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Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
Nikunj on 09/06/2023 - 18:19 ing.com.au (3363 clicks)
Last edited 12/06/2023 - 19:21 by 1 other user

Breaking news….ING boosts savings account rate to market-leading 5.50% p.a. In usual fashion, ING has responded following Tuesday’s RBA decision, rewarding savers with the full 0.25% cash rate increase, taking its Savings Maximiser account rate to 5.25% p.a. New and existing ING customers are eligible for the new rate of 5.50% p.a. for balances up to $100,000 from 14/06/2023

  1. Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super 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

For those who want to keep track of the Saving interest rates of various banks and current offers, this open spreadsheet is very helpful…

Financial Bank Account Savings Account

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Comments

  • brocky2006 on 09/06/2023 - 18:21
    +1

    Needs an ING card.
    Are there any that don't need to make transactions?

    • Jay-rad on 09/06/2023 - 18:25
      +18

      Ubank, auto transfer $200 between accounts and win

        • capslock janitor on 10/06/2023 - 00:16

          You mean just not internally..

          • DoctorCalculon on 10/06/2023 - 00:50

            @capslock janitor: No, that's not what they meant.
            A mate sending you $200 from their UBank account isn't going to count.

            • capslock janitor on 10/06/2023 - 01:31
              -1

              @DoctorCalculon: Ajhjhhh wtf

            • MeesusEff on 01/07/2024 - 18:48

              @DoctorCalculon: A bit late but why? Ive been sending my husband $200 to his ubank from mine and it says I've fulfilled the criteria after the transfer goes through

              • DoctorCalculon on 01/07/2024 - 19:25

                @MeesusEff: Great if it works for you, but it certainly did not when I tried it last year.
                And, the sending UBank account was not under my name.

                However, it worked going from the legacy UBank account to the current version (before the shut down of legacy UBank).

      • dudleydoright on 09/06/2023 - 18:51
        +6

        Their interest rate is a half-percent behind ING's though, which is the point where a little hassle is maybe worth it.

        • kulprit on 09/06/2023 - 19:33
          +3

          So on the full $100000, it's worth the hassle of the transactions and losing all the interest on the month you have to withdraw the cash, to make an extra $500 per year?

          It is the best rate, but I don't think 0.5% is such a deal breaker.

          • chrisharry53 on 10/06/2023 - 09:27
            +3

            @kulprit: It is worth it. I either do 5 x 1c split payment transactions at self serve checkout and balance of shop paid with HSBC to get 2% cashback or a CC for points OR do 5 x 1c PayPal transactions to another PayPal account at home. Easy.

            Then, if you can’t increase your balance by 1c in a month, you still get the bonus that month but will not the following month. In that case, move all your money to a new account for their bonus interest in month 1. You can do it online as ING allows you to increase your daily transfer limit to $100,000 at least.

            You can then do what is needed in that non bonus month and transfer back to ING at the start of the next month.

            Helps if retired or organised though lol.

            • MeesusEff on 05/07/2024 - 17:49

              @chrisharry53: Hi, I just opened an ING account last month, I've got about $20k to park but I don't want it to affect the 'grow your account' amount in case I need to take it out later. If my current balance is $1k, and I put the $20k in there now, and move it at the end of the month to leave a $1001 balance, does that satisfy the conditions and I make 5.5% on the $21k for the duration it was there?

              • chrisharry53 on 06/07/2024 - 09:24
                +1

                @MeesusEff: Yes, you can do that. You can put it into the transaction account overnight and transfer back the next day. In the app, there is a tab under Savings account titled Interest. It lets you know if you have done the 5 transactions, added $1k to any ING account except 2 and exactly what your balance needs to exceed.

                BTW, I pay myself 1c x 5 times using the debit card as the method in PayPal as I mentioned above.

                And ME Bank have a similar account, no need to do transactions and pay 5.55%.

                • MeesusEff on 06/07/2024 - 12:57

                  @chrisharry53: Thank you! I'm trying to avoid the 'grow balance' hoops as the house needs a couple of things done later on. Signed up for AMP nearly a month ago but never got the login details until I called yesterday, but too late for this month bonus.

                  Good idea about the PayPal thing! Thanks!

                  • chrisharry53 on 07/07/2024 - 09:09

                    @MeesusEff: AMP a pain to join but fine once it is done. Have Osko type daily limit of $5k which is convenient.

