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Savings Maximiser Account 2.10% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser Account 2.10% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
DooDah on 09/06/2022 - 08:33 facebook.com (3410 clicks)
Last edited 18/07/2022 - 21:49 by 1 other user

ING will be increasing the additional variable rate on our Savings Maximiser by 0.75% p.a. which will take our highest variable rate to 2.10% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria. Available on one account for balances up to $100,000 (see comments below for details).

The additional variable rate (that is added to the Savings Maximiser standard variable rate, currently 0.05% p.a.) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

  • deposit at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One);
  • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions); and
  • ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.

Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking, If you have any questions about your account, please visit ing.com.au/contactus for contact details and operating hours. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.

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closed Comments

  • Robin2012 on 09/06/2022 - 08:38
    +7

    great

    • duodeta on 09/06/2022 - 10:23
      +7

      Inflation rate is 3.9% this year.

      • 3atc3 on 09/06/2022 - 10:33
        -1

        Exactly what I was thinking.

      • duchy on 09/06/2022 - 11:56
        +10

        CPI inflation rate is 5.1% after the March quarter. I wish it was 3.9%….

        • rektrading on 09/06/2022 - 12:09
          +1

          CPI and inflation aren't the same things.

          The feds use CPI numbers to make things not look so bad.

          Inflation is much higher depending on the individual's needs.

          • Mistredo on 09/06/2022 - 13:42
            +1

            @rektrading: Indeed, basket of goods to calculate CPI does not include everything, and it often includes only very cheap things, so if you buy better things "your CPI" might be different.

          • freedomofspeech on 09/06/2022 - 16:59
            +1

            @rektrading: Inflation is much more than either 3.9% or 5.1%..

            Just calculate for yourself - What you spend monthly last year June and this year. For us is approx. 15%

            • jazzza on 09/06/2022 - 17:05

              @freedomofspeech: Yes and no, as last year June we went in to lockdown in NSW/Vic. Spending habits during covid/lockdown were different compared to now. Most people were saving much more than normal because they spend less.

              • freedomofspeech on 09/06/2022 - 17:06

                @jazzza: Ok, maybe compare with another month/the year before?

                • jazzza on 09/06/2022 - 17:08

                  @freedomofspeech: yes but then you calculate the inflation compared to that other month/year. That is why CPI, although it doesn't cover all costs, is a good indictor.

      • yama131 on 09/06/2022 - 15:01
        +4

        It's larger than that..
        Inflation is calculated using Consumer Price Index and not things people actually want to buy or value
        If you worked out inflation based on housing, or other assets its probably like 10 %

        using bread and eggs prices to calculate it will only get you so far

        • Reticent on 09/06/2022 - 15:41
          +4

          Rent went up by something like 18% over the past year

      • Brodo Faggins on 09/06/2022 - 21:17
        +6

        Nah infltion is actually 15-20%. They just tell you it's something else.

      • bob19 on 09/06/2022 - 22:27
        +1

        That's what they tell you. But it's much higher. More like 20%. Have you seen the skyrocketing prices?

        • supersabroso on 27/06/2022 - 11:09
          +3

          Agreed, so true. Frozen fruit at woolies went from $4 to $5.50, my local chicken roll went from $8.50 to $11.50, Magnums went from $7.50 to $9.50 for a 4 pack, petrol went from $1.40 to $2.

          Inflation on all these items is much closer to 40% than it is to 5%. I also haven't had a payrise in 1.5 years, based on EA negotiations, it looks like I'll be waiting 2.5 years for a payrise.

  • Tleyx on 09/06/2022 - 08:39
    +76

    Hopefully the competition will step up as I hate conditions

    • [Deactivated] on 09/06/2022 - 08:52
      +48

      yeah increasing balance every month is one of the worst

        • [Deactivated] on 09/06/2022 - 09:00
          +10

          lol, what?

        • daleroy1234 on 09/06/2022 - 09:04
          +22

          I think you forgot to take your meds this morning

          • ozbjunkie on 11/06/2022 - 18:34
            +1

            @daleroy1234: No no, this is how he is and there's no cure for being a liberal voter

            Jkjk…

            No cure for being a nationals voter though…

      • Squeezy on 09/06/2022 - 09:15
        +10

        yep, when they introduced this I had an auto payment of $1 going in every month.

        • ATangk on 09/06/2022 - 09:35
          +3

          It’s a problem if you’re trying to use it as main account back when they were the one to offer free international atm…

          • dcep on 09/06/2022 - 15:05

            @ATangk: what about citibank and macquarie ?

