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Savings Maximiser 4.05% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.05% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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tfb on 06/10/2022 - 00:14 ing.com.au (3033 clicks)
Last edited 04/11/2022 - 08:05 by 1 other user

We will be increasing the additional variable rate on our Savings Maximiser by 0.45% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria. These changes are effective from 11th October 2022.

The current rates and hoops are:
Up to 3.60 variable rate (incl. 3.05% p.a. additional variable rate)
The standard variable rate is 0.55% p.a.

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

  • lufee on 06/10/2022 - 00:31
    +65

    Please increase the balance

    • Whatisthatvelvet on 06/10/2022 - 04:21
      +68

      Look at Mr Moneybags over here

      • mynameisborat on 06/10/2022 - 08:38
        -1

        Can't you open two accounts with ING and fund it separately? I'm not aware of the rules, but have read this people doing it

        • souths123 on 06/10/2022 - 09:08
          +6

          only one account qualifies for the bonus rate each month and you have to nominate which one gets it…yes, you can have more than 1 account, but only get crap interest on the other accounts.

          • mynameisborat on 06/10/2022 - 09:55
            +4

            @souths123: oh I see, so it's better to spread your money across various banks then

            • souths123 on 06/10/2022 - 10:33
              +2

              @mynameisborat: that's what I do. Unfortunately ING have that $100k cap, which is annoying, but we can't change that….just juggle accounts to keep getting the highest rates

              • AlexF on 06/10/2022 - 10:59

                @souths123: Why $100K? Seems neither here nor there.

                • souths123 on 06/10/2022 - 12:14
                  +1

                  @AlexF: $100k limit on getting the bonus interest at ING…most other banks have a $250k limit

                  • MagpieSilver on 06/10/2022 - 13:25
                    +3

                    @souths123: $250k is based on the government protection scheme limit.
                    $100k is based on preserving profit margins.

                    • souths123 on 06/10/2022 - 13:28
                      -4

                      @MagpieSilver: and your point is? Still can't change that ING has a $100k limit to get the bonus rate………

                      • cookie2 on 06/10/2022 - 21:08
                        +1

                        @souths123: The point has been stated. It's called fact.

          • BluebirdV on 06/10/2022 - 12:12
            +1

            @souths123: What happens if you have an account and then open a joint account with the wife? Do both accounts qualify for bonus interest?

            • souths123 on 06/10/2022 - 12:17
              +1

              @BluebirdV: Maybe your wife should open a separate account, just to be safe? If in doubt, ask them direct to clarify.

            • xphonerz on 06/10/2022 - 13:38

              @BluebirdV: Nah, you have to nominate that joint savings account to receive the interest

            • JohnSy on 07/10/2022 - 01:40
              +1

              @BluebirdV: Yes, both accounts get the bonus interest. You can also nominate a joint savings maximiser to do the 5 monthly transactions on - and this will enable the bonus interest on both accounts.

      • [Deactivated] on 06/10/2022 - 11:24

        increase rate in saving account may encourage people to spend less and save more. hopefully can reduce this damn 7% inflation.

      • supersabroso on 06/10/2022 - 18:44

        I know right? I don't even have one cent to put into this type of account. I've only got my one massive crushing debt to repay (getting harder and harder by the month), don't you all have mortgages or something to be worrying about savings accounts???

        • Wazzzzup on 07/10/2022 - 02:30

          Think most people find the balance… and not stretch your budget too much when buying a property… as when these things happen? interest rate goes up, and when the fix rate period is over… heaps of people are screwed IF they stretched their budget or didn't budget properly for these kind of scenarios.

          As for the 2nd part of the question… i guess there are people in all sorts of age group.

        • ely on 10/10/2022 - 20:28
          +1

          people have to save up before they can buy a place

          • mysterytal on 10/10/2022 - 21:05
            -2

            @ely: Isn't that what mortgages are for?

