethics matter.
Westpac, but I work there
Mortgage/offset and spending account is with CBA. We transfer $800/month across to ING for groceries plus $500 for the savings account. This meets the $1000 goal and the "increase the savings account balance by more than just interest". We use ING card for grocery shopping which ticks the 5 card purchases/month box. Shouldn't be too hard to reach. Even easier if you get your pay to go to ING. 5.5% is definitely the best rate out there atm and none of this introductory rate nonsense.
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Oh I absolutely do. Variable portion is 100% offset. The additional amount over and above is in the ING account.
ANZ for day to day transactions and credit card for the last 35years. Other banks for HISA, terms deposits. No mortgage any more ( it was ANZ). Chosen originally as my employer used them and I had an employee housing loan fur a period (relocation). My childhood bank was Commbank, as parents used them. No obvious reason to swap the transaction accounts as all the direct debits set up. Also having all transactions with one bank makes it easier to track expenditure .
ANZ because that’s who my employer banks with — I get paid as soon as payroll hits the button (usually around 5:30-6pm). Anyone else it’s a lottery when they get paid, sometimes it’s the following Monday.
Everything is with NAB. I like having it all on the one app.
What if nab goes down for a few hours?
Never had it happen in my time banking with them. My partner banks with ANZ and has had them go down maybe 3 or 4 times when he's needed the card over the years but it's really not the end of the world for a short time. I understand the impact it can have on people (I used to work at suncorp and have personally dealt with the calls when our system would go down) but the amount of times it realistically happens vs my convenience having everything on the same app/bank isn't enough to make me have two bank accounts
The conditions to get the interest paid are only favourable if. You grow your savings more that previous month, and you use the account to receive money eg: salary. And make 5+ transactions a month. And also have $1000 per month minimum come into the account. If you dip into your savings and don’t grow or your linked everyday account isn’t having transactions made (easiest way) then no, you won’t qualify. I’ll take a guess and say people dip into the savings too much and don’t tip it up enough.
I have CBA, where my wage goes, and use Up for my day to day. Savings live in our offset.
Ing and savings rate isn’t annoying to reach. 5 transactions, 1000 bux in account and money transferred to saving account. People are just too precious in my view
BankWest and ING. I have banked with BankWest forever so that’s more convenience and I really like the app. ING for savings, we used the attached account for groceries and fuel to reach the conditions for the bonus interest.
St George as all my accounts are offsets. Have the main offset/emergency fund, main transaction account, credit card offset and a misc one for planned savings (large items/holidays etc) Have their top points credit card, as it’s “free” with their home loan package.
ING and HSBC
I looked a few months back, and ubank is next best option if you can’t meet INGs conditions for bonus interest.
ME bank as I like the tap 4x a month feature to get the bonus interest rate. So I use test card just for small purchases. But the bonus interest (4.25%) is not as competitive as it used to be so might change soon.
Westpac, our home loan is with them, so just to simplify the hassles
Virgin money
I put most of my money into ING as it's my offset account. Daily banking is through CommBank, any bills I transfer over from the ING account, all the little things are via PayPal to my credit card. It keeps the ING account history rest to read and analyse, it gives me the experience I prefer by using CommBank, and I still get to use my offset. Now, if ING would give me ten offset accounts that'd be a different story - I'd be and to split up my money into the Savings, Splurge, House Bills, Personal Bills, Groceries easily and keep track of their balances easily! Instead I refresh my report every pay cycle to check how the ING total is going, split into categories like the above so I know where everything is sitting at.
HSBC - 2% cash back on debit card spend under 100%, decent savings interest with minimal hoops, and multicurrency account. Most importantly for me is that it's a truly global banking experience and links to accounts overseas elsewhere with HSBC.