ING Savings Maximiser 5.40% p.a. Interest on Balance up to $100,000 ($1,000 Monthly Deposit, Grow Balance & Spend Requirements)

We don't want to see an interest rate drop on a savings account to be posted as a "deal", do we? So here is the forum post for ING Savings Maximiser interest rate cut announcement.

As first noted by Ziggy28 in the long running (9 June 2023 - 27 February 2025) 5.50% deal post,

"ING’s Savings Maximiser account will see just a 10-basis point cut to its highest variable rate to 5.40% p.a., down from 5.50% p.a., effective Friday 28 February. But the online bank will change the fundamentals of the account, raising the bonus interest rate by 40 basis points to 5.35% p.a. (up from 4.95% p.a.). At the same time, it’s taken the axe to the standard base rate, slashing it by 50 basis points from 0.55% p.a. to 0.05% p.a."

Effective from 28/02/2025

5.40% p.a. variable rate (made up of the standard variable rate of 0.05% p.a. and 5.35% 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 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 all 3 criteria are 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 of 0.05% p.a. is a decrease from 0.55% p.a.
The additional variable rate of 5.35% p.a. is an increased from 4.95% p.a.

Related Stores

ING
ING

Comments

  • +2

    Ing has now the highest rate 'considering with all the hoops to get it, it should be that way.

    To those who has just open Ing, note the interest is earnt for next month balance not the first month. So if you do those things on March, you still get only 0.05% for March.

    • I think you'll find they pay bonus interest in the first month for new customers. After that you need to meet conditions each month to get the bonus interest in the following month.

  • +6

    ubank for me. Zero hoops and it's fully automated, so I don't have to do a thing.

    • Scheduled payment of $500 from Bankwest to ubank on the 1st
    • Scheduled payment of $500 from ubank to Bankwest on the 2nd

    Job done.

    • +1

      Yep. Way too many hoops. You gain 0.15% per year, but miss a month and lose 5.4% that month (0.45% yearly equivalent).

      Pretty likely to miss out by accident and be behind a simpler account with lower earnings.

    • -6

      Cool, my ING is automated as well.

      Have a think.

      • +2

        How do you automate this?

        Make 5 or more settled (not pending) eligible ING card purchases

        • -4

          Buy 5x $1 Amazon gift card at the beginning of the month. Not automated, I need to do this manually, but it should not take more than 5 minutes.

          • +3

            @foxmulder: But then you have to deal with 5x$1 Amazon gift cards every month. What do you use them for?

            • -2

              @Mad Max: I use Amazon regularly, thus it's no issue. I'm guessing you're not prime member? If this is the case, activate gift cards then keep the balance there as gift card doesn't have expiry date, then buy things like indomie goreng, Nissin noodles, supplements, moccona, toilet paper - just enough for free delivery.

              • +1

                @foxmulder: Thank you.
                No, not prime member. And not buying on Amazon either, so far.
                I may start comparing their prices.

                • +1

                  @Mad Max: Shopback giveaway vouchers 5 times. Same money out and in.

                  • @Neoika: ah good one, so you buy $1, $3, $5, $10, $15 vouchers? Is this giveaway vouchers a regular thing?

                    • @Techefy: I don't earn interest there. It can be used for other purposes too. It started since July 2024.

      • Enlighten us with your automation process for card transactions.

      • How do you automate "growing the account"? If you take out a lump sum to pay for a holiday/solar panels/house deposit (or whatever example), then you can't grow the account for the next cycle

        • It's best to have two savings accounts with most of your money in ing and another smaller emergency funds in another, Ubank is pretty good.

          I put reminder at the beginning of the month to do something to meet the requirements. Buy 5 x $1 Amazon gift card, transfer $1k from Ubank to ing. I also have Rabo bank account, thus I transfer $200 into it as well.

  • Got a targeted offer from ING to open a Maxi account with $100 and keep it there for a month and they would also pay $100 into the account the following month. Anyone else done this ?

    • was that via email?

      • Might have been in the app offers page. Ironically I only opened my ING account many years ago when they offered new customers $100 to open. I needed a new bicycle at the time and this was free money. Today my ING account is my main transaction account.

    • You inspired me to open my ING app and check my offers page (never done that before) nothing there that was interesting other than a home loan offer which is higher than my current interest rate now anyways. If I had of seen that $100 offer I would have felt like I won the lottery lol

  • +2

    ING direct the interest thieving bank. yeah, nah thx.

    • Why? And why not?

  • +2

    Anyone with a brain wants to keep all their spare cash in the highest interest rate possible. It doesn't make sense if you dumped all this money in there and then need to pay a large bill like rego or a holiday for the year, then you haven't increased from your last month, failing the majority of the interest, ending up worse off than U Banks .015% less a rate.

    • +2

      Couldn't agree more. ING may have a slightly higher interest rates (barely) but the terms that need to be met to receive that interest are far more restrictive than ubanks.

    • Both works well for me. Enough in ubank for expected drawdowns, the rest in ING. Easy enough to make an occasional withdrawal from ING without losing interest by using a second savings maximiser account.

  • -2

    i gotta laugh at all those endlessly whinging about transaction conditions…. do you like not spend a single cent every month? if you're all cash, then sure i applaud you… but i doubt you are. pretty much done on day 1 of the month without trying…. train, coffee, lunch, train, random. so hard.

    if its that upsetting, find something you do regularly and split it 5ways. eg. you buy a lotto ticket on thelott app once a month? deposit $2 five times etc. dont quote me but people have worked out sending money via paypal or somesuch seems to work too. a bunch of 5c gift transactions to a mate.

    • +2

      Some people put all spendings on one credit card. It is a hassle to set aside some spendings for it every month, not to say using cash in the bank account.

      Also "Grow" can be a trap as someone said above.

    • -1

      Thoroughly agree, there are are some simple minds whinging that cannot/do not budget.
      It takes me less than 10 minutes a month to sort the requirements for $400 free cash.

      • +1

        Haha…always get negged when I nail on whingers over the little effort n time to earn ING Interest.

        But they generally won't stand up with a name and a response.

    • Is there a fee sending money via PayPal if using ING debit card? I thought there is 2.6% fee if using debit card. Happy to be wrong. Can someone please explain the correct way to do it? Thanks.

      Going overseas for 2 months so I am looking for the quickest way to do 5 card transactions.

      • You can use ING card overseas, that would qualify the 5xtrans requirement.

        • Will be on a cruise ship. So I will have to figure it out where to spend.

          • @apple0604: Ah I see, since all your purchases on the ship will be to the room's account, you can only use that at ports.

      • sending money - what is that specifically?

        • no, pay for things for daily usage - eg, meals, drinks etc

          • @timhn: If not going overseas it will be easily done. I usually use it for groceries.

            • @apple0604: I think someone mentioned that they paid utilities by card $1x5 times to meet the requirement.

              • @timhn: That's a good idea. My utility company accept min $5.

  • Growing the account is monthly is the hassle. Sure, most of the time it's easy, until you get stuck having to replace your hot water system unexpectedly

    • I love all the comments here mentioning the spending requirement and not this…

    • Just open another saver account and set that account to be the main one then you only have to grow it by 1 cent. Next month transfer the savings from your current one to the new one on day 1. Whatever savings you put in there already grows it for that month

Login or Join to leave a comment