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ING Direct - Savings Maximiser 3.0% Interest Rate

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ING Direct - Savings Maximiser 3.0% Interest Rate
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E5TOQUE on 10/12/2016 - 09:09 ingdirect.com.au (2470 clicks)
Last edited 12/12/2016 - 13:40 by 4 other users

ING Direct - Savings Maximiser 3.0% - December 12th

It looks like ING Direct will be increasing their interest rate on their Savings Maximiser to 3.0% on December 12th.
https://www.ingdirect.com.au/savings.html

Their website is not fully updated. But it was also reported in The Australian:

http://www.theaustralian.com.au/business/financial-services/…

The only banks higher then this - with no stupid 4 month only offers are:
  • ME Bank (3.05%) - Catch is you need to do a tap and go payment every week or you dont get the bonus interest.
  • RAMS (3.15%) - catch is you can't move your money out or you don't get the interest.

The positive with ING is that there is very few catches to actually obtain the 3% interest assuming you have your salary going into your Orange Everyday transaction account. Which in itself is still an excellent card to have due to being able to withdraw money from any ATM in Australia (including the no name ones in Pubs and Bars) and the ATM Fee's are credited instantly (Unlike ME Bank which take up to 30 days). Combine that with a very good online banking website, app and customer service. And the fact that every Australia Post is basically your 'bank branch'.

Edit: Conditions: For customers who also have an Orange Everyday bank account and deposit their pay of $1,000+ each month. Available on one account for balances up to $100,000

Financial Bank Account Savings Account

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closed Comments

  • HardQuiz on 10/12/2016 - 09:13
    +105

    Bring back the 2% cashback!

    • Elysiar on 10/12/2016 - 09:23
      +16

      Yes please. I went with ING because of this. I used to love going to the store and calculating the 2% off I'd get by using PayWave. I'm pretty sure my numeracy skills improved from it. Everything was essentially 2% cheaper. Especially going to get petrol, almost like saving an extra 2 cents a litre.

      • t25 on 10/12/2016 - 09:28
        +17

        And even those stores that charged a percentage, the rebate effectively absorbed the surcharge for you.

        • sky blu on 10/12/2016 - 12:30

          I can only think of ALDI (0.5% CC surcharge). Which other merchants impose a CC surcharge?

        • t25 on 10/12/2016 - 12:32
          +9

          @sky blu: MSY is one of them. Smaller stores sometimes have a surcharge.

        • ajdlinux on 10/12/2016 - 14:50
          +3

          @sky blu: Many cafes, small specialist shops (e.g. computer stores)… Aldi is a noticeable exception in that it's one of the very few large merchants that charges a surcharge for Visa/MC (there are quite a few large merchants that don't accept or surcharge Amex/Diners, of course)

        • dingdong3000 on 10/12/2016 - 14:47
          +2

          It has certainly bought me a few lunches ;)

        • t25 on 10/12/2016 - 15:05
          +9

          Richer? Probably not. But it has made my dollar go that bit further!

    • altomic on 10/12/2016 - 09:37
      +63

      Bring back the 5% cashback!

    • ozlab on 10/12/2016 - 10:01
      +1

      I doubt they would do that. They removed all incentives including the 1% cashback for home loan. The only incentive left now is free $75 for new account.

      • Sira on 10/12/2016 - 11:51
        +2

        Which depending on how you look at could be an even better offer…

    • jasonb on 10/12/2016 - 21:43

      Check this out for an almost-as-good option:
      http://www.pointhacks.com.au/credit-card-points-cashback/

      • Scrooge McDuck on 11/12/2016 - 20:38
        +4

        The card does have a $395 annual fee,

        No thanks!

    • GiggleHoot55 on 12/12/2016 - 00:18
      +1

      Bring back the 5% cashback they used to have…..

  • E5TOQUE on 10/12/2016 - 09:17
    +11

    Something to also remember is that if you use the card overseas the fee's are not bad on the ING Orange Everyday account.

    • International Purchase = 2.5% of transaction amount
    • Internal ATM Widthdrawl = $2.50

    Its probably the 2nd best deal around next to the Citibank Plus Account.

    • thebargainhunter on 10/12/2016 - 10:00

      Ubank have 2% Foreign Exchange Fee (yay) but $4 Foreign ATM (poo). But why wouldn't you use 28Deg?

      • johnno07 on 10/12/2016 - 11:12
        +8

        Because 28 Degrees is a credit card, and has long since closed the loophole where you could load up your account and draw money off it with now fees. You now get charged the normal cash advance fee, whether you've loaded it up or not.

        • Rick Sanchez on 10/12/2016 - 12:37

          don't think it was a loophole, just a feature.

