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Savings Maximiser 3.60% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 3.60% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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BargainsGrabber on 12/09/2022 - 07:03 ing.com.au (2964 clicks)
Last edited 06/10/2022 - 00:24 by 1 other user

đź’° For our savings customers:

For our new and existing Savings Maximiser customers:
🔸 We will be increasing the additional variable rate by 0.50% p.a. to 3.05% p.a.
🔸 Our standard variable rate is 0.55% p.a.
🔸 So our highest available variable rate will now be 3.60% p.a.
You can earn our highest available rate (which is made up of the standard variable rate and additional variable) on one nominated Savings Maximiser for balances up to $100,000 if you meet the monthly eligibility criteria.

All variable rate changes will be effective from 15 September 2022.

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closed Comments

    • ca6leguy on 12/09/2022 - 07:17
      +62

      You do realise that interest rate for cash is for those who has additional disposable cash. That’s why it’s called “savings”.

        • AngoraFish on 12/09/2022 - 12:44
          +14

          Anyone who disagrees with me must be dumb.

        • tdw on 12/09/2022 - 15:16
          +1

          a lot of people don't have excess money to invest, so this is the best they can do.

        • ozmau5 on 12/09/2022 - 18:35
          +2

          You're definitely doing the right thing to keep your money in your offset/redraw account, of course it gives you more interest that a normal saving account.
          But what about people who are not home owners and only have some savings?

          Edit: And this is not how the tax on interst be calculated for those who are now home owners :)

        • mun4 on 12/09/2022 - 19:27
          +5

          Share with us investment options that are tax free. A 2-3% return isn't bad. A 500k deposit would generate 10k-15k. I wouldn't dump 500k into shares considering the current climate.

          • kabammi on 12/09/2022 - 23:19

            @mun4: Cash is safe. Done.

          • MrBear on 13/09/2022 - 08:43
            +3

            @mun4: It's only up to 100K. Anything over is 0.55%.

            • mun4 on 13/09/2022 - 13:24

              @MrBear: I know. That's ING's savings accounts. Many term deposit accounts offering better rates are out there.

        • rickdwp on 12/09/2022 - 20:29
          +7

          Today I Learnt renters don't exist

        • Donaldhump on 13/09/2022 - 08:29

          i'm happy to put 10% of my wealth in this account.
          you don't put it all in crypto, shares etc

        • Ekoniq on 13/09/2022 - 13:49
          +1

          "Financially illiterate" would imply a person who comes onto a post about a savings account and tees off about "riskier" investments.

    • albot on 12/09/2022 - 08:25
      +7

      How about if you're currently in a fixed home loan at below 3.60%?
      I think a lot of people in the last 12 to 18 months would have locked in at the ridiculously low 2 year terms available, I know I did. 1.89%.

      • Trishool on 12/09/2022 - 10:10
        +2

        Still it would be 3.60% then minus tax, which may be lower than the mortgage interest rate you have.

    • icarus255 on 12/09/2022 - 09:22
      +6

      Not sure why you're getting so many negs. It's a valid point. You're better off keeping your money in an offset account that will save you 4.5% (which is the same as earning 4.5%) and that won't require you to pay tax.
      I guess not everyone has a home loan but everyone can have a savings account.
      P.S. there are lenders that will offer offset accounts on fixed rate loans.
      Do you research and get smarter about money, people.

      • Grok on 12/09/2022 - 10:10
        +3

        Neither a borrower nor a lender be

        • cashless on 12/09/2022 - 10:29

          ..For loan oft loses both itself and friend

    • rodericb on 12/09/2022 - 10:29

      You should become a financial advisor. Or are you already a financial advisor?

  • klif-e on 12/09/2022 - 07:12
    +12

    Just wish it allowed it for multiple Savings Maximisers accounts, sucks to have to combine multiple savings together.

    • redfox1200 on 12/09/2022 - 07:59

      Why do you need more than 1 savings account?

      • bargain_finder on 12/09/2022 - 08:11
        +13

        Because they’ve got more than $100K in savings…..

        • mahdoo on 12/09/2022 - 09:08
          +6

          the 100k limit would still stand even if they supported multiple accounts…

          OP is talking about spliting savings into seperate accounts for seperate purposes. E.G house, holiday, jetski

          • HunterxHunter9000 on 12/09/2022 - 10:25
            +2

            @mahdoo: Not really some banks allow you to have up to 9 accounts of say 100k each to get 3.6% on each.

