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Savings Maximiser 2.60% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 2.60% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
kia07 on 07/07/2022 - 00:09 ing.com.au (2709 clicks)
Last edited 04/08/2022 - 18:45 by 2 other users

We will be increasing the additional variable rate on our Savings Maximiser by 0.50% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria.
We will also be increasing the Savings Accelerator variable rates for all new and existing customers. The rates for balances of $50,000 or more will increase by 0.50% p.a. The rates for balances less than $50,000 will increase by 0.15% p.a.
These changes are effective from 12 July 2022.

Highest variable rate for Savings Maximiser is available for customers who also have an Orange Everyday bank account and do these things each month:

  1. Deposit $1,000+ from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)
  2. Make 5+ card purchases (settled, not pending) and
  3. Grow their nominated Savings Maximiser balance (excluding interest).
    When the criteria is met in a calendar month, the benefits the additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.
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closed Comments

  • DrScavenger on 07/07/2022 - 00:16
    -3

    Westpac spend & save still better?

    • CyberMurning on 07/07/2022 - 00:20

      Why?

      • DrScavenger on 07/07/2022 - 00:22
        -1

        2.5% up to 30k. If your account is large then this might be better

        • ATangk on 07/07/2022 - 00:58
          +17

          But this is 2.6%…?

          2.6% > 2.5%

          • DrScavenger on 07/07/2022 - 08:27

            @ATangk: Only for balances higher than 50k

            • ATangk on 07/07/2022 - 09:15
              +1

              @DrScavenger: That’s just because you didn’t read the text properly and the title is a bit misleading. It’s 0.5% on savings maximiser, the balance condition only applies to savings accelerator.

    • bruce1202 on 07/07/2022 - 00:21

      Westpac saving 0.85% atm?

      • BargainsGrabber on 07/07/2022 - 01:20

        I think DrScavenger is referring to this 2.5% from Westpac, only for 18 to 29 year olds
        https://www.ozbargain.com.au/node/709238

        • ATangk on 07/07/2022 - 01:56
          +3

          "Targeted" - But then BOQ is better at 3%.

          • raowler on 07/07/2022 - 06:22

            @ATangk: BOQ 3% is only for 18 to 35 year olds as well what about us guys outside of that range surely that must be ageist…

          • mrtee on 07/07/2022 - 07:01

            @ATangk: What's the requirements other than age for BOQ?

            • iGraphic on 07/07/2022 - 13:26

              @mrtee: max 50K

            • RexLongfellow on 11/07/2022 - 15:22

              @mrtee: Deposit $1000 a month into spending account, minimum 5 transactions and max $50k like iGraphic said.

  • KangaDrew on 07/07/2022 - 00:28
    +48

    I'm gonna start feeling like a money launderer if I keep bouncing my savings around every month 🤑

    • StarvingOat on 07/07/2022 - 03:55
      +54

      Is it me or the lion look more sadder every time I look at their logo?

      • xdirex on 07/07/2022 - 07:27
        +12

        I can't unsee this

      • johnwinds on 07/07/2022 - 11:11
        +6

        The lion is sad because of the stupid requirement to grow the balance every month.

      • ntt on 07/07/2022 - 11:20
        +2

        the lion is sad because the 3 lions haven't won any FIFA WorldCup since 1966

        • Mike0707 on 07/07/2022 - 12:05
          +1

          But the orange lion, ING is Dutch

      • Jaspa7 on 07/07/2022 - 14:17
        +2

        pretty sure they monitor OzB… next month that lion gonna look like it's on crack

    • mitty on 07/07/2022 - 08:09
      +1

      I'm right there with you. I have so many accounts with so many banks I 'm beginning to feel like Scrooge McDuck.

      • Meconium on 07/07/2022 - 10:28

        Jeez how much savings do you lot have

        • Jugganautx on 07/07/2022 - 13:52
          +1

          didnt you know 200k is the median salary on ozbargain

  • hashtagbargain on 07/07/2022 - 00:31
    +8

    Cmon ubank!

    • squall3031 on 07/07/2022 - 00:37
      +7

      Yes, come on UBANK~!

