💰Get $100 FREE if you sign up to ING with this link or use code: Jir462 & complete the 4 steps: bit.ly/3BuKGHd 💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG
(Comment copied and pasted from another video on your channel, don't mean to be impatient) Hey Bryan, another question for you. If someone has a big HECS debt (over 50k) should that person focus on paying down that debt or investing or maybe a bit of both ?
@@kairos_fluent no worries mate. It depends on the interest rate. I see HECS interest is around 7.1% due to the indexation. If that's what you're being charged then I would pay off the HECS debt. You'll struggle to find an alternative investment that guarantees you a 7.1% tax free return. It's true that you may get a bit more by investing but the risks don't outweigh the reward in this case. Not to mention the psychological relief of paying off a 50k debt. If the HECS interest rate was lower then that's another story. You could potentially do a bit of both.
@@xryanlee Hey Ryan, yeah I've been using Sharesight for the past 5 years. It's great for tracking my performance vs a bench mark like the A200 or S&P 500. They also make tax time easy with their capital gains reports.
Do you still recommend ING today? Thinking of opening another account with another bank. Thinking of either UP Bank, ING or something else. I currently have my pay going into a commbank acccount and then sending on to my savings in a Ubank account. I like the idea of having to grow the balance each month.
@@mellord83 Yes, I still think ING is the best if you want the highest interest. Ubank is also great for how little you have to do but seems like you already have an account.
@@VideoAssociates Absolutely. This channel is all about investing after all. You should only park money in a high interest savings account like ING if you need the money in the short term (less than 2 years).
Orange 🍊😊 I’ve been using ING for years and I love it as it’s so simple and there are no fees for my purposes (I only withdraw a few times a month, never over 5 times). Have always loved the fact I don’t have to try to find MY bank’s ATM to avoid the dreaded $2.5-$3 withdrawal fee as this gets refunded from the bank pretty much immediately. Will look into your U Bank video next. Thanks Bryan 🙏 (also hope you feel better soon x)
Thank you so much Tania. Glad to hear you’re enjoying ING and it’s features. It seems like it really suits your lifestyle. I’m feeling a lot better now thanks ☺️
Thank you for the video mate, very informative. Long story extremely short, I’m going through a divorce. Have a mortgage - looking to save the property for the kids to have stability But very tight on cash and was becoming overwhelmed with something as simple as opening up my own bank account. Currently with Suncorp (due to refinance on home loan) but looking to join ING
Hey Josh, I’m really sorry to here this. That’s rough. As a dad myself, I’m proud of you for prioritising your kids in these tough circumstances. Take it easy and I hope you find happiness again. Feel free to DM me on Instagram if you need someone to talk to.
Thank you mate, I truly appreciate you. I have strangely found comfort in your videos over the past few sleepless nights. It’s put my mind somewhat at ease that I’m not going to fail my girls. With a few right choices I’ll be able to provide them both happiness and stability so they won’t suffer more so than they’re going to. I wish you nothing but success in all your endeavours mate, what you’re doing with this channel and the information you deliver is providing solutions to a struggling society. You’re a gem 🙌🏼
As long as you are involved in their lives and give them your time, they will always love you mate. As for you, go hit the gym and lift some heavy ass weights or get stuck into a hobby you love. Also have your mates get around you. Right now, the worst thing you can do is stay home and be alone. Get out there and keep busy. Time heals everything. You’ll be fine mate. You still have your whole life ahead of you. Big hugs 👊💙
ORANGE :) I fired up a Ubank account to park my emergency fund some time back. For me it was the best low hurdle minimal required overhead HISA. $200 a month automated, that’s it. Simples.
Hey Bryan :D Thank you for the video. One question, what happens if I forget to transfer the $1000 one month for the ING? Or Forget to transfer the $200 for the Ubank? They both will charge me some fees or I will just lose the interest for that month? Thank you in advance. :D
Hello! You will just lose the bonus interest for that month. However, if you set up an auto transfer for the 1st of every month from your other bank then this shouldn’t be an issue 😃
Hey Nicholas, I already have a video that covers a lot of the things you mentioned but I'm thinking of making a more detailed version! In the meantime, feel free to check out this one: th-cam.com/video/PgwtrGBTRxY/w-d-xo.html
Orange! Some great information. I was gonna open a second bank account with ANZ, but i wanted to search if there were better banks out there besides the big 4. Gonna sign up with ING and Ill look into Ubank more as well
I agree with you, Joel. Ubank is still my favourite bank if I only had to choose one. I just want to take advantage of the extra 0.5% while rates are this high.
Currently making the switch from ING to Ubank. I know I’m going to have one or two big spending months a year (Christmas/birthdays/etc.) so losing all of the bonus interest from ING isn’t worth the extra 0.5% in that case (orange)
That's absolutely fair mate and I love the thought behind it. You could also keep some 'spend/present/gift' money in a Ubank account and keep the remaining in ING. That's basically what I do.
🍊Aloha Legend! First, I really want to thank you!! Stumbled across your channel 3 days ago and only have 2 videos left to watch out of all of them haha it’s like a great tv show.. you get addicted! So please never stop 😃 I’ve had few different opinions and I’m confused so would love yours! I had my savings in virgin Boost saver which is now up to 5.35% interest but I also have my homeloan for my investment house with an offset, currently at 5.85 about to go up to 6.2. The banker suggested to have my savings in the offset account so I pay less interest on it but because I can claim the interest for tax purposes is it still best yo have my savings in the offset or should I go back with savings account? I’m a little lost. Also about to start my journey in shares because of your amazing and detailed videos/advises..etc so once again THANK YOU 😊🍊
Hello Stacy! Firstly, wow. Thank you so much for watching all my videos. Makes me happy that someone is enjoying them! I would definitely move all your money over to the offset account for a few reasons: 1. Your interest rate on your home loan is higher so it's a no brainer. 2. The savings in interest on your offset account is tax free. Whereas you have to pay tax on your 5.35% savings account. I think a lot of people forget this. So think of it as you are receiving/saving 6.2% vs 5.35% minus your marginal tax rate. So you would earn/save almost double in interest by putting your money in offset. I know it's more exciting to see you earning money from the savings account rather than saving money from offset but in your situation, it's really a no brainer. 3. You could possibly look at debt recycling if you are looking at investing in shares and want to claim a tax deduction on the interest. However, just be careful with this strategy and make sure you speak to a tax accountant to structure it properly. I have made a recent video about it if you want to know more.