          The loophole was that people were loading it up from money from 0% interest credit cards and getting physical cash - and then repeating with the next 0% credit card when the previous expired (something like that anyway)

        • sky blu on 10/12/2016 - 12:43
          +4

          @Rick Sanchez: If it were a feature it would have actually been explicitly advertised by the merchant.

        • grasstown on 10/12/2016 - 13:51
          -2

          @sky blu: it was explicitly advertised. It was a feature.

        • sky blu on 10/12/2016 - 14:01
          +1

          @grasstown: Okei. I can't be bothered looking back into this, but I don't see how the merchant would benefit from letting people load money on top of a CC? Did they hope people would overdraw to charge at cash advance rate?

        • johnno07 on 10/12/2016 - 15:55
          +5

          @Rick Sanchez: They actually referred to it as a loophole when they closed it.

        • Rick Sanchez on 10/12/2016 - 16:36
          -1

          @johnno07: Oh true, i remember that.

          Still, bit strange to describe an obvious fee that's not being charged, and one of the main reasons people sign up to the card as a loophole..

    • bauser99 on 10/12/2016 - 10:01
      +15

      Well perhaps 2nd best but a long way from Citibank Plus charging 0% on transactions and $0 on ATM withdrawals…

      • dingdong3000 on 10/12/2016 - 11:12
        +6

        Citibank needs to desperately upgrade their IB. Everything you do there is slow AF especially in/out transfers!

        • donkeydoc on 10/12/2016 - 21:17

          I cannot fathom why they don't have a good banking app. The same goes for HSBC, I have to use 2 passwords to log into their app, wtf is that???

    • donkeydoc on 10/12/2016 - 11:09

      Citibank Plus has unlimited withdrawal though whereas you're capped at a certain amount depending on which country youre in.

      I have both cards :P

    • akastyl13 on 10/12/2016 - 11:45
      -1

      does that mean you recommend using my ING card while in Japan? Otherwise I will need to open another account somewhere else

      • Gina Rinehart on 10/12/2016 - 11:53
        +2

        It wouldn't be a bad choice, since you'll rarely get hit with the 2.5% purchase fee as Japan is very cash-based. So you'll just be paying $2.50 every time you get cash from a 7/11 or Japan post ATM. And you can minimise this by withdrawing heaps at a time.. Carrying cash is very safe in Japan anyway.

        Alternatively if you want to save perhaps $10 (4 withdrawals) you could sign up to citibank plus, which would also give you ability to do purchases with no surcharge.

      • ceebee on 11/12/2016 - 06:48

        If you travel a lot and don't want a another credit card— especially to North America, Asia etc, I would go ahead and get the Citibank Plus. Citibank is called something else in Japan— You want 'SMBC' ATMs, found in 7-11 etc, if you don't want fees. They are a bit few and far between, but findable. However, keep in mind the exchange rate— I believe Citibanks is not as good as INGs— Citibank still works out slightly better usually, but the 2.5% difference is minimal, its usually less than a dollar. The ATM withdrawal adds up though, especially if you're someone that likes to withdraw money as you feel you need it. And yes, Japan is pretty cash based still, despite the technology.

        However if I recall correctly, Citibank do charge for money transfers to another bank account ($10 I think) so, keep that in mind before transferring money back to your main account.

        • petestrash on 11/12/2016 - 11:20

          There is no charge for transferring A$ funds from Citibank Plus to any Australian account. Apart from 7-11 ATMs which are in each store Japan Post ATM's are also free and have English options.

      • Appleboat on 11/12/2016 - 11:51

        What about Bankwest Zero Platinum MasterCard?

        • No foreign transaction or overseas ATM withdrawal fees. Cardholders won't be charged for foreign transactions or ATM withdrawals made overseas.
        • t25 on 11/12/2016 - 13:14

          ATM withdrawal on credit card = cash advance, so won't be too happy doing that.

        • Appleboat on 11/12/2016 - 13:25

          @t25: Fair enough but I'm confused for the over the counter use isn't the zero foreign trans fee better than the 2.5% mentioned above? Assume they both charge about 3% again for the visa/mastercard currency conversion on top of this? So for non-atm transactions this is still better right?

    • Oofy Doofy on 10/12/2016 - 11:58

      I second this. I learned this for real during my trip overseas in August.

    • ccrap on 10/12/2016 - 13:31

      That's a good pickup re 2.5% and $2.50. What are INGs forex rates like though compared to market? Eg if CBA is 3% but has a higher exchange rate it may work out better

      • Fobsessive on 10/12/2016 - 15:34

        ING uses the Visa forex rate

    • DogGunn on 10/12/2016 - 19:13

      Macquarie Bank's transaction account is 0% foreign transaction fees, no monthly fees, and ATM rebates with no monthly deposit requirement. Only thing Citibank has over MBL's transaction accounts is the $5 withdrawal fee from overseas ATM.