            • mahdoo on 12/09/2022 - 10:25

              @HunterxHunter9000: oh wow - didn't know that. What banks? :O

            • izkai67 on 12/09/2022 - 12:45
              +1

              @HunterxHunter9000: if you do that, you re only covered up to $250k, or $100k for ING.

              • HunterxHunter9000 on 12/09/2022 - 13:02
                +1

                @izkai67: 50 x 9 = 450k. As long as you keep all accounts under 50k i.e removing the interest as it goes over 50k.

                • mrtee on 12/09/2022 - 14:38
                  +1

                  @HunterxHunter9000: Thanks, bcoz that's what I was saying in a recent post about maq bank and got smashed for it. Mind you I'm with BOQ and taking advantage of this but started to feel as if my account has glitched and they're paying me on multiple accounts.

                  • HunterxHunter9000 on 12/09/2022 - 14:45
                    +1

                    @mrtee: People take it too hard with these kinds of info, idk why your trying to give helpful info that actually works with a bit of work but it's easy for them to say no and only look at the downsides.

            • jennkei on 13/09/2022 - 14:41
              +2

              @HunterxHunter9000: Ubank (merged with 86400) allows you to open up to 10 Save accounts, and they pay bonus interest on all of them, up to 250k.

              • sim36 on 26/09/2022 - 10:50

                @jennkei: Lesser rate with ubank - but what that means when actual cash is count may be negligible. second savings account with ING gives 2.6% so Ubank is better rate but effectively its only 1k on 100k (1% more with Ubank).

          • klif-e on 12/09/2022 - 21:36

            @mahdoo: Yes this is what we are doing to keep savings separate from each other, wish there was more $100k in there ;)

      • supbah on 12/09/2022 - 08:37
        +5

        Because you may use a 'bucket' or 'envelope' system. ING let's you create multiple savers so for example, you might like to create one saver for bills and utilities, another for car expenses, another for an upcoming holiday etc.

        It's kind of annoying they offer this feature but you only earn interest on one saver.

        • doobey1231 on 12/09/2022 - 09:00
          +1

          Nothing to say they can't section things either, UP has the option, everything is in the same account but you can split them into little savings goals, if I wasn't in it for the raw interest rate I would be with UP over ING.

        • buckster on 12/09/2022 - 10:34

          You can earn the bonus interest on multiple savings maximiser accounts but you need seperate transaction accounts for each and meet the deposit requirements and 5 settled transactions per month for each

          • klif-e on 12/09/2022 - 21:37

            @buckster: Yeah that seemed impractical.

            Deposits = Wages for us

            Our Wages go into a shared everyday account, so they aren't tracked seperately.

      • PleasureMachine on 12/09/2022 - 08:40
        +1

        Having other accounts aswell so you can keep an account for your own personal spend away from shared apps….for um, christmas present and um KFC ;)

      • [Deactivated] on 12/09/2022 - 10:06
        +1

        Because they cant budget without following certain organisational principles set out in a certain, common, financial self help book.

        • redfox1200 on 12/09/2022 - 10:42
          +3

          The investor who doesn't wear shoes?

    • PTRAIN7 on 12/09/2022 - 09:15

      You can have multiple accounts. I have one and my wife has another.

      • shoppe on 12/09/2022 - 10:40
        +4

        So one each, is that multiple?

  • CrazyBargainCatcher on 12/09/2022 - 07:14
    +23

    Hoping BOQ passes on the full 0.5% (maybe was 0.4?) like last time to make it 4%.

    • tjstyles1 on 12/09/2022 - 08:46

      Fingers crossed!

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

        Update

        12 September, 2022

        Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.50%, BOQ will lift variable home interest rates by 0.50% per annum (p.a.) from 16 September 2022.

        To support savings customers, BOQ will continue to monitor rates on its popular myBOQ savings accounts to ensure they remain competitive. For more information, view our media release here.

        If you're a customer with us and your loan rate increases, rest assured we will write to you to advise you of your new repayment amount and when it takes effect.

        For more information, view our media release here.

        Typical money faces. Increasing home loans but not interest rates for savings accounts.

  • buffalo bill on 12/09/2022 - 07:17
    +26

    The usual ING hoops in order to qualify. Letting them use your money isn't enough.

    • Dan83 on 12/09/2022 - 07:30
      +7

      Just checked and they’re more onerous than they used to be too.

    • DiscountForThee on 12/09/2022 - 07:38
      +11

      I said this in another post but, if you're using this as your every day bank and purchasing things like a usual citizen does and being lucky enough to be employed, are they considered hoops? I've never given a single thought to the criteria and I hit it every month for years. What is the alternative for keeping cash available and having these benefits?