Alohaa Bryan! Wow ok it make sense now and also had no idea on paying tax on interests in the savings account so thank you, always learning, love it! 😀 Regarding your third point, I think I'll need to have a chat with a tax accountant perhaps as I recently "split" my mortgage into 2 by using equity to invest in my second investment property so I hope I won't be limited by transferring the savings in one of them then re borrowing it (aka debt♻😄). Thank you again for your advices!!!
Hey mate! You only need 5 to get the bonus interest. I always only make 5 transactions each month myself 😊 I think ING is confusing people by putting 5+ but in their T&C it does say at least 5.
If you provide them your TFN, you should be taxed normally as per your tax rate. If you don't provide them a TFN, then they may withhold the highest possible tax rate.
Hi Bryan, thank you so much for your video. If you don't mind, I have to questions: 1. So can I transfer let's say 1006 dollars at the beginning of the month and then make 5 different transactions of one dollar each and just add 1 more dollar which ends in a monthly balance of 1001 dollars at the end of month? 2. Did you say can I start transferring 1000 dollars at the beginning of the month and then withdrawing that money if I want to? I thought they want you to keep the whole money in that account and add a little bit more to end the month with a balance higher than the beginning. Could you please clarify that? Thanks a lot!
The 5 transactions need to be from a card, not just transfers between accounts. You can withdraw money throughout the month. Your balance just has to be higher at the end of the month than it was at the start.
Orange. When in ur comparisons video when u mentioned cmc market charge inactivity fees that's why u prefer stake because they are straight forward I was baffled because even on stake website comparison they say cmc market has no in activity fees. I was curious to know why you said cmc charge inactivity fees when even the competitior says it doesn't charge. Then I was on journey to prove you wrong in that research I found that cmc has packaged it under the word dormant fees and even stake failed to pick it up. Thank you bryan for you in depth research on your video and getting these cheeky wraps out to general public in the term they understand. Appreciate your efforts in depth research man. Thank you
Haha, thank you mate. I really appreciate that. I know these types of things are not easy to say so big props to you for laying it out man. I really admire your tenancity. Much love 💛 When it comes to your money, you should absolutely be skeptical about it because no one in the world cares about it more than you. All the best 👊
Hey @BryanInvest thanks so much for your videos! I have a 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. Thank you!
Thanks for the video. I'm considering moving from UBank to ING now that UBank won't allow direct payments out of the savings accounts. With ING, do you know if it makes any difference when the $1000 is deposited? For example, if I deposit the $1000 on the 15th of the month, will I get the bonus interest only for 15 days or for the whole month? The reason I'm asking is that my company pays on the 30/31 of each month, rather than the 1st of the next month.
With ING, it doesn’t matter what day of the month you deposit the $1000. However, if you deposit $1000 in month 1, it qualifies you for the following month. I believe the first month, you will get the bonus without the requirements.
Hi, if you have $100,000 in your savings maximiser, is there a way to maintain the 5.5% interest rate? Would you transfer that bonus interest into a Ubank account? But then the issue is you aren't growing the account. Is there a loop hole to hack this? Thanks!
You still receive 5.5% if you go over the 100K. You just won't receive any interest for every dollar over 100K. The bonus interest does not count towards balance growing which means if you move it then it lowers your balance by that amount. You'll probably have to take the hit for one month if you want to transfer over any amount over 100K. Some people max out the account at around 95K to give themselves a buffer before it reaches 100K.
Very informative video! If for instance I initially have 10k on the savings account and withdrew 5k, how will that affect the interest rate? Do I need to have 10k again for the 5.5% interest rate to apply?
If it’s in the same month, then you won’t get your full bonus interest unless your balance is higher than the previous month. So if you had $10,000 at 31 Jan, then you need to have $10,001 at 29 Feb. So in your case, you need to return the $5k + $1 by the end of the same month.
Hy Bryan, I'm an international student in Australia. I'm confused between Westpac 18-29 years old account which is offering 5.20% interest and ING. According to you which will be a better option for a international student.
Hey mate, you have to be an Aussie Citizen or PR to apply for ING. So you’ll have to find a bank that allows international students. Westpac may be a good option for you if they allow international students.
I am also international student , I have ANZ save plus (downloaded ANZ plus app) and the interest is 4.9%. It doesn’t matter. They just ask driver licence( i didn’t have driver licence when I open my ANZ)
It’s impossible to get it straight away. You need to complete those requirements I mentioned in the video. You will eventually get it once you complete those.
Hey, can u deposit $1000 in one month spread over the four weeks eg $250 per week to achieve $1000 or do u need to make a one time payment of $1000+ thanks
Hi Bryan, do you know if completing 5 transactions each month and then refunding said transactions still makes you eligible for the high interest rate?
I’m not sure mate. The rates are already quite high and starting to push the historical returns you can expect in the stock market. I don’t think it’s sustainable long term. One thing I know for sure is ING usually has one of the best rates so I’ll stick with them for now.