                • MeesusEff on 06/07/2024 - 19:05

                  @chrisharry53: Just tried out the PayPal one for fun, do you select as goods or friends and family? Friends costs me 2c to send 1c, but if it's goods and it charges the 'seller' not really much they can take from 1c is there lol

                  • chrisharry53 on 07/07/2024 - 09:10

                    @MeesusEff: Friends and family. No surcharge.

                    • MeesusEff on 07/07/2024 - 11:48

                      @chrisharry53: Oh.. My friends and family has a sellers fee of 1c when I tried. Weird

                      • chrisharry53 on 07/07/2024 - 13:06

                        @MeesusEff: I did get charged a fee for one option when I first started doing this online. I use the app now, select my name (I do have an outlook and a gmail account) and then send. Muck around with it. Ensure you pay with the debit card and not from the bank account.

          • [Deactivated] on 10/06/2023 - 11:54
            +2

            @kulprit: That's why I don't switch… An unexpected expense comes along and you get $0 interest that month.

            Ubank is always behind ING on rate rises, but does Ubank rise to the same % as ING like a month or two later? Or does Ubank stay 0.5% lower? Because if Ubank does match ING's % a month or two later, then that $525 extra interest from ING over a year on $100K would be less. Obviously I'm talking about periods when banks aren't raising interest rates every month too.

            • theknight27 on 12/06/2023 - 11:05
              +1

              @[Deactivated]: Ubank is always 0.5% behind and 2-3 weeks behind.

              Once rates stop increasing, Ubank will 'catch up' to 'only' being 0.5% behind.

              As it stands, in two days time ING rises to 5.5% and Ubank will still be on 4.75% for another 17 days (then they'll be on 5%). So with the monthly rate rises we've had the past ~12 months, Ubank has been 0.75% behind for over half the month and 0.5% for the rest.

              For me the hassle is worth $500-$700 extra in interest. I've jumped through way more hoops for $5 cashback on Shopback before.

              • [Deactivated] on 12/06/2023 - 13:39

                @theknight27:

                I've jumped through way more hoops for $5 cashback on Shopback before.

                Yeah I have too… But I worry if I make a mistake with ING I'd lose an entire months interest. I can't understand why they don't simplify it. I need to sit down and look at it when I have the time to concentrate.

          • ely on 15/06/2023 - 20:33

            @kulprit: Just… transfer on the 1st of the month? The transaction hassle is minimal, easily worth $500 yes.

    • danielh on 10/06/2023 - 10:53
      +8

      Hmmmm. So it think for people new to this who have >$100k they want to scrounge a bit more Interest on, the steps would be something like:
      1. Apply for ING now so all the admin is done waaay before the end of the month
      2. Transfer in just under $100k (up to you but I’m thinking $99k for me) before 25 June
      3. Set up a monthly auto Transfer of $1000 from a nominated bank account for $1000 to trigger on 25 July onwards (I gave it a few days to cover any timing issues)
      4. A few days before 30 June (I suggest 25 June to cover yourself), go to Coles and make 5 x 1c transactions in the self checkout to cover you for meeting June requirements
      5. Come 1 July you will have qualified for the 5.5% interest for that month.
      6. During July, do 5 x 1c Coles transactions
      7. On 25 July your auto transfer would have come through
      8. On 30/31 July, remove at max $999.94 out (depends on if you really did 5c worth of transactions). Key thing is that your account is >=1c greater (excluding future interest) than before.
      9. On 1 August you will have qualified for the 5.x% interest again because your balance has increased by 1c and you did 5 transactions. Overall balance will be $99,000.01 plus July interest
      10. Rinse and repeat.

      Side note: depending on the interest factor, you might want to load up $98k instead so you don’t hit the $100k cap in the next year or so.

      • tekisei on 11/06/2023 - 07:09
        +2

        The way you are writing it, it looks like you are sending $1000 into the Savings Maximiser, and having to remove ($1000 - 5x transactions + 1c) from the account while maintaining the 1c growth….

        But the 5x transactions come out of the Orange Everyday account, so it has no bearing on the growth or lack thereof on the Savings Maximiser.

        Easier just to keep $10 in the Orange Everyday permanently, and withdraw $999.99 monthly from the Savings Maximiser to save yourself the mental load.

      • payless69 on 12/06/2023 - 12:19

        Other Option: BOQ with a lanyard and eat 5 free bananas at Woolies.
        Or if near am Aldi: Wear a Dick Smith T-shirt and a badge saying: The Aldi brothers did not reply to my letter I sent them to buzz off.

