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Savings Maximiser 4.30% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.30% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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me1stt on 03/11/2022 - 15:34 ing.com.au (3540 clicks)
Last edited 08/12/2022 - 08:53 by 1 other user

From ING's Facebook page:

💰 For our savings customers:
For our new and existing Savings Maximiser customers:
🔸 We will be increasing the additional variable rate by 0.25% p.a. to 3.75% p.a.
🔸 Our standard variable rate is 0.55% p.a.
🔸 So our highest available variable rate will now be 4.30% 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.

🏡 For our home loan customers:
🔸 We will be increasing all new and existing owner occupier and investor variable home loan rates by 0.25 % p.a.
🔸 Interest only repayments – increased repayments starting 1 December 2022.
🔸 Principal and Interest repayments – increased repayments starting 29 December 2022.
🔸 Existing home loan customers will be sent a letter from 30 November 2022 confirming your new rate and new repayment information.

All variable rate changes will be effective from 8 November 2022.

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closed Comments

      • [Deactivated] on 04/11/2022 - 01:44
        +1

        Thank you for this detailed response. Very helpful.

  • maverick1 on 03/11/2022 - 15:49
    +3

    I think about time I move funds from my 2% fixed mortgage offset account to ING. The post tax return is favourable now.

    • onetwothreefour on 03/11/2022 - 16:45

      I'm tempted too but my fixed rate ends in less than 12 months so not sure if I can be bothered.

      • maverick1 on 03/11/2022 - 18:14

        I’m in the same boat.

    • 1st-Amendment on 03/11/2022 - 17:01
      +2

      fixed mortgage offset account

      Where did you get this? Usually (don't shoot me if I'm wrong on this) you can't get offset on fixed becasue the way fixed rates work is that the lender locks in an known quantity of risk against a certain length of time, so flexibility options such as offsets are extremely limited. I have a fixed and a variable loan and none of the bank I asked at the time offered offset with fixed products

      • Kholtien on 03/11/2022 - 17:10

        different person but my mortgage has this as well. I guess it just depends on the bank. (though mine is a mortgage with unlimited free redraw, not an offset, but it is kinda the same thing, effectively)

        • Yola on 03/11/2022 - 17:14
          +1

          There have been reports of Banks refusing redraw requests whereas with offset you are in control.

          • Kholtien on 03/11/2022 - 17:15

            @Yola: I don't know that there is an option to refuse though? I just select an amount to redraw and it happens. I've withdrawn 10's of thousands before with no issue.

            • Yola on 03/11/2022 - 17:23
              +1

              @Kholtien:

              A redraw facility or offset account can be a great way to reduce the interest paid on your mortgage but it can pay to read the fineprint. Here are the top things you need to understand about the two “The lender may refuse any request for a withdrawal at any time. The lender may also cancel your redraw option at any time, but will tell you if it has done so.

              https://www.canstar.com.au/home-loans/six-things-redraw-offs…

            • Russ on 03/11/2022 - 21:02
              +1

              @Kholtien:

              with no issue.

              Banks have cancelled the redraw ability before, with zero notice, as recently as 2020. See https://www.ozbargain.com.au/node/535100

      • maverick1 on 03/11/2022 - 18:12

        I get this question all the time. Went with Adelaide bank via broker. Offered great terms no LMI etc.

    • DingoBlue on 03/11/2022 - 17:02

      Yeah I think the breakeven point was about 3% or so for me. I’m on 1.89 with 60% offset and assume 40% tax on interest.

  • Frozensage on 03/11/2022 - 15:49
    +1

    Are there no banks that just offer at least a 4% interest rate without all the you must do 1 2 3 4 5 to qualify? or intro rate?

    • Techie4066 on 03/11/2022 - 15:51
      +1

      Macquarie, but I'd wait to get the highest possible 4 month intro rate

    • Ghost47 on 03/11/2022 - 15:53
      +7

      Calling it now, UBank by January.

  • Techie4066 on 03/11/2022 - 15:51
    +9

    @BOQ… (please make up for last month's disappointment and increase by more than 0.25% to stay on top)

  • Jakeo on 03/11/2022 - 15:53
    +8

    These hoops comments drive me nuts, people make out that your giving up your first born for the rate.

