Hey all - ING have extended their bonus for new customers and are giving away $125! Simply Open an Orange Everyday and enter the promo code (Jbn574) - bit.ly/3OKvgSN
@raymondla Hey Raymond thanks so much again for your videos! I have a one more question for you: if I open the saving account with ING and I park my savings there at the beginning of the month, do I get the interest from the first month (considering I match all the requirements)? I'd like to open it now but I don't know if I should wait for the end of the month to not lose the interest from it. And same for ubank? Thank you!
@@LOREakaRICO So how ING works with their requirements is that they apply to the following month. So if you signed up today, met all the requirements in the month the bonus interest rate would apply to the next month. On the other hand, with UBank it applies on the same month that you meet the requirements. I would recommend opening ING now and meet all the requirements this month so that the bonus interest rate applies for the next month. And then when next month rolls around transfer your money across on the first day of the month and you'll get the bonus 5.5% interest rate.
Thank you Raymond. Really appreciate your time and efforts. Could I please ask how much will I get taxed on the interest I earn in a high interest savings account? Is it where my tax bracket is?
Hi Raymond I found out that with the RACQ Bank Bonus Saver at 5.25% an additional pre requisite is applicants need a Queensland residential address☹️. PS the Accounts Leader board is a great reference tool to use. Thank you
Great video. Essential workers are the only people eligible to open a Hiver savings account. Hiver are not part of ING Bank which was on the flyer in the video
Warning everybody. MooMoo isn't a bank and is not covered under the Financial Claims Scheme! Raymond what would happen to shares we bought via moomoo if they went bust? Would our shares be ok? Or do they go bust along with the sinking ship?
You're correct that they are indeed not a bank, they're a brokerage platform. Whilst they aren't FCS covered, they are regulated by ASIC and any money that you deposit with Moomoo is held in trust accounts with CBA that are fully segregated from Moomoo's own funds. Moomoo are moving towards a CHESS sponsored model, so any shares that you purchase with Moomoo will be held within your own name. So even if the platform goes down, you'll still keep ownership of any shares you've purchased.
@@raymondlaThanks Raymond. That explains everything perfectly.. I guess you are right. Why not invest 2k and take the free shares?! I think that is the best play here..
In my opinion it’d be best to go with ING as they’ll consistently be one of the banks with the highest interest rates, or if you want a more hands off approach UBank is another option. Lower interest rate but much less of a hassle to receive the bonus interest rate.
Do high intrest accounts have a clause that if you withdraw, you forfeit intrest for that month? Was curious about combining with a credit card. Spend with credit card, deposit same amount into high intrest account, then when intrest is collected pay off credit card?
Some high interest accounts do, most will specify that you need to grow your account each month (which means you can't withdraw). UBank is one off the top of my mind without that requirement.
Move bank doesn't offer the 5.7% interest anymore. They quietly drop to 5.5% just one month after, perhaps after they got a bunch of new sign ups, seems like a bait and switch. 5.5% is still a good rate, just poor marketing tactic to acquire new customers.
Hey all - ING have extended their bonus for new customers and are giving away $125! Simply Open an Orange Everyday and enter the promo code (Jbn574) - bit.ly/3OKvgSN
I literally just sorted my ING and Ubank accounts out today. Welp!
Haha good choice mate 🙂
is the max balance for ING to get the bonus interest rate $100,000 or $250,000?
The maximum is $100,000
Thank you for the video. It was very helpful. If you have one, what's your opinion on IMB Bank Reward Saver Account?
YESSS
First he teaches us credit 💳, now he teaches us savings ❤ love it
Thanks for the video, mate! So, both ing and ubank do not have fees to open, keep open, and close the bank accounts?
Yes, correct no fees at all to open either one!
@raymondla thanks for your help Raymond!
@raymondla
Hey Raymond thanks so much again for your videos!
I have a one more question for you: if I open the saving account with ING and I park my savings there at the beginning of the month, do I get the interest from the first month (considering I match all the requirements)? I'd like to open it now but I don't know if I should wait for the end of the month to not lose the interest from it.
And same for ubank?
Thank you!