Orange all the way! Thanks as usual! Can i request a video tackling on pros and cons of investing in different platform for cryptos? I saw your vid talking about coinspot last time, but maybe you can tackle different platforms like etoro for comparisons? And about getting wallet for cryptos? Thanks in advance!
Thanks for sharing. I've didn't know much about them before but just looked them up. Looks decent from what I can see. I'm assuming you're talking about their HomeSaver account? They do pay 5.25% which is pretty good if you don't want to grow your balance every month. However, ING is still offers 0.25% higher.
It’s a shame you can only have up to 100k with ing otherwise I’d go with them. With Nab for 4.75% with no expectations other then not withdrawing, a shame they don’t match say ing rate
Yeah the big 4 are unlikely to match smaller banks. The margin would be too thin for them. Online banks can afford to offer more because they have no physical branches so less overhead expenses.
When you sign up, I believe your first month is automatically qualified for the bonus. And as long as you complete the tasks anytime in the current month, you will unlock the bonus for the next month. It shows you on the app whether you have already qualified for next month. It’s quite easy to track.
Hi Bryan, would you use ING as a business everyday account? I am with ANZ and they charge a lot for transactions. Otherwise, what is your recommendation for a business account?
ING is probably not suitable as a business account if you're looking to get the bonus interest every month. You need to save every month to trigger the bonus rate which is hard to do with a business account. I think Ubank is more suitable for this. Up to 20K fast withdrawal every day. You only need to transfer $200 into your account to get the bonus rate every month. And it's never failed any transfers or payments for me so far. Having said that, if you require a physical branch to withdraw money easily then ANZ is probably the best out of the big 4 in terms of bonus rates.
Love the content, I get paid in US dollars into my Aus account and get slugged with a fee every month I get paid, will this account get rid of those fees? Orange
Hey mate, that doesn’t sound right. It should be paying you in AUD. Perhaps you can contact them to see why you’re getting paid in USD. You can send them a chat on the app itself.
I am a ING customer in the Netherlands where the bank originated from and I’m really interested how ING works and operates in Australia. Does it work the same like here in the Netherlands?
Hey i bought some etf and I am getting notifications about providing details to unit registry? can you explain comuptershare investor portal and link market portal
Hey mate, basically it’s to register your ETFs under your name so you can do things like provide bank details for where want your dividends to go, set up auto reinvest dividend, and to vote (if you want). I talk about it more in this video if you want to check it out: th-cam.com/video/ds_1alAJgTI/w-d-xo.html
Then you won’t get the bonus interest rate for the month. You would only get the standard variable rate (currently 0.55%). The bonus rate is currently 4.95%. So 0.55% + 4.95% = 5.50%
New subscriber.....Im dying to know which hair wax you order from overseas. It must be good if you import it. May i ask which one it is? I just happen to be looking for one thats quality.
Haha, hey mate. I use this one: peteandpedro.com/collections/styling-aids/products/putty I have thick straight hair and have tried all the mens hair products out there. This one does a good job keeping my hair in place all day.
@@BryanInvest SAME! thats why I asked lol, cause ive had to same experience and am always just on the look out. Cheers bud. Subscribed and enjoy the content.
Do you need to complete all the steps for ING on the 1st of every month to get the 5.5% on your savings, or do you just need to complete them before the last day of every month? (Orange)
You just need to complete it before the next month. So you to get the bonus for Feb, you have until Jan 31st to complete everything. You can leave it until late but I like to knock off a few hoops very early.
Hey Bryan, great video. I opened the account now and i am using this as an saving account. Is that amazon gift card hack still working?? I tried and it is not reflecting in the criteria of elegible transaction. Do you have any other hack to satisfy this 5 transaction criteria..
Hi, yes it does work. However, it may take a couple of days for the pending transactions to become settled. Then you will be eligible for the bonus for the next month. You can check the status on the ‘interest’ tab on the App.
Haha, I was wondering if anyone would ask this 😂 I use a brand called Pete & Pedro. It’s the only wax on the current market that can make my stubborn thick hair look somewhat presentable. peteandpedro.com/products/putty
Ing was annoying ubank all the way. Another hack to get your 5 transactions off pending faster was to buy 5 $1 coffees at coles shell express before 12pm est on the 1st of every month. Somehow the next day the transactions wont be pending anymore if you do it there other places may take 2-5 days. So annoying, but the interest accrues daily so the quicker you acheive all tasks the quicker you get the bonus interest with both banks
Fair enough mate. Ubank would be my pick too if I had to choose one. Thanks for the coffee tip! However, the 5x spend makes you qualify for the following month (and the first month you sign up is free) so you’re not going to lose out on interest days even if you make your spends in the final few days of the month.
Yes, that will increase your balance by $1 each month if you keep doing that. Please keep in mind, you will need to keep your interest in the account as well.
Both are great. ING has a higher bonus rate but more things to do to get it. Ubank has a lower rate but much easier to get the bonus rates. Choose which wherever suits you.
If I have 20,000 and withdraw 5,000 I won’t qualify for next months bonus interest, but if I grow my 5,000 to 5,001 for the following month, will the bonus interest apply?
Sorry, I should have explained it better. Usually, most High Interest Savings Accounts will have a 'standard variable rate' and a 'bonus rate'. In ING's case, the standard rate is 0.55% which is what you will receive if you don't complete the 3 requirements. If you do complete them, then you will get an additional 'bonus rate' of 4.95%. Together they make up the 5.5% that gets advertised. Hope that makes sense.
I've used the link and able to successfully create and setup Ing account, but didn't receive the $100. Will it take time for $100 to credit into the New account?
