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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.

Referral Links

Referral: random (667)

Until 30/11/2024, referrer and referee will each receive $100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $100/$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

                    • greatlamp on 15/07/2022 - 08:39

                      @mun4: WE were talking about the price of coffee and pool salt.

                      I pointed out the the prices of luxury goods will fall, the prices of essential goods with inelastic demand will not.

                      These are basic economic concepts, what am I making up as I go?

                      I don't want to sound rude either, but you aren't responding to the point I have made.

                      By the way, if AVC equipment prices have barely moved despite significant supply shortages, didn't you just prove my point?

    • BusMan247 on 07/07/2022 - 01:39

      Well the interest rates effect consumers but also effect business. As you restrict business and it’s output. It just takes a while for it all to filter through hence the full effects won’t be until next year, or even later.

    • ATangk on 07/07/2022 - 01:58
      +3

      Its BECAUSE of the Dine and Discovers, and generous handouts, which have lead to the inflation… Because they're printing money out of nothing, which devalues the currency.

      • Mokr on 07/07/2022 - 07:47
        -1

        I keep telling everyone to buy Chinese goods to beat inflation and thus interest rates.

        But no one understands.

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

          Aren't people already buying the maximum amount of Chinese goods possible?

          What is your advice asking people to do?

        • lily99 on 07/07/2022 - 09:26

          They are not cheap any more.

      • bargain ben on 07/07/2022 - 21:24
        +1

        I think you mean $60 billion of Job Keeper to companies that didn’t need it.

        The Dine & Discover was barely a blip on the radar in comparison.

    • mun4 on 07/07/2022 - 04:26
      +5

      In practice, I think the additional amount people put aside to accrue interests would be fairly minimal even when the rate was 4%. If you decided to spend $10k less a year, you'd only accrue $400 of interest. Suppose the $10k reduced spending equates to a 20% reduction in your household spending, your household spending would have been $50k to begin with. $50k + 33% of your income in rent/mortage, the total spending would have been $75k pa. Typically 50% of the income is saved up. If you earned $150k, I don't think you'd find $400 enough of an appeal to cut your household spending by 1/5 and substantially affect your lifestyle. Plus the RBA would have to rely on banks to pass each hike onto savers in full, which hardly happens for the Big 4.

      I think the main objective is to increase borrowing costs.

      • M00Cow on 07/07/2022 - 07:28
        +2

        I think the main objective is to increase borrowing costs.

        Yep, we've had abnormally low interest rates for well over a decade. With record household, business and govt debt, the magic money pot isn't going to keep giving us cheap money any more and they want some of their money back.

        Western Govt around the world spent their way out of the GFC, without fixing the reason it happened, they got addicted to spending. We're heading into another financial crisis but they've run out of ammo (aka spending money they don't have) so it'll be interesting how they handle this.

      • Mistredo on 07/07/2022 - 13:29

        accrue $400 of interest

        Don't forget you need to tax the interest, so it is even lower depending on your tax rate.

    • ssfps on 20/07/2022 - 23:38

      It's mostly a scam. They printed (QE) 200+ $billion due to "covid", along with most other central/reserve banks around the world - together printing $trillions. Now of course this causes inflation, but they are blaming inflation on the general M1 money stock increase as being from debt taking and cash outs of investments - which is only partially true and obscures their deliberate plays. Now they "target" ~2% inflation and their mechanism for targeting this is to increase interest rates as that slows down people taking debt which doesn't magically subtract the QE money they printed. The fact reducing debt taking is loosely related to people saving extra income vs spending it is really incidental, and not something they care about, whether they profess to or not.

      On QE money printing in aus, and the RBA's promise to "take the QE money back out of circulation at some point":
      https://www.rba.gov.au/speeches/2022/sp-ag-2022-05-23.html

      However, the Reserve Bank Board noted that it currently has no plans to sell bonds from its portfolio. This decision reflected a number of considerations. First, the Board judged that raising the cash rate was the best way of reducing the extent of monetary stimulus in the economy.

  • bitcoinorbust on 07/07/2022 - 00:57

    I assume title is wrong? 2.60% should apply to whole balance up to 100k for Savings Maximiser. ..unless they have now changed that too

    • virhlpool on 07/07/2022 - 01:04
      -2

      Title should be 'min $50k balance' or something along those lines, if I have understood this correctly.

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

        "if I have understood this correctly."… you didn't.

        1st paragraph - Savings Maximiser

        2nd paragraph - Savings Accelerator

        • virhlpool on 07/07/2022 - 01:21

          Thanks. I see now.. so $50,000 has nothing to do with Savings Maximiser.. Its cap is still $100k as usual.

