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ING Savings Maximiser 1% p.a. Bonus Interest until 31 Oct [Max $200] [Register by 29 Aug]

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ING Savings Maximiser 1% p.a. Bonus Interest until 31 Oct [Max $200] [Register by 29 Aug]
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Love a bargain on 01/08/2017 - 13:50 files.ozbargain.com.au (1006 clicks)
Last edited 01/08/2017 - 16:17 by 1 other user

Just got an email from ING

Register for our Successful Saver Rate to earn a bonus 1.00% p.a.

To give your savings a boost, register for our Successful Saver Rate below and we'll bump up your Savings Maximiser rate on new deposits by 1.00% p.a. So any eligible deposits you make from registration will earn a committed 3.80% p.a. until 31 October 2017.

T&C's
* Offer only available to the original recipient of this email who signs up before 29 August 2017.
* The interest rate you are offered is based on your customer status as at 31 July 2017.
* The Successful Saver bonus interest offer applies between 01 August 2017 and 31 October 2017 (Bonus Period).
* The Successful Saver Rate of 1.00% p.a. will apply to each of your Savings Maximiser accounts if the total balance of those accounts at the end of the Bonus Period has increased since the start of the Bonus Period by at least $1000 as a result of Eligible Deposits.
* Eligible Deposits are those made from your ING DIRECT Orange Everyday account or an account external to ING DIRECT, and do not include any interest payments otherwise credited to your account.
* Bonus interest will be calculated at the end of each day of the Bonus Period on which the total balance of your Savings Maximiser accounts exceeds the total balance of those accounts on the first day of the Bonus Period as a result of Eligible Deposits.
* The Successful Saver Rate applies in addition to the interest rate which currently applies to your Savings Maximiser accounts.
* The bonus interest, up to a maximum of $200, will be credited to the relevant Savings Maximiser by 17 November 2017.

Update following phone conversation with ING

ING confirms that notwithstanding "Bonus interest will be calculated at the end of each day of the Bonus Period on which the total balance of your Savings Maximiser accounts exceeds the total balance of those accounts on the first day of the Bonus Period as a result of Eligible Deposits", the daily balance is compared to the opening balance, rather than the closing balance, of 1 Aug.

Referral Links

Referral: random (714)

Until 31/03/2025, referrer and referee will each receive $125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 from an external source into the new Orange Everyday account, deposit any amount into the a Savings Maximiser Account, and make at least 5 (settled) card transactions within any calendar month with the new Orange Everyday card.

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closed Comments

  • iMagoo on 01/08/2017 - 13:56

    So the link within the email definitely won't work for someone who it didn't target?

    • Love a bargain on 01/08/2017 - 13:58
      +1

      I say it might be targeted in the sense that ING may be offering the same promotion to all of their existing customers. So check your email if you've an ING Savings Maximiser account

  • Peck on 01/08/2017 - 14:08
    +1

    I got the same email and possibly because I withdrew all of my money from ING recently.
    I have been trying to get my head around this offer.
    The way that I read it, after you register, you make a deposit, and provided that you deposit at least another $1,000 and your balance increases by $1000 in deposits by 31 Oct. then you qualify.
    If that is correct, then I will make an original deposit of, say,$1,000 and then a day later deposit the rest of my money. And as long as I leave $2000 in the account, then I qualify, no matter what deposits and withdrawals I make.
    Do you agree?

    • Love a bargain on 01/08/2017 - 14:22

      The Successful Saver Rate of 1.00% p.a. will apply to each of your Savings Maximiser accounts if the total balance of those accounts at the end of the Bonus Period has increased since the start of the Bonus Period by at least $1000 as a result of Eligible Deposits.

      The way I read this is that you qualify for the bonus interest if your balance increased by more than $1000 (plus any interest you earn) between 31/7 and 31/10.

      E.g. You had $500 in the account on 31/7, you received $10 during those 3 months, then the balance on 31/10 has to be at least $1,510.

      However, this bit got me a bit confused:

      Bonus interest will be calculated at the end of each day of the Bonus Period on which the total balance of your Savings Maximiser accounts exceeds the total balance of those accounts on the first day of the Bonus Period as a result of Eligible Deposits.

      Does it mean I only get the bonus interest on days where the balance exceed the balance at the end of 1/8 or did they actually mean end of 31/7 or beginning of 1/8?

      • Peck on 01/08/2017 - 14:59

        It sounds to me like you will get interest daily, but bonus interest only on those days that your balance exceeds the balance on 1/8/17 as a result of eligible deposits. An even better reason for me to start at zero, deposit a little, and then deposit a lot, and let them work it out! hehe.
        It is not a simple offer, and so I am also going to deposit $1,000 per month to cover all possibilities.