            • ATangk on 09/06/2022 - 15:27
              +7

              @dcep: See the difference between those cards and ING is that ING reimburses you for ALL international fees, including those charged by the operator ATM. Citi and Macquarie only charge $0 on their end, whereas ING has once reimbursed me $12 for simply using an ATM (operator fee) in Indonesia…

              • bgbrendan on 11/06/2022 - 14:34

                @ATangk: The reimbursement on international ATM fees is godly if you travel. I was able to withdraw local currency from ATMs which usually offered a good exchange rate but with massive bank fees. ing paid me back 500 bucks in fees in the end XD I was getting 10-20 bucks back every transaction

                • Kyle-K on 11/06/2022 - 14:39
                  +2

                  @bgbrendan: Unfortunately the good old days of ATM reimbursements are over at ING with the limitation of five per calendar month.

            • shw01 on 09/06/2022 - 19:45
              +1

              @dcep: Citi retail in AU is now gone and merged into NAB so likely will lose features such as free international atm. and its saving rate is really low so only suitable for day-to-day banking.

              Macq doesn't have osko or payid which makes it a bit inconvenient as a day-to-day transaction accunt option.

              • Kyle-K on 11/06/2022 - 14:39

                @shw01:

                Macq doesn't have osko or payid which makes it a bit inconvenient as a day-to-day transaction accunt option.

                They don't have Osko but they definitely do have PayID support and have for awhile.

      • Ramennightmare on 09/06/2022 - 10:01
        +11

        Just FYI, you can get away with the increasing balance clause very easily. For example your balance is $1000 at at end of May, then you have $8000 on 29th June. What you need to do is transfer $6999 to your day to day account and leave your saving maximiser with $1001. You will still be eligible for the interest as it is compounding daily. On 1 July, you just transfer the $6999 back to the saving maximiser. It might be too much for others, but It just takes me 5 secs to do it at the last day of month to do it.

        • Tleyx on 09/06/2022 - 10:07
          +16

          That's the thing that annoys me, it makes no extra money for them, it's just trapping people that forget into lower rate.

          If the conditions meant that they made more profit and they were sharing that profit with you that would be one thing, this just seems a trap to fool people into making mistakes so they can advertise a higher rate bit mot pay it

          • johnwinds on 09/06/2022 - 11:21

            @Tleyx: Exactly. I missed out twice so far due to reminders in Google calendar stuffing up.

            • LFO on 10/06/2022 - 10:35

              @johnwinds: Smart phone's calendar to the rescue !!

              • johnwinds on 10/06/2022 - 12:58

                @LFO: It was on the phone! Not sure how I messed that up. Annoyingly there's no option for "recurring reminder on last day of the month", so I have to pick the 28th.

                • soan papdi on 16/06/2022 - 07:44
                  +2

                  @johnwinds:

                  Annoyingly there's no option for "recurring reminder on last day of the month", so I have to pick the 28th.

                  You can set the event for the first of every month and alert 48 hours before.

          • tdw on 09/06/2022 - 15:20
            +2

            @Tleyx: it also penalises those who've had a bad month i.e. with unexpected financial emergencies.

      • jabroni on 09/06/2022 - 12:00
        -1

        its just a $1 a month

        • tonydarcy on 10/06/2022 - 09:36
          +1

          The problem isn't the $1 per month, it is that they are effectively holding the rest of my balance hostage. I use my savings account for things that have become somewhat regular purchases. Therefore, some months my account has a higher ending balance and sometimes it is lower. On average, it is about even, but it just depends on the month. For funds I am unlikely to use for a long time, I put it in redraw on the mortgage for my investment property instead as the interest rate on that is higher than 2.1%.

      • USER DC on 09/06/2022 - 12:12
        +3

        The way to combat that is you decreasing the balance on the last date of the month continuously

        e.g.

        on 31 Jan your balance is $5000, (assuming you met criteria in December to qualify for Jan, and in December maximum balance was $4000 )
        so on 31 Jan before midnight you transfer $999.99 to some other account.
        so you get interest for Jan, and you increased your balance by 1 cent,

        on 1 Feb you transfer back $999.99 into savings account again. On 28 Feb you transfer $999.98 into some other account. (You increased your savings by 1 cent, and the next month's savings need to be only 2 cents more than $4000).

        and the cycle goes on.

        But I agree this is very annoying criteria. I guess ING really wanted to increase the Cash in bank that time it introduced this criteria

        • [Deactivated] on 09/06/2022 - 12:22
          +12

          tldr; i’ll just bank elsewhere

      • Chances on 14/06/2022 - 14:01

        Yes, it is worst than fixed term deposit.
        IMHO, it is not worth the efforts anyway.
        Other banks will soon catch up with the same rate with LESS conditions.