      • [Deactivated] on 07/07/2022 - 01:22
        +4

        2.35%. looks like they won't be going higher than ING.

        • ForeverInBlueJeans on 07/07/2022 - 07:50
          +6

          True, but $200 a month deposit vs $1000 a month plus 3 settled card, plus balance needs to increase… seems a bit too complex

          • io on 07/07/2022 - 07:57
            +3

            @ForeverInBlueJeans: You can deposit $1000 and then take out $999.99 which still increases the savings balance. You need 5 card purchases not 3 which is easy to do at coles/wool.

            • dyziplen on 07/07/2022 - 08:17
              +1

              @io: I have about 5k as a buffer. I take it out at end of month and put in again on the 1st, just shifting between everyday and savings.

              My pay goes into it, and 5 transaction is easy even with UP as my primary spending card. So easy hoops to jump around. Then given that this is the highest rate going around and anyone would have some income and expenditure, not sure why this is such a big hurdle for some?

              • jjj123 on 07/07/2022 - 11:25

                @dyziplen: 5 transactions are a killer too, i am using hsbc atm, 2% cash back.

                • dyziplen on 07/07/2022 - 13:23

                  @jjj123: HSBC's 2% is for tap only.

                  Don't you have subscriptions like iCloud plus and what not to pad out the 5 transactions. You can also spilt payment at Coles and Woolies and put like 50cents on ING and rest on HSBC or whatever. I usually just put the couple dollar transaction via ING at the start of the month and then its all done. Everything is on Google/Apple Pay so you ain't even carrying on extra cards.

                  • baituey25 on 08/07/2022 - 07:51

                    @dyziplen: Can the 5 card purchases be done using Google Pay instead of a physical card?

              • bbking18 on 07/07/2022 - 13:32

                @dyziplen: I don't think it is a big hurdle. It is the way how they make people do all these things to earn higher interests. I used to do think and did similar as you. But I decided not to use ING anymore unless their rates are significantly higher. Besides, max is $100k.

                • dyziplen on 07/07/2022 - 13:38
                  +1

                  @bbking18: The 1k and 5 transaction isn't an issue if you actually use the account.

                  The main one is the grow every month, and this frankly is the reason why their rates are higher. This is essentially a cross between a typical savers and a term deposit account. It offers better flexibility than a term deposit, but you just need to manage it to ensure the balance growth every month.

                  • bbking18 on 07/07/2022 - 18:15
                    +1

                    @dyziplen: Totally agree. This is exactly what they are doing. In my case $100k is not enough and I have no problem to increase month end balance. But after a while I just get tired of it. I rather earn a bit less than staying with ING.

            • jjj123 on 07/07/2022 - 11:20

              @io: You can deposit $1000 and then take out $999.99 which still increases the savings balance

              how this work for each month?

              For example, 5th of each month deposit $1000 and then take out $999.99 on 5th of each month?

              • skid on 07/07/2022 - 14:57
                +1

                @jjj123: The $1000 and the 5 transactions condition is on the Everyday account. The balance increase condition is on the Maximiser account.

                You have to deposit $1000 every month into the Everyday and put 5 transactions on it. You can withdraw the entire $1000 and put into any bank. If you put it into the Maximiser, that will count as a balance increase. Once you put it into the Maximiser, you can take out $999.99 before the end of the month so that the balance increases by 1 cent and you'll still earn 2.6%pa interest on that $1000 for every day of that month bar one.

            • Mr Haj on 07/07/2022 - 11:39
              +1

              @io:

              You need 5 card purchases not 3 which is easy to do at coles/wool.

              I have extras cover direct debited each week so I only ever have to make one purchase with my ING card each month.

              The extras costs me only $3.21 per week and pays for itself with my annual dental visit.

              • Jezzabell on 07/07/2022 - 12:36

                @Mr Haj: What health cover is that?

                • Mr Haj on 07/07/2022 - 12:37

                  @Jezzabell: That's just the most basic singles cover with AHM. I think it is called Black Saver 50 or something. So I pay 50% gap on dental, physio and chiro.

