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Savings Maximiser 5.00% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.00% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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me1stt on 10/03/2023 - 14:44 ing.com.au (1951 clicks)
Last edited 05/05/2023 - 14:46 by 1 other user

5.00% p.a. highest variable rate (made up of the standard variable rate and 4.45% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.

  1. Deposit at least $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 or more settled (not pending) eligible ING card purchases
  3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.

The standard variable rate is 0.55% p.a.

Source: https://www.ing.com.au/rates-and-fees/interest-rate-announce…

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  • Vortex99 on 10/03/2023 - 14:47
    +35

    Kept .05% for themselves… ooOOoOooOooo

    • snappy1234 on 10/03/2023 - 14:57
      +7

      @Vortex99
      Kept .05% for themselves…

      Need it to upgrade the 386 Computer they run on currently ;)

      • kizzaaa on 10/03/2023 - 16:07
        +4

        You joke, but ING are running systems that are much older than most of the banks in this country.

        One of the reasons why ING failed to comply with Consumer Data Rights and was fined in December (not that I care tbh).

        https://www.accc.gov.au/media-release/ing-bank-pays-penaltie…

      • scotty on 10/03/2023 - 17:21
        +12

        upgrade the 386

        You mean 286? Some might think they are still using 16bit number to store everyone's 4-digit password.

      • Ryanemo on 11/03/2023 - 21:23
        +1

        DOS still beats Windows.

    • ATangk on 10/03/2023 - 18:43

      Meanwhile BOQ went and shot further ahead.

      • Techie4066 on 10/03/2023 - 19:21

        No they didn't, they're 0.10% below after last month's and the current rate rises. Not to mention past months where they didn't pass on the increase in full.

        • pennypincher98 on 10/03/2023 - 22:37
          +2

          No, they're 0.15% ahead.

          Having said that, ING has a higher savings cap and no age cap (I'm comparing rates only, not banks).

          • Techie4066 on 10/03/2023 - 22:42
            -1

            @pennypincher98: That's not what's being referred to here, BOQ is always ahead of ING. Read above. BOQ needs to increase another 0.1% this month to pass on the rate rise.

            • pennypincher98 on 10/03/2023 - 22:51
              +1

              @Techie4066: I get what you're saying but tbf they don't need to. Neither does ING. There isn't any legislation or incentive for the banks to, especially when they're already market leaders.

              BOQ was 3% while ING was still 1.35%. BOQ had recently increased by 1%, ING followed later with a 0.75% increase. Overall think BOQ has given more than what's required.

              • Techie4066 on 10/03/2023 - 23:35
                -1

                @pennypincher98: I know they're not required to, but banks like BOQ jump at the opportunity to immediately pass on the full rate rise to mortgage holders… just saying.

                Those large bumps still don't cover the cash rate increase from 0.1% to 3.6%, starting with the initial savings rate offering pre-inflation crisis / after the first RBA decision.

                • pennypincher98 on 11/03/2023 - 02:30
                  +1

                  @Techie4066: That is true but I think this more of a bank government regulation issue. Banks are just out to make money and there's no real alternative to use. End of the day, they basically all do the same thing and quite poorly at that.

          • lulzenberg on 11/03/2023 - 11:20

            @pennypincher98: From memory, the BOQ 50k limit is per account, and you can have 5 (or possibly up to 9?) of these accounts with a limit of 50k in each, all getting the same interest rate bonus from the 1 spendings account.

      • Wacdam on 11/03/2023 - 12:16

        Boq %5.15 for under 35 but only 4.6% if your over 35years old
        ING 5.0% no age limit

        Ing also take 3 days to transfer your money out if you try to move more than $1000 per day

        • bresmith on 13/03/2023 - 11:06

          I've moved large sums many times from ING and it's always hit the other bank the same day, it's just not instantaneous. The 3 days thing is just a worst case scenario.