Hey, yeah it will take some time because you need to complete these 4 steps before getting it. Step 1: Open an Everyday Orange Account. Step 2: Deposit $1000+ into Everyday Orange Account. Step 3: Make 5 purchases using your Orange Everyday card in a calendar month. Step 4: Open a Savings Maximiser Account and make a $1 deposit in it. But rest assure, you will receive it shortly after you complete the steps.
Up to you mate. If you don't have the time to jump the hoops then Ubank is enough. If you think the 3 hoops are easily achievable then the extra 0.5% may be worth it.
It's not bad at all. They are currently offering 5.4% for the first 4 months for new customers. They also have no annoying hoops. However, after the 4th month, rates will drop to 4.5% so there are definitely better options out there like Ubank (5%) if you want a no fuse no hoops bank with a relatively high rate.
Rarely do any banks get good ratings in product review. It’s a place for people to vent. I use ING myself, no issues. Can withdraw easily. Get the interest every month. It’s even endorsed by the Barefoot investor in his book. It’s also a top 2 most popular bank on OzBargain (they are made up of financially savvy people). Please rest assured, I would never recommend a product I wouldn’t use myself.
Wonderful content !!!.. but you need to slow down how fast you speak….it’s like your trying to speak & catch a bus at the same time…please no offence. Once again great content
Not bad at all for a big 4 bank. Thanks for sharing. However, you still need to deposit once a month and make no withdrawals to get the bonus so almost comparable to ING. I’ll rather jump the extra hoop and get 0.5% with ING or sign up to Ubank 😄
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💰Get $100 FREE if you sign up to ING with this link or use code: Jir462 & complete the 4 steps: bit.ly/3BuKGHd
💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG
(Comment copied and pasted from another video on your channel, don't mean to be impatient)
Hey Bryan, another question for you. If someone has a big HECS debt (over 50k) should that person focus on paying down that debt or investing or maybe a bit of both ?
@@kairos_fluent no worries mate. It depends on the interest rate. I see HECS interest is around 7.1% due to the indexation. If that's what you're being charged then I would pay off the HECS debt. You'll struggle to find an alternative investment that guarantees you a 7.1% tax free return. It's true that you may get a bit more by investing but the risks don't outweigh the reward in this case. Not to mention the psychological relief of paying off a 50k debt. If the HECS interest rate was lower then that's another story. You could potentially do a bit of both.
@@BryanInvest Thanks Bryan, appreciate the reply.
Can you please share your experience on tracking share performance? Do you use Sharesights?
@@xryanlee Hey Ryan, yeah I've been using Sharesight for the past 5 years. It's great for tracking my performance vs a bench mark like the A200 or S&P 500. They also make tax time easy with their capital gains reports.
Every Australian needs to see this. I have been using ING for years. Thanks for the great video Bryan.
Thanks mate! I hope more Aussies can be get better interest rates from their banks 🏦
Do you still recommend ING today? Thinking of opening another account with another bank. Thinking of either UP Bank, ING or something else. I currently have my pay going into a commbank acccount and then sending on to my savings in a Ubank account. I like the idea of having to grow the balance each month.
@@mellord83 Yes, I still think ING is the best if you want the highest interest. Ubank is also great for how little you have to do but seems like you already have an account.
What about putting money into the S and P 500 for 2024....like IVV ?
@@VideoAssociates Absolutely. This channel is all about investing after all. You should only park money in a high interest savings account like ING if you need the money in the short term (less than 2 years).
Orange 🍊😊 I’ve been using ING for years and I love it as it’s so simple and there are no fees for my purposes (I only withdraw a few times a month, never over 5 times). Have always loved the fact I don’t have to try to find MY bank’s ATM to avoid the dreaded $2.5-$3 withdrawal fee as this gets refunded from the bank pretty much immediately. Will look into your U Bank video next. Thanks Bryan 🙏 (also hope you feel better soon x)
Thank you so much Tania. Glad to hear you’re enjoying ING and it’s features. It seems like it really suits your lifestyle. I’m feeling a lot better now thanks ☺️
Thanks Bryan! I'm already with Ubank but going to give ING a go :)
I was the same as you. Good luck! 😊
Thank you for the video mate, very informative.
Long story extremely short, I’m going through a divorce.
Have a mortgage - looking to save the property for the kids to have stability
But very tight on cash and was becoming overwhelmed with something as simple as opening up my own bank account.
Currently with Suncorp (due to refinance on home loan) but looking to join ING
Hey Josh, I’m really sorry to here this. That’s rough. As a dad myself, I’m proud of you for prioritising your kids in these tough circumstances. Take it easy and I hope you find happiness again. Feel free to DM me on Instagram if you need someone to talk to.
Thank you mate, I truly appreciate you. I have strangely found comfort in your videos over the past few sleepless nights.
It’s put my mind somewhat at ease that I’m not going to fail my girls.
With a few right choices I’ll be able to provide them both happiness and stability so they won’t suffer more so than they’re going to.
I wish you nothing but success in all your endeavours mate, what you’re doing with this channel and the information you deliver is providing solutions to a struggling society.
You’re a gem 🙌🏼
As long as you are involved in their lives and give them your time, they will always love you mate.
As for you, go hit the gym and lift some heavy ass weights or get stuck into a hobby you love. Also have your mates get around you. Right now, the worst thing you can do is stay home and be alone. Get out there and keep busy.
Time heals everything. You’ll be fine mate. You still have your whole life ahead of you. Big hugs 👊💙
ORANGE :) I fired up a Ubank account to park my emergency fund some time back. For me it was the best low hurdle minimal required overhead HISA. $200 a month automated, that’s it. Simples.