            • ely on 11/10/2022 - 21:19
              +1

              @mysterytal: ha, in a sense, but you also need to save to get one of those

    • billsa on 06/10/2022 - 14:15
      -1

      i think BOQ has a 4% rate with similar hoops for under 35s, though I assume with that much money you're probably a bit older.

  • david6509 on 06/10/2022 - 00:37
    +4

    wow 0.45% instead of the 0.25% whats going on here?

    • user27 on 06/10/2022 - 00:39
      +7

      Macquarie

      • idonotknowwhy on 06/10/2022 - 09:49

        Thanks! I'm going to move from Ubank.

        Edit:
        Seems I already have a macquarie bank transaction account I'd forgotten about!
        And in March, I accidentally sent $300 into it rather than paying a credit card!
        So I probably can't get that bonus rate, but I've got an extra $300 I didn't know about :D

        • sim36 on 06/10/2022 - 12:08
          +3

          I'm moving my second savings account at ING (2.60%) to UBANK. Come on ING, increase your balance limit on the saving maximiser from 100K, it's messed up!

          • david6509 on 06/10/2022 - 12:45
            +2

            @sim36: I feel you. Between my partner and myself we have 2 ing , 2 boq and a shared ubank. Allot of hoops to jump through.

    • thriftshop on 06/10/2022 - 12:39
      +2

      My guess is they aim on getting people excited and opening up accounts this month, and then won’t pass on the interest rate rise next month (probably 25 basis points) and pocket the difference of 5 basis points for a period of time going forward.

      • theknight27 on 06/10/2022 - 20:18
        +1

        ING are consistently the highest interest rate available and pass on rises quickly. Why'd you assume they won't pass the next on?

  • freoleo on 06/10/2022 - 00:37
    +4

    Damn, finally signed up for a BOQ account 2 days ago for the 4%

    Hopefully they raise theirs

    • ashtdp on 06/10/2022 - 01:34
      +10

      Going by past 3-4 months track record. You can expect them to increase by 0.25% as much as RBA rate hike and make it 4.25%. Have to wait and see.

      • mrtee on 06/10/2022 - 02:49

        Yes they've been consistent with the increase.

      • freoleo on 17/10/2022 - 20:25

        Still nothing from them

  • DustyAfternoon on 06/10/2022 - 00:37
    +29

    Thank god. I can sit tight and give up on trying to get through Bank of Queensland’s verification process.

    Somehow other banks will hand out thousands of dollars in lines of credit without a thought, but three different IDs isn’t enough for BOQ to take my money.

    The lion looks cooler, anyway. It’s not like we even have a Queen anymore.

    • nomadspartan on 06/10/2022 - 13:47
      +3

      Its probably because one of your IDs are not being able to be verified successfully. Try a different combo e.g. medicare + passport or birth certificate + passport etc.

  • keyman on 06/10/2022 - 00:40
    +4

    What happens when we reach the $100,000 balance maximum? I'm guessing we still need to grow the balance by a dollar every month but interest will only be paid for the $100,000 portion?

    • Mega Vanillish on 06/10/2022 - 00:43
      +2

      That's my understanding. I read a comment on Reddit from someone claiming they only received the "base" interest after surpassing 100k but others contested that (so it might have been an error).

      Just ticked over 100k myself at the start of the month… guess I'll find out in a few weeks!

      • dbell on 06/10/2022 - 08:24
        +11

        Congratulations on saving 100k, that's awesome.

      • TheFlyingCoder on 06/10/2022 - 08:31
        +14

        Confirming without trying to brag haha you get the bonus interest on $100K and normal interest as a separate payment on the full amount each month (assuming you meet the requirements)

      • souths123 on 06/10/2022 - 09:10

        open a second saver account and toggle between the 2 every 2 months (remember you nominate the account for the bonus the month before they get the bonus rate)

    • giraffeeee on 06/10/2022 - 00:43

      Yes you are right

    • tharlow on 06/10/2022 - 00:44
      +3

      Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time.

