• expired

ING Savings: Earn $50 Bonus Interest for Starting a New Automatic Savings Plan of $400 or More

131

Note: Received this in Email today

Edit: Added T&C

Earn $50 bonus interest for starting a new Automatic Savings Plan of $400 or more each month

When you look at your bank balance are you disappointed it's not growing faster? Does saving seem like hard work?

With an Automatic Savings Plan, saving is so easy you could almost do it in your sleep. Plus we'll even reward you $50 in bonus interest for your efforts.

Here's how you could quickly build an impressive balance:

Start a new Automatic Savings Plan of $400 or more each month from July 2011, and keep it running until at least 30 November 2011

You'll earn a competitive variable interest rate daily on your savings and pay no ING DIRECT fees

We'll reward you with $25 bonus interest in September, and another $25 bonus interest in December 2011

If you make no withdrawals until the end of the year, you could have an extra $2,475 in your Savings Maximiser by New Year's Eve, or even more if you save over $400 a month.

With help from us you can save a lot with very little hassle. Once it's set up it requires no more effort, just set and forget, and be on your way to developing a regular savings habit.

Don't wait. It's easy to start an Automatic Savings Plan and build your balance, even while you're sleeping.

Important Information
This message was sent to ********. Your full name is included to show this message was sent by ING DIRECT. We will never send you an email asking for your login or personal information. For more information, refer to the Security link on the ING DIRECT website. Please do not reply to this email. If you have any questions about your account please call us on 133 464 at any time, 24 hours a day, seven days a week. However, if you do not wish to receive further email promotions from ING DIRECT, click here to unsubscribe or call us on 133 464. The $2,475 projection is just an estimate, not a guarantee and is based on an Automatic Savings Plan of $400 a month beginning the month of July until 31 December 2011 and the current Savings Maximiser standard variable rate (5.00% p.a.) You could save more or less. The $50 bonus interest offer is only available to the addressee of this email and is limited to one account per customer (including joint accounts). To be eligible for the $50 bonus interest, each monthly deposit of $400 must be successful. A tax liability may exist in connection with the payment of the bonus interest. Any advice in this email does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to a Savings Maximiser, you should read the Terms and Conditions booklet, available at our website or by calling 133 464. If you have a complaint, please call us at any time as we have procedures in place to help resolve any issues you may have. Savings Maximiser is issued by ING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292. ING DIRECT's colour Orange is a trade mark of ING DIRECT and the ING Group of companies.

Mod: Changed link to picture

Related Stores

Uploaded Files
Uploaded Files

closed Comments

  • +6

    I got this email too. It's subject line was: "Like an extra $2,475 by New Year’s Eve?"
    That bordering on Misleading and Deceptive considering $2,400 of the $2,475 is already your money…

    It's an OK offer I guess, but if you keep the $2,400 in UBank @ 6.51% you'll earn an extra $36 more than if it's in ingdirect @ 5.00% (existing customer rate) anyway. Not sure that I can be bothered changing back for $14.

    • -2

      That bordering on Misleading and Deceptive considering $2,400 of the $2,475 is already your money…

      Not really.

      If you SAVE it in your ING account (So you do not spend it as it is in a savings account) then you will have an extra $2,475

    • Glad you worked out the difference between ING and ubank at different interest rates. That was my next step :-)

    • have to agree with this comment, my time is worth more than $14 to change over then change back to ubank, plus don't forget the missing interest on the change over periods (1-2 days to transfer back and forward hence missing interest).

      Maybe good if you are an existing customer but definitely not for new customers who can then get a better rate at the end of the period.

  • +1

    Could you please link to the actual deal, as opposed to just the ING website?

    • +1

      I think existing customers will get this in their inbox.

      Couldn't find in ING website.

  • +2

    Just checked, didn't get the email. Probably selected customers like their other deal (which I didn't get as well!).

    • +4

      Stop using your account and you will get the emails :P

  • +1

    "If you make no withdrawals until the end of the year, you could have an extra $2,475 in your Savings Maximiser by New Year's Eve, or even more if you save over $400 a month."
    Does this mean if you make any withdrawals, you will not be eligible for the bonus? I.e. Must keep the $400 in and also not make any withdrawals at all. What about money about $400 deposited not through an ASP; can I withdrawal that money or not?