            • iceteacake on 07/07/2022 - 14:46

              @io: How do you do this, deposit $1000 and take out $999.99? Didn't they say that your balance must be greater than the previous balance (month)?
              I am unaware of this, can you please elaborate?

              • dyziplen on 07/07/2022 - 14:54

                @iceteacake: You put in 1k into ING, 1 cent into Savers and leave it there (balance grown by 1cent). Spend 5 transactions and take whats left of the 1k out of ING.

                • iceteacake on 07/07/2022 - 15:00

                  @dyziplen: I was meaning if I need to use that savings money within the month. Do I need to leave all of my funds in that account.

                  I've heard somehwere, that you can have 0 balance on the first day of month and then you add additional funds to make it increase.

                  • dyziplen on 07/07/2022 - 16:25

                    @iceteacake: The end of month amount just needs to be more than the start of month. You can move money in/out etc. Just make sure it ends up as more at the end (probably give a couple days of grace, rather than leave until right at the end)

                    ING has a tick system showing you whether you are meeting the requirements or not, and it shows the amount that you need to exceed by. Just make sure its all ticked before end of month.

                    I suspect the zero amount thing is just people taking it to the extreme, taking it all out before end of month, so that the start of the month would just be the interest amount, and that amount will be easy to exceed. So the end of month amount is just the interest + 1 cent, which carries into the next, gradually increasing over time.

            • DoctorCalculon on 07/07/2022 - 20:24

              @io:

              You need 5 card purchases not 3 which is easy to do at coles/wool.

              It was a lot easier to just use Revolut to do the 5 card transactions via Apple or Google Pay.
              They have now completely blocked Revolut (other than bank transfers).

              I think ANZ has also done the same.

              • Meovel on 13/07/2022 - 11:56

                @DoctorCalculon: Did they? Just tried I'm still able to top up Revolut through Google Pay using ING card.

                • DoctorCalculon on 13/07/2022 - 12:07

                  @Meovel: Thanks for the reply.

                  IIRC, it stopped working from May onwards. I did call them last month out of frustration. The customer service agent just told me they block all top ups to mobile wallet apps (Revolut, Wise, Zip, etc.), probably to get me off the phone.

                  BTW, I am using Apple Pay.

                  I can confirm tops ups using Up and uBank (86400) still work (limited by account balance).

                  If you have access to an ANZ debit or credit card, are you able to check if Google Pay top ups to Revolut works for you?
                  ANZ was one of the few banks that does not charge cash advance fees for credit card top ups.

          • nokia3660 on 07/07/2022 - 17:40
            +2

            @ForeverInBlueJeans: err… it is 5 settled card transactions

    • zan5hin on 07/07/2022 - 07:04
      +1

      C'mon Rabobank! I just move my savings across to their high-interest account and I really like their security system with physical token and only withdraws to a single nominated external account.

      • CyberMurning on 07/07/2022 - 08:22
        +11

        That physical token is the worst of the worst

      • muwu on 07/07/2022 - 09:42
        +3

        I really like their security system with physical token and only withdraws to a single nominated external account

        That sounds bad? 🤷🏼‍♂️

      • fredblogs on 07/07/2022 - 13:07
        +2

        I hated that thing and closed my account because of it. I guess you like it because of security?

        • cookie2 on 07/07/2022 - 21:17

          Same here. Turned me right off as soon as I got it. Closed my account and stayed with ubank.

      • bbking18 on 07/07/2022 - 13:34

        I hate to use that little thing. I am hoping by now they would have got rid of it. Obviously not.

      • dorikin on 07/07/2022 - 17:44

        that token thing was the worst, couldn’t wait to get out after the 4 month intro

      • md333 on 14/07/2022 - 13:36

        Rabobank just increased to 2.15%

  • ChatCPT on 07/07/2022 - 00:32
    +2

    What about larger balances

    • Slurped on 07/07/2022 - 09:18
      +8

      Gotta spend it on Ozbargains to get it below 100K.

  • autolux on 07/07/2022 - 00:35
    +1

    assume this is up to a max of $100k? i think thats their normal max right?>

    • tch on 07/07/2022 - 01:19

      Yeh current ING page shows up to 100k for the Saving Maximizer.