    • ShouldIBuyIt on 03/11/2022 - 18:23

      Good way to spot the dumb dumb and hide their comments forever. ING and subs posts are a really good honey pot for that purpose:-D

  • ntt on 03/11/2022 - 15:53
    +9

    stop whinging guys, there are many tips on how to achieve the target. If you don't like it, leave. it will be a lose-lose situation and they would adjust it. You can also use a backup bank that has high interest just in case you miss the conditions.

    • donkcat on 03/11/2022 - 16:07
      +6

      Not only that but ING make it clear each month how you’re progressing at getting achieving the eligibility requirements for the next month.

      • ntt on 03/11/2022 - 16:52
        +1

        yeah, it's not tricky. so why whingy?

    • DingoBlue on 03/11/2022 - 17:14
      +1

      Mate it’s called savings maximiser and was marketed as a leading rate product in return for no branches. Then the bonus was added on top of that I think maybe 0.5% extra on top of the base rate to get people using the new orange card. Now it’s flipped backward where you have to achieve criteria to get anything above a nominally small base rate.

    • [Deactivated] on 04/11/2022 - 11:25

      I've hade several co-workers who had the same opinion, wondering why people whinge about hurdles which are fairly simple… till they missed their bonus interest themselves for the first time (usually on the account balance being higher than the previous month requirement). And yes, each of them left for ubank and other banks.

      • ntt on 04/11/2022 - 11:43
        -1

        That's their fault, nothing to do with the requirements that they accepted before. I missed some months, but it's my fault. As the guy said above, ING shows how far you achieved and what need to do. I find its such a baby crying whingy like that. As i said many many times, dont like it, leave, so simple.

        • [Deactivated] on 04/11/2022 - 13:31
          -1

          I don't get what your point is. Most people complaining HAVE left or have avoided signing up. Missing 1 month is a decent chunk of money if you've maxed out your account and these complaints serve as a reminder to people thinking of signing up that other banks don't have unnecessary loops. People complain on the internet. Complaining about people complaining is far more 'baby crying whingy'.

          • ntt on 04/11/2022 - 14:07

            @[Deactivated]: Lol such a ridiculous point. Look at yourself mate. People blame for everything but not themselves. Do you blame speed camera for your speeding? Blame surfaces when you drop your phones? ING shows you your progress, if you don't achieve it, you wont get that for the month. You have almost a fking 30 days to move your up to 100K around, but no, you have to blame ING because itnmisleading tricky blah blah like some guys here and there. Well i stop right here, such a wasted time to argue something such obvious like this

            • [Deactivated] on 04/11/2022 - 14:40

              @ntt: The fact that they tell you if you've jumped through their ridiculous hoops or not every month doesn't change the fact that said hoops are still unnecessary and pointless when compared to other banks.
              Have a snickers bar mate.

  • 4ustralian on 03/11/2022 - 15:55

    Currently enjoying this perks. You can set auto transfer from your other bank acct to ING acct every month to keep the interest. The more deposit you have this maximizing acct, the higher interest rate you can get.

    • Russ on 03/11/2022 - 22:29

      You can set auto transfer from your other bank acct to ING acct every month

      I've been with a few banks (big 4 and their subsidiaries), and they all wanted to charge a fee for every automated transfer.

      Automated transfers to accounts at the same bank were free, automated transfers to other banks had a fee.

      Which banks offer free automatic transfers to other banks?

      • miwahni on 04/11/2022 - 23:13
        +1

        Suncorp for one. St.George used to but I haven't had one there for a while.

      • ShouldIBuyIt on 04/11/2022 - 23:18
        +1

        Westpac is free

  • sashatheman on 03/11/2022 - 15:58
    +1

    I think ill move from BOQ savings account. Had to jump through their hoops to earn the interest last month, and they still haven't provided the bonus interest.
    Now noone is responding to me via their chat…

  • boxall on 03/11/2022 - 15:58
    +4

    Transfer $1000 each month and then auto take out $999. That's what I do.