          • silverstone2023 on 13/03/2023 - 12:41

            @bresmith: I have also transferred large sums from ING and it has always hit the other bank on the same day. A transfer could take 3 days if the transfer was initiated on a Friday evening after ING's 7PM (AEST/AEDT) cut-off time for transfers to other banks. In this case, you would see the funds credited to the other bank on Monday evening.

  • NonSense on 10/03/2023 - 14:48
    +6

    where's my 0.05% ahhhhh

    call for competition

  • Bangers on 10/03/2023 - 14:53
    +10

    Is this the first rate hike this cycle they haven't passed on fully?

    • souths123 on 10/03/2023 - 15:22
      +1

      yes, I think so…I think they were looking at what the other financial institutions were doing before they moved

    • Tro2733 on 10/03/2023 - 16:29
      +3

      Yes, but they have so far increased more than RBA hike.

      Ing interest rate was 1.35 when cash rate was 0.10.

  • Drakesy on 10/03/2023 - 14:54
    +16

    pffft $100k max.
    I'll stay with Ubank and take the hit.

    • [Deactivated] on 10/03/2023 - 14:57
      +2

      Why no rabobank ? 4.75%

      • onlybargains on 10/03/2023 - 15:14
        +10

        only for initial 4 months

    • netjock on 10/03/2023 - 15:05
      +13

      Also only require $200 a month deposit. No jumping through hoops!

      • mrtee on 10/03/2023 - 15:29
        +1

        Which bank only $200 deposit?

        • netjock on 10/03/2023 - 15:30
          +4

          Ubank.

          Just need to deposit $200. No need to spend. No need to increase balance.

          I am using Ubank and Virgin Money at the moment (Virgin you need to do 5 transactions, 5x small bpay is fine)

          • mrtee on 10/03/2023 - 15:33

            @netjock: Which one offers better rate? uBank of virgin?
            Also can I deposit $200 then take it out for uBank?

            • netjock on 10/03/2023 - 15:38
              +1

              @mrtee: Think they are both on the way up.

              Virgin: 4.55%, if you lock up for 32 days notice 4.85%, $2k deposit, 5 transactions, no need to grow balance.

              Ubank: 4.6%, 1st April. $200 deposit a month, no spend required, no need to grow balance

            • Jofzar on 10/03/2023 - 16:52
              +13

              @mrtee: https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul6…

              Everything is answered by the savings leaderboard. It should be posted in every one of these posts.

              • SuperLate on 10/03/2023 - 17:08

                @Jofzar: Whenever I try to open this it always says no connection retry.

              • Igaf on 11/03/2023 - 14:07

                @Jofzar: They're missing the highest, and don't have all the criteria (which is understandable because criteria may change)

      • muwu on 11/03/2023 - 12:10

        Issue with product (For example:)
        It does not work the way it should

        This product has been discussed on OzB to the nth degree.

        It's not a savings account, which is a cash deposit account, with a fixed interest rate, allowing complete liquidity.

        ING's product is a cash deposit account with a variable interest rate that is determined on whether it is utilized as a running month-to-month term deposit account (growing account balance, i.e. deposited amount is not withdrawn) or a true liquid savings account.

        • Igaf on 11/03/2023 - 14:20
          +3

          "It does not work the way it should I want it to work".

          It works exactly as it should, as advertised. If that doesn't suit then there are other options, albeit with lower interest. Your concept of a savings account is outdated, and clearly doesn't fit everyone's needs otherwise products like these wouldn't last.

          ING's prodcut is a savings account linked to a transaction account, with low standard interest and relatively high bonus interest. Nothing complex or misleading about the product and nothing really unique about the bonus interest concept.

          Hopefully the ACCC will examine financial institution' low stanard rates in its report to govt.

      • Qroozn on 13/03/2023 - 09:37

        and don't need to make 5 transactions. I find Rabo easier.

    • Mokr on 10/03/2023 - 15:11
      +4

      why do you have so much in cash?