          • starionx on 07/07/2022 - 01:25

            @virhlpool: Correct. The interest rate is for any amount between 0 and $100k.
            :)

  • Doobies on 07/07/2022 - 01:19
    +6

    I'm with ING but getting a bit tired of their scummy tactics. There variable rate is still .05%. All the interest rate rises they have lumped into the additional basket. Took out some excess to send to another bank, which means my balance 'didn't grow' last month, meaning I get .05% this month. Might be time to move the rest of it

    • dyziplen on 07/07/2022 - 03:12
      +2

      If you move, you have to move it all and reset it for next month. Just set up ubank.

  • Click_It on 07/07/2022 - 01:39
    -1

    Putting all your hard-earned in for 2.6% so it only erodes away half as fast. Yikes.

  • tof on 07/07/2022 - 01:39
    +1

    These changes are effective from 12 July 2022.

    Nice compared to ubank coming in less at 2.35% one day before the next RBA rate change in Auguest.

    • tokyocalling on 07/07/2022 - 02:39
      +3

      Pretty bad form for UBank. Trying to toss up whether the extra hurdles with ING are worth it now

  • seanmilt on 07/07/2022 - 06:49

    Does anyone have any accounts for balances between 250-500k?

    • Safoan on 07/07/2022 - 07:08
      -3

      If you are interested you can look into buying USD bonds in some other countries . I know the central bank of Bangladesh provides 7.5% interest rate if you keep your deposit in USD and 12% If you convert and buy bonds in BDT( Nothing in AUD ) . I am looking into buying some myself once I figure out how the tax is going to work.

      • Lunarboogie on 07/07/2022 - 07:53
        +13

        This won’t end well.

        • ATangk on 07/07/2022 - 09:19
          +1

          Maybe try Sri Lanka then?

  • Dreamcast on 07/07/2022 - 07:18
    -3

    This reminded of the day I walked into my bank to withdraw cash for a car and was advised I wasn't earning much interest and if I would like to switch to an account with higher interest.

    I won't ever forget the look on the tellers face when I said I wanted to switch over to a non interest bank account :D

    • Donaldhump on 07/07/2022 - 08:07

      ?

    • Mums Poop Sock on 07/07/2022 - 08:19

      … Y

      • Dreamcast on 07/07/2022 - 08:50
        -1

        Religious reasons

        • freoleo on 07/07/2022 - 14:33

          Care to explain?

          • EBC on 07/07/2022 - 16:25

            @freoleo: I'm pretty sure that there are some in the Islamic community that are against earning interest on bank deposits or interest in a more general sense. Some interpret this concept of "riba" to mean exorbitant interest as you might charge if you were a loan shark or credit card company. Others apply it more strictly to include nominal interest rates attached to savings accounts.

          • Dreamcast on 07/07/2022 - 16:44

            @freoleo: Ha, I knew someone would neg :D

            In Islam, interest is a major sin and you are prohibited in dealing with interest, be it earning, making or even witnessing a contract with interest.

            • cookie2 on 07/07/2022 - 21:24

              @Dreamcast: That's so interesting. Maybe stupid question but how does that work with trying to build or develop business or make profits etc? Or is it just interest in the form of money increasing in value, not other assets?

              • Dreamcast on 08/07/2022 - 09:00

                @cookie2: You can't deal with at all basically. So wanting a loan to start a business for example, is a no no. Same goes for a house loan.

                There are other methods of lending which are interest free, that are now available. I've never borrowed, so don't know all the details. I understand the checks are more tight than going to a standard bank.

  • mlburnian on 07/07/2022 - 08:04
    +2

    Almost on par with offsets, although you have to pay tax on interest earned

    • Pascal on 07/07/2022 - 08:13

      We have only 20k left in offset sitting against 3.09% variable loan, fees are $299 p.a. I guess it's time to restructure now. Are variable rates on loans with no offsets better than with offset?

      • skid on 07/07/2022 - 14:40

        Yes.

        Also, the $299 is usually per customer. If you open a second offset, the fee will be $299pa for both offsets.

        • Pascal on 07/07/2022 - 18:12
          +1

          No need for a second offset account. I'm just not sure if ING is going to let me out of the offset account, because our fixed rate account was conditional to be combined with their variable loan + offset account. No way I'm giving up that delicious 1.89% on my fixed for another 2 yrs

  • csider on 07/07/2022 - 08:16
    +2

    Fwiw, if you have a hecs/help debt and you're able to pay some off it might be a better idea than these type of savings accounts. The new indexation rate this year is 3.9pc and it isn't likely to be much lower next year. Food for thought.