  • capslock janitor on 03/11/2022 - 16:01
    +1

    seems to be a battle between BOQ/ING and uBank/ANZ and .. MacQ introductory

  • Doy on 03/11/2022 - 16:03
    +1

    The hoop of the the balance having to grow is the issue for me, since I take out of my savings to invest into an ETF when the dollar value hits a certain point. It means a whole month of no bonus interest whenever I invest.

    • hotdog85 on 03/11/2022 - 16:06
      +5

      That’s why you keep money with at least 2 different banks

      ING and uBank is a good combination

      • Doy on 03/11/2022 - 16:07
        +1

        If BOQ becomes non-competitive, I'll have to look into that, but it's nice having it all in one place and not have to worry about growing the balance (just the 5 transactions)

    • Donaldhump on 03/11/2022 - 17:17
      -1

      start with a 0 balance, and increase by $1 every month…as easy as clicking a few buttons while doing a terd on the last day and first day of the month

  • mitty on 03/11/2022 - 16:05
    +3

    So on WP I posted this which is what I do each month. Seems complicated and annoying but takes me like less than ten mins on the 1st of the month.

    So say your balance is $96000.99

    You put in an extra $3999.01 on 1st of the August making your balance exactly $100K.

    On the last day of August you transfer $3999 out (doesn't matter where, but somewhere that earns interest even just for a night is good). This part I automate and it just happens in case I forget.

    Then on 1st of September you've earned say $200.50 interest so your balance is now 96201.50
    transfer back in 3798.50

    End of month transfer out 3798 (you need your balance plus interest of 96201.50 to be at least 1 cent more, I always round up to the nearest dollar)

    Rinse, repeat.

    Slightly less clearer than mud :)

    I've been doing it this way for about 6 months at least.

    This is in addition to the depositing $1000 into Orange Everday, and 5 tiny credit card transactions to my water bill to meet the other criteria.

    • pennypincher98 on 03/11/2022 - 16:09

      So say your balance is $96000.99

      Lol I wish.

      What I do:
      Opal auto top up - 5 transactions a month
      Wages/salary paid into account - $1000 a month + grow balance.
      Much easier xD

    • Mokr on 03/11/2022 - 16:09
      -3

      why do you have so much cash in bank?

      • mitty on 03/11/2022 - 16:11
        +26

        It's all the money I've saved by buying shit off OzBargain.

    • boxall on 03/11/2022 - 16:10

      Interesting. And when you get to $100K what will you do?

      • mitty on 03/11/2022 - 16:13
        +1

        Transfer it all to another bank for a month til the criteria thingy resets and then start again probably at 90K (unless someone else has a higher rate of course… but ING has consistently been the highest for ages).

      • uwuwu on 03/11/2022 - 20:58

        you can set up another Savings Maximiser account and do it all again!

    • Charlie Dont Surf on 03/11/2022 - 16:41

      You're right….it seems complicated. Probably because you're pushing up against the limit, when most people don't have that "problem".

      I just set up an auto-transfer to add $1 to my Maximiser account on the 1st day of every month from UBank. Another auto-transfer to add $1000 to the Everyday - .then I shuffle out $X at some stage during the month.

      As for the water bill, you get a 1% rebate if you direct-debit using your ING Card.

      • ShouldIBuyIt on 03/11/2022 - 17:45
        +1

        Can't you just do +$ 1000 to the everyday, then top up $1 in maximiser from the everyday account?
        Why does that $1 need to come form Ubank?

        • Charlie Dont Surf on 03/11/2022 - 18:47

          I just do it this way so that all my recurring tramsfers are coming from the one source - for simplicity and ease of verification.

    • mrshorty on 03/11/2022 - 18:50

      curious what would happen once u eventually reach 100k - they stop paying the bonus interest so have to reset again with a lower amount and miss out on a month?

      • uwuwu on 03/11/2022 - 21:01
        +2

        they will pay the full interest rate up to $100k

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

      • pixxelpusher on 03/11/2022 - 22:13
        +2

        You just move any money over $100K to another bank. They will always pay the bonus on the $100K (but not on the amount over).

