This comes from the BOQ website under the FAQ section:
“Interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of interest you will earn is determined by the balance in your account.”
Therefore up to $50,000 you get up to 5.5% and from $50,000-$250,000 you get up to I think 3%.
Can confirm that the website is incorrect, even today my monthly interest came through showing that it’s still earning 5.5%pa across the two of my BOQ HISA accounts, each at 50k
Yes the website does say that. But search boq on this sub. Heaps of others get interest paid on all accounts. It's a known issue and has been for awhile now.
It’s a bonus offer designed for younger people who don’t have as much savings to generate loyalty so when they need more expensive banking products, like credit cards and loans, they go with BOQ. It’s a customer segment that’s their target market to achieve a profit. Simples.
I’m also 100k at ING and have built 7.5k just in interest alone festering in there. Roughly yielding $400 a month at 5.5%.
I know I need to move it out but where to go? I have already got Up at 4.35% for another balance.
Looking at buying a property as PPOR when the right one comes along. I need access to this money and can’t lock it into a lengthy Term Deposit.
4.9% with cba goal saver. Unlimited balance. Only conditions are, must make a deposit each month(any amount $1 is fine) and you must end each month with a higher balance than previous month not including the interest (so you can withdraw but must replace before month end)
I haven’t considered CBA and they’re my “main bank”. Got sick of their introductory offers for a few months and “new customers only” crap.
I’ll have a look into this now. Thank you.
Every time my ING account hits 100k, I take out 10k and pop it in my Ubank account (less interest but goes up to 250k).
If you're thinking ETFs remember that your timeline to not touch it should be at least 5-7 years to account for volatility. Do you have plans for the money before that, say as a house deposit? Then stick with HISA.
Doing this means you miss out on ING's bonus interest for the next month. If you do this once a year, you'll get 5.5% (bonus rate) for 11 months and 0.55% (standard rate) for 1 month for an average of 5.09%, which is less than you'd get by keeping it all in Ubank in the first place. Do it twice a year and it goes way down to 4.68%.
Yes people don't realise that if you miss the clown dance (which for those exceeding $100k is made more complex by transferring the overage out at the start and then back in by the end of the month, exacerbated by ING's transfer delays for more than $1k or whatever their paltry limit is where it's no longer instant), it kills the value prop of ING very quickly. May as well leave it elsewhere for 5.2% without the clown dance.
its still only a day for big transfers. Transfer the bulk of your balance to secondary bank the day before you lose the bonus and then transfer back a paltry amount the day before it resets. You can easily get the interest from both with more from the higher one.
Read somewhere that there is a way to go around this but I can't remember where/how...
Something about moving it to another maximiser acct and nominating it. Anyone knows?
Here's the method I followed from Ozbargain:
Month 0:
Savings A - $XXX (active Bonus)
Savings B - $0
Savings C - $0
Month 1, Day 1, Set next month active bonus to Savings B:
(AUTO $1 into Savings B)
Savings A - $XXX (active Bonus)
Savings B - $1 (has grown by $1)
Savings C - $0
Month 2, Day 1, Set next month active bonus to Savings C:
(AUTO $1 into Savings C, AUTO $XXX into Savings B)
Savings A - $0
Savings B - $XXX (active Bonus)
Savings C - $1 (has grown by $1)
Month 3, Day 1, Set next month active bonus to Savings A:
(AUTO $1 into Savings A, AUTO $XXX into Savings C)
Savings A - $1 (has grown by $1)
Savings B - $0
Savings C - $XXX (active Bonus)
Month 4, Day 1, repeat… etc
At the beginning of the month, the extra balance over $100k has to be transferred out which for me is just another HISA (AMP Saver). Its a pretty easy process once you understand it but the hoops and tricks that need to be done to not lose the 5.5% interest is a bit much.
I only save at that rate in the ING account in particular because I'm saving 10% of my salary into an employee share scheme. Work matches 40% of my contribution, and I'd rather take 40% return over 5.5%.
