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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.

Referral Links

Referral: random (658)

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

      • jjj123 on 06/10/2022 - 09:09

        how?

  • Nand0sx on 06/10/2022 - 01:16

    ING is always the first to raise prices but BOQ will surely follow

    • Rod71 on 06/10/2022 - 08:39
      +1

      BOQ will announce on October 18

      • souths123 on 06/10/2022 - 10:37

        finger's crossed, yes….Hoping Virgin move this month too. They haven't moved since they jumped the gun on the .5% increase in Sept (moved end Aug)

        • udyz on 06/10/2022 - 19:14

          Looks like they may not…
          They have already increased BOQ loans but for Virgin Money Savings accounts they will continue to monitor

          https://virginmoney.com.au/blog/news/review-interest-rates

          RBA rate changes
          06 October 2022
          FEATURED

          NEWS
          Virgin Money interest rates update

          Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%, BOQ will lift variable home interest rates by 0.25% per annum (p.a.) from 14 October 2022.

          To support savings customers, Virgin Money will continue to monitor rates on its popular savings accounts to ensure they remain competitive.

          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.

          • Rod71 on 07/10/2022 - 08:47

            @udyz: Just going by the last 2 rate rises, BOQ announce what they are doing 14 days after the rise. So we'll see what happens on the 18th

  • vickiolesen on 06/10/2022 - 01:20
    -7

    Does anyone know the best current interest rate for commbank? Many thanks

  • jackspratt on 06/10/2022 - 01:23
    +2

    ING is also likely to be the first to de-bank you if your face doesn't fit.

  • hasher22 on 06/10/2022 - 01:33
    +11

    I just hate the hurdles :( If they increased the cap, will stay but I transferred to uBank 2 weeks ago.

    • idonotknowwhy on 06/10/2022 - 10:08
      +1

      I went all in on Ubank after ING (profanity) me with the hurdles.
      During Stage 3 lockdown, they gave us 3 months without the hurdles.
      Then they put them back silently when we went into stage 4 lockdown.

      Yeah, they'd told me it was only 3 months, but I lost track of time during the lockdown.

      So the following day, I moved it all into Ubank. Only 'hurdle' is I need to send in $200 / month, and I can send it straight back out if I want to.

  • Benoffie on 06/10/2022 - 01:55
    +1

    Really need an account that has no hoops and pays decent interest up to $1m balance. Love to hear suggestions.

    • bird380 on 06/10/2022 - 02:41

      Citi bank up to 500k
      Macquarie bank saving account up to 250k
      Macquarie bank transaction account up to 250k

      No hoops but interest rate isn’t high when comparing to ING ubank etc

      • Devil on 15/10/2022 - 22:58

        @bird380 Just to confirm, are you saying Mac Bank will allow me to earn max interest on both the transaction account and savings account? So effectively you can keep $500k in total in Mac Bank and earn 3.2% each on both accounts?

        I thought it was one or the other, but if you can do it for both that's awesome!

    • autolux on 06/10/2022 - 07:44
      +8

      get a decent financial planner, not a tiddly wink savings account.

    • souths123 on 06/10/2022 - 09:11
      +1

      govt only guarantees the first $250k each bank

      • Mokr on 06/10/2022 - 10:47
        +8

        It's important to understand that the government guarantee covers the underlying ADI, and not different brands. Some ADIs offer multiple accounts under different brand names. For example Bank SA, St.George and Bank or Melbourne are all part of Westpac and covered under the one ADI. If you have multiple accounts under different brand names but all under one ADI, the guarantee only applies to the one ADI and not the different brands.

        Another example is ubank. Ubank is protected under the Government Guarantee Scheme, but ubank is owned by NAB. This means that if you have $250,000 in an account with ubank, and $250,000 in an account with NAB, you'll only have $250,000 guaranteed as both banks operate under the same ADI licence.

        Also if you are super conservative, note this

        • souths123 on 06/10/2022 - 12:16

          yes, I realise this

        • atlinus on 06/10/2022 - 22:26

          is citibank savings now owned by NAB?
          — if you have NAB + citi savings + UBank = total is only 250k guaranteed?

    • jjj123 on 06/10/2022 - 09:18
      +2

      do portfolio, not just invest in cash.

      Example only, not financial advice.

      Ubank 250K
      ING 100K
      Big 4 bank shares for dividend $200K
      Rest 450K Property (not just buying in Syd and Mel)
      Super account?