Great choice mate. Ubank is still my overall #1 Savings account 👊
7:19 your bank account balance for August was $94,000 … not bad
👀
🍊 I have been using both banks too for a while. Excellent video as always😊
Cheers mate. It almost feels like a cheat code sometimes right? 😂
Hey Bryan :D Thank you for the video.
One question, what happens if I forget to transfer the $1000 one month for the ING? Or Forget to transfer the $200 for the Ubank? They both will charge me some fees or I will just lose the interest for that month?
Thank you in advance. :D
Hello! You will just lose the bonus interest for that month. However, if you set up an auto transfer for the 1st of every month from your other bank then this shouldn’t be an issue 😃
High interest savings accounts only make sense if your home loan is paid off. Otherwise, leave it in redraw offsetting 5.90 - 6.00% tax-free.
That is true. Or for people who have fixed their home loans or rent.
Hey Bryan! Would love a video about getting started on credit cards, looking at best available options, how to auto-pay debts ect. Love the vids!
Hey Nicholas, I already have a video that covers a lot of the things you mentioned but I'm thinking of making a more detailed version! In the meantime, feel free to check out this one: th-cam.com/video/PgwtrGBTRxY/w-d-xo.html
Orange! Some great information. I was gonna open a second bank account with ANZ, but i wanted to search if there were better banks out there besides the big 4. Gonna sign up with ING and Ill look into Ubank more as well
Hey Helen, that's cool! I hope you enjoy ING as much as I do. Let me know how you go in a few months ☺
Can confirm ING is a good bank. Pity I didn’t get $100 when I signed up a few years ago 😢 (orange)
That's too bad :( ING are notoriously for being quite stingy with sign up bonuses so have to take advantage when they offer them!
Orange!! Started a Ubank account 2 months ago and it seems like less hassle to get the 5% Soo I'll stick with Ubank
I agree with you, Joel. Ubank is still my favourite bank if I only had to choose one. I just want to take advantage of the extra 0.5% while rates are this high.
ING is a
Dutch Agricultural Bank.....
they are the #2 agricultural nation on fhe planet
and once again..... slow down 1.5 seconds per minute....
Currently making the switch from ING to Ubank. I know I’m going to have one or two big spending months a year (Christmas/birthdays/etc.) so losing all of the bonus interest from ING isn’t worth the extra 0.5% in that case (orange)
That's absolutely fair mate and I love the thought behind it. You could also keep some 'spend/present/gift' money in a Ubank account and keep the remaining in ING. That's basically what I do.
🍊Aloha Legend! First, I really want to thank you!! Stumbled across your channel 3 days ago and only have 2 videos left to watch out of all of them haha it’s like a great tv show.. you get addicted! So please never stop 😃
I’ve had few different opinions and I’m confused so would love yours! I had my savings in virgin Boost saver which is now up to 5.35% interest but I also have my homeloan for my investment house with an offset, currently at 5.85 about to go up to 6.2. The banker suggested to have my savings in the offset account so I pay less interest on it but because I can claim the interest for tax purposes is it still best yo have my savings in the offset or should I go back with savings account? I’m a little lost. Also about to start my journey in shares because of your amazing and detailed videos/advises..etc so once again THANK YOU 😊🍊
Hello Stacy! Firstly, wow. Thank you so much for watching all my videos. Makes me happy that someone is enjoying them!
I would definitely move all your money over to the offset account for a few reasons:
1. Your interest rate on your home loan is higher so it's a no brainer.
2. The savings in interest on your offset account is tax free. Whereas you have to pay tax on your 5.35% savings account. I think a lot of people forget this. So think of it as you are receiving/saving 6.2% vs 5.35% minus your marginal tax rate. So you would earn/save almost double in interest by putting your money in offset.
I know it's more exciting to see you earning money from the savings account rather than saving money from offset but in your situation, it's really a no brainer.
3. You could possibly look at debt recycling if you are looking at investing in shares and want to claim a tax deduction on the interest. However, just be careful with this strategy and make sure you speak to a tax accountant to structure it properly. I have made a recent video about it if you want to know more.
Alohaa Bryan!
Wow ok it make sense now and also had no idea on paying tax on interests in the savings account so thank you, always learning, love it! 😀
Regarding your third point, I think I'll need to have a chat with a tax accountant perhaps as I recently "split" my mortgage into 2 by using equity to invest in my second investment property so I hope I won't be limited by transferring the savings in one of them then re borrowing it (aka debt♻😄).
Thank you again for your advices!!!
Thanks Bryan!! Quick question, isn’t the criteria 5+ card transactions, not 5? So you’d have to make atleast 6 to meet the criterion?
Hey mate! You only need 5 to get the bonus interest. I always only make 5 transactions each month myself 😊 I think ING is confusing people by putting 5+ but in their T&C it does say at least 5.
@@BryanInvest thanks Bryan, you’re right, that’s been reflected on my account as well 🙏🏾
Hello Bryan, THANK YOU. I am wondering if direct debit from Orange Everyday is also seen transaction?
Yes it is! So you could set up your Netflix and other subscriptions on the card and it will count.
Thanks heaps, Bryan.
Orange all the way👍🏼
🟠🟠🟠
Orange!! Very informative! Thank you
Cheers! 🍊🍊🍊
Do they cut any withhold tax when paying interest like ANZ saver account?
If you provide them your TFN, you should be taxed normally as per your tax rate. If you don't provide them a TFN, then they may withhold the highest possible tax rate.
Hi Bryan, thank you so much for your video. If you don't mind, I have to questions:
1. So can I transfer let's say 1006 dollars at the beginning of the month and then make 5 different transactions of one dollar each and just add 1 more dollar which ends in a monthly balance of 1001 dollars at the end of month?
