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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

💰 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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                    • nokia3660 on 13/09/2022 - 12:22

                      @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?

                      • hodgey on 13/09/2022 - 16:51

                        @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?

                        • nokia3660 on 13/09/2022 - 17:34
                          +1

                          @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.

                  • chrisharry53 on 13/09/2022 - 07:42

                    @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.

        • [Deactivated] on 15/09/2022 - 19:59

          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.

      • tharlow on 12/09/2022 - 08:57

        I'm currently splitting two banks

        That’s unusual with the current trend of financial entity mergers

    • chigga on 12/09/2022 - 08:06

      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.

    • idonotknowwhy on 12/09/2022 - 12:33
      +1

      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.

  • StephenCurry on 12/09/2022 - 07:39
    +2

    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.,

      • StephenCurry on 12/09/2022 - 07:45

        Ok so it's UBank not uBank~ Been seeing ppl say nice things with UBank in the forum. Cool I'll look into UBank :)

      • reacher on 12/09/2022 - 08:28

        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

        • Yola on 12/09/2022 - 09:34
          +1

          It has been reported that they also close accounts if they decide you are doing merely the minimum to earn the bonus.

        • nomadspartan on 12/09/2022 - 10:17
          +1

          How do you recover the money if the account is closed?

          • reacher on 12/09/2022 - 10:28

            @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

    • virhlpool on 12/09/2022 - 10:29

      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.

      • StephenCurry on 12/09/2022 - 11:02

        Yea never really mind who is matching whom, just let them compete with each other so we could get better rates xD.

    • T3J on 12/09/2022 - 17:03

      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.

      • StephenCurry on 12/09/2022 - 19:45

        lol thanks for sharing~

      • jennkei on 13/09/2022 - 14:46
        +1

        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?

      • capslock janitor on 24/10/2022 - 19:51

        slush fund ?

    • Ultimate Gattai on 13/09/2022 - 15:21

      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).

      • El-Rhi on 14/09/2022 - 10:30
        +1

        is it worth the hassle

        What hassle? It would literally take 5 minutes to open an account and transfer the money

  • AussieBogan on 12/09/2022 - 07:47

    @BOQ

    • HunterxHunter9000 on 12/09/2022 - 10:36
      -2

      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.

      • Tuttorix on 12/09/2022 - 13:22

        Android?

        • HunterxHunter9000 on 12/09/2022 - 13:24

          Yes, uninstalled, tried different android, Samsung flagship S22 and the same stuff.

          • Tuttorix on 12/09/2022 - 13:25

            @HunterxHunter9000: It works flawlessly on iOS tbh.

            • HunterxHunter9000 on 12/09/2022 - 13:26
              +1

              @Tuttorix: Probs got a team that doesn't care about android then, Virgin money has exact same app but works flawlessly.

              • Tuttorix on 12/09/2022 - 13:27
                -2

                @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.

                • HunterxHunter9000 on 12/09/2022 - 13:32
                  +1

                  @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.

                • capslock janitor on 24/10/2022 - 19:54

                  @Tuttorix:

                  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

                  • Tuttorix on 25/10/2022 - 09:59

                    @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.

          • ramona on 12/09/2022 - 20:52

            @HunterxHunter9000: Definitely a YMMV. I'm using a pixel 6 and BOQ works fine for me.

      • bbking18 on 12/09/2022 - 13:32
        +1

        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.

        • HunterxHunter9000 on 12/09/2022 - 13:35

          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.

      • WavyClock on 12/09/2022 - 13:35

        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.

        • HunterxHunter9000 on 12/09/2022 - 13:37

          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.

  • JohnFromFitzroy on 12/09/2022 - 08:03
    -1

    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..

    • M00Cow on 12/09/2022 - 08:10
      +6

      Or borrowing your money and trying to lend it back to you at a higher rate.

      • nomadspartan on 12/09/2022 - 10:17

        Yes, that how they make a profit.

    • tdw on 12/09/2022 - 15:25
      +2

      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.

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

    Wish i had money to save :-(

  • tharlow on 12/09/2022 - 08:55
    -2

    With the current inflation gas ShopBack Super Swap obesity crisis, the more hoops people have to jump through, the better

  • FujiFruit on 12/09/2022 - 08:57
    +1

    I’m with virgin and waiting for them to beat ing, I rather go with any bank than this bank

  • Hugh G Rection on 12/09/2022 - 09:00

    crap, i just signed up for ubank
    do i switch?