    Anway, I haven't received this email (yet).

    • +2

      I don't think there is any restriction on withdrawals. I have added T&C for more clarity.

      • +3

        Thanks; just know of many other bank offers where they restrict you from any withdrawals at all.

        As @ashaman pointed out, the difference between keeping it in UBank and taking up this offer is probably marginal anyway.

        However, being able to withdrawal means that you can ASP the $400 from UBank to ING and then (schedule to) withdrawal it back the same day. My UBank to ING transfers appear to happen on the same days, so I wouldn't lose the 1-2 days worth of interest, so it would just be a free $50 (minus my time of course!)

        I haven't received the email, so I probably won't be eligible anyway.

        • I thought that ING saving maximiser Automatic Saving Plan only can tranfer money from Orange Everyday account not from other bank?

          Therefore you would need to transfer money manually from Ubank to Orange Everyday before it is transfered automatically to saving maximiser (ASP).

          On the way back you have to transfer manually to Orange everyday account before being transferred back to Ubank via ASP.

        • However, being able to withdrawal means that you can ASP the $400 from UBank to ING and then (schedule to) withdrawal it back the same day.

          direct debits take a couple of days to clear. i haven't tried an asp using ing but for ubank/virgin the money takes close to a week to clear.

          also i don't think the ubank usaver supports direct debits?

        • You cant do the ASP from UBank, and most likely cant ASP from ING Direct Saver to UBank, must be a savings/transaction account that supports direct debit.

        • Oh, yeah I forgot that you about can't ASP from UBank since it doesn't accept direct debit.

          What about:
          1. Schedule a Pay Anyone transfer from UBank to ING Everyday monthly.
          2. Set up the monthly ASP between ING Orange Everyday and Savings Maximiser on the same day. This will mean your ING Everyday could temporarily go into deficit, but once the funds come in (around 4pm or whenever clearing occurs) it will balance back to 0, plus Orange Everyday doesn't charge overdrawn fees anyway (as long as they're cleared up around 3 days…). Transactions between ING accounts occur instantaneously.

          I guess it's a lot of thinking for only $50 :P

    • Does this mean if you make any withdrawals, you will not be eligible for the bonus? I.e. Must keep the $400 in and also not make any withdrawals at all.

      No you can make withdrawls

      "If you make no withdrawals until the end of the year, you could have an extra $2,475 in your Savings Maximiser by New Year's Eve, or even more if you save over $400 a month."

      All they are saying is that by saving $400 per month with interest and the bonus $50 you could have $2,475.

      They are not saying you can not withdraw money

      • -5

        To clarify again, if you do withdraw, you are likely to miss out on the bonus.

        • To clarify again, if you do withdraw, you are likely to miss out on the bonus.

          That is not clarifying, it is wrong.

          All you need to do to get the $50 is

          Start a new Automatic Savings Plan of $400 or more each month from July 2011, and keep it running until at least 30 November 2011

        • To clarify again, if you do withdraw, you are likely to miss out on the bonus.

          where in the t&cs does it say anything like that?

          as i read it all you need is setup an asp and successfully complete the asp transactions for the required period.

        • +1

          I stand corrected, I misinterpreted what was written.

  • +1

    no email again :( maybe cos i got the $40 and didnt use their account since… hmmm

    • +3

      yep. Don't be a loyal customer and you will get these deals. I've never got any of them. :/

      • I don't know their selection process.

        I am using their account regularly.

        • Yeah, I use both my ING Savings Maximiser and Everyday accounts regularly as well.
          I received the previous $100 and $40 bonus offer from ING Everyday, but I have not received the Savings Maximiser email (yet?).

        • I also use SM and OE accounts everyday, this is the first email I got from them. my wife hardly use her SM & OE accounts and she got the $100 email last time. Strange way of selecting customers, ignoring the loyal customers.