      • [Deactivated] on 07/07/2022 - 01:24
        +2

        It's very misleading because the notice says "…$50,000 and above" but the saving terms says $100k maximum.

        • LowRange on 07/07/2022 - 01:27

          Do you know if 2 accounts of 100k are allowed?

          • [Deactivated] on 07/07/2022 - 01:28
            -1

            @LowRange: I believe the rates and limits apply across all accounts of the same type.

          • theknight27 on 07/07/2022 - 02:04
            +3

            @LowRange: You only get the bonus on one savings account.

          • lily99 on 07/07/2022 - 09:22

            @LowRange: No, it's 100k in total.

        • BargainsGrabber on 07/07/2022 - 01:30

          There are two saving account types on ING: Savings Maximiser and Savings Accelerator

          Savings Maximiser will get 0.50% increase up to maximum balance of $100k

          Savings Accelerator will get 0.50% increase if balance is more than $50k. 0.15% increase if less than $50k

          • [Deactivated] on 07/07/2022 - 01:31
            +1

            @BargainsGrabber: Yep but you don't get the 2.60% rate on the accelerator. Sounds more like it's treated as a decelerator.

            • BargainsGrabber on 07/07/2022 - 01:33
              +13

              @[Deactivated]: Yeah, OP’s title needs a rewording

              Basically the new rates are:

              Savings Maximiser - 2.60% for balances up to $100k

              Savings Accelerator - 1.40% for balances from $50k to $150k; 0.50% for balances under $50k

    • obried26 on 13/07/2022 - 08:39

      Do you lose the Bonus interest if you go over the $100k cap?

  • bird380 on 07/07/2022 - 00:40
    +3

    Any thought on the BOQ's 3.00% P.A. Savings Account - BOQ Future Saver Account? Up to 50K

    • phaminator on 07/07/2022 - 00:55
      +3

      IMO its good. Highest int rate out of the ones being discussed here for up to $50k, and terms are just deposit $1k (can withdraw right after), and 5 transactions on their linked spending account. I just go to coles and 5 x 1c on multiple payment option

      • bird380 on 07/07/2022 - 01:06

        Eligible transactions include direct debit payments, ATM withdrawals, BPAY payments or purchases with your Visa Debit Card.

        ATM withdrawals also included.

        "I just go to coles and 5 x 1c on multiple payment option" that's also what I usually did lol

        • geshc on 07/07/2022 - 02:46

          How do I do the 1c transactions at coles?

          • Yola on 07/07/2022 - 05:58
            +1

            @geshc: At self checkout do split payment. Can do at Woolies also.

        • Lunarboogie on 07/07/2022 - 07:50
          +1

          Isn’t there also a requirement for the balance of the account to be higher than the previous month? Doing the arithmetic on that is why I haven’t jumped to this.

          • Camm90 on 07/07/2022 - 08:24

            @Lunarboogie: Balance just has to higher than the previous month. Can be as little as 1c, though I do $1. On the app, it tells you what the previous months balance was so it's easy enough.

            • Yola on 07/07/2022 - 08:33

              @Camm90: Also tells you on the website internet banking.

          • phaminator on 07/07/2022 - 10:41
            +1

            @Lunarboogie: I have not heard of such requirement from BoQ's savings account. I just did the $1k deposit in my spending and 5 transactions (i withdrew what was left over to my main bank account externally), then it said I was eligible for this month and next for the bonus interest rate.

          • unknown-entity on 07/07/2022 - 18:32

            @Lunarboogie: no such requirement for savings balance growth that I've seen, have had no issues activating it each month with lower savings balances.
            myBOQ app states the criteria is 2 things: $1K dep into spend acc + 5x eligible card transactions per month.

        • archiexyz on 15/07/2022 - 21:23
          +1

          5 beemit transfers work for boq

    • MisterTree on 07/07/2022 - 02:11
      -1

      Seems they're offering 3% 24 month term deposits over 5k too. Sounds good I think?