      Worth to pay for a good financial planner for 1m investment.

      • LFO on 06/10/2022 - 10:48
        +1

        And remember there is a flourishing financial world outside Australia as well … and that's were the big fat money is made by the way.

  • wsyzdyh on 06/10/2022 - 02:50

    Does ing still have the bonus for opening a new account now?

    • souths123 on 06/10/2022 - 09:13

      if they are anything like Virgin and BOQ, they will give the bonus the first month and (possibly) the second and you will have to do the requirements to get it for the next month.

  • dreamscene on 06/10/2022 - 03:52
    +6

    I am asking for a friend, he is still waiting for his bags of useless shitcoins to moon lambo, should he sell at 90% losses and put the cash at 4% return? He waited for use case that never came. Again, asking for a friend.

    • mrtee on 06/10/2022 - 06:27

      If he's lost so much already, probably not worth selling.

    • z00m on 06/10/2022 - 10:10
      +2

      Tell your paper handed friend to HODL

    • JKat2 on 06/10/2022 - 10:34
      +1

      it depends on your mates risk profile and stomach strength lol,
      it depends if your friend overextended and needs to use the money,
      also depends on how shit the shitcoins are lol

      blue chip cryptos, im just weathering the winter, she'll be right mate, its a cycle but a long one

      shitcoins, who knows, but as mrtee said, if its at a huge loss its probably not worth selling, but another option is he could convert it to something else [shitcoin to btc or eth etc] and stake it and earn more crypto on it [yield app currently has 5% on btc, 10% on stablecoins etc, you can also stake on binance]

      its not a loss until you sell it at a loss!

    • augernised on 06/10/2022 - 13:19
      +1

      hold

      only the strongest survive the winter to thrive on the other side

    • Saywhatold on 06/10/2022 - 23:08
      +1

      Take the loss and offset your ING gains for the next 40 years till you break even.

  • chewkl on 06/10/2022 - 07:12
    1. Make 5+ card purchases (settled, not pending)

    Does Google Pay transactions count? Honest question. TIA.

    • claudefrog12345 on 06/10/2022 - 07:34
      +1

      Probably. 1c transactions at coles and woolies do, so you would imagine Google pay transactions would.

      • catbarf on 06/10/2022 - 10:53

        What is the trick for the 1c transactions?

        • mrtee on 06/10/2022 - 12:07

          You purchase any item and go to self service, other payments, then split payment 1c five times. I'm not sure if it's an issue if they audit you, so far no harm done. Haven't read anything that says you can't so this.

          • nokia3660 on 06/10/2022 - 13:17
            +1

            @mrtee: yea, google pay works and I do the 1c split payment every month. I don't suppose it violates any t&c since the bank needs 5 transactions to flow through the visa network and the split payment satisfies that.

      • feihong on 06/10/2022 - 10:55

        Was reading up on ING discussion on this forum and noticed that a few people got their accounts closed allegedly because of 1c transactions, so probably no longer a good advice to give out to.

        • hasher22 on 06/10/2022 - 11:25

          Been doing 1c transactions for the last year or so. Last month was my last month doing it as I transferred to Ubank.

          But I can see why ing is monitoring 1c transactions. Lucky my account wasn't audited.

        • nokia3660 on 06/10/2022 - 13:18
          +1

          ah spoke too soon.. may be I should start varying the amounts a bit then. Thanks for the heads-up.

        • tdw on 06/10/2022 - 16:42
          +2

          been doing the 1c splits for a few years now, way before the whole "grow your balance" thing was introduced. never had a problem

    • ShouldIBuyIt on 06/10/2022 - 07:51
      +1

      You can also you afterpay. Easy 4 transactions

      • Flyingbeast on 06/10/2022 - 08:16

        Don't they have to be eftpos transactions?

        • McScotty on 06/10/2022 - 11:09
          +1

          I don't think I've done an EFTPOS transaction in a looong time and I've been getting bonus interest for a while now. All either GPay or paywave which I believe is all Visa?

      • nokia3660 on 06/10/2022 - 13:24

        wasn't aware of ING working with afterpay, will give it a try next month. I know it works for VM though

        • Yola on 06/10/2022 - 17:28
          +1

          Paypal works too.

    • Mely on 06/10/2022 - 07:52

      Yes.

    • hasher22 on 06/10/2022 - 11:22
      +2

      Yes it does. I used Google pay for 1c transactions at woolies.