    • dyziplen on 07/07/2022 - 13:24

      But you ain't paying any off until indexation next June, so you need to park the money somewhere til then.

      • csider on 07/07/2022 - 13:32

        Fair point. The current indexation of 3.9% was already charged to accounts on 30 June 2022.

        I guess the question is if the ATO tracks interest as the year rolls on or is it snapshotted.

  • profane01 on 07/07/2022 - 08:33
    +1

    Stupid, misleading title, 8 hours into the deal being posted… Savings Maximiser is for balances up to $100,000 not balances above $50,000…

    • CyberMurning on 07/07/2022 - 08:50

      correct accelerator is not maximiser

    • ATangk on 07/07/2022 - 10:15

      All we had to do was submit a report to get it changed.

  • Homr on 07/07/2022 - 08:45

    I'm with AMP saver, is this better?

    • CyberMurning on 07/07/2022 - 08:50
      +1

      depends… why not share what you get with amp and then we will tell you..
      wait.. you can also tell yourself i think…. just simple comparison… 2 is bigger than 1 for example

      • Homr on 07/07/2022 - 08:52

        Thanks, it will be increasing to 2.1% in 25 days

        • Gavman on 07/07/2022 - 08:55
          +1

          Ubank seems better and on the same
          Level. Ing has too many hoops to get ur bonus int paid. I’m waiting to see if amp put up their rate revised above 2.1% already announce from aug. Hoping they increase it or might move to ubank to get 2.35%

          • muwu on 07/07/2022 - 13:22

            @Gavman: Glad to hear you're coming around, Gav 😉

            • Gavman on 07/07/2022 - 14:47

              @muwu: Yes, thanks for the helpful advice.. u made some good points. ING just seems like too much of a stuff around to extra 0.25%… id rather lock my money away for a years and get 3.15%+ and not have to bother worrying about if my balance is higher than last month

              • muwu on 07/07/2022 - 17:48

                @Gavman: Agree, better return in saved time and hassle to not consider ING.

                If they are the highest at any given time, it's unlikely to be by a significant margin, maybe ~0.1-0.25%, and if you increase the risk of missing the eligibility criteria for one month you'll have brought down the average interest lower than its competitors.

                Also, on principle, I think it's better if we signal to financial institutes that we won't jump through arduous hurdles to achieve marginally higher (already low) interest rates. Let's be honest, the market for savings accounts is already a farce - just the concept of "base" and "bonus" rates where the base is near 0% and the bonus is the near entirety of the offered rate. The value of our deposits is in the cash holdings they have available for credit products (mostly property loans), not in the behaviours of how we engage with the account. Worst of all, linking spending criteria (e.g. 5 purchases/month) to a savings account is manipulative (attempting to push their transactional and credit products) and detrimental to the state of the personal finances of their customers.

                I believe this should have been addressed by ASIC. But this type of stuff has been around for at least a decade, so…

                I'll be glad to (mostly) see the back of these savings accounts. I've gradually DCA'ed my savings into different investment options (super, ETFs, REITs) and I'm not far away from having a property loan on an investment residential property so will use my savings in offset.

  • Gavman on 07/07/2022 - 08:51
    +2

    This is the deal killer. ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.

    While for most months that might be achievable. If u have to take out some cash for some reason (pay for renovations or buy a car) and don’t put back that month you only get .1% paid that month. U Midas well just get a term deposit with bigger int. Rate and no hoops other than u can’t take ur money out til it mature which sound like the same deal as having ing saver

    • uvbunny on 07/07/2022 - 09:17
      +1

      If u have to take out some cash for some reason (pay for renovations or buy a car) and don’t put back that month you only get .1% 0.05% that month next month.

      Corrected for accuracy. If you can't increase your balance for the current month just make sure you transfer all your savings to another bank for the following month.

      • pompompom on 07/07/2022 - 09:18
        +2

        That seems like a massive hassle esp when some bank accounts have a daily outgoing limit

    • dyziplen on 07/07/2022 - 09:34
      +2

      You don't need to put all your money in ING.

      When UP had a decent rate, I kept about 5k in UP as float/buffer with a slightly lower rate than ING.

      Then UP's rate dropped, I move it all back to ING, and simply move the 5k out of savers and into everyday at end of month and back again on the 1st. Losing 1 day's interest on the 5k. I have been thinking of getting another buffer at ubank or ANZ Plus but haven't gotten around to it yet.

      The problem with term deposits is that the rates are literally going up every month, why would you lock in for 6-12-24 month?