      • Igaf on 12/06/2023 - 12:32

        - New accounts don't need to meet the spend/grwoth criteria for up to 2 months. Always check with ING though as rules can change.
        - To maximise interest open an account NOW and load up your SM. You can attend to other details at your leisure.
        - Interest on near $100K is > $5K a year (>$400/month) so you do need a strategy to meet the deposit and long term growth criteria.

      • nned2say on 02/07/2023 - 07:20

        I am a bit confused. The app indicates the balance of SM for which you have to grow and the balance includes previous month interest. In your case, you have $99,000 in the SM and have earned about $400 in the previous month. For the current month, your balance at SM should be greater than $99,400. If you transfer $999.94 from SM, the balance is lower than $99400. Are you still eligible for the bonus interest?

        • Igaf on 03/07/2023 - 17:48
          +1

          I didn't read danielh's strategy closely but his final sentence is mistaken.

          These remarks are general.

          1. The bonus is earned in the previous month.
          2. To meet the growth reqt (and hence earn the bonus for next month) your balance at the END of the current month (excluding interest) must be > the balance last month, which includes ING interest.
          3. In simple terms, you can/should withdraw $999.99 of the $1000 monthly deposit when you're approaching $100K.

          As you suggest, a 99K balance will automatically grow by about $447 every month on interest alone so you'll max out after two months.

          To have 12 months of "routine" balance mgt (with little thought) you'd need to start with $94-95K, since compound interest will be > $5000 over that period.

          • nned2say on 03/07/2023 - 18:59

            @Igaf: I am with you on this. Thanks for explanation lgaf.

          • danielh on 08/07/2023 - 22:48
            +1

            @Igaf: Agree with my last statement being wrong. I did the calcs and basically if you don't want the hassle of shifting large amounts of cash to another high interest earning account and then back again whenever you hit 100k, I'd add in only about $85k for ~36 months of not needing to worry about hitting the $100k cap. (Basically ~$5k a year).
            Note that the variable interest rate will shift this earlier or later.

            • Igaf on 09/07/2023 - 12:31
              +1

              @danielh: Yes, it's a volatile time economically (and politically) in many countries so impossible to accurately assess where we might be in 12, 24 or 36 months. That said I think it's unlikely that interest rates will be 5.5+% in 12 months, let alone 3 years. Make hay while you can. Term deposit rates used to be a reasonable guide but all they appear to show is that banks don't know.

    • payless69 on 12/06/2023 - 12:13

      Drop the hoop once: lose 2 Months.
      Do the Math, get off your Meth
      there is a reason Ubank's parent has their stock diving!

      • Igaf on 12/06/2023 - 12:36

        Drop the hoop once: lose 2 Months.

        With ING? Nope. There are simple strategies with ING SM accounts, and others involving moving your money to another high interest account (eg Ubank) in the zero bonus month which will minimise any reduction anyway.

  • makibaow on 09/06/2023 - 18:31

    Should i ditch BOQ?😅

    • umoddbro on 09/06/2023 - 18:37
      +1

      Depends how much balance you hold, if under 100k then sure, if not then boq still is better assuming there's no issues with the multiple account balance glitch.

      • capslock janitor on 09/06/2023 - 19:08
        +3

        technologically u can earn on 250k by opening 5 boq savers

        • aboteh on 09/06/2023 - 20:06
          -8

          Bonus interest only apply to 1 BOQ saver account

          • capslock janitor on 09/06/2023 - 20:14
            +4

            @aboteh: nope refer past posts

          • makibaow on 09/06/2023 - 22:04
            +1

            @aboteh: Nope, i created 5 multiple account

            • aboteh on 10/06/2023 - 14:57

              @makibaow: Man… BOQ rep lied to me then. Saying interest only applys to 1 saver account. Are u talking about Future Saver?

              • makibaow on 10/06/2023 - 18:40

                @aboteh: @aboteh yes future saver, as mentioned below..

        • ratz33 on 10/06/2023 - 00:42
          +3

          Max out at 9 accounts

          • capslock janitor on 10/06/2023 - 09:47

            @ratz33: Oh I wasn't sure could earn on up to 450k.

            However FCS deposit protection only 250k and there's more risk if above, so I capped it there.

            • rehangunna on 10/06/2023 - 11:03
              +3

              @capslock janitor: Can't speak for the full 9x $50K, but I currently have two accounts sitting at $49,999 and am about $15K deep into the 3rd Future Saver account - all three of which get the full interest rate. If and when I've set up 5 accounts amounting to $249,995, I'll start putting the rest in a different bank for FCS deposit protection, as that is per banking institute (if I'm not mistaken)… though I suppose at that point, the money really should be in an offset account for a mortgage or in investments haha.