        You only really need to have the "growth" amount in the account at the end of the month when they do the comparison, so you just transfer in enough to prove growth (say by $1) and then transfer it back out again so the account sits at $100K for the rest of the month. That excess amount over $100K is only ever going to be in the account for 1 day so any interest lost on it for that one day is tiny.

        Beware though, something I only found out recently is they do count the last month interest amount when doing the comparison in the new month. So say you made $358 interest last month, and $1 growth during the current month, you'd need to have $100,359 in the account at the end of the month. This then accumulates each month (as long as the rate stays at 4.3%), so the next month you'd also have to show another $358 interest + $1 growth which would be $100,718. But like I mentioned, that $718 would only have to be there for the one day at the end of the month, then you transfer it out to another bank and only leave $100K in there.

        • Yola on 04/11/2022 - 10:08

          They actually tell you exactly the amount you have to go over. And yes it includes the interest.

  • Tsar on 03/11/2022 - 16:09

    Could anyone comment on how secure ING bank accounts are? I created one in like 10 minutes and they didn't require any proof of identity, theres also no 2FA when logging in.

    • pennypincher98 on 03/11/2022 - 16:10

      You should always implement your own 2FA/MFA into services using your chosen password manager.

    • Paccers on 03/11/2022 - 16:17

      Their version of 2FA is authorising login to your account to a specific device + your 4 digit passcode 2FA FAQ

  • Kapinny on 03/11/2022 - 16:14

    Hoping to join ING, any easy way to set up 5x monthly transactions to meet criteria? cheers

    • OzBerghainer on 03/11/2022 - 16:16
      +11

      whenever you've got 5 minutes spare throughout the month, just buy 5 x $1 amazon GC's and send them to yourself. takes me less than 5 minutes and that hoop is done

      • Kapinny on 03/11/2022 - 16:25

        thanks mate appreciate it

      • ShouldIBuyIt on 03/11/2022 - 17:47

        Or buy gc from afterpay then that's 4 transactions taken care of.
        You can also pay to a PayPal.me from a family member. 5 transactions out, then 5 transactions in, win win

      • pixxelpusher on 03/11/2022 - 23:00

        As Zip is a payment option in Amazon, could you buy a $1 amazon GC and pay it with Zip. Then have Zip connected to your ING card and make 5 repayments on the $1 in the Zip account?

    • Froot Loops on 03/11/2022 - 16:24
      +3

      Another way I use is just use self-service checkouts at Woolworths and make 5x $0.01 split payments during a transaction (or just buy 5 things and put them all in separate transactions). I've decided to buy 5 items separately and that being all junk food (reward), which is 5 pieces and I make that last a month. Took me <3min to do today. Otherwise, setup bills or buy GC's.

      My only advise is make sure you do it well before the end of the month as transactions need to not be pending and this can take a few days.

      • Kapinny on 03/11/2022 - 16:25

        thanks for the advice, ill actually be a broad for 5 months so hoping to do it from overeas, gift cards might be the way! appreciate your advice

      • hasher22 on 03/11/2022 - 16:49
        +2

        I used to do this, but depending on the woolies, on my 4th 1c payment, the machine had to call over the rep to check what's going on. It was very annoying to justify and explain what I am doing as if I am doing something dodgy

    • nicholasv on 03/11/2022 - 16:27

      I do 5x $0.01 payments on an outstanding afterpay order, alternatively do split payment of 5x $0.01 transactions at Colesworth

    • Rimas on 03/11/2022 - 21:40
      +1

      2xutility bills + 1x YouTube premium India edition + 2x Belong bills. All sorted and their 1% cashback on utilities almost pays for the YouTube ;)

  • Paccers on 03/11/2022 - 16:15

    Just checking if the interest is calculated daily with this or whether you can chuck $ in at the end of the month before it's calculated on the last day?

    • OzBerghainer on 03/11/2022 - 16:17
      +6

      Daily. theres a live tally on the web banking site on how much you've accrued so far in the month

      • Paccers on 03/11/2022 - 16:18

        Cheers, appreciate the quick response

      • DingoBlue on 03/11/2022 - 17:07

        Thank you. So question - compounded you actually earn more than 4.35%? or have they already included compounding when they quote “4.35% PA”?