    • DaWeizOne on 09/06/2022 - 09:07
      +10

      Yea, added conditions before joining.. stand on one leg, wave your hands in the air and do the Macarena

      • LFO on 10/06/2022 - 10:36

        Some people do that for free every night weekend …

  • indianregulator on 09/06/2022 - 08:43
    +70

    ING really make you do the whole hokey pokey to get the 2.1%

    • MaccDogg on 09/06/2022 - 08:45
      +10

      And turn around

      • VerticallyIntegrated on 09/06/2022 - 08:46
        +18

        That’s what it’s all about.

        • Kangal on 09/06/2022 - 09:27
          +2

          *cue the Nutbush *

      • team teri on 09/06/2022 - 09:40
        +4

        That's what I did. Took my money, turned around, and walked.

      • Exprise on 09/06/2022 - 14:33

        Every now and then I get a little bit lonely.
        Turn around, that's how you do the pokey hocus

    • Weshouldgetsushi on 09/06/2022 - 08:45
      +6

      Too much to do for the outcome. Pass from me.

    • diss on 09/06/2022 - 08:53
      +9

      It’s basically just normal usage. My wages go to my ING account and I buy stuff, so I meet the criteria each month without thinking about it.

      • [Deactivated] on 09/06/2022 - 08:57
        +14

        unless you need to spend money

        • diss on 09/06/2022 - 09:02
          +5

          You can spend money, you just don’t qualify if you end the month with less money than you did last month. So if you’re able to save at least $0.01 per month you’re good.

          • [Deactivated] on 09/06/2022 - 09:03
            +14

            @diss: screw it up one month and there goes any advantage over a slightly lower but easier to obtain rate

            • diss on 09/06/2022 - 09:13

              @[Deactivated]: Depends how slightly lower. Sure, a marginally lower rate without the condition that you increase your balance would be easier to consistently maintain if you make an exceptionally large purchase. Which would you recommend?

              • [Deactivated] on 09/06/2022 - 09:19
                +2

                @diss: i use ubank. they haven’t announced increased rates yet

                • SabreTooth23 on 09/06/2022 - 09:42

                  @[Deactivated]: Heard about ubank and i wonder how it is compare with ING. I’m with ING for several years now and wondering if there’s other bank that can compete with their maximiser interest rate.

                  • pointnlarf on 09/06/2022 - 10:07
                    +2

                    @SabreTooth23: Ubank is easier and up to 250k…

                  • souths123 on 09/06/2022 - 10:38
                    +4

                    @SabreTooth23: AMP atm still has the same rate as ING, as does Ubank now (1.35%) will have to see what happens over the next few weeks for both of those as well. AMP and Ubank are easier to get the bonus rate and you can have up to $250K

                • be25mojo on 09/06/2022 - 09:57

                  @[Deactivated]: I'm sure they announced increase to 1.35%

                  • [Deactivated] on 09/06/2022 - 10:00
                    +1

                    @be25mojo: wasn’t that before the latest increase by the reserve bank tho?

            • Mokr on 09/06/2022 - 18:31
              -1

              @[Deactivated]: Not really ubank is 1.35 and this is 2

              One month loss you still ahead by far.

          • samfisher5986 on 09/06/2022 - 10:31

            @diss: That doesn't make sense though.

            If you always end the month with more then what you had, then you never spent any money.

            ING savings accounts means you can never spend any money or alternatively ING needs to have enough profit over the competition that it makes up for the months where you lose the bonus.

            I would bet in most cases that ING customers would end up worse off.

            • souths123 on 09/06/2022 - 10:42
              +2

              @samfisher5986: no, you can spend money, you just have to have more at the end of the month (last day) compared to the first day of the month incl interest….i.e. if you had a balance of $1001 1st of the month incl interest, you need to have AT LEAST $1001.01 on the last day of that month to get the bonus rate, plus do 5 card transactions, plus deposit at least $1000 per month from an external institution the PREVIOUS month and every month thereafter….you have to do that the month before the bonus is applied….some banks it is the same month, but others you have to do it the previous month.

              • samfisher5986 on 09/06/2022 - 10:45
                +2

                @souths123: I'm not sure I understand.

                lets say you have $40,000.

                I buy a $5000 TV, I now have $35,000.

                How do I ensure, by the end of the month that I have more then on the first day of the month?

                • souths123 on 09/06/2022 - 10:51
                  +4

                  @samfisher5986: lol, if you have no more money to add, from pay etc then I guess you are stuffed

                  • samfisher5986 on 09/06/2022 - 11:50
                    +1

                    @souths123: That makes no sense…

                    Who exactly is generating their income from interest in their bank with no intentions to spend that money? Can't be anyone wanting to live off the interest as ING has a low limit on their savings account.