    • DevilsInDetails on 09/06/2023 - 18:41
      +6

      BOQ usually beats ING in the following days, just wait a bit and decide later.

      • Frozensage on 09/06/2023 - 18:58
        +2

        Don’t they have age restriction

      • souths123 on 09/06/2023 - 19:32
        +2

        not for over 30's it isn't

      • smartProverble on 25/06/2023 - 22:36

        RIght now they're matched.

        BOQ Future saver (5.5%) and ING Savings Maximiser (5.5%). The former has a age limit (up to 35 year olds)

    • gilbarc on 09/06/2023 - 20:41
      +1

      I'm currently having to chase them up for last month's bonus interest, despite meeting the criteria by doing the exact same thing I've done for the past year or so.

      I'm ditching 'em.

      • souths123 on 10/06/2023 - 07:11

        do you always check your account to see if you have qualified for the next month? I always check the app after I have done everything I need to, to make sure it shows that I have qualified for the interest for the next month….maybe you missed doing something on the month before and didn't realise? It would have been if you didn't do enough to qualify (in April)….if you did your $2k deposit (not sure which month it changed to $1k) to transaction account then, and the 5 qualifying transactions that were all cleared before the last day of the month, then you should have qualified. I once forgot to do a $1000 deposit to HSBC the previous month (had only done one lot of $1000k deposit, instead of 2) and wondered why I wasn't getting the 2% cashback….then a light bulb moment. Needless to say, I don't forget now.

        • gilbarc on 10/06/2023 - 12:15

          Yup, I have a reminder in my phone for the 25th of each month to check that the app says I've qualified.

      • ninnypoop on 10/06/2023 - 08:32

        Perhaps you fell into the same trap as I did. I signed up with BOQ 3 months ago and automatically got 2 months of eligibility. For those two months I was transferring directly into my savings account, not the everyday account, and was thinking I was meeting the eligibility criteria (didn't realise it was auto applied for the first 2 months). So last month comes around and I was ineligible.

        • gilbarc on 10/06/2023 - 12:14

          Nope, I've been transferring into the everyday account. It's worked fine for over a year, and as far as I can tell I haven't done anything different recently

      • Igaf on 10/06/2023 - 20:03

        Without querying them? Seems like cutting off your nose to spite your face.

        • gilbarc on 11/06/2023 - 11:34
          +1

          No, not without querying them.

          Sorry, my comment was probably a bit vague. I was trying to say that the process of chasing it up has been frustrating enough that it's not worth the hassle for me to stick with them.

          I'm been going around in circles with BOQ support for a week and a half so far through the in-app chat. They take a few days to reply to each message, and each time it's a new person who doesn't seem to read the full chat history. It's a frustrating experience.

          • Igaf on 11/06/2023 - 11:40
            +1

            @gilbarc: Also sorry, missed the thread link and thought you were talking about ING, who have been quite good at answering my queries, although I've sometimes had to escalate up the chain to get a precise answer. Quite a few negative comments on Ozb about frustrations with BoQ "service".

    • payless69 on 12/06/2023 - 12:14

      Not as long as the bananas are still free at Woolies!

  • Bearlion on 09/06/2023 - 18:33
    -4

    What's easiest way to get 5 transactions?

    • ripoffmerchant on 09/06/2023 - 18:36
      +82

      Use your card 5 times

      • DingoBlue on 09/06/2023 - 19:18
        +10

        Genius

      • TimApple on 09/06/2023 - 20:54
        +5

        Get this man the Nobel prize

    • DumbSmart on 09/06/2023 - 18:36
      +15

      Split payments in Woolworths is easy

      • umoddbro on 09/06/2023 - 18:39

        Does split payment mean you purchase 5 things separately or is there some trick you can tap your card 5 times for one transaction?

        • DumbSmart on 09/06/2023 - 18:43
          +9

          You can purchase just 1 thing and tap your card 5 times. You'll find it very easy

          • umoddbro on 09/06/2023 - 18:46

            @DumbSmart: Interesting never tried that if that's the case then it sure seems like easiest way to meet the transaction requirements.

        • Deco on 09/06/2023 - 18:43

          Whatever would give you 5 receipts should count. I've heard Opal taps count but never tried, maybe someone can confirm?

          • DumbSmart on 09/06/2023 - 18:46
            +1

            @Deco: Yes, opal taps with your ING card counts

          • kabab on 09/06/2023 - 19:55

            @Deco: I've noticed though even if I had done many opal taps in a day, it comes up as the summed value so basically it comes up as only one transaction.