      • inherentchoice on 11/01/2017 - 09:54

        Yep so Macquarie is cheaper thank ING for any international ATM withdrawals over $100 AUD.

  • Some Human on 10/12/2016 - 09:19
    +3

    About time they started going up instead of down down down

  • KRRacing on 10/12/2016 - 09:20
    +2

    I believe there is cap of $100k above which you won't get the interest?

    • Steptoe on 10/12/2016 - 09:25
      +1

      Yes.

      ME bank is up to $250k. The paywave thing is that hard to meet.

      • Dr PhilGood on 10/12/2016 - 09:35
        +1

        Go to 7/11 and grab a $1 coffee once a week. Easy.

        • illumination on 10/12/2016 - 12:05
          +9

          Or go to coles/woolies, use self checkout, and some payment by paying for something with $0.01. Pay the rest on one of your 5% off gift cards.

        • Steptoe on 10/12/2016 - 13:36

          is isn't

        • Slippery Otter on 10/12/2016 - 15:22

          Or leave your debit card with a local LPO and they Paypass 5 cents "postage stamps" each week. You can collect those stamps if you want….

        • Donaldhump on 10/12/2016 - 17:11

          @repair-pro: is this for real, I need a way to use this while living in uk. Was gonna give card to mate and tell him to get a coffee once a week

        • bluesky on 10/12/2016 - 23:49
          +2

          @illumination: The paypass every week I can live with; but not accommodating even the infrequent travel overseas to places where we cannot paypass (and they are not extended periods either) is rather customer-unfriendly. See my recent experience

        • JIMB0 on 11/12/2016 - 10:01

          @illumination: I wonder what would happen if you were to scan something near the self serve register and spilt payment pay waving 1c on you card then just walk off without the item. Would the 1c be returned to your account as the transaction is incomplete?

        • Slippery Otter on 11/12/2016 - 12:06

          @unclesnake:

          Live close by to any news agents which also run Australia Post?

      • Donaldhump on 10/12/2016 - 17:09
        +2

        I buy an onion every Tuesday and Thursday. My house is full the bast$$ds

      • Some Human on 10/12/2016 - 22:36

        I find the paywave to be a pain in the ass as well. No benefit to paywaving on a visa debit card. I messaged them a while ago and asked if they could waive the paywave thing and they said they couldn't. A-holes.

    • kacak on 10/12/2016 - 09:34
      +9

      Actually, not quite correct - the amount above $100k will get the standard variable rate, currently 1.6%

    • Grok on 10/12/2016 - 10:42

      RAMS is $500k

      • dan76n on 10/12/2016 - 12:39
        +2

        I think the key is to stick to 250k as that's what's covered by the government if the unlikely happens with the bank.

        • webtherapist on 10/12/2016 - 12:55

          spread around like laying eggs :))

    • MuadDib on 10/12/2016 - 12:40

      100k cap to get the full interest ing? just slowly moving my money back there after we sold the house. maybe ill open a me bank account?

  • ujwols on 10/12/2016 - 09:31
    +26

    after buying a property in Australia, I think you will never need one of these savings account as the money you will save by depositing in offset account will always be greater than the interest earned from these savings account

    • brokenglish on 10/12/2016 - 09:46
      +65

      after buying a property in Australia

      I wonder when that would happen to me

      • ozlab on 10/12/2016 - 19:26
        +1

        Ozbargain can help in savings for deposit

        • MoneyPincher on 11/12/2016 - 22:12
          +3

          You can use Enloops as a deposit for a property!?!?

    • mskeggs on 10/12/2016 - 09:50

      God forbid people pay off their mortgages, or are you planning to still be in debt when you die?

      • Grandslam on 10/12/2016 - 09:53
        +3

        I think that was his point.

      • ujwols on 10/12/2016 - 10:00
        -3

        Have plans to pay off my PPOR. But no plans to pay off my IP anytime soon , well until we have negative gearing

        • Duram on 10/12/2016 - 10:50
          +7

          Losing money is good ? Lawl.

        • donotuse on 10/12/2016 - 11:03
          +1

          Why would you want to lose money just so you could get a tax deduction?

          I'd rather put the money in the offset for the Investment Property loan than leave it in a lower interest savings account which is also taxable.

          Your net cashflow position would be better if you leave it in the Investment Property offset than the savings account.