    • Rod71 on 06/10/2022 - 08:36
      +1

      Try and get it to around 94k and put the overflow into something like BOQ

      • capslock janitor on 10/10/2022 - 10:09
        +1

        Why 94 specific ally?

        • Rod71 on 10/10/2022 - 16:22

          94 lets you accumulate interest for a little over 12 months without going through more steps than what is already required.

          • capslock janitor on 10/10/2022 - 16:27

            @Rod71: thx do u have formula for this 12mths rule i can apply to other savings?

    • JohnSy on 07/10/2022 - 01:42
      +1

      yes, just grow the balance by $1 each month. You don't get the bonus interest on the amount above $100K.

    • payless69 on 08/10/2022 - 09:20

      1st of each month counts. If you let it go at 100k you are screwed!

    • theknight27 on 10/10/2022 - 13:57
      +1

      They only check if your balance grew on the last day of the first day of the next month.

      So I have my full amount in there for 29 days and then on the 30th I take out almost all of the money and then return it at the start of the next month.

      Means I earn the full interest on 29 out of the 30 days.

  • wrjcu on 06/10/2022 - 00:43
    +18

    I'm about to tell the bank they wont get the interest paid on the mortgage unless they jump through these rediculous hoops. Just give the interest rate and what's up with the 100k limit.

    • Jabba the Hutt on 06/10/2022 - 01:12
      +15

      Suspect part of the reason they can offer this interest rate is thanks to a significant enough proportion of dumbarses like me forgetting to jump through one of the hoops and only getting 0.5%, effectively subsidising the higher rate.

      • tdw on 06/10/2022 - 03:46
        +2

        same happened to me during a bad month so i just moved it over to macquarie who were at least giving me 1% at that time.

        they can offer the high rate for savers because they're reaming borrowers, much like every other bank. banks, like the casino, never lose out

        • Infraction on 06/10/2022 - 11:04

          Same, moved the lot rather than miss out on a months interest

    • justtoreply on 06/10/2022 - 01:13
      +2

      100k limit is about getting more new customers in with the limit they've set on this rather than fewer but cashed up cash cows

  • shkippy on 06/10/2022 - 01:04
    +6

    If you take out all your money (minus your previous balance and 1¢) on the last day each month, and put it straight back in the next day to negate the problem of always increasing your balance each month. There will be 12 days per year where you don't earn interest ∴ [1 - (12/365)] * 4.05% = 3.92% will be the effective rate.
    Set a Google calendar reminder and then you don't have to worry if you blow out your spending one month and lose a whole month's interest.

    • io on 06/10/2022 - 01:14
      +7

      I transfer to UBank for one night and reverse the transaction the next day. I do that every end of month (last banking day)

      • ShouldIBuyIt on 06/10/2022 - 07:48

        Can you please elaborate? I've got both ING & ubank and have been lazy trying to maximise.

        • capslock janitor on 24/10/2022 - 23:09

          elab me too @io

        • capslock janitor on 05/11/2022 - 19:50

          ok the way i understand this methodology, is to fulfill/unlock the bonus for the new month,
          by only missing out on a day's worth of interest of your deposit/growth requirement amount

      • Donaldhump on 06/10/2022 - 10:21
        +3

        pointless transaction (just move to orange everyday card), u will get no interest in either ubank or ing for that day. it is the minimum balance on any given day.

        • CyberMurning on 08/10/2022 - 10:12

          But we get interest at ubank because the $ stay for 1 night there?

          • Donaldhump on 09/10/2022 - 01:41

            @CyberMurning: No you won’t it needs to be there a full 24 hours. Any day you transfer money you don’t get interest in either account.

            Re above it’s the minimum balance you have on any given 24 hour period.

            • bargin424 on 05/11/2022 - 06:26

              @Donaldhump: Isn't interst calculated daily?

              • Yola on 05/11/2022 - 16:11
                +2

                @bargin424: Yes. There has been discussion on these threads and the consensus is that it's determined by a snapshot around midnight.