          • Shiva24488 on 10/06/2023 - 00:31
            +2

            @Deco: I can confirm.. opal taps are counted as purchases.. but not each tap. Opal settlement is pretty delayed.. so your entire day's travel is one transaction

            • Deco on 10/06/2023 - 11:29

              @Shiva24488: Oh that's a little gross.. At least it seems like other people have better suggestions.

          • whitcut on 10/06/2023 - 12:19

            @Deco: Opal taps count, however Transport NSW only puts them through as one transaction per day (so multiple taps on the same day wont get more ING transactions), and sometimes they go through a day or two later than when you tap.

        • dyziplen on 09/06/2023 - 18:51
          +5

          I find Coles easier. On the self checkout, just pick the rightmost payment option, which should be called mixed payments or something like it. Select card payment, then enter amount. I typically use $1.00. Tap. Then repeat.

          If you are really stingy, just buy something for a buck and spilt it into 5x20 cents payments or something like it……

          • daanish on 09/06/2023 - 19:59
            +24

            @dyziplen: I guess I'm even more stingy. I do 5x $0.01 split payments and then the rest is paid with a discounted supermarket gift card.

            • JimmyLmao on 09/06/2023 - 20:29
              +3

              @daanish: @daanish true OzBargainer right here!

              • tekisei on 09/06/2023 - 21:36
                +11

                @JimmyLmao: Imagine if you had BOQ, ING, Virgin Money and Westpac Life and you had to make 20 x $0.01 purchases while the Colesworth self-checkout staff is staring confusedly at you taking 4 minutes to buy a single mandarin and your reciept is half your height.

                • thewooz on 09/06/2023 - 22:10
                  +3

                  @tekisei: Can confirm have done 15 1c split payments in a row - apart from the weird stares you get from Coles staff the receipt it prints is epic!

                • enzso on 10/06/2023 - 10:23

                  @tekisei: And the 10 deep queue for self checkout is wondering why you're taking so damn long

            • onlybargains on 09/06/2023 - 21:50
              +2

              @daanish: a true ozbargainer

            • nsingh21 on 09/06/2023 - 22:28
              +1

              @daanish: OMG, this comment is what I needed to feel good about myself that I'm not the only one lol

            • souths123 on 10/06/2023 - 07:12

              @daanish: same. Have to do it for GSB as well, so sometimes I have the checkout guard wondering what the hell I am doing hahaha (in the self service area)

    • thewiseone on 09/06/2023 - 18:37
      +2

      Make $0.01 (or any other low amount) afterpay repayments with the ING card.

      • sintro on 09/06/2023 - 19:38

        That works? Thought it must be paywave

        • Godric on 09/06/2023 - 23:16

          Yes it works, also mentioned on every one of these ING posts

    • Kommodore on 09/06/2023 - 18:38
      +32

      Buy the first 5 things on the front of OzBargain. Which right now is a laptop charger, teapot, scooter, smart watch, and Diablo IV for $419.57 total.

    • doot on 09/06/2023 - 18:38
      +2

      Pay your health insurance weekly from the account then only one transaction needed on top ie. buy a coffee once a month.

    • Will146 on 09/06/2023 - 18:43
      +21

      Make 5 x $1.00 giftcard purchases at Amazon. Dont even have to leave the house.

      • dyziplen on 09/06/2023 - 18:52
        +1

        HCF members can buy Amazon giftcards at 4% off, and I did the above with it when I was overseas…

        • Oztx on 09/06/2023 - 19:19

          What's hcf

      • Dorge on 09/06/2023 - 18:54

        Wow, doing this now.

      • Oauiii on 09/06/2023 - 21:32
        +1

        a God walks among us

        • Craze on 09/06/2023 - 22:31

          Blasphemy!!

        • Leho on 10/06/2023 - 00:30

          ඞ

          ???

    • rabbit71 on 09/06/2023 - 20:24

      Use the paypal pay in 4. Make 5 additional payments of $1 to my ING card.

    • doobey1231 on 09/06/2023 - 20:37
      +2

      5 coffees easy.

      • Bearlion on 09/06/2023 - 20:38

        I barely make 5 transactions a month, i get points on amex for large purchases hmm

        • doobey1231 on 09/06/2023 - 21:30

          I have an Amex too, still don’t have an issue just using my tradie card every day or two for a coffee. Miss out on 2-3 points in exchange for an account that sits at the top of offerings often enough for me to not bother changing when it needs to play catch up.

        • Savas on 10/06/2023 - 10:51
          +2

          How do you eat food ?

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