💰 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.
Savings Maximiser 3.60% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
![](https://files.ozbargain.com.au/u/44/399144-38.jpg?h=379c6f29)
Last edited 06/10/2022 - 00:24 by 1 other user
Referral Links
Until 30/9/2024, referrer and referee will each receive $75/$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 $75/$100/$125 referral code.
Referee: To qualify, you are required to deposit a minimum $1,000 and make at least 5 (settled) card transactions within any calendar month.
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@nokia3660: It's now 245 in VM and just under 200 in Ubank. I wasn't sure how close you could get to 250 though in VM. Have you got the full 250 in VM or a few dollars/cents under?
@hodgey: You can do the full 250k, the only cavete is when the interest lands they won't be accruing any interest for the time until you move them out.
@nokia3660: I got it now. Thanks A pending transfer or withdrawal takes 32 days and you earn maximum interest. You cannot access your funds before then. The unlock process also takes 32 days and you don’t earn the maximum interest on the total balance during that period.
Virgin uses same backed as myBOQ and good luck not getting your account blocked or trying to get to someone to speak to. Not worth it.
I'm currently splitting two banks
That’s unusual with the current trend of financial entity mergers
Citi Bank Online Saver goes up to 500K but are only offering 2.85%pa for the first four months. You're better off opening multiple accounts.
Split it across different banks.
Even if 2 Ubank accounts would work, there's a cap on the federal government deposit guarantee per customer per institution.
Is ING always matching uBank rate? Just considering opening a uBank account for higher rate and now ING is matching it so I guess I could save the fuss for now.,
Ok so it's UBank not uBank~ Been seeing ppl say nice things with UBank in the forum. Cool I'll look into UBank :)
yep ING did that, so annoying, if your account has no activity for a few months, they close your account even though you still got balance, not worth it unless you want to use it as your main account
It has been reported that they also close accounts if they decide you are doing merely the minimum to earn the bonus.
How do you recover the money if the account is closed?
@nomadspartan: need to call them to reactivate account, end up transferring all my money out after that, not worth the trouble unless you are using it a lot
Not sure who is matching whom but your info is incorrect. ING rate (3.60%) is higher than that of Ubank (3.35%). So Ubank still needs some catch up game before it will match ING's rate if at all they choose to match.
Yea never really mind who is matching whom, just let them compete with each other so we could get better rates xD.
I moved my slush fund to UBank from ING…. Found myself coming back 2 months later, UBank was not good for me and restrictions on moving money and lack of assistance was the last straw.
lol thanks for sharing~
I've had no issues, in fact it's harder to move funds out of ING due to their 1k Osko daily limit…what restrictions did you have if you'd like to share so others could see if they would have the same?
slush fund ?
I'm with RAMs and their saver interest rate hasn't increased much, is it worth the hassle for me to transfer over to Ubank? I haven't used Ubank before, but I have used ING (left ING after they started adding in all these extra hoops for the extra interest).
is it worth the hassle
What hassle? It would literally take 5 minutes to open an account and transfer the money
@BOQ
In my experience, even their new app is garbage takes me more than a full minute up to 5min full of errors trying to log in using a fingerprint or face scanner. It instantly recognizes and unlocks but loads forever then goes back to the log in screen again for some reason then after a while logs you in.
Android?
Yes, uninstalled, tried different android, Samsung flagship S22 and the same stuff.
@Tuttorix: Probs got a team that doesn't care about android then, Virgin money has exact same app but works flawlessly.
@HunterxHunter9000: I think that's not the case, android apps are problematic. You gotta understand, there's like a billion android devices versus 1 iphone per year. Not to mention the different versions of android. I bet if you used it on a Google Pixel it'd work a lot better since it runs the naked version of android.