@@LOREakaRICO So how ING works with their requirements is that they apply to the following month. So if you signed up today, met all the requirements in the month the bonus interest rate would apply to the next month. On the other hand, with UBank it applies on the same month that you meet the requirements. I would recommend opening ING now and meet all the requirements this month so that the bonus interest rate applies for the next month. And then when next month rolls around transfer your money across on the first day of the month and you'll get the bonus 5.5% interest rate.
Thank you Raymond. Really appreciate your time and efforts. Could I please ask how much will I get taxed on the interest I earn in a high interest savings account? Is it where my tax bracket is?
Correct! You'll be taxed at your marginal tax rate for any interest earned
@@raymondlaThank you for your reply.
please make video about comparison of keeping money in HISA vs bond etf. thank you~
Hi Raymond I found out that with the RACQ Bank Bonus Saver at 5.25% an additional pre requisite is applicants need a Queensland residential address☹️. PS the Accounts Leader board is a great reference tool to use. Thank you
That’s a shame, perhaps look into ING? Or others on the list as they don’t have that requirement
Great video. Essential workers are the only people eligible to open a Hiver savings account. Hiver are not part of ING Bank which was on the flyer in the video
Thanks for that info, didn't know that about Hiver! Yes I had an editing mistake apologies on that one!
So doing ing maximiser with $20k and jump all hoops when do i get my 5.5% paid back to me? The next month?
It's 5.5% p.a. so only after a year do you get a 5.5% return.
Warning everybody. MooMoo isn't a bank and is not covered under the Financial Claims Scheme! Raymond what would happen to shares we bought via moomoo if they went bust? Would our shares be ok? Or do they go bust along with the sinking ship?
You're correct that they are indeed not a bank, they're a brokerage platform. Whilst they aren't FCS covered, they are regulated by ASIC and any money that you deposit with Moomoo is held in trust accounts with CBA that are fully segregated from Moomoo's own funds. Moomoo are moving towards a CHESS sponsored model, so any shares that you purchase with Moomoo will be held within your own name. So even if the platform goes down, you'll still keep ownership of any shares you've purchased.
@@raymondlaThanks Raymond. That explains everything perfectly.. I guess you are right. Why not invest 2k and take the free shares?! I think that is the best play here..
@@musiclife7251 yeah it’s basically free money haha! You can just sell the shares immediately once you receive them!
So what is best if you have around 30/40k you want to start earning interest on?
Love the videos very helpful with the Qantas ff cards as well. Cheers
In my opinion it’d be best to go with ING as they’ll consistently be one of the banks with the highest interest rates, or if you want a more hands off approach UBank is another option. Lower interest rate but much less of a hassle to receive the bonus interest rate.
St George incentive
Can I transfer 2000 each month and then get ir back into my account to do the same every month? for HomeME
wait but what happens if you save over the $250k limit? what happens then?
You’ll typically earn a lower interest rate for any amount above the $250k threshold
@@raymondla thankyou for your response, very informative 👍🏻
great video! currently with Ubank maybe make a switch
UBank is super easy, but hard to pass up that extra interest with ING 😅
What about tiger?
Thanks Raymond, for the $1000 deposit each month for the ING, can I withdraw the money or the $1000 has to stay in the account forever ?
Yes you can withdraw the $1000 once you deposit it. FYI the $75 sign-up bonus for ING is still currently on at the moment!
Do high intrest accounts have a clause that if you withdraw, you forfeit intrest for that month?
Was curious about combining with a credit card. Spend with credit card, deposit same amount into high intrest account, then when intrest is collected pay off credit card?
Some high interest accounts do, most will specify that you need to grow your account each month (which means you can't withdraw). UBank is one off the top of my mind without that requirement.
@@raymondla thank you, Great Australian Bank also pays interest even if you withdraw
Move bank doesn't offer the 5.7% interest anymore. They quietly drop to 5.5% just one month after, perhaps after they got a bunch of new sign ups, seems like a bait and switch. 5.5% is still a good rate, just poor marketing tactic to acquire new customers.
Yes that is a shame, I noticed that when I was editing my video! Probably no point now going with Move due to the 25K limit.
Leader board is blank!
Not sure what you mean, it's showing up fine for me?