      • bird380 on 07/07/2022 - 02:31
        +4

        Macquarie Bank is offering 3.25% 12 months term deposit. Min. 5k. FYI: https://www.macquarie.com.au/everyday-banking/term-deposits.…

        • MisterTree on 07/07/2022 - 02:33
          +1

          Thanks

        • cannedhams on 07/07/2022 - 16:28
          +1

          Thanks, that sounds easier for me.

          • MaccDogg on 10/07/2022 - 13:55

            @cannedhams: Variable interest rates will probably be higher within 12 months. Rates are going to the moon

      • Mr Haj on 07/07/2022 - 11:44
        +3

        I don't think. If rates keep rising then some banks will be offering >3% on savings accounts. The next two years I expect to see a decrease in property prices and the share market may still have further to fall. It would be unfortunate to have all your cash locked away in a term deposit.

        • MisterTree on 07/07/2022 - 13:15
          +1

          Cheers - it's the old dilemma of when to jump and when to jump in. I'll probably take an each way bet for the moment.

  • PeeDee on 07/07/2022 - 00:51
    +1

    This will be interesting to watch as banks increase their interest rates.

    I don't know much about economics, but the RBA hopes to encourage consumers to save and spend less by the increase in interest rates which passes on to banks to increase their interest rates. But I'm confused, in times like this I thought stimulating the market would be a better choice?? e.g. the NSW Dine and Discover vouchers

    • io on 07/07/2022 - 01:14
      +13

      RBA is setting interest rates exactly for what you just described, save and spend less. This "saving and spending less" directly reduces demand for things and thereby reducing price. This is to reduce the price hike caused by inflation.

      • mun4 on 07/07/2022 - 02:17

        But wouldn't the reduced demand cause prices to rise due to lower efficiency and weaker economies of scale? If a business runs on a thin margin, reduced sales should cause prices to rise to cover higher costs.

        • greatlamp on 07/07/2022 - 07:49
          +3

          Prices are rising at the moment because demand is outstripping supply. Not all businesses benefit however.

          If a business runs on a thin margin, reduced sales should cause prices to rise to cover higher costs

          Only if they can pass on higher costs.
          If they have competition- either cheaper international competition, or substitutes, they won't be able to raise prices without losing customers.

          Can a cafe really sell an $8 coffee?

          • doot on 07/07/2022 - 08:45
            +2

            @greatlamp: I was loitering around the Sofitel Melbourne lounge during a break at work, and the waiter came over asking if he could get us anything, so I said “sure, a latte”. It was alright. When I went to pay it was like $7.50 + surcharge. It was not worth it.

          • mun4 on 07/07/2022 - 14:13

            @greatlamp:

            Prices are rising at the moment because demand is outstripping supply. Not all businesses benefit however.

            I agree, but demand is outstripping supply at the moment is often due to inadequate supply. Pool salt is one example where I am. How high would interests have to be to suppress demand to match undersupply?

            Only if they can pass on higher costs.

            But what could they do? Either raise prices or close the door. If a small business loses half of the sales, surely the cost of sales and operating expenses would go up.

            If they have competition- either cheaper international competition, or substitutes, they won't be able to raise prices without losing customers.

            Maccas know how well they're positioned considering the price of a Big Mac these days.

            I went to Master Mint to have a key cut the other day and it was $9 for a one minute job. Even Bunnings key cutting prices have gone up. Losing customers isn't detrimental - in fact, it can have strategic benefits a lot of the time. Some restaurants have decided to go up market or offer bigger servings at a higher price in order to lose customers. Fewer customers mean fewer staff.

            Can a cafe really sell an $8 coffee?

            It's probably not as remote as it sounds when supermarkets are already selling $8 lettuces. A $8 coffee would only be a 50% hike while a $8 lettuce is a 300% hike.

            • greatlamp on 07/07/2022 - 18:04

              @mun4:

              I agree, but demand is outstripping supply at the moment is often due to inadequate supply. Pool salt is one example where I am. How high would interests have to be to suppress demand to match undersupply?

              Swimming pools are a luxury. As the cost of living increases, more people will choose to stop maintaining their pool, spending money on more important things, and demand for salt will go down. Noone can put a number on it without data.