        • Love a bargain on 01/08/2017 - 15:31

          Just spent half an hour on the phone with ING and was assured that the daily balance is compared to the opening balance, rather than the closing balance, of 1/8.

          So looks like as long as the balance increase by $1000 (plus interest) during this period and doesn't dropped below the opening balance of 1/8 (= closing balance of 31/7), then you're alright.

        • endlesstrail on 01/08/2017 - 16:34

          @Love a bargain: Dammit. I should have transferred what money I had in my account first, before activating the offer. :/

        • Love a bargain on 01/08/2017 - 17:03

          @endlesstrail:
          For the increase of $1000 from eligible deposit, they compare it to your balance on 31 July (which is yesterday).
          For the daily balance, I was told they'd compare it to the opening balance of 1 Aug (which is the same as last night's closing balance).
          So I don't think the balance when you activate the account makes any difference, as long as you activate before making any deposit.

        • Scrooge McDuck on 01/08/2017 - 20:19

          It sounds to me like you will get interest daily, but bonus interest only on those days that your balance exceeds the balance on 1/8/17 as a result of eligible deposits. An even better reason for me to start at zero, deposit a little, and then deposit a lot, and let them work it out! hehe.
          It is not a simple offer, and so I am also going to deposit $1,000 per month to cover all possibilities.

          This bonus, the ongoing bonus and the base rates of interest are calculated daily. So it is optimal to deposit as much as you can as soon as you can (up to an amount yielding $200 for this bonus e.g. $100,000 for 73 days).

  • DaTa on 01/08/2017 - 14:08
    +1

    I noticed that poli is no longer accepting ing which was one of the reasons I enjoyed using my account with them. All google searches return no real comms about it.

    • DooDah on 01/08/2017 - 14:41

      Yeah I noticed this the other day… A real shame :-(

      • DaTa on 01/08/2017 - 15:15

        And right now the poli website is down wow…

    • CVonC on 02/08/2017 - 01:28

      What really? Damnit that's not good for jetstar price matches!

      Anybody know if POLi supports ME Bank? NVM it does!

      Guess I'll definitely be switching back to ME Bank then! Sorry ING, you were great these last few years but the price hikes on your LivingSuper as well as these interest rate reductions have reluctantly made me decide to leave :(

  • HardQuiz on 01/08/2017 - 14:12
    +11

    poorly worded offer from ING

    &

    Bring back the 5% cashback

  • Terra Australis on 01/08/2017 - 14:18

    Can someone please share their register link?

    • Love a bargain on 01/08/2017 - 14:23
      +1

      Register link is personalised (i.e. when I click on the link, it just says thank you for registering without asking me to enter any information)

    • Peck on 01/08/2017 - 14:27
      +1

      Yep but it may not work.
      https://www.campaigns.ingdirect.com.au/successfulrate?type=b…

      • Terra Australis on 01/08/2017 - 14:28

        Legend, thanks mate.

        • ogisydneysider on 01/08/2017 - 14:36
          +2

          How did it go, mate?

        • Scrooge McDuck on 01/08/2017 - 20:21
          +1

          Legend, thanks mate.

          I seriously doubt you're registered brosef.

          The old online banking page had a promotions section where you could check the status of any you were registered or eligible for. Anyone know if there is anything similar currently?

      • Wally on 01/08/2017 - 14:41
        +2

        [https://www.campaigns.ingdirect.com.au/successfulrate?type=bumpup]

        is that the hotlink in the email or just from the landing page?

        • Scrooge McDuck on 01/08/2017 - 20:21

          is that the hotlink in the email or just from the landing page?

          The latter.

  • HuskyActual on 01/08/2017 - 14:28
    +2

    Offer only available to the original recipient of this email who signs up before 29 August 2017.

    :(

  • Peck on 01/08/2017 - 14:29

    Hey OP, out of interest, did you recently empty your ING account like I did mine?

    • angelkulit025 on 01/08/2017 - 14:32
      +2

      i received the same email without me doing anything drastic with my ING bank accounts (savings and everyday acct)

      • Love a bargain on 01/08/2017 - 17:21

        did you have a high or low balance though?

    • Love a bargain on 01/08/2017 - 16:07

      Yes, I transferred all but a few hundred dollars out of my ING account when they reduced the rate

  • haha on 01/08/2017 - 14:29
    +4

    To get the $200 interest at the bonus 1% for 3 months, you should have around $80000 there.

    • angelkulit025 on 01/08/2017 - 14:31

      its says 3.80% p.a. (1% is jsut the bonus)

    • Peck on 01/08/2017 - 14:31
      +5

      Small change! I leave that much in my jeans pockets when I send them for drycleaning.