      • tharlow on 10/03/2023 - 15:45
        +9

        It might seem like a lot to you, but it’s actually less than 1% of their net worth. Kind of like petty cash, really

      • billsa on 10/03/2023 - 15:57
        +2

        maybe they made all that cash by using this site ;-)

      • Drakesy on 10/03/2023 - 16:15
        +21

        Need to keep it liquid for a house deposit :)
        Plus it's returning pretty much what the stock market is with zero stress

        • eggboi on 10/03/2023 - 23:50
          +2

          Aaaand the S&P 500 just shat itself again :D

    • onlybargains on 10/03/2023 - 15:15

      same. Ubank is no hassle, and I don't keep that much cash anyway, so the difference is negligible

    • donotuse on 10/03/2023 - 15:45
      +5

      I've put $100k in ING, 5% no problem with "hoops" that even any lazy person can do.

      The rest with Great Southern Bank 4.65% before any rate hike they might pass this month. Easy hoops as well.

      Lazy Tax is expensive for those who can't be bothered with "hoops" that even any lazy person can do.

      • theknight27 on 10/03/2023 - 18:52
        +16

        I've seen people in this sub bend over backwards for $5 cashback, but then turn their nose up for 2 mins work a month for hundreds of dollars in interest…

        • mekktor on 11/03/2023 - 00:49

          Just wondering, what did you mean by "in this sub"?

          • theknight27 on 11/03/2023 - 12:11

            @mekktor: I used the incorrect term, it would've been short for "subreddit" but this isn't Reddit…

          • Freestyle on 11/03/2023 - 22:06

            @mekktor: he’s one of those redditor’s who lives in their own bubbles

      • doobey1231 on 10/03/2023 - 22:22
        +1

        Yeah I don’t get it either honestly. Very easy requirements to fill which can make up so much difference in accrued interest payouts. Every time I tell people ING shits on most other banks purely on interest alone they use the requirements like it’s some sort of argument. The terms are very loose. Put 5c in if you can’t afford anymore, that still counts as growing your savings month on month.

        • Igaf on 11/03/2023 - 14:24

          Not to mention no fees, no international purchase fees, no teller fees, $0.50 rebate for cashouts (some rules apply)

          • donotuse on 11/03/2023 - 14:55
            +1

            @Igaf: The $0.50 rebate for cashouts has been discontinued.

            • Igaf on 11/03/2023 - 14:57

              @donotuse: Thx, didn't know. Likely due to abuse I guess.

        • [Deactivated] on 11/03/2023 - 15:33
          +2

          First, someone posted "easy" instructions how to have multiple ING accounts, swap money from one to the other, to always get the interest. I read it at least 7 times but it still made no sense. Second, who plans to never make a large purchase. You have $100K, put $90K into ING, ok… but then you need to buy a second hand car in 6 months… you'll lose interest that month due to the withdrawal. So the $60 or whatever extra ING is above somewhere else like Ubank - you just lost a few times more than that. i.e. You need to know from day one you'll never touch that money again or you will lost one month of interest at some point. (Or you will if you can't understand that explanation by someone else I mentioned.)

          • Igaf on 11/03/2023 - 21:49

            @[Deactivated]: Lose a month and the interest rate is 4.63% (5- (5/12 - 0.55/12)).
            If you think you'll need a significant purchase or won't meet the ING criteria then the strategy is obvious. Have 1 savings account (ING, BoQ etc) and another which doesn't require your balance to grow (Ubank etc).

    • payless69 on 11/03/2023 - 07:09

      Just buy cba shares and dump them again once up?

  • Mokr on 10/03/2023 - 14:55
    +1

    Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)

    Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

    So in 100 months everyone has 100K?

    • Notoriousbird on 10/03/2023 - 14:58
      +7

      You can withdraw the $1000 instantly.

      Just need to grow your balance from what it was at the start of the month. You can add $0.01 to make that happen.

      • Mokr on 10/03/2023 - 15:03
        +2

        so start with 500,

        deposit 1k at start of month, do 5 transactions,

        then before end of month transfer out 999.99999

        • Notoriousbird on 10/03/2023 - 15:05
          +1

          Yes you could do that if you wanted to get paid the interest on that $1000. I just withdraw the $1000 instantly unless im trying to increase my balance of my savings account.