    • denserham on 08/07/2022 - 10:42

      You are talking like other banks don't exist, You get ING rate when you can and when you need to withdraw move to one of the other banks like UBank for a month then move back to ING if you want. Lock in a term deposit you lose flexibility. ING is nowhere near as restrictive as a term deposit.

  • dalebobermien on 07/07/2022 - 09:10

    This morning I opened my ING app/internet banking and noticed all my accounts were at $0.00 and accounts are inactive. Been on hold for an hour now trying to figure out whats going on. hope this helps…..

      • dyziplen on 07/07/2022 - 13:30

        Go on whirlpool, you will see plenty of cases where banks closes people account with no explaination given.

        If they think you might be suss, bye bye.

        • tharlow on 07/07/2022 - 14:21

          Plenty of OzBargainers open random bank accounts for the bonus, then close them. No reason given. Seems only fair I suppose

    • dalebobermien on 07/07/2022 - 14:09
      +1

      Turns out my wife kept snoozing the "update your ID details for 12+ months…." All sorted.

      • tharlow on 07/07/2022 - 14:20

        ING is da best!

  • pompompom on 07/07/2022 - 09:16

    ING rates look great n all but those 5 transactions are the most annoying aspect of it. You lose out on interest sometimes esp if you are travelling abroad etc or have a big purchase to make. I'll stick with ubank.

    • ATangk on 07/07/2022 - 09:22
      +3

      Just tap your ing card? It’s got no international transaction fees after all.

    • nrt1111 on 07/07/2022 - 09:51

      Does Ubank have any hoops to jump through to get the bonus interest?

      • non-core promise on 07/07/2022 - 10:06
        +6

        $200 a month into either account, keep total balance under $250k. That's it.

        It's very popular with people who want an interest rate close to ING, but with fewer hoops.

    • Supermari78 on 10/07/2022 - 00:04

      Easy to reach their 5 trans each month as there is no min spending limit for each transaction. You can make split payment when at supermarkets, leaving minimum amount for ING card meanwhile pay the larger portion with your other card with whatever benefits.

  • duchy on 07/07/2022 - 09:19
    +1

    Inflation will be closer to 10% than to 5% by the end of the year. So if you get 2.6% you are still worse off in the long run.

    Much better to put the money into offset account if you don’t want to invest.

    • Fishballs on 07/07/2022 - 09:56
      +9

      What if you've got nothing to offset…

  • [Deactivated] on 07/07/2022 - 09:21

    C'mon westpac. What's the point of being under 30 if ING is offering a better rate for everyone including the old farts?

    • Tleyx on 07/07/2022 - 09:38
      +1

      Yeah being under 30 and not having body aches and not.getting hangovers totally sucks

      • [Deactivated] on 07/07/2022 - 09:43
        +2

        Yeah, almost as bad as having basically 0% chance of ever entering the property market due to the selfishness and entitlement of baby boomers and politicians propping up the real estate market for decades..

        • Tleyx on 07/07/2022 - 09:43
          +2

          You'll have a chance. It always feels like that when you are young. Keep going you will make it

  • peterpeterpumpkin on 07/07/2022 - 09:38

    This was one of the most confusing title change s ever. Good to see it back to the original. I think most people don't even use Accelerator and end up splitting the excess cash elsewhere.

  • Chances on 07/07/2022 - 09:52
    +3

    Up to 100K?!?
    So many conditions and yet such a low ceiling……..

    • Fishballs on 07/07/2022 - 09:57
      +1

      100k is low? 😢

  • steve84 on 07/07/2022 - 10:39

    Dumb question… can you meet the deposit requirements by setting up a circular recurring payment to an external account and back again every month using your ING everyday? Assuming you also meet the requirement to grow the savings account balance each month as well

    • Yola on 07/07/2022 - 13:12

      Yes and don't forget the 5 transactions.

    • justtricking on 07/07/2022 - 14:05
      -2

      Yes, but there is no need to withdraw your balance to an external account - can just bump internally to your Everyday Orange.

      • Yola on 10/07/2022 - 03:01

        True but you will lose interest.

  • david6509 on 07/07/2022 - 10:42

    why do they put limits on these :(

  • Cluster on 07/07/2022 - 10:43

    ING is going to be paying me more interest, after tax, than I pay on my fixed rate home loan (fixed early 2021). That is insane.

    • Chances on 07/07/2022 - 12:20

      Is your home loan finished and done with this "fixed rate" that you set in 2021?