2. Did you say can I start transferring 1000 dollars at the beginning of the month and then withdrawing that money if I want to? I thought they want you to keep the whole money in that account and add a little bit more to end the month with a balance higher than the beginning. Could you please clarify that?
Thanks a lot!
The 5 transactions need to be from a card, not just transfers between accounts. You can withdraw money throughout the month. Your balance just has to be higher at the end of the month than it was at the start.
Do u need a mininum amount of money to open an account ?
Nope! You can put in anywhere from $1-$100k and get the bonus interest.
Orange. When in ur comparisons video when u mentioned cmc market charge inactivity fees that's why u prefer stake because they are straight forward I was baffled because even on stake website comparison they say cmc market has no in activity fees. I was curious to know why you said cmc charge inactivity fees when even the competitior says it doesn't charge. Then I was on journey to prove you wrong in that research I found that cmc has packaged it under the word dormant fees and even stake failed to pick it up. Thank you bryan for you in depth research on your video and getting these cheeky wraps out to general public in the term they understand. Appreciate your efforts in depth research man. Thank you
Haha, thank you mate. I really appreciate that.
I know these types of things are not easy to say so big props to you for laying it out man. I really admire your tenancity. Much love 💛
When it comes to your money, you should absolutely be skeptical about it because no one in the world cares about it more than you. All the best 👊
I hope stake update their comparison webpage to show cmc market do charge dormant/in activity fees.
Hey @BryanInvest thanks so much for your videos!
I have a 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.
Thank you!
Yes, I believe they waive the bonus requirements for the first month so you will get interest straight away.
Thanks for the video. I'm considering moving from UBank to ING now that UBank won't allow direct payments out of the savings accounts. With ING, do you know if it makes any difference when the $1000 is deposited? For example, if I deposit the $1000 on the 15th of the month, will I get the bonus interest only for 15 days or for the whole month? The reason I'm asking is that my company pays on the 30/31 of each month, rather than the 1st of the next month.
With ING, it doesn’t matter what day of the month you deposit the $1000. However, if you deposit $1000 in month 1, it qualifies you for the following month. I believe the first month, you will get the bonus without the requirements.
@@BryanInvest, thank you. I also opened a UBank account last year after watching your video. Great work.
Hi, if you have $100,000 in your savings maximiser, is there a way to maintain the 5.5% interest rate? Would you transfer that bonus interest into a Ubank account? But then the issue is you aren't growing the account. Is there a loop hole to hack this? Thanks!
You still receive 5.5% if you go over the 100K. You just won't receive any interest for every dollar over 100K. The bonus interest does not count towards balance growing which means if you move it then it lowers your balance by that amount. You'll probably have to take the hit for one month if you want to transfer over any amount over 100K. Some people max out the account at around 95K to give themselves a buffer before it reaches 100K.
Orange! Thank you Bryan for the awesome video!
Thanks for watching 😃
Very informative video! If for instance I initially have 10k on the savings account and withdrew 5k, how will that affect the interest rate? Do I need to have 10k again for the 5.5% interest rate to apply?
If it’s in the same month, then you won’t get your full bonus interest unless your balance is higher than the previous month. So if you had $10,000 at 31 Jan, then you need to have $10,001 at 29 Feb. So in your case, you need to return the $5k + $1 by the end of the same month.
Thanks @@BryanInvest!
Hy Bryan, I'm an international student in Australia. I'm confused between Westpac 18-29 years old account which is offering 5.20% interest and ING. According to you which will be a better option for a international student.
Hey mate, you have to be an Aussie Citizen or PR to apply for ING. So you’ll have to find a bank that allows international students. Westpac may be a good option for you if they allow international students.
I am also international student , I have ANZ save plus (downloaded ANZ plus app) and the interest is 4.9%. It doesn’t matter. They just ask driver licence( i didn’t have driver licence when I open my ANZ)
Hi mate. Thanks for the information . Its great but i did not receive any bonus from your link .
It’s impossible to get it straight away. You need to complete those requirements I mentioned in the video. You will eventually get it once you complete those.
Hey, can u deposit $1000 in one month spread over the four weeks eg $250 per week to achieve $1000 or do u need to make a one time payment of $1000+ thanks
Good question. I asked ING’s customer service and they confirmed you can deposit multiple times as long as the total is $1000+ within the month.
Hi Bryan, do you know if completing 5 transactions each month and then refunding said transactions still makes you eligible for the high interest rate?
It needs to be 5 settled transactions so I don’t think it will work if you end up refunding them.
Hi mate , thanks for your content.
How long usually ING or any bank keep this interest rate? 🤙🏽
I’m not sure mate. The rates are already quite high and starting to push the historical returns you can expect in the stock market. I don’t think it’s sustainable long term. One thing I know for sure is ING usually has one of the best rates so I’ll stick with them for now.
Orange all the way! Thanks as usual!
Can i request a video tackling on pros and cons of investing in different platform for cryptos?
I saw your vid talking about coinspot last time, but maybe you can tackle different platforms like etoro for comparisons? And about getting wallet for cryptos? Thanks in advance!
Thanks mate. Yeah, I'm planning to do more crypto videos soon and I'll definitely do an Australian crypto exchange comparison.
Great Southern Bank has a much better deal, as you don't need to grow the balance every month, just the card purchases and the deposit.
Thanks for sharing. I've didn't know much about them before but just looked them up. Looks decent from what I can see. I'm assuming you're talking about their HomeSaver account? They do pay 5.25% which is pretty good if you don't want to grow your balance every month. However, ING is still offers 0.25% higher.
Hi bryan, love your videos… Can you also make a video for best banks available to international students in australia and benifits they can claim… 😊
Thank you mate. Good idea. I’ll put it on my video idea list!