              But what could they do? Either raise prices or close the door. If a small business loses half of the sales, surely the cost of sales and operating expenses would go up.

              The business will absorb the costs and make less profit. The business may even run into losses when the profits fall so low that the owner cannot draw a wage, and debts stop getting repaid.

              If a business is in a competitive environment it cannot just increase prices. IGA cannot charge $5 for 1L of milk if the coles down the road still sells it for $2.

              Losing customers isn't detrimental - in fact, it can have strategic benefits a lot of the time. Some restaurants have decided to go up market or offer bigger servings at a higher price in order to lose customers. Fewer customers mean fewer staff.

              Changing your product offering is not simple. You alienate your existing customers and hope to attract new ones. McDonald's has been gradually increasing prices over many years. 7 eleven cannot start selling $5 coffee tomorrow.

              When you are already losing profit due to inflation increasing your costs, it would be quite risky to think of losing even more customers as some great opportunity- in an economy that is slowing down all around you.

              A $8 coffee would only be a 50% hike while a $8 lettuce is a 300% hike.

              When people's mortgage goes up $500 per month, they aren't going to be buying $8 coffee, they will have the free coffee at the staff kitchen.

              Of course there are exceptions. There are always exceptions. What matters is what will happen on average, to the majority

              • mun4 on 13/07/2022 - 18:34

                @greatlamp:

                Swimming pools are a luxury.

                That's not an argument. Supply shortage is by no means limited to 'luxury' items. There's a shortage in palm oil, timber etc. Milk prices. Have gone up by $0.4 or 10%.

                When people's mortgage goes up $500 per month, they aren't going to be buying $8 coffee, they will have the free coffee at the staff kitchen.

                That doesn't mean prices would stabilise or come down. Food vendors have already replaced lettuce with cabbage, but lettuce is still going for $6+ each.

                Reduced demand doesn't mean lower prices when demand still outstrips supply. That's what we're facing now. Especially when not everyone's on a mortgage. Renters and home owners will help fill the void borrowers leave behind. To stifle demand, we'd need a rate that could completely crash the housing market.

                • greatlamp on 13/07/2022 - 20:52

                  @mun4: You are confusing multiple issues.

                  Pool salt is a luxury, take away coffee is a luxury. Timber and milk are essential goods with inelastic demand.

                  Demand for luxury goods will decrease with rising prices. The example of lettuce is irrelevant, how about you look at the price of laptops and TVs.

                  You are assuming supply shortage is the only cause of inflation in every industry.
                  There are multiple causes for the current inflation issues, supply shortage, labour shortages, increasing energy costs, money printing.

                  Renters and home owners will not be filling any void, why would they spend more in a recession? it isn't only mortgage repayments that are increasing.

                  To stifle demand, we'd need a rate that could completely crash the housing market.

                  I agree, and the RBA will not have the courage to do what is required, because god forbid if the finance and construction industry slows.

                  Instead we will get stagflation, and the rest of us who don't work in those industries will be suffering with flat wage growth and increasing living costs.

                  • mun4 on 14/07/2022 - 20:18

                    @greatlamp:

                    The example of lettuce is irrelevant, how about you look at the price of laptops and TVs.

                    I didn't want to sound rude, but I can't help but feel that you're making it up as you go. AVC equipment prices have barely moved since COVID due to supply shortages. The RBA backs it up https://www.rba.gov.au/speeches/2021/sp-gov-2021-11-16.html

                    You're assuming that reduced demand will naturally drive prices down. Prices wouldn't go down if demand continued to outstrip supply even when demand fell. Supply could simply fall further when shops and plants start closing or reduce output due to labour costs etc.

                    Renters and home owners will not be filling any void, why would they spend more in a recession?

                    Talking about a recession is irrelevant because this discussion is about whether rate hikes could effectively tackle inflation under the current climate. Right now, low unemployment drives further economic activity despite the numerous hikes. Whether rate hikes will lead to a recession or depression is quite another matter. The Fed appears to be prepared for one, but no sign the RBA is.

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