      Keep in mind, last month I did it at self serve for 1c and at the 4th payment, the machine automatically asked for the attendant. The machine thought I was doing something dodgy with the payment.

      I don't know if this is new, but ita the first time it happened to me.

    • T3J on 06/10/2022 - 19:14

      Yeah i think so, i just have automated tatts ticket purchases that give me a minuscule chance of a win each month. That said, they have paid for themselves the last few months with some lucky low end wins.

  • autolux on 06/10/2022 - 07:42

    omg competition in the criminal banking sector, finally passing on some of the rates the other direction after they've blown asset bubbles everywhere profiteering off enabling endless speculation

    YA HATE TO SEE IT!

  • liartellslies on 06/10/2022 - 07:58

    Do you only get the bonus interest rate after you have met the requirements?

    • io on 06/10/2022 - 08:17

      Yes

    • Teh White Mamba on 06/10/2022 - 08:51
      +2

      You have to meet the requirements in the previous month then you get the interest all the next month and need to meet the requirements again during that month for the next month. Even if you don’t meet the requirements for the following month you still get the full interest for the month you did previously meet requirements.

      • liartellslies on 06/10/2022 - 10:18
        +1

        Perfect thanks! I should have formulated my question a bit more specific 😂

      • Yola on 06/10/2022 - 13:04

        Unless you just opened the account then they give you a grace period.

        • capslock janitor on 10/10/2022 - 15:40

          so this month will not just be base rate?

          • Yola on 18/10/2022 - 07:09

            @capslock janitor: Full bonus if you just opened the account in the first and second month. This information will be provided when you open the account.

  • ShouldIBuyIt on 06/10/2022 - 08:06
    +3

    Ok so Ubank is still 3.6%
    Do we have a page on ozbargain that tracks all the best rates?

    • Xizor on 06/10/2022 - 09:47
      +2

      Yeah, bit annoying uBank is quite off the mark now a .45% difference is enough to warrant moving.

      • ripoffmerchant on 06/10/2022 - 09:51
        +6

        Ubank still has much easier requirements to meet, and a 250k cap. So it really depends on your situation as to which is better for you.

        • Xizor on 06/10/2022 - 09:54
          +1

          Yeah, very true. I originally left ING years ago because i just got over those requirements but uBank was also more competitive. Food for thought.

  • Bristhrifty on 06/10/2022 - 08:23
    +7

    Those hoops are ridiculous. Should I dance on my head too? Staying with Ubank.

    • autolux on 06/10/2022 - 11:16
      +1

      theyre honestly not that bad, had it for years never had a problem.

      that said, I'd expect ubank to match or beat any second now…

    • Mistredo on 06/10/2022 - 11:33
      +4

      If you use ING as your main account you will do them without even thinking.

    • nokia3660 on 06/10/2022 - 13:27

      haha.. you just reminded me of ME bank. Well their hoops were what I would call ridiculous, even back in those days.

      • capslock janitor on 10/10/2022 - 15:42

        what was it back then?
        also i think they were bought out recently

    • whatgift on 06/10/2022 - 17:15

      They're not ridiculous - the expectation is that you're using the account to save for long periods of time, and you're using ING as your main banking source. I imagine it's not worth it for them otherwise, and I wonder how much the other banks that offer these rates are making profits if people are just using them for large savings accounts and nothing else.

  • sashatheman on 06/10/2022 - 08:25

    So far the hurdles seem the same as BOQ apart from the age restriction cant be over 36.
    The rate is 5bps higher (so far) and the total balance is $100k vs $50k for BOQ.
    I think I might transfer over soon.

    • Techie4066 on 06/10/2022 - 09:04
      -1

      You need to grow your balance month to month, an impossibility for many.

      • R3AP on 06/10/2022 - 09:31
        +1

        Also with boq U could open multiple accounts up to 9 so technically the limit is 450k.

        • sashatheman on 06/10/2022 - 09:57
          -1

          yeah that also means you have to deposit $1k into each account and then do x5 transactions into each account.
          Nightmare.

          • ratz33 on 06/10/2022 - 12:07
            +3

            @sashatheman: Nop… confirmed only do it 5x on the transaction account and it applies to all the savings accounts created.

            • Techie4066 on 08/10/2022 - 10:10

              @ratz33: Do you still have to deposit $1k into each saver?

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