        • fattymattyd on 10/03/2023 - 15:34
          +1

          You wouldn't want to take out 999.99 because that withdrawal combined with the 5 transactions would mean you haven't grown your balance.

        • liam2040 on 10/03/2023 - 23:19
          +1

          last day of the month you just transfer from your maximiser to your everyday such that it leaves a few dollars more than the previous (also low) amount.
          This way you don't get burnt when you actually need to withdraw some funds.
          Just remember that February only has 28 days which slipped my mind this time around, sighs

    • leeroys_dad on 10/03/2023 - 14:59
      +12

      it has taken me 100 months generate $65k…. to give to my landlord

      • DrScavenger on 10/03/2023 - 15:06
        +3

        So he can pay the loan for the property you are staying in.

        • tharlow on 10/03/2023 - 16:10
          +12

          It’s kind of like The Matrix, except that humans are farming humans

        • BradH13 on 11/03/2023 - 13:05
          +2

          You say that as if there isn't a moral problem with taking out a mortgage for a property someone else will pay for.

          Fair enough if you own it outright, but the market is fu-ked because of all the people who do this.

          Housing should never have been able to be a financial investment.

  • leeroys_dad on 10/03/2023 - 14:58
    -4

    as a quick calc, doing these few steps with ING on $100k balance is worth approx $40/mth
    vs
    $100k in <insert bank here> at 4.5% that might have less steps/effort required to qualify

    • Jofzar on 10/03/2023 - 15:03
      +4

      480 a year, that's like 1,920 eneloops I could own!

    • gnahtanoj on 10/03/2023 - 15:04
      +1

      it's actually around $416 interest a month….slightly more substantial;)

      • leeroys_dad on 10/03/2023 - 15:06

        ~$416/mth is total interest at 5%
        Sorry my calc was just to compare the difference between 4.5% and 5% ($40/mth extra with ING)

    • Harsh Deep on 10/03/2023 - 15:07
      +1

      still its $480 yearly extra

    • doobey1231 on 10/03/2023 - 22:24

      Can you explain the calculations you used to come to the conclusion that it’s $40/month worth of effort?

      • Harsh Deep on 10/03/2023 - 23:07
        +1

        4.5% vs 5% on 100k, one is monthly $375 vs $416

  • Celeriestix on 10/03/2023 - 15:03
    +2

    ING have no real reason to raise to 5%. They are already leading the major bank market. Their only competition is BOQ (not a major bank); but knowing you're going to get an actual working website and app make ING the no-brainer option for most.

    This is amazing news.

    Note: There is a tacked on requirement of growing balance month after month with ING as opposed to BOQ. But- BOQ has maybe the most difficult requirement- their age limit.

    • samfisher5986 on 10/03/2023 - 15:04
      +2

      They do have a good reason… because if you are going to jump through their annoying hoops you should be compensated for it.

      • OhmyRyzen on 10/03/2023 - 15:27
        +4

        It takes me under 5 minutes a month to jump through the hoops.

        1) Scheduled transfer in of $1,006.00, scheduled transfer out of $1,000.00
        2) 5 card transactions, I do 5 $1 transactions in a couple of minutes.

        Done.

        • TwentyTwoCarats on 10/03/2023 - 15:30
          +1

          Where do you do the 5x $1 transactions and what are you buying?

          • impoze on 10/03/2023 - 15:41
            +2

            @TwentyTwoCarats: woolies/coles easy to do split transations

          • gamesnepal on 10/03/2023 - 15:42
            +4

            @TwentyTwoCarats: You buy a five dollar item at ColesWorth. Go to self checkout and then split the payment into five $1 card payments.

          • Miyagi on 10/03/2023 - 15:43
            +5

            @TwentyTwoCarats: I do x5 $1 amazon gift cards. Make sure separate transactions. I'm overseas for a couple of months and found this to be most efficient.