                    Can you tell me, why would a person withdraw $5000 from their savings account to buy a TV just so they can deposit $5000 back into their account from their everyday account?

                    Do you realise that you can buy that TV directly from your everyday account and skip the savings account completely?

                    Either you don't realise how bad the ING policy is or you are an ING shill.

                    • souths123 on 09/06/2022 - 12:31

                      @samfisher5986: lol mate, I know EXACTLY how ALL savings account criteria work. I make sure I qualify for all accounts each month. If that account is too much effort for you, then don't use it. Nobody is making you use their savings account.

                      • samfisher5986 on 09/06/2022 - 13:07
                        -6

                        @souths123: You must be an ING Shill because its impossible to access your savings without losing your interest but you are pretending like thats not true.

                        • souths123 on 09/06/2022 - 13:09

                          @samfisher5986: mate get over yourself. I have nothing to do with ING apart from being a customer. There are plenty of people out there that are able to qualify for the bonus interest each month…..go and get another account with another provider. Again, nobody is saying you have to use this account if it doesn't suit your purposes….move along now. This is getting tedious.

                          • samfisher5986 on 09/06/2022 - 13:19

                            @souths123: Its not an issue qualifying, its an issue of losing your money the second you want to withdraw a portion of that money.

                            • souths123 on 09/06/2022 - 14:24
                              +1

                              @samfisher5986: no, technically you are incorrect. You can use the money in the account every single day if you want. You just need to finish the last day of the month higher than the first day of the month.

                            • diss on 09/06/2022 - 21:01
                              +1

                              @samfisher5986: I don’t really understand what you’re saying. If you save any money at all in any given month then your balance grows. Sure if you dip into your savings to buy a TV then you won’t qualify, but all you have to do is put more money into your savings account than you take out, and it doesn’t even have to be a lot. If that’s not generally the case then you’re in trouble.

                              • samfisher5986 on 10/06/2022 - 10:33

                                @diss: Why would you put more money into your savings then you take out? The reality is you can't take out at all or you get a huge interest cut, no need to sugar coat it.

                                Most people will use their savings account for something, I think you'll find it very rare that someone only uses a savings account when they withdraw every dollar until its empty, people just take what they need and in those months they will lose a lot of interest.

                                • diss on 10/06/2022 - 14:58

                                  @samfisher5986: I still don’t get your point. I put a chunk of money into my savings account every month, and I take money out of it as needed. Maybe you allocate a certain amount to savings each month, whatever. I end up with more money each month than I had last month because I don’t spend more than I earn. If I were to buy a car then yes, I’d lose out on interest that month. I take money out of my savings account all the time and qualify for the bonus interest without thinking about it.

                                  • samfisher5986 on 10/06/2022 - 15:50

                                    @diss: So let me get this straight.

                                    You get paid lets say, $1000 into your transaction account

                                    You then take $500 out of your savings account to buy a watch

                                    You then take $501 from your transaction account and put it into your savings account.

                                    ING is will now give you your interest rate.

                                    Why do you do this?

                                    Why don't you just pay for the watch from the transaction account? You can then add $1 to your savings account.

                                    Also why have a savings account if you are never ever going to spend it in your entire life?

                                    I take if you've never traveled internationally? Its very easy to spend over your wage in buying tickets, accommodation etc, or do you earn 200k+ a year?

                                    • diss on 10/06/2022 - 16:18
                                      +1

                                      @samfisher5986: Huh? Put the $1 into your savings, I’m not saying you should move your money in any particular way lol. I’m just saying that if you save any money at all then you qualify for interest, as you would in both of those scenarios. Makes no difference. Obviously you’re going to spend savings eventually. As I said in my last comment, I wouldn’t qualify for the interest rate if I bought a car, but in that case the interest I don’t earn for that particular month isn’t such a big deal. We’re talking about an absolute maximum of like $180 for that month if you have >= $100k after withdrawing. If you can find a bank that offers <= 0.1% less without the criteria to make up for that then by all means go for it. I’m not working for ING here.

                            • MrBear on 10/06/2022 - 10:17
                              +1

                              @samfisher5986: You don't "lose" your money, you just don't "gain" bonus interest for that month. It's only that month.

                              • samfisher5986 on 10/06/2022 - 10:35
                                -3

                                @MrBear: You do "lose" that money because with any other bank you would have that "bonus" interest.

                                Its only a month for that one withdrawal, and then its another month if you do it again.