        • lomie on 10/12/2016 - 11:19
          -8

          @unloadmymind: Because for some, -ve gearing might bring them down to a lower tax bracket.

        • CyberMurning on 10/12/2016 - 11:25
          +6

          @unloadmymind: yeah whole negative gear things is what stupid property agent telling their stupid customers so they will buy their stupid off the plan properties. Triple stupids.

        • exotiic on 10/12/2016 - 11:38
          +1

          @amts: You are aware that a higher tax bracket only affects the income over that bracket? So it has no positive effect at all.

        • [Deactivated] on 10/12/2016 - 11:45
          +4

          Negative gearing as only as popular as it is, as these amateur investors are methematically challenged. A loss, is a loss.

        • ujwols on 10/12/2016 - 11:51

          I would rather buy another IP than paying off my IP debt.
          When I pay off my PPOR debt offcourse I will offset my IP then, but wouldn't pay it off. That's my strategy, yours could be different.

        • ujwols on 10/12/2016 - 11:52

          @Duram: Loosing liitle bit of money for overall larger gain on another investment is good.

        • donotuse on 10/12/2016 - 12:14
          +6

          @amts:

          What? I'd rather pay higher tax because I am making more money than lose money for the sake of lowering tax.

          People should consider their NET cashflow position not the amount of tax they save.

        • Donaldhump on 10/12/2016 - 17:14
          +2

          @exotiic: my mind boggles at some peoples logic

        • argonbay on 10/12/2016 - 18:49

          @unloadmymind: Capital gain also needs to be taken into account. Probably not a good bet if buying in current market but OK if you purchased in the past.

    • [Deactivated] on 10/12/2016 - 11:43
      +2

      Or better still, buy a property overseas which will be vastly cheaper to start with :). Money saved!

    • raybies on 10/12/2016 - 12:20
      +2

      After buying a property in Australia check yourself in to the looney bin.
      If I had a property I would sell it fast, and retire to a 3rd world country.

      • greatlamp on 10/12/2016 - 13:30
        +5

        But then you are living in a third world country.

        Living in a place similar to the quality of life in Australia can be done in another country, but most of those places you aren't much better off than here.

    • jen9618 on 16/12/2016 - 22:09

      some mortgage products do not have offset features, and do not have account fee.. I am with westpac without offset, so 3% interest offer sounds good to me.

  • mikey31 on 10/12/2016 - 09:33
    +2

    Can I just transfer 1k monthly from another bank account into my maximiser to get the 3%?

    • kacak on 10/12/2016 - 09:35
      +8

      Yes you can. And there's nothing stopping you from immediately moving things out anytime if you need the money elsewhere.

    • Elysiar on 10/12/2016 - 09:35
      +2

      Yes. Just as long as it's from a different account. It can even be from another ING account.

      • Doggiie on 10/12/2016 - 10:10

        You can do it from another person's ING account? (Like eg. my brother's?)

        When I called them they said it has to be external (whatever that means…)

        • Elysiar on 10/12/2016 - 10:49

          Yes. I've done this in the past and it's activated the bonus. I believe external means not attached to your account (so combined accounts etc). But with your brother it SHOULD work (has for me).

        • [Deactivated] on 10/12/2016 - 12:00

          @Elysiar:

          Another option might be to set up reciprocal automatic transfers once you know how long it takes to get from your B party account to the ING one.

        • SomeGuyOnOzB on 10/12/2016 - 21:26

          I think you can set up an account with Commsec, fee free (I haven't checked this in a while) and do the transfer back and forth, by yourself. No need to involve other people. :)

          (The account will be with the Commonwealth Bank)

    • Kas on 10/12/2016 - 09:37

      yes, you can…

    • jackofspade on 10/12/2016 - 09:49
      +6

      Also note the 3% rate takes effect the following month after you deposit $1K.

    • sween64 on 10/12/2016 - 11:48

      Worth adding this requirement to the OP.

  • Kraeze on 10/12/2016 - 09:38
    -2

    I'm with ME bank, there is no bonus credit this month. So only the ~1.75% only.

    • brokenglish on 10/12/2016 - 09:48

      Isnt the base rate 1.30%?

    • moksha on 10/12/2016 - 10:06
      +1

      Why is there no bonus credit this month?

      • David76 on 10/12/2016 - 10:59
        +2

        I checked, there is a bonus this month like every other month.

        • Kraeze on 10/12/2016 - 11:27

          I got a message on internet banking saying no bonus interest this month? Curious, might have to call them. I have been tapping on each week and salary gets deposited as well. Thanks for looking into it.

        • [Deactivated] on 10/12/2016 - 12:41
          +1

          @Kraeze: I haven't such message.

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