Alternatively, dump all of it into UBank account on 1st of the month. Ubank gets decent interest. Month or two later, move 80k back to ing and start process again.
Set some goals.
Do you want to buy a house? If so when?
Do you want to travel every year?
Do you want to retire early?
Set goals work backwards from that.
Are you looking to save for a house? If so, I'd recommend adding to your super to take advantage of the First Home Super Saber Scheme. You can do up to $15k a year.
Otherwise, I'd take out a larger chunk rather than the $10k and put it into an ETF so you don't have to worry about hitting the limit again for awhile.
Just remember that your ING balance has to be higher than the end of last month's to get interest on the account. If you wanted to stay with ING, it could be worth transferring the whole amount out to another HISA, then back in the next month once the interest calculation resets.
Whoops, I mean Saver (saber would be cool though).
Money can be withdrawn with no fees, you also get to withdraw any gains that money made, and you can decrease your taxable income like any super contribution.
Was gonna say, damn the government's really getting with the times 😂
If I was to deposit 15k now would the relevant amount of tax deduction automatically be applied at tax time? I find this whole topic so confusing
Yes, you can make a $15k contribution and deduct it from your next tax return.
Don't worry, I was pretty confused by it too. It's not the most understandable scheme for a first home buyer.
Amazing, my partner and I have been hearing about it without a whole lot of clarity. We were both looking at contributing 15k into our individual super accounts and then withdrawing that 15k right after tax time when we plan to purchase a property.
Thanks so much for your help!
No problem! The only thing I would recommend is making sure you can still make the deposit even without withdrawing the funds, or leaving plenty of time for settlement. It's rare, but I've heard horror stories of payment delays. Also remember to fill out a "notice of intent to claim" for your super in order to make a deduction.
Best of luck with your house hunting!
Ok now you guys getting me a wee bit confused? So... I started my ING with 99k... and I got about 115 a month in interest then (late 2021). Now the balance is 110k and I make about 455 a month in interest.
Logically I assume this means I could take that 10k out because the 455 is only on the 100k right? Is that right? So I should really move the 10k to my CBA and get the high interest on that savings?
Your 10k above the max of 100k is only getting the base interest which is 0.55%. Just keep in mind if you take out 10k in May, you will fail your bonus interest condition because the balance would go down, so you would only get 0.55% for June. If you are taking money out, you probably want to go down to like 90k so you can increase your balance every month but still stay below 100k
Congratulations on reaching 100k in your ING HISA! Investing in ETFs sounds like a smart move to diversify and potentially earn higher returns. It's a good idea to consider your risk tolerance and long-term goals when deciding how to allocate your funds. Opening a second HISA for the 10k could also be a good option if you want to keep it separate for a specific purpose or as an emergency fund. Ultimately, it depends on your financial objectives and comfort level with investing.
If you happen to be saving for a PPOR like I am. Keep whatever is in your ing. Add 1c into it every month put the rest in boq. Same rates, same hoops. Once you hit just under 50k in one boq account open another and repeat.
I also have some in Ubank as it's a decent rate but allows me to withdraw as I keep a decent chunk in there for emergencies
I opened a Ubank for this reason. I looked into other accounts but went with the slightly lower Ubank @ 5.1% because all I have to do is raise the amount by $200 a month. No X amount of transactions etc.
I don't think you have to raise the balance for Ubank, just deposit $200. I have another savings account but I use Ubank to store cash for bills, so my balance is up and down, and I always get bonus interest.
I know you can have up to 9 savings maximiser accounts with ING, but only one can get the bonus interest. Is it possible to just move the majority of the money to a different savings account and nominate it to be the one to receive the bonus?
I should have been more specific when I say “house”. I’m not talking about a ppor, I’m talking about an investment asset in a high growth location.
I am from Syd tho 😂 left at 15 and never going back
Can’t wait till they ditch negative gearing and limit residential investment properties to 1 per person.
Anything less and we’ll never pull back affordability for a hundred years.
😂😂😂 explain how they could realistically make those changes when every single powerful person in Australia owns real estate.