    • Pulseless on 12/09/2022 - 09:47

      Same haha - not sure i can be bothered, Ubank has less hoops to jump through

    • Meovel on 12/09/2022 - 10:32
      +3

      Be aware ING bonus rate only starts the next month you firstly met the criterions.

    • gdozbargain on 12/09/2022 - 10:44

      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.

    • bgbrendan on 12/09/2022 - 10:45

      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

    • jjj123 on 12/09/2022 - 14:22

      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.

      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).
  • amsaini15 on 12/09/2022 - 09:03
    +4

    I am outta this discussion. Will be paying mortgage for another 10-20 years.

  • lily99 on 12/09/2022 - 09:12
    +1

    I wonder why they put a $100k limit…

    • izkai67 on 12/09/2022 - 12:54

      save money

  • angelsun on 12/09/2022 - 10:06

    Wonder if ANZ Plus will increase their rate? that's no hoops

  • Thranrond on 12/09/2022 - 10:45

    i just transferred from ING to BOQ. sigh…

  • scottyheisenburg on 12/09/2022 - 11:06
    +1

    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%

  • scottyheisenburg on 12/09/2022 - 11:08
    -4

    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.

  • Move-D on 12/09/2022 - 11:55
    +3

    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?

    • nokia3660 on 12/09/2022 - 12:06

      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.

  • 50cent on 12/09/2022 - 12:06

    How does it compare to ME bank?

    • nokia3660 on 12/09/2022 - 12:09
      +2

      ME bank?! WHY?! their bonus rate is 2.20%

    • ginmi on 12/09/2022 - 13:03

      Shit rates. Shit internet banking. Shit app.

      Stay away

  • mei mei on 12/09/2022 - 12:12

    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 over

  • shortnbrown on 12/09/2022 - 13:28
    +1

    Moved to Macquarie for 3.7%, No condition.

    • Moses on 12/09/2022 - 13:32
      +6

      4 months is the condition

    • jjj123 on 12/09/2022 - 14:22

      are you sure?

      • darkly on 12/09/2022 - 14:59
        +2

        Yes, 4 month honeymoon period at 3.7%, then it goes down to 2.75%

        • Jo DiMambro on 12/09/2022 - 15:14

          By which time I'm sure interest rates are going to be higher anyway.

          • darkly on 12/09/2022 - 18:23
            +1

            @Jo DiMambro: Sure, but I doubt it will be 0.85% higher.

            Just enjoy the 4 months and move on

  • love2buy on 12/09/2022 - 13:42

    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?

    • Davelovesdealz on 12/09/2022 - 13:54
      +3

      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…..

    • jjj123 on 12/09/2022 - 14:23

      it could be 17% positive this year, and negative next year.

  • Jo DiMambro on 12/09/2022 - 15:10
    +3

    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.

    • FujiFruit on 12/09/2022 - 15:21

      is it variable? would it go up if interest rates go up?

      • bird380 on 12/09/2022 - 18:44

        NO, it is fixed. I am still stuck at 2.75% (new customer rate)

    • tdw on 12/09/2022 - 15:21

      that's only for new customers

  • yjun355 on 12/09/2022 - 15:33

    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

    • tdw on 12/09/2022 - 15:36
      +1

      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

      • snappy1234 on 12/09/2022 - 17:09

        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)

    • nokia3660 on 12/09/2022 - 17:26
      +4

      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.

      1. day 1 of the month, top up ING to 100K
      2. Round trip of 2K from ING to VM to HSBC to ING
      3. Split pay using ING & VM in self checkout. For VM online payments count as well, so Afterpay helps
      4. Reminder for the last day of month to reduce ING balance to what is required to meet bonus conditions.
      • nomadspartan on 12/09/2022 - 17:56

        What's VM?

      • yjun355 on 12/09/2022 - 21:41

        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?

        • nokia3660 on 12/09/2022 - 23:07

          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

        • nomadspartan on 15/09/2022 - 11:36
          +1

          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.

      • izkai67 on 15/09/2022 - 18:21

        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?

        • skid on 15/09/2022 - 21:24

          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.

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