  • Cyb3rGlitch on 07/07/2022 - 10:47

    The 'inflation is higher than interest rate' comments are misleading. If you're saving a large sum of money, you're earning interest on the whole sum. If you're spending money, you're paying the increased inflation on just the amount you're spending. Furthermore if you're saving for something deflationary like property (in Sydney/Melbourne at least), you're actually winning twice.

    • steve84 on 07/07/2022 - 11:29
      +1

      Hmmm.. assuming you’re going to use the savings in the future to buy goods, services or assets that are going up in price, then you are still going backwards by having a negative real interest rate even taking into account compounding interest. Remember, once your money has been eaten by inflation, it’s permanent. The inflation rate dropping back down to anything above 0% doesn’t restore any of that lost purchasing power. People don’t understand this, and not surprising since central banks deliberately mislead people into thinking that “transitory inflation” is fine once it’s over with. Wrong.. it permanently destroys wealth of regular people.

      • Cyb3rGlitch on 07/07/2022 - 12:36
        +1

        Again, it depends on what you're saving for. Inflation isn't a single number, it's individual to anything you can exchange money for.

        • duchy on 07/07/2022 - 16:06

          Increased price of oil and housing has a trickle down effect on goods and services. What type of goods do you expect to retain its price or even be cheaper in the future? I’d love to know.

          If everything will be more expensive, your $100 will buy less goods in a year’s time. No matter if they are sitting under your mattress or in your ING bank account.

          • steve84 on 07/07/2022 - 16:31

            @duchy: Duchy gets it

          • Cyb3rGlitch on 07/07/2022 - 23:32

            @duchy: If you're employed and saving for a house, and a house only, and housing is dropping in price as your deposit is growing, the official CPI figure doesn't matter. In that case I'd consider the cost of living increases as a wage growth problem, not a savings rate problem.

            • steve84 on 08/07/2022 - 00:43

              @Cyb3rGlitch: You’re missing the point. The problem is inflation; too much money chasing too few goods. Increasing wages just compounds the inflationary pressures (wage price spiral).
              Also, I doubt in a secular inflation environment where everything else is going up in price that property is going to be deflating such that the negative real interest rate on your ING account turns out to be positive after tax in growing your cash towards the future property. And if it was, there’d not be many people in the position to use that money for that purpose as in such an stagflationary environment they probably wouldn’t have a job that paid enough to cover their living expenses without drawing on those savings.
              If you turned out to be one of those people then congrats.. but it’s not the norm hence let’s keep calling the current deposit rates as they are shall we? Negative real interest rates.

              • Cyb3rGlitch on 08/07/2022 - 00:54

                @steve84: All I'm doing is pointing out that there are some scenarios where blanket 'rates are below inflation' may not apply.

                • steve84 on 08/07/2022 - 01:12

                  @Cyb3rGlitch: You said people saying “inflation rate is higher than interest rate” is misleading then gave an example of a stagflationary environment where the inflation rate is rising and wages aren’t keeping up and property prices are falling. So let’s call it a stagflationary depression.

                  And in such an environment, we want to ensure that the <1% of people that have savings in an ING account who plan to buy property when it bottoms out in 10 years, who have income outside of their savings that will keep up with inflation - let’s make sure they’re not misled by a post on OzB that suggests their savings are going backwards because their specific future purchase is deflating in price. Let’s not mislead those people! Lol

  • aldoboy on 07/07/2022 - 10:51

    But I have $1,000,000. What do I do? :)

    • Gavman on 07/07/2022 - 12:20

      Buy Bitcoin

      • aldoboy on 07/07/2022 - 20:29
        +1

        That's how I made $ 1,000,000 :)

  • david6509 on 07/07/2022 - 11:02

    so as long as i keep adding $1 to the account every month and keep it under 100k i should be fine? I use ing as my everyday bank so i should be able to fulfill the other requirements.

    • justtricking on 07/07/2022 - 14:02
      +2

      Yep, you could even just add $0.01 to your previous month's balance if you were inclined to keep the amount required to "grow" as small as possible. Bump it to your Everyday Orange account on the last day of the month.

    • skid on 07/07/2022 - 14:50
      +2

      If your balance exceeds $100k, you'll still earn 2.6% on 100k every month and the std variable rate on the excess. e.g. if the balance is $110,001, you'll earn 2.6%pa on $100,000 and 0.05%pa on $10,001 every month that the balance increases.

      • david6509 on 07/07/2022 - 14:52

        say you have 100k and take out the interest every month?

        • skid on 07/07/2022 - 15:00
          +4

          If you take out the interest, the balance remains the same and you won't earn 2.6%pa the next month.

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