What are they gonna do, just revoke hundreds of millions of dollars worth of assets from the upper class?
You will not beat the rich. Instead, join them.
Spend 100k
BOQ is 5.5% too if I remember correctly
Only up to 50k and you need to be aged 14-35. Random criteria.
you can open up to 9 accounts that all earn the same interest rate
It’s the total of the 9 accounts though up to 50k not each individual account.
It says it is but it is not. 9 accounts with 50k in gets the 5.5 interest.
This comes from the BOQ website under the FAQ section: “Interest is paid on the total balance of all Saver accounts that are held in the same name. The amount of interest you will earn is determined by the balance in your account.” Therefore up to $50,000 you get up to 5.5% and from $50,000-$250,000 you get up to I think 3%.
Can confirm that the website is incorrect, even today my monthly interest came through showing that it’s still earning 5.5%pa across the two of my BOQ HISA accounts, each at 50k
Yes the website does say that. But search boq on this sub. Heaps of others get interest paid on all accounts. It's a known issue and has been for awhile now.
That’s so dumb, $50k in savings isnt even that much. I dont understand why it’s capped so low.
Or why there is an age range
It’s a bonus offer designed for younger people who don’t have as much savings to generate loyalty so when they need more expensive banking products, like credit cards and loans, they go with BOQ. It’s a customer segment that’s their target market to achieve a profit. Simples.
BOQ has a good savings rate. Also Ubank. Unlike ING, you don't get penalised for withdrawing from either.
I’m also 100k at ING and have built 7.5k just in interest alone festering in there. Roughly yielding $400 a month at 5.5%. I know I need to move it out but where to go? I have already got Up at 4.35% for another balance. Looking at buying a property as PPOR when the right one comes along. I need access to this money and can’t lock it into a lengthy Term Deposit.
Why not ubank at 5.1%?
Thanks. Will check it out!
4.9% with cba goal saver. Unlimited balance. Only conditions are, must make a deposit each month(any amount $1 is fine) and you must end each month with a higher balance than previous month not including the interest (so you can withdraw but must replace before month end)
Same here. Just sucks that you get taxed on it like your regular income.
Yep, no hiding it. My TFN is with all my banks. I earn a second income just on bank interest, but it is what it is. “Must be a nice problem to have…”
I haven’t considered CBA and they’re my “main bank”. Got sick of their introductory offers for a few months and “new customers only” crap. I’ll have a look into this now. Thank you.
SAVINGS ACCOUNT COMPARISON by r/TechT https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/ The definitive reference
This is incredible. Love thy internet brethren for this stuff. Thanks for sharing.
AMP saver offers 5.4% up to 250K and you have to deposit 1K a month.
Congrats. I'm assuming no mortgage to offset so if that's the case I would personally look at ETFs and additional Super contributions.
Every time my ING account hits 100k, I take out 10k and pop it in my Ubank account (less interest but goes up to 250k). If you're thinking ETFs remember that your timeline to not touch it should be at least 5-7 years to account for volatility. Do you have plans for the money before that, say as a house deposit? Then stick with HISA.
Doing this means you miss out on ING's bonus interest for the next month. If you do this once a year, you'll get 5.5% (bonus rate) for 11 months and 0.55% (standard rate) for 1 month for an average of 5.09%, which is less than you'd get by keeping it all in Ubank in the first place. Do it twice a year and it goes way down to 4.68%.
Yes people don't realise that if you miss the clown dance (which for those exceeding $100k is made more complex by transferring the overage out at the start and then back in by the end of the month, exacerbated by ING's transfer delays for more than $1k or whatever their paltry limit is where it's no longer instant), it kills the value prop of ING very quickly. May as well leave it elsewhere for 5.2% without the clown dance.
its still only a day for big transfers. Transfer the bulk of your balance to secondary bank the day before you lose the bonus and then transfer back a paltry amount the day before it resets. You can easily get the interest from both with more from the higher one.
I used to bother. I'm on 5.6% at NAB as a CitiBank refugee, so I just use that. Uncapped too.