Have you tried withdrawing /transferring from ING other than the ATM ?? A nightmare.
They've increased the daily instant transfer limit from 1K to 5K which is an improvement.
Looks like my favourite colour is orange 🧡 again
Haha can’t go wrong with double orange 🍊 🧡
Thankyou Bryan your video helped me :)!
Cheers Hope. Glad it helped 😊
It’s a shame you can only have up to 100k with ing otherwise I’d go with them. With Nab for 4.75% with no expectations other then not withdrawing, a shame they don’t match say ing rate
Yeah the big 4 are unlikely to match smaller banks. The margin would be too thin for them. Online banks can afford to offer more because they have no physical branches so less overhead expenses.
You can also transfer the money from your orange everyday account, doesnt need to be from another bank! Been using ing for 4 years, its great!
Ah that’s cool to know. Thanks! 😊
If i completed the task thats the start of counting of my interest? or they will still count as long i stock money in there?
When you sign up, I believe your first month is automatically qualified for the bonus. And as long as you complete the tasks anytime in the current month, you will unlock the bonus for the next month. It shows you on the app whether you have already qualified for next month. It’s quite easy to track.
Hi Bryan, would you use ING as a business everyday account? I am with ANZ and they charge a lot for transactions. Otherwise, what is your recommendation for a business account?
ING is probably not suitable as a business account if you're looking to get the bonus interest every month. You need to save every month to trigger the bonus rate which is hard to do with a business account.
I think Ubank is more suitable for this. Up to 20K fast withdrawal every day. You only need to transfer $200 into your account to get the bonus rate every month. And it's never failed any transfers or payments for me so far.
Having said that, if you require a physical branch to withdraw money easily then ANZ is probably the best out of the big 4 in terms of bonus rates.
Thanks so much for your reply. I’ll look at those options 😊
Love the content, I get paid in US dollars into my Aus account and get slugged with a fee every month I get paid, will this account get rid of those fees? Orange
Hey mate, that doesn’t sound right. It should be paying you in AUD. Perhaps you can contact them to see why you’re getting paid in USD. You can send them a chat on the app itself.
@BryanInvest hi, im working overseas and they pay me in usd to my Australian account which transfers it to aud but they take a transfer fee
I am a ING customer in the Netherlands where the bank originated from and I’m really interested how ING works and operates in Australia. Does it work the same like here in the Netherlands?
Orange!
Does ING has shared accounts too? Does the benefits works for Shared accounts aswell?
Yes, you can apply for a joint account. You’ll both receive a card each and will get the same benefits.
can you do a commbank goal saver account review
I’ll put it on the list! But usually big 4 banks aren’t as competitive as the smaller ones.
Hi Brian, I just bought 5 $1 Amazon E-Gift Card to satisfy the 5+ settled transaction requirement but it’s showing as pending payment :(
Yes, don’t worry. It will clear in a couple of days and should satisfy the criteria.
@@BryanInvest Thanks for the reply Brian. Also, how long does it take for the $100 referral bonus to come ?
Pls do a tutorial vid on Pearler 🙏🏼
Coming soon! 😄
Thank Mate !! unfortunately I am no Resident. However, it is very good contribution.
Thanks mate! There are other good savings account out there for non residents 👍
Hey i bought some etf and I am getting notifications about providing details to unit registry? can you explain comuptershare investor portal and link market portal
Hey mate, basically it’s to register your ETFs under your name so you can do things like provide bank details for where want your dividends to go, set up auto reinvest dividend, and to vote (if you want). I talk about it more in this video if you want to check it out: th-cam.com/video/ds_1alAJgTI/w-d-xo.html
What happens if you failed to meet 1 or all criterias in the month?
Then you won’t get the bonus interest rate for the month. You would only get the standard variable rate (currently 0.55%).
The bonus rate is currently 4.95%.
So 0.55% + 4.95% = 5.50%
ANZ Plus has 4.9% and Macquarie 4.75%, both are standard rates and don't have any requirements like ING and Ubank.
Good options if you don't want to want to jump any hoops 👍
New subscriber.....Im dying to know which hair wax you order from overseas. It must be good if you import it. May i ask which one it is? I just happen to be looking for one thats quality.
Haha, hey mate. I use this one: peteandpedro.com/collections/styling-aids/products/putty
I have thick straight hair and have tried all the mens hair products out there. This one does a good job keeping my hair in place all day.
@@BryanInvest SAME! thats why I asked lol, cause ive had to same experience and am always just on the look out. Cheers bud. Subscribed and enjoy the content.
@@hairypawter8475 haha, finally someone who understands me. Thanks man. Good luck with your investing journey and more importantly, your hair 😂
Orange! Great detail Bryan and well presented 🔥 Thank you
Thanks Alfred! Appreciate the endorsement 😊
Do you need to complete all the steps for ING on the 1st of every month to get the 5.5% on your savings, or do you just need to complete them before the last day of every month? (Orange)
before the end of the month
You just need to complete it before the next month. So you to get the bonus for Feb, you have until Jan 31st to complete everything. You can leave it until late but I like to knock off a few hoops very early.
Lol! You make me laugh. Love your never say die attitude Bryan. Thank you for making this orange video despite the sniffles 🤧
Hahaha thanks Sarah. My motto is make content not excuses 😉
Hi Bryan, is it 5.5% per month or per year?
Per year, mate!
Hey Bryan, great video.
I opened the account now and i am using this as an saving account.
Is that amazon gift card hack still working?? I tried and it is not reflecting in the criteria of elegible transaction. Do you have any other hack to satisfy this 5 transaction criteria..
Hi, yes it does work. However, it may take a couple of days for the pending transactions to become settled. Then you will be eligible for the bonus for the next month. You can check the status on the ‘interest’ tab on the App.