        • Yola on 03/11/2022 - 17:20
          +2

          Compounding is already included.

          ING's Savings Maximiser is an online savings account which offers a high rate of interest calculated daily and paid monthly, so you earn interest on your interest. It's also accessible 24 hours a day, any day of the week.

          https://www.ing.com.au/savings/tips-hints-guides/types-of-sa…

  • david6509 on 03/11/2022 - 16:18
    +2

    @BOQ your move…..

  • Froot Loops on 03/11/2022 - 16:20
    +4

    Glad to see they passed on the full rate again👏👏👏 Just wish they bugger off with the grow your balance clause.

    • OzBerghainer on 03/11/2022 - 16:25
      +3

      Handy tip is to take out as much as possible on the last day of the month (just move it to the Everyday Orange account), so that its only $1 above the minimum balance from the previous month. that way the minimum balance will stay pretty much the same all year

      • Froot Loops on 03/11/2022 - 16:31
        +1

        Yup. Been caught out before. It's a great piece of advice to anyone using ING.

      • Wazzzzup on 03/11/2022 - 16:35

        Slowly creeps up by like a few hundred a month. As it's increase balance after interest rate into the account.

      • boxall on 03/11/2022 - 16:37

        Great idea to ensure the interest doesn't send you over the $100K limit as well!

      • lufee on 03/11/2022 - 16:38
        +1

        Why $1, I do 1c

  • Kapinny on 03/11/2022 - 16:28

    Does the rate increase as each rate change passes, eg if you join at 4.3, and it goes to 4.5 does it automatically carry onwards? cheers

    • Froot Loops on 03/11/2022 - 16:33
      +4

      Yup. It's a "variable" style rate

  • GDayStraya on 03/11/2022 - 16:29
    +2

    Do they still offer the signup bonus of $100?

    • Ash-Say on 03/11/2022 - 16:31

      Keen to know as well

      • GDayStraya on 03/11/2022 - 16:33

        For some reason, ozb hasn't authorized that referral program … !!!

    • beni on 03/11/2022 - 17:20

      im keen to know this too

  • anamul on 03/11/2022 - 16:33

    Wow that's a lot of conditions:

    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 month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.

  • Wazzzzup on 03/11/2022 - 16:34
    +3

    ING always on top of things!! but unfortunately it's not great when you have over $100k lying around, which then you have to open a 2nd bank… which they would raise it to 250k. The hoops are easy to jump… as it's only $1000 transfer into account, 5 transactions (i have 5 auto debits) and increase account by 0.01c

  • aneil915 on 03/11/2022 - 16:37
    -1

    ING's interest rate is always great. Would be nice if they worked on better 2FA. 4 digit access code is crap.

  • hasher22 on 03/11/2022 - 16:45
    +3

    I switched my mother's account ING to Ubank and it's going to 3.85% on 1 Dec. The fact I have NO hoops with Ubank, I can just deposit and withdraw money as I please. Also anthother amazing thing is that the interest is INCLUDED in the monthly $250 deposit, that's why I have zero hoops managing my mother's money.

    And no, with Ubank, you don't have to grow your savings account more than the previous month like ING. You can deposit the $250 in your everyday account, withdraw money from your savings account and still get the bonus interest….

    ING was a headache each month, I know people have their habits going through the hurdles, but my god it's annoying for me, don't know how I did it every month for like a year before jumping to Ubank.

    • Yola on 03/11/2022 - 17:02
      +1

      You’ll just need a Spend account and to deposit $200+ per month into any of your ubank accounts…

      https://www.ubank.com.au/banking

      So it's $200 and interest does not count. It was the same for the original UBank and for the newly rebranded 86400 now ubank.

    • catbarf on 03/11/2022 - 17:40
      +3

      The interest does not count towards the $200 deposit fyi.

  • aznhy01 on 03/11/2022 - 16:48
    +2

    i want to join ING but i'm annoyed that i have accounts of 5 different banks

    • Donaldhump on 03/11/2022 - 17:19
      +1

      5 is a dream, i reckon have 20+ all with $1 xfers every fortnight to keep active. cant be assed closing them

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