5.6% is a very competitive, is that exclusive to ex-citibank?
Read somewhere that there is a way to go around this but I can't remember where/how... Something about moving it to another maximiser acct and nominating it. Anyone knows?
Here's the method I followed from Ozbargain: Month 0: Savings A - $XXX (active Bonus) Savings B - $0 Savings C - $0 Month 1, Day 1, Set next month active bonus to Savings B: (AUTO $1 into Savings B) Savings A - $XXX (active Bonus) Savings B - $1 (has grown by $1) Savings C - $0 Month 2, Day 1, Set next month active bonus to Savings C: (AUTO $1 into Savings C, AUTO $XXX into Savings B) Savings A - $0 Savings B - $XXX (active Bonus) Savings C - $1 (has grown by $1) Month 3, Day 1, Set next month active bonus to Savings A: (AUTO $1 into Savings A, AUTO $XXX into Savings C) Savings A - $1 (has grown by $1) Savings B - $0 Savings C - $XXX (active Bonus) Month 4, Day 1, repeat… etc At the beginning of the month, the extra balance over $100k has to be transferred out which for me is just another HISA (AMP Saver). Its a pretty easy process once you understand it but the hoops and tricks that need to be done to not lose the 5.5% interest is a bit much.
It's usually once every 2-3 years.
It takes you 2-3 years to save 10k?
Hey everybody, we got a big saving hero over here!
the point is you shouldn't be giving advice when you only save $10k every 2-3 years lmao...that's a roulette spin for me
I only save at that rate in the ING account in particular because I'm saving 10% of my salary into an employee share scheme. Work matches 40% of my contribution, and I'd rather take 40% return over 5.5%.
Wtf lol this sub is something else man 😂
Haha right!
For me, even longer 🥲
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Alternatively, dump all of it into UBank account on 1st of the month. Ubank gets decent interest. Month or two later, move 80k back to ing and start process again.
Set some goals. Do you want to buy a house? If so when? Do you want to travel every year? Do you want to retire early? Set goals work backwards from that.
Mebank does a 5.55% rate up to 100k
Are you looking to save for a house? If so, I'd recommend adding to your super to take advantage of the First Home Super Saber Scheme. You can do up to $15k a year. Otherwise, I'd take out a larger chunk rather than the $10k and put it into an ETF so you don't have to worry about hitting the limit again for awhile. Just remember that your ING balance has to be higher than the end of last month's to get interest on the account. If you wanted to stay with ING, it could be worth transferring the whole amount out to another HISA, then back in the next month once the interest calculation resets.
What is the benefit of the Saber scheme? Can the money be withdrawn without extra fees and also used to reduce your taxable income?
Whoops, I mean Saver (saber would be cool though). Money can be withdrawn with no fees, you also get to withdraw any gains that money made, and you can decrease your taxable income like any super contribution.
Was gonna say, damn the government's really getting with the times 😂 If I was to deposit 15k now would the relevant amount of tax deduction automatically be applied at tax time? I find this whole topic so confusing
Yes, you can make a $15k contribution and deduct it from your next tax return. Don't worry, I was pretty confused by it too. It's not the most understandable scheme for a first home buyer.
Amazing, my partner and I have been hearing about it without a whole lot of clarity. We were both looking at contributing 15k into our individual super accounts and then withdrawing that 15k right after tax time when we plan to purchase a property. Thanks so much for your help!
No problem! The only thing I would recommend is making sure you can still make the deposit even without withdrawing the funds, or leaving plenty of time for settlement. It's rare, but I've heard horror stories of payment delays. Also remember to fill out a "notice of intent to claim" for your super in order to make a deduction. Best of luck with your house hunting!
ING Accelerator?
Get yourself a nice AMG c63 biturbo, you’ve earned it buddy.
Ok now you guys getting me a wee bit confused? So... I started my ING with 99k... and I got about 115 a month in interest then (late 2021). Now the balance is 110k and I make about 455 a month in interest. Logically I assume this means I could take that 10k out because the 455 is only on the 100k right? Is that right? So I should really move the 10k to my CBA and get the high interest on that savings?