                                As I said, its basically a term deposit because the huge cost to withdrawing means it wasn't worth it (since you could have gone with another bank with a slightly lower interest rate)

                                • MrBear on 11/06/2022 - 10:38

                                  @samfisher5986:

                                  with any other bank

                                  How many other banks offer bonus interest of this percentage amount?

                                  • Kyle-K on 11/06/2022 - 14:25

                                    @MrBear:

                                    How many other banks offer bonus interest of this percentage amount?

                                    As of now they're the highest but the rate hasn't gone into affect yet and there's still more institutions that could announce a similar or higher rate before it goes into affect.

                                    See here for an overview of where everything is at currently.

    • INFIDEL on 09/06/2022 - 09:17
      +8

      Once you're used to it - been doing most of it for years.

      Automatic Transfer 6c from another account into Orange Everyday account each month.
      Automatic transfer of 1c from Orange Everyday account each month to increase balance.
      Use split payment of 5 x 1c on Orange Everyday card when buying groceries.
      Don't withdraw money unless necessary.

      Major issue is if you.end up with less money in account than start of month - no bonus interest.

      • Jason Genova on 09/06/2022 - 09:18

        yep, this is what im gonna do

      • INFIDEL on 09/06/2022 - 09:28
        +1

        And Deposit at least $1,000 from an external bank account

        Automatically transfer $1000.06 in & $1000 straight back in the above 6c transfer into Orange Everyday account each month.

        6c covers 5 x 1c purchases + 1c increase in Maximiser balance.

        So only thing to remember to do is 5 purchases a month.

      • ATangk on 09/06/2022 - 09:37
        +2

        I’ve been even lazier. Buy things on Afterpay when there’s no benefit to otherwise (no gc, etc). Then use those split payments for the 5 accounts. All online no need to do split payments at colesworth self checkouts.

        • INFIDEL on 09/06/2022 - 09:41

          Ok if you are regularly buying through Afterpay. Not me.

          Its 5 purchases by any payment system including online.
          As am grocery shopping regularly - that's easiest for me.

          • ATangk on 09/06/2022 - 09:43
            +1

            @INFIDEL: if you’ve got multiple accounts requiring 5 transactions, I wouldn’t want to stand there doing 10, 15 split transactions at a checkout though.

            • INFIDEL on 09/06/2022 - 09:45

              @ATangk: For me, only 5 split payments once a month in 1 purchase. Rest of purchase mainly paid with points, then discount egift card.
              Quick & easy at quiet times.

              How have you got multiple Maximiser accounts to need all those purchases??

              I used to have other cards requiring that, but got rid of them as an unnecessary nuisance for little benefit. Kept the ING.

              • ATangk on 09/06/2022 - 10:01

                @INFIDEL: BOQ is 3%, so thats another 5 transaction.

                • INFIDEL on 09/06/2022 - 10:05
                  +1

                  @ATangk: Oh BOQ!!
                  Too high a price to pay! And that 3% is not for everyone.

                  Left as had so many problems with them. They even charged a fee to close the disputed account. So that's 5 payments not needed each month!!

                  BOQ cost a family member thousands in 1 error. Bank Manager refused to even discuss it. Took a battle to recover some of it. Wouldn't trust them again after multiple errors!

                  Stopped using BOQ owned Virgin Money (5 purchases/mth) after received their recent $100 in promotion points!

            • Donaldhump on 09/06/2022 - 10:41
              +2

              @ATangk: i do 25 x 1c transaction last weekend of every month for various family member cards. it's super embarrassing, i swear they will call cops one day.

              • Ozbargainasaurus on 09/06/2022 - 10:42
                +1

                @Donaldhump: Geez your receipt must be massive!!!

                • Donaldhump on 09/06/2022 - 10:45
                  +2

                  @Ozbargainasaurus: yeh i used to frame them on my work wall. was sick when subway 2 for 1 vouchers printed on the back too.

                • tdw on 09/06/2022 - 15:26
                  +3

                  @Ozbargainasaurus: doing multiple transactions wasn't the embarrassing part - it was having to call over the checkout staff to refill the printer when it ran out of paper while in the middle printing out my enormous receipt lol

                  • ozbjunkie on 11/06/2022 - 18:42
                    -1

                    @tdw: At which point the manager realises the supermarket is taking a loss on this transaction just in rent and wages alone.

        • akafinal on 26/06/2022 - 19:53

          Afterpay splits your transactions over 6-8 weeks. Can I be curious how you use it to meet the 5 transactions in 1 calendar month? Also, can we split payments with Afterpay the same way like we do at the Coles/ Woolies counter, e.g. split one transactions into 5 transactions of 1 cents each?

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