      • vetopower on 12/09/2022 - 07:56
        +34

        Two biggest catches are:
        1. Must increase balance each month. If you have a big month of expenses and your overall balance goes down by even 1c, you lose that entire month's interest, largely negating ING's advantage over the competitors.
        2. Must make 5 purchases. If you're a true OZBargainer and credit card churning, that's a waste of money and effort.

        • autolux on 12/09/2022 - 08:12
          -6

          unless you live in a cave, you're buying things. its really not hard to have the ing card in applepay or whatever and take care of a few transactions a month.

          the main catch is watching the balance increase when its 1000 minimum. if you're pushing the 100k limit of it, you're basically going to have to plan for 4-5 months of +1000 going in, until it pops you over the 100k and you either keep increasing and lose out on the interest over the limit, or lose out entirely on the bonus for a month as you withdraw down.

          competition will be picking up, now the cash rates rising and banks are wanting to get their hands on liquidity in the face of problems.

          • chrisharry53 on 12/09/2022 - 08:18
            +11

            @autolux: You don’t need to increase your balance by $1000 at the end of the month BUT deposit $1000 into the transaction account.

            • autolux on 12/09/2022 - 08:20

              @chrisharry53: ahh ok, so you could park 1000 in the transaction, but remove all of it? its just as long as your savings account's balance doesn't decrease?

              does the interest + bonus interest they pay into the savings account balance count?

              • chrisharry53 on 12/09/2022 - 08:25
                +4

                @autolux: Don’t even need to park it, in and out same day is fine. By putting in this account you get fee rebate at all ATMs as well for 5 transactions, I think, per month including overseas.

                Balance at end of month is in addition to interest earned for prior month eg balance 31/8 $50000, interest $50, balance at 30/9 must by $50050.01 or more. App tells you what it must be btw.

                • autolux on 12/09/2022 - 08:41

                  @chrisharry53: yeh nice. been going off the app telling me the balance has grown, but yeh thought the increase was the 1k per month.

              • DustyAfternoon on 12/09/2022 - 08:29
                +2

                @autolux: Interest doesn’t count towards the requirement to increase your savings.

                I just enable the auto-roundup. It rounds up any transaction to a round number by transferring the difference into savings. That makes sure you get a few extra dollars in your savings, meeting the increased-savings requirement, in the course of hitting your five transaction requirement.

                For the $1,000 requirement, you can just get your monthly salary dropped into the ING spending account at first instance, before transferring wherever you want it to go.

            • BluebirdV on 12/09/2022 - 09:00

              @chrisharry53: So once the balance hits $100,000 you just need to put $1000 a month into the transaction account? And you keep getting bonus interest without needing to increase the savings account over $100,000?

              • Yola on 12/09/2022 - 09:44
                +3

                @BluebirdV: This is not correct. The balance in the SM account must increase by more than the previous month's interest, as chrisharry53 states above. I have had this account for years and the amount ING tells you to increase your balance to include the previous month's interest. It does not matter if your balance is over $100k. Mine is and it still works the same as if it was below. As you would not earn interest on anything over you would withdraw the excess on the 1st of each month.

              • chrisharry53 on 13/09/2022 - 09:07
                +2

                @BluebirdV: See Yola’s reply. It must increase each month no matter how much you have in it. The trick is to transfer some funds to the transaction account at the end of the month BUT leave the balance at least 1 cent more than last day of the previous month. The app tells you how much the balance needs to be. Then on 1st of the month transfer funds back. BTW, consider a Virgin Money account as I understand their rate is increasing to 3.8 and 4.1 to lock for a minimum of 32 days. No need to increase balance and payable up to $250000. Keep ING for ATM fee rebates if you withdraw cash sometimes and open HSBC account for 2% cashback on debit card purchase.

            • RubyShoes on 13/09/2022 - 10:54

              @chrisharry53: True, but the balance of your savings account does need to increase. Like OP said, if you have a big spend month and dip into your savings, then you don't get the interest.

              • chrisharry53 on 13/09/2022 - 14:29

                @RubyShoes: Exactly what I said but you can avoid exceeding $100000 and also have a big spend but not having all your money in the account at end of month eg you have $97000 to open the account today. On 30/9 transfer $10000 or whatever to your Orange account. At midnight you get interest on $97000 for all days except 30/9, say $200. This leaves a balance of at end of month at $87200. Transfer $10000 back on 1/10 and out 31/10, just ensure you have $87200.01 at midnight 31/10. Once your total saving reach $100000, get a savings account somewhere else that requires little cr no effort.