                • Donaldhump on 06/11/2022 - 10:18
                  -1

                  @Yola: afaik its based on minimum the balance on that day midnight to midnight. if used a snapshot as at midnight, ppl would constantly rotate money around banks around the world (if possible)

              • Donaldhump on 06/11/2022 - 10:16
                -1

                @bargin424: yes using the minimum balance on that day.
                if you have $1 in bank a and move to bank b on a day.
                both bank a and bank b have a minimum balance of $0 on that day

      • capslock janitor on 17/11/2022 - 02:46

        So $999.99 or less out from ING, then $1000 back in next day?

        Or does it work to/from the ING TXNS TO SAVINGS? VICE VERSA

    • roonie on 06/10/2022 - 07:47

      I’m sorry- why do you do this?? (Or what happens if you don’t?)

    • chyawala on 06/10/2022 - 07:56
      +4

      Why would you withdraw the entire balance? Would be better to just jump the hoops instead of foregoing interest on the main balance.

    • feihong on 06/10/2022 - 08:23

      I thought that if the transfer happens on weekends or public holidays then we would lose interest on those days too?

    • jjj123 on 06/10/2022 - 09:09
      +2

      is it working like below?

      Say balance is 50K, you need to move (50K-1c) out?

      how can I move 50K out in a day? I remember max 20K transfer a day.

      • virhlpool on 06/10/2022 - 18:38

        You can but you need to call the bank to increase your transfer limit for a day. ING call centre wait times are ridiculous sometimes.

      • theknight27 on 10/10/2022 - 14:04
        +1

        No just transfer it into your transaction account. Doesn't have to leave the bank.

        • Yola on 10/10/2022 - 16:56

          But you will lose interest for one day. If you can get it into another bank you can get interested.

          • theknight27 on 10/10/2022 - 18:08

            @Yola: No, you only earn interest on the lowest balance for the day. So if you transfer $90k between banks, you won't earn interest on that money from either bank.

            Otherwise you could just transfer your money between 5 banks each day to earn 5x interest.

            • victorheaven on 10/10/2022 - 18:11

              @theknight27: That's not true, it's balance at midnight that is used to calculate the daily interest accrued and hence you will only get interest from 1 bank only.

              • theknight27 on 10/10/2022 - 19:27

                @victorheaven: Apologies - you're correct! The challenge then would be getting ~$100k moved to a different bank in a day.

                • Yola on 25/10/2022 - 04:15
                  +1

                  @theknight27: I only move out the amount over $100k and bring it back on the last day plus 1c.

                  • shoppe on 25/10/2022 - 11:36
                    +1

                    @Yola: Me too.

                  • atlinus on 25/10/2022 - 18:12

                    @Yola: I thought that the balance they efer to was the combined balance of transaction + savings

                    • Yola on 02/11/2022 - 11:10

                      @atlinus: Only the balance in the Saving account has to increase.

    • Just Another Day on 06/10/2022 - 09:59

      just open a second SM and change the nominated account every two months. Move $500 out on the last day of the month and on the first of the month top back up to 100k. Meanwhile the other account balance will reset back to $0 so you can nominate it to earn interest for the next month and add $0.01. On the first of the next month move $99,999.99 into the SM now earning the interest and move the remaining interest earned into ubank or whatever other bank savings account you use.

      this way you only lose the interest for 1 day on $500 (8 days per year) instead of losing it on 99k for 12 days per year.

      • feihong on 06/10/2022 - 10:19
        +1

        Can I please clarify what is the logic behind $500?

        • Just Another Day on 06/10/2022 - 10:43
          +11

          I'll break it down for clarity.

          Month 1:
          SM1: earns interest. balance 100k
          SM2: nominated for next month, add $0.01 to grow balance

          Month 2
          SM1: no longer earns interest, $99,999.99 moved to SM2 on first day of month. Move remaining to ubank or preferred.
          SM2: Earns Interest. on last day of month move $500 out so you can still grow balance next month after interest.