            • bird380 on 10/03/2023 - 15:59

              @Miyagi: Where can you buy amazon gift value below $5 each card? Normally i do split payment at coles self-checkout machine $0.05*5 ( sometimes $0.01 does not work)

              • z28 on 10/03/2023 - 16:13

                @bird380: 1 cent works with ING and Virgin Money. I usually do this on the 1st of the month. My pay goes into ING and my wife's goes into Virgin.

              • Miyagi on 10/03/2023 - 17:09
                +1

                @bird380: On Amazon AU, buy electronic gift cards min $1. They send you giftcard redemption code via email instantly.

                • SomeGuyOnOzB on 10/03/2023 - 17:42

                  @Miyagi: Miyagi did you have to ring Ing? I tried buying the Amazon gift cards and they didn't recognise them as eligible Transactions

                • bird380 on 10/03/2023 - 17:43

                  @Miyagi: thanks mate :)

            • Lunarboogie on 10/03/2023 - 22:24

              @Miyagi: Why don't you tap and go in whatever country you're in as that works too.

              • Miyagi on 11/03/2023 - 23:20

                @Lunarboogie: Not all countries have tap and go. Just easier for peace of mind to get it out the way each month.

          • OhmyRyzen on 10/03/2023 - 17:57

            @TwentyTwoCarats: My workplace and I buy chocolate.

        • samfisher5986 on 10/03/2023 - 16:14
          -1

          What happens if you don't have an additional $6 to deposit one month? What happens if you, for example buy a new phone that month?

        • PhilToinby on 10/03/2023 - 16:18
          +1

          And if you forget to do this just once in a year, then effective rate is 4.6%, so you may as well forget the hassle and just use UBank.

        • PvsNP on 10/03/2023 - 19:30

          Is that in and out on the same day?

          • OhmyRyzen on 11/03/2023 - 00:09
            +1

            @PvsNP: I schedule it the next day, but if you did it manually you could do in and out within a minute. It just as to register the deposit.

        • JoJoker on 11/03/2023 - 16:41

          I've got my pay coming in and 5x automated transactions.

          Literally all I have to do is check what balance I need to be above (in the app) on the last day of the month, transfer the remainder from savings to the every account, then reverse that on the first day of the month.

        • Nedkellyinthebush on 12/03/2023 - 00:57

          Ok so with your movements you grew your balance by $1 and you get the interest payment of say $500
          But if you take those $500 out, wouldn’t that count as not growing the balance?

      • doobey1231 on 10/03/2023 - 22:27
        +4

        Anyone saying these hoops are annoying is being overly dramatic. It’s so easy to fill the requirements. Pay goes into ING, can come straight out, send a dollar to savings and buy a coffee twice a week with your card.

        Honestly you lot will go to the ends of the earth to save $5 but a few transfers with an app is annoying? Give me a break.

        • samfisher5986 on 10/03/2023 - 23:45

          Yet you still don't explain what to do if you want to buy something, lets say a phone for $2000. How do you increase your savings?

          • OhmyRyzen on 11/03/2023 - 00:20
            -4

            @samfisher5986: You don't be a moron and avoid buying a $2000 phone with your savings. However if that is what you are saving for, then you don't need the interest anymore do you.

            • samfisher5986 on 11/03/2023 - 00:54
              +1

              @OhmyRyzen: Wait so your entire solution is that if you have a savings account you just never spend the money?

              How does the money benefit you in the grave?

          • doobey1231 on 11/03/2023 - 00:25
            +1

            @samfisher5986: As Ryzen said, the idea of the account is to be a long term savings account, if you want a savings account for small purchases like that there are plenty of other options out there, but just aim to be in the positive at the end of your pay cycle and anything left over will build up and you can buy it that way.

            • samfisher5986 on 11/03/2023 - 00:56
              +1

              @doobey1231: Who's idea is this? That seems like a pretty bad idea.

              Long term savings in a bank account (5-15 years) is a horrible place to put your money, you will have much better performance elsewhere.

              Its also a ridiculous concept, who is saving money for decades and not spending it?

              Are there a huge amount of ozbargainers putting money in their ING account so they can die and leave it to their kids?

              I doubt it.

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