Can you recommend the hair wax you use please?
Haha, I was wondering if anyone would ask this 😂 I use a brand called Pete & Pedro. It’s the only wax on the current market that can make my stubborn thick hair look somewhat presentable.
peteandpedro.com/products/putty
Ing was annoying ubank all the way. Another hack to get your 5 transactions off pending faster was to buy 5 $1 coffees at coles shell express before 12pm est on the 1st of every month. Somehow the next day the transactions wont be pending anymore if you do it there other places may take 2-5 days. So annoying, but the interest accrues daily so the quicker you acheive all tasks the quicker you get the bonus interest with both banks
Fair enough mate. Ubank would be my pick too if I had to choose one. Thanks for the coffee tip! However, the 5x spend makes you qualify for the following month (and the first month you sign up is free) so you’re not going to lose out on interest days even if you make your spends in the final few days of the month.
Hi again! So after I deposit $1000 can I pull out $999? to make it $1000.1 Would I still get the benefit? thanks!
Yes, that will increase your balance by $1 each month if you keep doing that. Please keep in mind, you will need to keep your interest in the account as well.
Hi Bryan I am planning to open move my bank to ubank or ING from NAB, which bank is okay for main account? Thanks ❤
Both are great. ING has a higher bonus rate but more things to do to get it. Ubank has a lower rate but much easier to get the bonus rates. Choose which wherever suits you.
If I have 20,000 and withdraw 5,000 I won’t qualify for next months bonus interest, but if I grow my 5,000 to 5,001 for the following month, will the bonus interest apply?
That is correct mate. When they say ‘savings’ account, they really mean it!
ORANGE😁, Thanks for another amazing video
Thanks for the support! 😃
Orange 🍊 Thanks for the great video and helpful tips
Thanks for the support Tracy 💛
sorry, what is bonus interest ?
Sorry, I should have explained it better. Usually, most High Interest Savings Accounts will have a 'standard variable rate' and a 'bonus rate'.
In ING's case, the standard rate is 0.55% which is what you will receive if you don't complete the 3 requirements. If you do complete them, then you will get an additional 'bonus rate' of 4.95%.
Together they make up the 5.5% that gets advertised. Hope that makes sense.
Thank you so much !
do i get the $100 bonus if i already have account but open a new using your code?
Unfortunately not, if the new account is under your name.
Hey Bryan! Do you get 5% interest paid every month or is it 5% over 12 months?
Hey mate, It’s over 12 months.
Do the 5 purchases each month include bills?
Absolutely mate. Basically anything.
I've used the link and able to successfully create and setup Ing account, but didn't receive the $100. Will it take time for $100 to credit into the New account?
Hey, yeah it will take some time because you need to complete these 4 steps before getting it.
Step 1: Open an Everyday Orange Account.
Step 2: Deposit $1000+ into Everyday Orange Account.
Step 3: Make 5 purchases using your Orange Everyday card in a calendar month.
Step 4: Open a Savings Maximiser Account and make a $1 deposit in it.
But rest assure, you will receive it shortly after you complete the steps.
@@BryanInvest Thanks mate, wasn't expecting a reply this quick tho😄
Appreciate it!
ORANGE. I already have a Ubank account, would an ING account be too much?
Up to you mate. If you don't have the time to jump the hoops then Ubank is enough. If you think the 3 hoops are easily achievable then the extra 0.5% may be worth it.
hey bryan, what are your thoughts on macquarie?
It's not bad at all. They are currently offering 5.4% for the first 4 months for new customers. They also have no annoying hoops. However, after the 4th month, rates will drop to 4.5% so there are definitely better options out there like Ubank (5%) if you want a no fuse no hoops bank with a relatively high rate.
Thanks Bryan great videos 👍
Thanks Craig! 👍
hi, doesnt work for international students?
Unfortunately, it’s only for citizens and PR.
cheers bryan!
You're welcome mate 😎
oranges!!!
Orange
BTW ING Savings Maximiser a/ct are getting some bad review in Product Review...? Hope you review is not misleading?
Rarely do any banks get good ratings in product review. It’s a place for people to vent. I use ING myself, no issues. Can withdraw easily. Get the interest every month. It’s even endorsed by the Barefoot investor in his book. It’s also a top 2 most popular bank on OzBargain (they are made up of financially savvy people). Please rest assured, I would never recommend a product I wouldn’t use myself.
Wonderful content !!!.. but you need to slow down how fast you speak….it’s like your trying to speak & catch a bus at the same time…please no offence. Once again great content
Thank you! I do get this comment a lot and that’s my natural speaking speed haha. I’ll try to slow down in future videos 😊
Hey i cant open up an account because i am under 18
Orange ❤❤❤
🧡🧡🧡
Orange!
😃
orange.
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5% with NAB Reward Saver account and less hoops to jump through
Not bad at all for a big 4 bank. Thanks for sharing. However, you still need to deposit once a month and make no withdrawals to get the bonus so almost comparable to ING. I’ll rather jump the extra hoop and get 0.5% with ING or sign up to Ubank 😄
Appreciate your work Bryan! please keep making Aussie ORANGE content 🍊
I plan to make MANY more Aussie related finance content! 🇦🇺🦘💰
Ur the best in oz
Coming from a sceptic changed to appreciator
@@littleevilpro I appreciate you man 👊
Hello
Hello! 👋
Orange champ
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Orange
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Capped at 100k? What a waste
orange
👊👊
Orange…😊
Cheers!
orange!
🍊
orange
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Orange
🍊🍊🍊
Orange
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Have an account with ubank so easy application
@@gregprice7714 They are awesome :)
Do not go with ING, you won’t get any help if you need help!