          Month 3
          SM1: still not earning interest, Balance to grow will reset to $0 for next month
          SM2: on first day of month top up to 100k (grow balance). Leave 100k entire month

          Month 4
          SM1 Nominated to earn interest for next month then add $0.01 to grow balance
          SM2: Move interest earned to ubank or preferred, keeping balance at 100k

          Month 5
          SM1: earns interest again. add $99,999.99 on first day of month. Remove $500 last day of month.
          SM2: take to $0 balance

          Month 6:
          SM1: top up to 100k.
          SM2: balance to grow reset to $0

          Month 7
          SM1:Move interest earned out to keep balance at 100k
          SM2: Nominated to earn interest for next month. Add $0.01 to grow balance.

          Keep repeating this process. You can only nominated accont to earn interest via the webpage (not in the app). it seems confusing but its super easy to track via the app as you can see which account is earning interest for current month and next month.

          • feihong on 06/10/2022 - 10:50

            @Just Another Day: Thanks for the clarification. So $500 is the room you allow for in anticipation of the interest earned for that month, understand now, cheers

          • ShouldIBuyIt on 06/10/2022 - 12:29

            @Just Another Day: Interesting. That's why I love OzB
            So you nominate account on month M, but it is only actioned/valid on M+1 ?

            • Just Another Day on 06/10/2022 - 16:14

              @ShouldIBuyIt: when you nominate an account to earn the bonus interest it only becomes valid the next month (if you meet the conditions). With my method you only change this once every 3 months.

          • nokia3660 on 06/10/2022 - 12:35

            @Just Another Day: That's pretty detailed. I currently keep my SM topped up with 100K and on the last day reduce it to the min. required for growing the balance by moving the difference into the OE account. Is there an advantage with your method compared to this?

            I might switch to SM1/SM2 method if it is better than SM/OE method.

            • Just Another Day on 06/10/2022 - 16:19
              +1

              @nokia3660: the advantage is you keep the amount earning interest higher for that last day of the month. you get a few more cents in interest (interest on 99.5k/100k instead of 1 cent (ops example) or whatever lesser amount you do to stay within the hoops.

              it might not be worth it to some but the way I see it is this is a small extra I can make and put towards my next KFC order and it can all be done while pooping my previous KFC order out

          • billsa on 14/10/2022 - 14:44

            @Just Another Day: could you break it down further this is going way over my head? they tell me that as a baby i was dropped on my head every now and then

    • artfuldodger on 06/10/2022 - 13:15

      Interest is calculated on the minimum daily balance so that would be 24 days, not 12.

    • virhlpool on 06/10/2022 - 18:30
      +1

      So much of work! Can't ING make it easy for these folks?

  • justtoreply on 06/10/2022 - 01:14
    +4
    1. Grow their nominated Savings Maximiser balance (excluding interest).

    Pfft. This isn't the 16th century.

    • io on 06/10/2022 - 01:14

      It is actually very easy.

      • justtoreply on 06/10/2022 - 01:16
        +4

        It's locking you in. Base rate 0.55%. It's basically screaming "it's a trap".

        And it is. It's worded differently, but it's the same trap we've seen time and time again.

      • PhilToinby on 06/10/2022 - 07:10
        +4

        Unless you need to pay for something big…then it's $0 interest for the month

        • Teh White Mamba on 06/10/2022 - 08:54
          +2

          It doesn’t work that way you still get full interest for the month you just don’t qualify for bonuses on the following month so you transfer all the funds out to your other savings account on the last day of the month for one month then reset.

          • PhilToinby on 06/10/2022 - 09:02
            +1

            @Teh White Mamba: Missing the bonus on the following month is essentially the same thing for most people who don't follow your process. It's a good idea to put the balance that would have missed the bonus in another account, but it's a lot of mucking around

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