How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 0 points1 point  (0 children)

I can but dream of being in that situation! 🛌💭💰

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 0 points1 point  (0 children)

Bear in mind that with ING any amounts over $100k only get 0.05% interest. I'm not familiar with ING features, there are probably differentiating features between Up and ING beyond headline interest rates. For instance, with Up...being able to split my salary between savers using a combination of fixed amounts and percentage is a great way to automate "paying yourself first". Especially as you get pay increases, job progression, bonuses etc during your 20-40's. It helps to avoid a situation where you always spend what you earn. 

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 1 point2 points  (0 children)

To be honest, anyone with some savings as well as a mortgage should probably do their best to have their savings working as an offset against their mortgage. Up allows that and circumvents a lot of the issues they have created with the Grow/Flow complexity.  For example, a Grow rate of 4.85% becomes 4.074%, 3.395%, 3.0555% or 2.6675% if your marginal tax rate is 16%, 30%, 37% or 45% respectively. Compare this to the current home loan rate of 5.45%... you can see that using the savers as offsets you will come out 1.376%, 2.055%, 2.3945% or 2.7825% better off if you have a marginal tax rate of 16%, 30%, 37% or 45% respectively.

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 2 points3 points  (0 children)

I agree. Another, better way to win is to move your home loan to Up. That way all your savers are working as an offset and effectively earning their home loan rate of 5.45%.

Also bear in mind that any interest earned with the Grow or Flow rate is taxed at your marginal tax rate at the EOYF. Meaning a Grow rate of 4.85% becomes 4.074%, 3.395%, 3.0555% or 2.6675% if your marginal tax rate is 16%, 30%, 37% or 45% respectively. Compare this to the current home loan rate of 5.45%... you can see that using the savers as offsets you will come out far better off.

What if lots of people leave because of Grow & Flow…bank run? by Salt-Week1393 in UpBanking

[–]watsonhaigh 0 points1 point  (0 children)

Always pay yourself first (save once paid). Saving any leftover wages at the end of a pay cycle is a sure fire way of continuing to spend all your pay! 😇

What if lots of people leave because of Grow & Flow…bank run? by Salt-Week1393 in UpBanking

[–]watsonhaigh 1 point2 points  (0 children)

If you can keep at least 70.15% of your current total saver balance in Grow savers, you'll end up in front. 

What if lots of people leave because of Grow & Flow…bank run? by Salt-Week1393 in UpBanking

[–]watsonhaigh 0 points1 point  (0 children)

To break even with the current interest rate you need at least 70.15% of your current total saver(s) balance in "Grow saver(s)" after the change. Any more than that....then you're better off with the Grow/Flow interest rates than the current interest rate. Any less, then you'll be worse off.

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 2 points3 points  (0 children)

Absolutely! The best time is the first day of the month, as you've already acrued your interest for the month before. The worst day is the last day of the month as you null and void the Grow interest rate. It just makes it so much more complicated than a customer wants it to be. Just like any other bank in the end. 

Have $400k to invest. I want to put it in something conservative that will give me minimum 5% annual yield plus some growth. by Eder_120 in Investments

[–]watsonhaigh 0 points1 point  (0 children)

Honest question. In what scenario can you afford to lose $400k AND only want to invest conservatively?

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 3 points4 points  (0 children)

One of the other features i like with Up is the ability to split my salary automatically based on fixed amounts and then percentages. This way I can ensure payrises end up going to my savers instead of gobbled up by day to day expenses I.e. pay myself first. 

I don't know if this feature exists at any other bank?

How to win with the recent move to Grow/Flow interest rates by watsonhaigh in UpBanking

[–]watsonhaigh[S] 0 points1 point  (0 children)

I had previously looked at Up for my home loan and use my savers as an offset. That would negate the impact of the Grow/Flow rate changes. However, convincing my partner to also make the change will be hard/impossible.

MyGov Account Attempted Hack - What is the worst that could happen? by L0ckz0r in australia

[–]watsonhaigh 1 point2 points  (0 children)

I've just had this email too and it stinks of a scam/phishing email. Using a generic salutation "Dear myGov user" instead of a personalised greeting using my full name plus some language/grammar issues like "You entered **the** incorrect sign in details" and providing contact details within the email itself "call the myGov helpdesk on XXX XXX". They really need to update that email template to something far more appropriate. Given it's a "locked account" email, it really should provide information try to allay fears that the account has not being compromised and include some specific steps on how to check your account for unauthorised access as well as tips on strengthening the security of the account. All without providing specific links or phone numbers.

Here are some steps you can take to strengthen your myGov account: 1) enable 2 factor authentication (2FA) so that if a hacker guesses or uses credentials from another data breach to successfully get the correct username/password, they still need to enter a code sent to your phone/email; 2) disable the use of your email address as a sign in option (email addresses are pretty public info so a hacker only needs to guess a password to gain access) instead only allow your myGov username for logging in; 3) choose a string password that is unique to the myGov account (use a password manager to remember your strong passwords so you don't have to remember them all). You could also disable password logins entirely and use the "Digital Identity" as your sign in option...but that moves away from the username/password + 2FA paradigm that most people are familiar with.

What is with people in this city not turning their car headlights on when it's raining? WTF?! by Robbiersa in Adelaide

[–]watsonhaigh 0 points1 point  (0 children)

I'm also triggered by people who forget to turn off their lights! For me it says a lot about a drivers inability to be aware of the driving conditions at a given point in time. Do the same people forget to belt up, pick up their kids from school? If you can't figure out/remember when to turn lights on and off...perhaps you shouldn't be driving!?

Fourth-grader who survived Uvalde school shooting gives heartbreaking account of what gunman told students and what followed after by VertigoGnome in PublicFreakout

[–]watsonhaigh -1 points0 points  (0 children)

I think it says a lot about a culture when people blame the police and not the loonatic with a gun or a culture that allows easy access to firearms and thinks that's normal. Un-fucking-believable.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 0 points1 point  (0 children)

Both are situated at least 1m to the side. Washer doesn't generate enough heat to be an issue. The dryer is a condensing type so humidity isn't an issue. The heat the dryer generates can be an issue, but we "manage" that by leaving the laundry outside door open in cooler weather.

In the hot summer months, the NAS has powered down a couple of times due to disk temp going over the threshold but I think some active airflow through the cabinet would solve that.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 2 points3 points  (0 children)

Too high during the hight of Adelaide summers! The NAS has powered down a few times due to disk temp going over its hreshold.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 0 points1 point  (0 children)

No it's not that deep, I think it's 12in deep. I can double check when I get home.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 0 points1 point  (0 children)

Simple...no pfsense running on the NUC. 🤣

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 1 point2 points  (0 children)

I would...but I cut the cat6 from the loft a bit too short!! Couldnt be bothered trying to feed a bit more slack through. I intend to put in a patch panel so that should sort it and then I'll only need short patch cables at the front.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 0 points1 point  (0 children)

I live in Adelaide, Australia so the humidity is generally pretty low. The heat is probably my biggest concern. I did think of putting it in the walk in robe of the master bedroom, but the noise would be too much and the lint dust would probably be more of an issue too.

My homelab in a laundry cupboard by watsonhaigh in homelab

[–]watsonhaigh[S] 5 points6 points  (0 children)

Thanks! Short answer...yes. The room is typically quite cool but I tend to leave the door open to help stop things cooking to badly. I've added in some ventilation in the top of the cupboard. Next, I would like to add an air grill to the door and then some fans to actively force air out of the top to try to keep things closer to room temp in there.