@Tuttorix: I downloaded BankSA, ubank, Virgin Money, ANZ, anzplus, commbank and Macquarie oh also up and non have any issues. I saw on BOQ 2 maintenance 2 Sundays in a row yet not 1 update to fix the app. If they cared enough they would try it on pixel and android s22 which is the most popular android flagship. why no update to try and fix it after 2 maintenance of app closures 2 Sundays in a row beats me, I wonder if anything even happened.
android devices versus 1 iphone per year. Not to mention the different versions of android.
this what i heard too ..
that's why the new ANZ Plus app was possibly released to iOS first@capslock janitor: Yeah well Android fanatics wanna neg me even though I use both lmao. It’s just a fact that iOS is highly regulated with apps and their environment is the same. Biggest reason why companies such as Snapchat just refuse to hardcode camera functionality with Androids. It’ll take forever to support all of them. Android and iOS fanboy/girls do my head in. Just use whatever the hell you like bruh.
Wait until you call them. I rang them ladt month because I was charged withholding tax although I have provided my TFN at the time of openning accoints with them. It took almost 50 mins for them to verify me over the phone. I was so annoyed. After being verified it only took a few seconds fpr them to tell me they had no idea why I was charged withholding tax that month and would be refunded asap. After that I withdrew all funds and didn't want to deal with them.
Last I tried to reach them via phone it took me 1h 30min just to get a hold of them to ask about BOQ credit card which had clearly stated minimum income 35k and my income is 76k. took them 2 weeks to tell me yep just upload 1 more thing and you good to be approved. 1 week more then they decline via email without reason.
Can't wait until ubank up's their rate.
@HunterxHunter9000: Ridiculous. I also waited about 40 mins to speak to someone. I was so frustrated.
@bbking18: ?they dont have livechat/ or ticket email system?
edit- seems they have email ticket in App
It's alright for me, not too slow but not terribly fast either. Takes me about 20 seconds from app opening to fingerprint scanner to home screen. Using a xiaomi phone.
A lot better than me but yeah 20 seconds is still a lot, did you try to click on a notification like, xx amount was withdrawn or you received xx amount? for me, the app never loads from those notifications when clicked.
I'm not an advocate for banks (hell no I know they do plenty wrong!) but people seem to forget that they're not charitable institutions - they're businesses where their core business is borrowing your money and lending it to someone else. That's it..
Or borrowing your money and trying to lend it back to you at a higher rate.
Yes, that how they make a profit.
no one's stopping them from making a profit, but as recent scandals show, it's their unscrupulous way they go about making said profits.
Wish i had money to save :-(
You spelt spend wrong
With the current
inflationgasShopBack Super Swapobesity crisis, the more hoops people have to jump through, the betterI’m with virgin and waiting for them to beat ing, I rather go with any bank than this bank
crap, i just signed up for ubank
do i switch?Same haha - not sure i can be bothered, Ubank has less hoops to jump through
Be aware ING bonus rate only starts the next month you firstly met the criterions.
https://www.ozbargain.com.au/comment/12837924/redir
welcome bonus/grace period contrary to whatever their t&c saysif thats what u meant?
UBank was the highest when I signed up about 3 weeks ago, and no need to track and make 5 spends on a CC. Just increase, Max 250k.
I just opened a ubank account as well as i've been watching them for a few months and feel they have been pretty competitive raising rates. my main account that i jump through hoops with is ING because they are pretty consistent at eventually beating the best rate. i'm going to keep both open
three conditions to be met with ING for boost interest, if you missed out one month, you screwed up for the whole year, ubank is much much easier to get boost interest.
- Deposit $1,000+ from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)
- Make 5+ card purchases (settled, not pending) and
- Grow their nominated Savings Maximiser balance (excluding interest).
I am outta this discussion. Will be paying mortgage for another 10-20 years.
I wonder why they put a $100k limit…
save money
Wonder if ANZ Plus will increase their rate? that's no hoops
i just transferred from ING to BOQ. sigh…
Oh my Friends, if only you would have offered this earlier, I would have transfered my UST from Luna for a nice 3.6% APY vs a Rugged $100k offering a scam interest rate of 18%
I would have loved an extra $3k per year vs getting rugged, tbh i like you ing but crypto offers more benefits, even if i may get rugged i have a chance of increasing my investment.