        • mahdoo on 12/09/2022 - 09:10
          +4
          1. Setup an automatic deposit of $0.01 into the account each month (If you're not wanting to increase your savings)
          2. Split purchase 5x $0.01 at your first coles/woolies shop each month

          It's really not hard..

          • skid on 12/09/2022 - 09:55
            +3

            @mahdoo: And

            1. Do not withdraw from the Maximiser account
            • mahdoo on 12/09/2022 - 10:23
              -4

              @skid: Yeah - But if people are withdrawing money from a savings account, imo it means they need to change how they manage their money..

              A savings account should rarely be withdrawn from. You should be keeping enough in a transaction account to pay off any known expenses - so withdrawing from a savings account should only be done in an emergency or unforeseen situation.

              hot take - but I prefer a savings account that punishes withdrawing. Makes you think twice before touching your savings - helps build good financial practices.

              • BobLim on 12/09/2022 - 23:58
                +2

                @mahdoo:

                You should be keeping enough in a transaction account to pay off any known expenses

                Yeah sure - why earn 3.6% p.a. on the (car deposit/CC repayment/rates/other expense amount) prior to paying it, when you could be earning 0?

        • RTY on 12/09/2022 - 09:15
          +1

          My hot water bill allows $0.10 card payment. I process 5 x $0.10 on ING debit card and 5 x $0.10 on BOQ debit card each month.

        • spiinl on 12/09/2022 - 10:32
          +1

          i deposit/pay for lotto $1 x 5 at the beginning of the month. That does the trick for No. 2.

        • icarus255 on 12/09/2022 - 18:19
          +1

          If you're a true OZBargainer, 5 purchases a month will be all in a day's work ><

      • cashless on 12/09/2022 - 08:01
        +4

        @vetopower is dead right. This ING account is only useful if you are using it as your main transaction bank account (most of us just want a separate savings account where you do not have to make multiple transactions).
        Most of us here rarely use a bank account for everyday transactions - instead we gather points on credit cards which we churn on a regular basis.

        • DiscountForThee on 12/09/2022 - 08:11
          +1

          Fair enough, I guess I'm not a part of the credit card churning crowd but I definitely see the benefits. I use this one for (along with the interest) free ATMs and international transactions. I also have never had a big month of unplanned expenses, which is probably lucky haha

        • DustyAfternoon on 12/09/2022 - 08:32
          +3

          It’s not too much of a pain. I’ve gone through five credit cards in the last few months, and have an ING on the side.

          Just use it for a few transactions below $5. Tapping on and off public transport with it is a good way. That way it doesn’t interfere with your credit card minimum spend.

        • markmill on 12/09/2022 - 08:35
          +2

          The 5 transactions can be done in another ING account, and the $1,000 deposit can be in any account too….the only gotcha is the Savings Maximer balance has to go up.

          Keep money in an Everyday Orange (for Everyday use), and get your salary or whatever deposited in there to meet the $1k requirement, and use it as your daily spend at least 5 times a month. Doesn't matter if that balance goes up or down.

          Then put as much as you can afford to not touch into the Savings Maximiser, and just make sure you transfer $1 per month and you get the bonus interest.

          • BluebirdV on 12/09/2022 - 09:09
            +3

            @markmill: Wouldn't 1 cent a month in the savings account be enough to grow the balance and qualify for the bonus interest?

        • mahdoo on 12/09/2022 - 09:14
          +1

          Just split purchase 5x $0.01 at your first coles/woolies shop each month - it's really not hard..

      • M00Cow on 12/09/2022 - 08:07
        +9

        like a usual citizen do

        Yes, but Ozbargainers aren't usual citizens

        • tharlow on 12/09/2022 - 08:18
          +6

          A retailer’s worst nightmare

      • HunterxHunter9000 on 12/09/2022 - 10:30

        Mostly headache for those with a credit card who spend all on credit card and transfer from saver once a month.

  • cerealsmok3r on 12/09/2022 - 07:33

    What’s the monthly deposit criteria?

    • BargainsGrabber on 12/09/2022 - 07:38
      • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans 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 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.
      • HunterxHunter9000 on 12/09/2022 - 10:34

        I don't like the last line so if say I was at 10k added 1k to 11k but next month I spent 1k then again added 1k I am still at 11k so i get no additional interest? seems liek a deal killer for me.

        • izkai67 on 12/09/2022 - 12:51

          yeep, youve got to be careful and monitor you saving balance on top of making deposits. It is not too bad if you re only banking with ING. Once you have multiple banks account and credit card, I guarantee there will be the day that you miss the requirement and get ziip.. nul interest.