      • Agreed! I am a frequent user, and I never get any too. It's like the interest rate, if you're a loyal customer they punish you by giving you minimal rate.

    • i haven't received a single promotional email from ing in the last year …

      all i ever get is their juice newsletters.

  • Does this apply to everyone?!?

    I didn't get any such email but I still have my orange everyday and savings maximiser…

    • Don't think so.
      Not everybody getting an email from ING it seems.

  • the body of the email says "Start a new Automatic Savings Plan of $400 or more each month from July 2011, and keep it running until at least 30 November 2011", which is 5 months but in T&C, it said until 31 Dec 2011. if 5 months and you get $2475, that is $475 extra money in 5 months. not bad.

    • -1

      Seems to be some mistake.

      I think they are counting December as well.

      6 months * 400 = 2400 and $25 interest + $50 bonus

    • You won't get $475 extra. Key word is could. You'll get the $50 plus any interest for funds in your ING Maximiser.

      $2475 is only based on $400 x 6 ASP (2,400) + $50 bonus + and $25 in interest (over 5 months based on adding $400 a month).

      • -2

        that is misleading then, july to nov is 5 months only, and they say "could have an extra $2,475", "EXTRA" is the key word, when u say extra, it should be sth on top of your capital, in this case, 2000 (or 2400 as wt said above) is the capital, is what u deposited by yourself, not something extra, so they should say $475 extra or sth else..

        • By setting up a savings plan the idea is to save.

          If you SAVE the money rather than spend it (As you might do if you do not have a savings plan) then you will have an extra $2475.

          It is an extra amount of money because you have saved it, not spend it.

      • I know I'm replying to my own post, but over the 6 months period, you could actually get up to $35 interest.

        Anyway, no email still, so not getting this offer - despite doing so many calculations :P

  • -2

    didnt get this email as well

    "If you make no withdrawals until the end of the year, you could have an extra $2,475 in your Savings Maximiser by New Year's Eve, or even more if you save over $400 a month."

    how did 2475 come out??? if u deposit $400 every month for 5 months from july to nov, that will make 2000 only, how u got extra $2475? anybody can explain to me? (i admit i'm stupid in some ways)

    • If you make no withdrawals until the end of the year, you could have an extra $2,475 in your Savings Maximiser by New Year's Eve, or even more if you save over $400 a month.

      That is 6 months.
      $400 x 6 months = $2400
      Plus $50 bonus = $2450
      The $75 is interest from being in the bank.

      how did 2475 come out??? if u deposit $400 every month for 5 months from july to nov, that will make 2000 only, how u got extra $2475? anybody can explain to me? (i admit i'm stupid in some ways)

      You are not reading what they have said.

      They did not say $2475 at the end of november

  • $50 bonus over 6 months, damn they're getting clingy with our money, that CBA offer earlier this year was double the amount for $100 and you only waited 60 days for the bonus! by next year, $25 bonus for [insert current promotional offer title here] paid after 12 months…lol

    • ING has been one of the most generous, there was a $30 bonus for setting up the Savings Maximizer and you could refer a friend 5 times for another $30 each referral (both ways, referrer and new account holder get the bonus), and this $50 is on top for ASP.

      Also, ING Orange card gave you $40 to setup an account and make a purchase, plus the current offer for $2000 of external deposits for three months for a $100 bonus.

      The money bonuses keep growing at ING, and they appear to be looking after their current customers, unlike the 4 month bonus interest rates that are limited to new customers who open a new account on some high interest bank accounts at many institutions.

      The bonuses appear to be related to the profitability of the account for the bank, for example ING Orange is a higher bonus as the interest rate is low while the fees received for Visa transactions and Currency, and Currency fee for Foreign purchases is higher than the interest rate spread on a high interest rate account.

      • plus the current offer for $2000 of external deposits for three months for a $100 bonus.

        That is only for selected customers though

      • ING has been one of the most generous

        Very true. When I set up my Savings Maximiser, I received a $123 opening bonus. I've not seen that been beaten :P

        And I'm still getting offers.

  • to the op, does the deal appear in the "my offers" section in your online account?

Login or Join to leave a comment