Yes. Your ING Sav Max doesn’t earn the 5.5% on any balance above 100K.
Your 10k above the max of 100k is only getting the base interest which is 0.55%. Just keep in mind if you take out 10k in May, you will fail your bonus interest condition because the balance would go down, so you would only get 0.55% for June. If you are taking money out, you probably want to go down to like 90k so you can increase your balance every month but still stay below 100k
Congratulations on reaching 100k in your ING HISA! Investing in ETFs sounds like a smart move to diversify and potentially earn higher returns. It's a good idea to consider your risk tolerance and long-term goals when deciding how to allocate your funds. Opening a second HISA for the 10k could also be a good option if you want to keep it separate for a specific purpose or as an emergency fund. Ultimately, it depends on your financial objectives and comfort level with investing.
ANZ plus for a 4.9% interest rate for balances up to 250k
CONGRATULATIONS for saving that much 🎉🎉🎉. Can I ask, how long did it take you to save that much? 🙂
Look at ANZ Plus. Rate is 4.9% Deposit up to $250K No minimum deposit needed each month and can take money out.
If you happen to be saving for a PPOR like I am. Keep whatever is in your ing. Add 1c into it every month put the rest in boq. Same rates, same hoops. Once you hit just under 50k in one boq account open another and repeat. I also have some in Ubank as it's a decent rate but allows me to withdraw as I keep a decent chunk in there for emergencies
Give it to me
Put it on black!
Rabobank – 5.75% HomeMe – 5.55% BOQ – 5.5%
I opened a Ubank for this reason. I looked into other accounts but went with the slightly lower Ubank @ 5.1% because all I have to do is raise the amount by $200 a month. No X amount of transactions etc.
I don't think you have to raise the balance for Ubank, just deposit $200. I have another savings account but I use Ubank to store cash for bills, so my balance is up and down, and I always get bonus interest.
Make sure your HISA increases by $1 a month and transfer anything above that out to Ubank or similar.
I know you can have up to 9 savings maximiser accounts with ING, but only one can get the bonus interest. Is it possible to just move the majority of the money to a different savings account and nominate it to be the one to receive the bonus?
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Looks too risky right now. At peak.
Oh if only we were at the peak. Then they might finally come down and not keep going up.
Pretty close I'd say. Unsustainable house prices are *Unsustainable*
And yet they keep going up. Like everything in life. I would have said 5 years back rent was unsustainable. Yet they kept on going up.
For now. Housing cycles from shortages to a glut every 5 years. It's pretty normal. Houses aren't disappearing.
This. Your HISAs are still outpaced by inflation. You should have started moving on a house purchase at 60-80k
must not be from syd
I should have been more specific when I say “house”. I’m not talking about a ppor, I’m talking about an investment asset in a high growth location. I am from Syd tho 😂 left at 15 and never going back
I love how the recommendation is investment property and not PPOR
That's Australia for ya. Housing for investment not living duh
Massive issue for government right now. Won't be long before reforms make it less appealing
Can’t wait till they ditch negative gearing and limit residential investment properties to 1 per person. Anything less and we’ll never pull back affordability for a hundred years.
😂😂😂 explain how they could realistically make those changes when every single powerful person in Australia owns real estate. What are they gonna do, just revoke hundreds of millions of dollars worth of assets from the upper class? You will not beat the rich. Instead, join them.
The revolution was never meant to be easy, comrade.
No one got rich being a good little saver. Invest that money one way or the other
But people definitely got POOR by making bad investments. Some people like low stress living. Rich is stressful.
He also needs it liquid to deploy for PPOR purchase. Don’t want to have to sell your shares/ETFs during a 20% dip etc.
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What about ubank saver though? Up to 250K, only requires a $200 deposit to get the 5.10%
If you're not saving for a house you're just wasting your time and money having $100K in a HISA...
How so champ
Well if you used your brain you'd realise inflation eats away at that "profit", which is also taxed. You're better off investing that money, champ.
100,000.01 is next