          • HunterxHunter9000 on 12/09/2022 - 13:04
            +1

            @izkai67: True, seems to me the best deal from 1st october is ubank since the only requirement is a deposit $200 a month for 3.35%

          • bgbrendan on 16/09/2022 - 10:15

            @izkai67: was much more scary before tho, you just move your money to another bank for the rest of the month if you dont remember

          • capslock janitor on 24/10/2022 - 14:17

            @izkai67: im thinking of scheduling 1k deposit straight to ING Savings acc, no withdraw

  • Kaz0551 on 12/09/2022 - 07:38
    +1

    Which bank does one want if they had 500,000 to park? Most have on balances upto 250,000 but can you open 2 savings accounts with 250k each for Ubank, macquarie etc to get the higher rate?

    • OzBerghainer on 12/09/2022 - 07:52
      +39

      Hi sir your computer has virus, please open link I send xD

    • hodgey on 12/09/2022 - 07:52
      +2

      I'm currently splitting two banks; however, in that circumstance, I'd put

      240 in Virgin lock @ 3.6% lock
      240 in Ubank @ 3.35 (from 1st Oct)
      Put the remaining in this one here possibly.

      • Kaz0551 on 12/09/2022 - 07:54
        +1

        Be nice if they just allowed more than 250 =/

        • hodgey on 12/09/2022 - 07:55
          +1

          I think it's got something to do with the government guarantee. NOt 100% sure, but I agree, it's somewhat of a pain. I've gotta make sure I get money into HSBC as well to maintain the 2% cashback.

      • chrisharry53 on 12/09/2022 - 08:29

        Virgin lock risky at present as you need to give 32 days notice to withdraw and balance reverts to non bonus rate for that period. However, it will increase if the non bonus rate does unlike Macquarie Bank 4 month introductory rate. Virgin in increasing from 1/10 though. Definitely moving goal posts at present.

        • nokia3660 on 12/09/2022 - 12:02

          Not exactly, with VM if you do a transfer from the locked account to your spend account you still get the bonus rate for the 32 days. You lose bonus only if you unlock the account.

          • shoppe on 12/09/2022 - 12:08

            @nokia3660: Since you can have more than one Boost Saver Account, I guess you can transfer to a separate Boost Saver Account (ie Actt#2) which isn't locked. So every 32 days you can have the option of withdrawing or just putting it back into the locked Boost Saver Account, if the interest rate is still okay.

            • nokia3660 on 12/09/2022 - 17:05

              @shoppe: Not sure if this reply was meant for me. There is no need for 2 saver accounts. I have one Go account (transaction account) and one Booster, which is locked. All I have to do is to initiate a transfer from booster to the Go account. After 32 days the transferred amount lands in the Go account. This way the bonus interest rate still gets applied to whatever amount is present in the Saver account.

          • chrisharry53 on 12/09/2022 - 12:38

            @nokia3660: Really. I will look into that as I thought differently

            • nokia3660 on 12/09/2022 - 17:13

              @chrisharry53: Q. If I withdraw some of my funds from an account with the Lock Saver Feature enabled, do I still receive the additional interest?
              Yes! Requesting a withdrawal or transfer will not impact the additional interest rate you receive for having the Lock Saver Feature enabled. You will continue to accrue the additional interest rate on your daily balance and that will include any withdrawal or transfer of funds that are still pending.

              However, where you submit a request to unlock your account, the additional interest rate for having the Lock Saver Feature enabled will end immediately.

              • chrisharry53 on 12/09/2022 - 21:02

                @nokia3660: Weird - so leave $1??? If that was personal advice, I wouldn’t rely on it based on the following - “Provide 32 days’ advance notice to unlock your account or withdraw your money.”. I will make my own enquiry but not by phone as I don’t have an hour or more to wait for someone to answer and possibly cut me off too.

                • nokia3660 on 12/09/2022 - 21:24

                  @chrisharry53: I thought it was pretty clear. If you have 1K in the locked account and you initiate transfer of that 1K to your Go account, you will continue to earn interest on the 1K for the next 32 days and the 1K will be transferred to the Go account after that. The interest earned will be deposited to the locked account on day 1 of the next month.

                  BTW the above is an extract from their FAQ section

                  • hodgey on 13/09/2022 - 07:39

                    @nokia3660: That's the way I understand it as well, nokia3660. Thus my plan is to keep 240 in the lock and then transfer the interest to the saver each month while keeping the lock on.

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