    • Love a bargain on 01/08/2017 - 16:09
      +3

      or $100000 for 73 days (for those who are cashed up)

  • ogisydneysider on 01/08/2017 - 14:35

    i emptied my ING account after they dropped their interest rate to 2.8% and I don't receive this offer… guess ING doesn't want my deposit after all… ^^

    • sfac on 01/08/2017 - 14:41

      I did exactly what you did but I did receive the promotion. Prob it is just targeted.

      • Scrooge McDuck on 01/08/2017 - 20:23

        It would seem to be random. Good on everyone who jumped ship. Loyalty is dead! ✊️

    • DooDah on 01/08/2017 - 14:42

      Whats everyone using for high interest accounts now?

      • Jonski on 01/08/2017 - 14:47
        +1

        MeBank, but the weekly purchase is annoying.

        • Wally on 01/08/2017 - 15:01

          one miss & the bonus is gone >.<

      • sfac on 01/08/2017 - 14:47
        +1

        Me Bank

      • HardQuiz on 01/08/2017 - 14:59
        +1

        RAMS

      • payless69 on 01/08/2017 - 15:00
        +4

        Me Bank just become a pain! I used the card to tap every 3 days usually only something small like 75c for a bottle water. Occasionally lunch at a deli.

        Now some payments do not get processed for 4 days so they refuse to pay the bonus interest claiming that I was lazy for 7 days.

        Anyone out here having such hassle?

      • Terra Australis on 01/08/2017 - 15:01
        +7

        Very helpful google doc from whirlpool finance forums has them listed in highest to lowest order of savings rate. https://goo.gl/FufTQP
        RAMS and ME Bank seem like the two best right now.

      • ogisydneysider on 01/08/2017 - 16:04
        +1

        st george bank offers 3% promotional rate for the first 3 months.. perfect timing combined with https://www.ozbargain.com.au/node/316338

        will look elsewhere after 3 months… *fiuh, the hassle over low interest rate..hiks..

      • Love a bargain on 01/08/2017 - 16:25

        RAMS @ 3% for spare cash
        UBank @ 2.85% for money that you might need to access

  • OzyBe on 01/08/2017 - 15:09
    +5

    I think ING would be better off looking after their longer term customers. I think they lost a fair amount of savings when they reduced their interest rates last month. And then they come up with 'targeted' offers trying to get savings back. Who comes up with the targeting criteria? Some guy fresh out of university?

    • Wally on 01/08/2017 - 15:27
      +1

      I was told targeting was totally random … so prolly a stoned Dutchman

      • Peck on 01/08/2017 - 21:46

        Hey! Don't forget the IRISH!!!

        • Wally on 01/08/2017 - 21:56

          lolz

          ING is originally from Netherlands IIRC

          Irish are good for paying for losses upon personal assumption of financial risk

        • Peck on 01/08/2017 - 22:03
          +1

          @Wally: OMG that IS cerebral! I was just talking about the IRISH loving a drink :))

    • 711yucca on 01/08/2017 - 17:16

      haha yes, ING definitely loss more saving than expected.

  • jackofspade on 01/08/2017 - 15:20

    Does anyone know how to resubscribe to their promotional email?

    • Love a bargain on 01/08/2017 - 16:21

      I logged in and had a look but couldn't find any options re communication preference etc

    • Gina Rinehart on 02/08/2017 - 22:19

      Send them a message from the app or messages page (there's a compose button somewhere).

  • citygal on 01/08/2017 - 15:47

    Long term ING customer but no reward!

    • Love a bargain on 01/08/2017 - 16:20
      +2

      Move your money elsewhere and you might be rewarded in the next promotion.

  • BluBoy on 01/08/2017 - 19:01
    +1

    This just seems weird.

    Best case, you apply today and deposit $10k today (and make all the other requirements)
    You would receive an extra 1% for 3 months
    (0.01 / 4) * 10,000 = $25

    Worse case, you apply on the 28th of August and deposit on Sep 1
    You would receive an extra 1% for 2 months
    (0.01 / 6) * 10,000 = $16

    It seems like a lot of effort for a small amount of profit.
    It's not even really an extra 1% if you have your money somewhere else earning a better rate,

    • Love a bargain on 01/08/2017 - 19:24

      3.8% (2.8% + 1%) is probably as high an interest rate as you can get on a savings account atm

      • BluBoy on 01/08/2017 - 20:31

        I'm not saying it's a bad rate…I'm saying that having it for 2 or 3 months is a lot of effort for not much money.
        People may actually lose money depending on the conditions of their current savings account (such as no interest if they withdraw during the month).

        Even with the best case scenario, it is 0.25% annualised bonus.

        • Love a bargain on 01/08/2017 - 20:41

          Of course everyone has to consider their own circumstance.

          But for many, it's as simple as transferring some money from an account at another bank at no penalty & keep it there for 2.5-3 months, which involves only minutes of work.

  • Peck on 05/08/2017 - 09:25

    ING referral now gone to $75 for both people

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