ING Savings Maximiser?

[PHOBiA]

At the moment our house deposit is sitting in a westpac savings account earning about 5.1% pa.
I'm thinking of transferring this money into the iNG Savings Maximiser as it will earn me about 7% until Jan 08, then drop to 6.1%

Does anyone see any negatives to changing to ING from your bank savings account?

Link to service -> http://www.ingdirect.com.au/personal/savings_max.htm

And before anyone says "play it on the stock market" I want a secure investment not one that I really need to pay attention to for the next 2 years before we decide to build.

[Klink]

ING are awesome... been using them for well over a year now.

There are ZERO fees. The only slight drawback is, you cannot walk into a branch to take your money out. You can only transfer the money out of the ING account electronically back to your regular account. (You must link the ING account with any other Australian bank account). So it may take a day or two for the funds to be "available in your hands"

As for a savings account... I havent found anything better!

[cowgirl]

also helps prevent impulse buys

i think its awesome

[Mungus]

ING are awesome... been using them for well over a year now.

There are ZERO fees. The only slight drawback is, you cannot walk into a branch to take your money out. You can only transfer the money out of the ING account electronically back to your regular account. (You must link the ING account with any other Australian bank account). So it may take a day or two for the funds to be "available in your hands"

As for a savings account... I havent found anything better![/b]

What Klink said. Do it now.

[Specwarop]

Or you could just go to Bankwest and get 8% from their savings account.

[Taylor]

Or you could just go to Bankwest and get 8% from their savings account.[/b]

One Regular Saver account per person and accountholders must be 15 years or older. Maximum allowable deposit of $500 per month. No interest is paid in a month where you make a deposit of less than $50 and/or make a withdrawal.[/b]

/\ They don't want too much in there. I moved $20,000 around my netbanksaver since march, bankwest wouldn't have let me deposit anywhere near enough money into it or widthdraw without losing all the interest earned.

At 6.25%, it does alright.

ING zero fees = good.


Edit... \/

The Bankwest 8% saver account will only let you deposit $6,000 max into the account in a year, which is then all moved back into your regular account after the year is up and you HAVE to start again. The bank says it's a favor by moving it back, those sneaky, sneaky bastards.

[mystery]

ING are awesome... been using them for well over a year now.

There are ZERO fees. The only slight drawback is, you cannot walk into a branch to take your money out. You can only transfer the money out of the ING account electronically back to your regular account. (You must link the ING account with any other Australian bank account). So it may take a day or two for the funds to be "available in your hands"

As for a savings account... I havent found anything better![/b]

Bankwest TELENET saver - 7% for first year then 6.5%

NO fees

www.abetterdeal.com.au

Better than ING

[Sphinx_20]

My folks use ING and it seems pretty good in terms of interest.

While ING have no fees, its a good idea to check if your other bank's account is going to charge you fees for transferring funds back and forth.

[Klink]

While ING have no fees, its a good idea to check if your other bank's account is going to charge you fees for transferring funds back and forth.[/b]

No banks as far as im aware charge fees for electronic transfers.

[Klink]

Bankwest TELENET saver - 7% for first year then 6.5%

NO fees

www.abetterdeal.com.au

Better than ING

[/b]

Just had a look at that, you must link it to a regular bankwest account, which im sure will have fees attached to it
They're sneaky like that.

[akeracat]

<div class='quotetop'>QUOTE(mystery @ Oct 5 2007, 07:54 AM) <{POST_SNAPBACK}>

Bankwest TELENET saver - 7% for first year then 6.5%

NO fees

www.abetterdeal.com.au

Better than ING

[/b]

Just had a look at that, you must link it to a regular bankwest account, which im sure will have fees attached to it
They&#39;re sneaky like that.
[/b][/quote]

Actually no you don&#39;t I have my linked account with another institution and have never been charged fees

Unless they changed the rules in last cople of months

[Klink]

Ahh right you are... I was looking at a different savings account they offer.

[PHOBiA]

<div class='quotetop'>QUOTE(Klink @ Oct 4 2007, 10:02 PM) <{POST_SNAPBACK}>

ING are awesome... been using them for well over a year now.

There are ZERO fees. The only slight drawback is, you cannot walk into a branch to take your money out. You can only transfer the money out of the ING account electronically back to your regular account. (You must link the ING account with any other Australian bank account). So it may take a day or two for the funds to be "available in your hands"

As for a savings account... I havent found anything better![/b]

Bankwest TELENET saver - 7% for first year then 6.5%

NO fees

www.abetterdeal.com.au

Better than ING


[/b][/quote]

It says your money is available 24/7 but can you access your money at any time. Is there penalty removing say half of it after a month? Or is it a term deposit accont so if you want 6.5% it needs to stay there for 12 months and all you can do is add to it?

[akeracat]

<div class='quotetop'>QUOTE(mystery @ Oct 5 2007, 07:54 AM) <{POST_SNAPBACK}>

ING are awesome... been using them for well over a year now.

There are ZERO fees. The only slight drawback is, you cannot walk into a branch to take your money out. You can only transfer the money out of the ING account electronically back to your regular account. (You must link the ING account with any other Australian bank account). So it may take a day or two for the funds to be "available in your hands"

As for a savings account... I havent found anything better![/b]

Bankwest TELENET saver - 7% for first year then 6.5%

NO fees

www.abetterdeal.com.au

Better than ING


[/b]

It says your money is available 24/7 but can you access your money at any time. Is there penalty removing say half of it after a month? Or is it a term deposit accont so if you want 6.5% it needs to stay there for 12 months and all you can do is add to it?
[/b][/quote]


Nope no penalties as far as I&#39;m aware and I been moving the money around for a few months. No its not a Term Deposit Product.

[TORQ]

Agree, ING are pretty good. Top notch online banking facilities. Friendly phone support. I opened up an account once as they were offering the highest interest rate, compared to my regular bank; but after a while, the bank came to the party and started offering the same deal. The only real pro/con here was transferring money between my bank and ING; it sometimes took a day or two, which is OK if you&#39;re not in a hurry, whereas transferring the money internally via the other (same bank) accounts is instantaneous.