Ing , if you want to get ahead start offering bitcoin & Eth in your banking system.
Banks will sooner or later be obsolete unless they "catch up" with the technology available.
Integrate crypto into your bank, you will be making alot more because people will keep crypto on ING rather than in crypto. You will funnel Billions into your bank.
What happens after 100k? Do I get 3.6% up to 100k and then anything beyond that is the standard rate? Or is the whole thing at the standard reduced rate?
Ie can I Park 100k there and set up transfers to satisfy the requirements or does it need to be less than 100k?
Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.
How does it compare to ME bank?
ME bank?! WHY?! their bonus rate is 2.20%
Shit rates. Shit internet banking. Shit app.
Stay away
Before 15th September 2022
Variable interest rate
1.00% p.a. $0.00 - $49,999.99
1.90% p.a. $50,000.00 - $149,999.99
2.10% p.a. $150,000.00 and overMoved to Macquarie for 3.7%, No condition.
4 months is the condition
are you sure?
Yes, 4 month honeymoon period at 3.7%, then it goes down to 2.75%
By which time I'm sure interest rates are going to be higher anyway.
If I had spare money say $50000, would it be better to put my money in super (Rest super) since the last time I saw the annual report, it did give me a return of 17%. Wouldn't that be better than putting money in offset or high interest rate bank account like this one?
depends if you want it back before you retire - also, given the recent way the markets have been going your last 12 months return will definitely not be 17% - probably negative…..
it could be 17% positive this year, and negative next year.
It looks like McQuarie has an interest rate of 3.7% for four months without all these conditions up to 250k. - https://www.macquarie.com.au/everyday-banking/campaign/savin… - Seems better to me.
is it variable? would it go up if interest rates go up?
NO, it is fixed. I am still stuck at 2.75% (new customer rate)
that's only for new customers
how to be new customer?
Just curious how do you guys automate the monthly requirements.
- I guess $1,000 is easy as you can schedule that transfer between two accounts. So you don't need to worry about that.
- Grow balance is not too bad as i guess you can do like $10 deposit each month on a automatic schedule.What about the 5 uses. That is annoying if you have other accounts with similar requirements.
Just curious how do you guys setup and have any better system
i don't really automate anything other than setting a reminder at the start of the month for the end of the month that i need to transfer out x amount of funds to my orange everyday.
What about the 5 uses
5 x 1c split transactions at the self-serve checkouts
Another trick i found with payment @ Woolworths on the last day of the month tap and go won't clear to the next day so helps get you started on new month of 5 payments
( works for me, as in shop already)
I have accounts with ING, VM & HSBC. I have a to-do list and just tick it off every month. For some it is a chore for me it is few minutes of effort for a good return.
- day 1 of the month, top up ING to 100K
- Round trip of 2K from ING to VM to HSBC to ING
- Split pay using ING & VM in self checkout. For VM online payments count as well, so Afterpay helps
- Reminder for the last day of month to reduce ING balance to what is required to meet bonus conditions.
What's VM?
ah my bad.. Virgin Money
Lot of effort:) .
What is the minimum you need to deposit each month to grow your balance is it it like needs to be like $1,001 each month so that it's more than last month?
As I mentioned, a chore for some but I see it as time well spent. Hardly takes a minute a day.
The minimum to grow the balance would be current balance + interest + 1c. The app does tell you what your balance should be greater than to meet the criteria
Yea it's a bit of effort but like if you have a $100k balance, for the effort expended, you're gaining $300 a month.
do you know if we can transfer directly to saving maximiser? i was thinking to put say $50k and leave it there and transfer $1 every mid month directly to sav max like auto transfer. Does ING app tell you clearly what is still required to get the bonus? is 5x card purchase limited to max$100 each?
You can transfer directly to the maximiser but you still have to transfer $1000/month to the orange everyday. No limit on the card purchases and they can be online purchases too.
@hodgey: ditto. I do transfer the interest to ubank. I put in a transfer on day 1 of the month for the total interest. BTW just curious, I see you got 240 in VM & Ubank, why not 250 in VM?