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ING Direct Sav Maximiser Bonus 1.25% Interest (Total 4.0%) for Orange Everyday Cust - Deposit Req

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ING Direct Sav Maximiser Bonus 1.25% Interest (Total 4.0%) for Orange Everyday Cust - Deposit Req
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Plucjack on 09/10/2014 - 14:08 ingdirect.com.au (972 clicks)
Last edited 10/10/2014 - 11:49 by 3 other users

Not sure if this is a deal or not, but there seems to a fair few Orange Everyday account holders on OB who might benefit from this. I'll leave it to mods to move to forums if appropriate.

Current ongoing (variable) interest rate of 4% (2.75% + 1.25%) for Savings Maximiser accounts if you:

  • Have an Orange Everyday Account
  • Deposit $1000 in the previous month

This works well for those with an Orange Everyday acct and are already depositing $1000 to get their 2% or 5% cash back and free ATM withdrawals.

Whilst the rate will be variable, 4% is pretty competitive compared to current online saving accounts. Most of which have limitations/requirements such as:

  • Intro rate for a finite period. 4 months ect
  • Minimum balances
  • No withdrawals
  • Growing balance each month

Current rates: http://www.infochoice.com.au/banking/savings-account/list.as…

Providing ING stay competitive with their variable base rate, this looks like a good long term option for stashing cash rather than going through the hassle of signing up a new bank account every 4 or so months when your intro rate expires.

Having your cash with ING also makes it easy to flick funds over to your Orange Everyday account as you need them using the app rather than having to remember to top up from another account and wait for the processing delay.

Other info from ING (thanks to Love a bargain & bluesky):

  • the campaign started 1/10
  • if you meet the deposit requirement this month, bonus rate will be applied next month
  • bonus rate won't be applicable this month even if you have deposited more than $1000 last month
  • the bonus interest rate should reflect in online banking (TBC)
  • Available for balances up to $100,000 on one Savings Maximiser account only.
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closed Comments

  • payton on 09/10/2014 - 14:12
    +4

    Thanks, would never have found it if buried in the forums.

  • [Deactivated] on 09/10/2014 - 14:36
    +14

    I opened an ING savings maximiser last month but have since moved my savings to Ubank. Ubank's current rate is 4.17% if you have an ultra. Am I missing something?

    • [Deactivated] on 09/10/2014 - 14:48
      +1

      Only needs $200 / month. No paywave cash back.

    • MadMaxBargainRoad on 09/10/2014 - 14:52
      +10

      Exactly, I am using ING as my daily account benefiting from their cashback and free ATM access but UBank is still the best when it comes to interest rate. If ING can offer something like a permanent 5% cash back to compliment the saving account then it would make it much more interesting.

      BTW, ING requires to deposit $1k / monthly comparing to UBank's $200 for bonus rates.

      • [Deactivated] on 09/10/2014 - 14:55
        +3

        What maxhu said. I have both too. ING for daily expenses and ubank for savings.

      • [Deactivated] on 09/10/2014 - 15:03

        Both are pretty good, Ubank has the best rate, by 0.17%, though I found that $100 (minimum) won't gain interest (due to sweep) and their website/app isn't as good as ING's imo.

        I might do what you guys are doing (ING for expenses and Ubank for savings)

      • iSamurai on 09/10/2014 - 22:19
        +2

        ubank has recently lifted the limit on daily spending on the visa debit card in store to the balance of your savings account, which made me to review their PDS. Pretty much all credit purchases/withdrawals are limited by your USaver balance. I think it's a bit risky if your card info/acc no. is stolen or you lose your card, your entire savings could be swept out, and it seems like you can't set a daily limit on how much you can sweep either. Just a thought from another thread someone losing $50k… With the ING's offer it seems like it's worth considering switching banks for savings.

        • Sira on 09/10/2014 - 23:43
          +1

          Doesn't really matter at the end of the day, the bank will refund the stolen money anyway…

        • tdw on 10/10/2014 - 01:40

          @Sira: does matter actually. they will likely lock your account while they investigate. huge inconvenience when you don't have access to what's left of your money

      • [Deactivated] on 10/10/2014 - 12:32

        I think I am currently getting about 4.25% from their previous money+cashback+bonus interest rate offer (from what I calculated it looks like it still is).

        When that expires I am shifting it over to ubank.

        Will keep ing around as a spending for that at least 2% cashback (which is way more than what most credit cards provide after considering fees and my spending bracket).

    • lucjack on 09/10/2014 - 15:23

      Skimmed over the "Account opening offer ends 31 October 2014" bit (referring to min opening balance) and assumed it was an intro offer.

      Looks like a much better option.

    • INFIDEL on 14/10/2014 - 09:54
      +3

      From today, UBank are dropping their rate from 4.17% to 4.02% (USaver with Ultra Bonus Rate (Ultra Bonus Rate currently 1.06%p.a.)). Just received email notification.

      So 4% with ING or 4.02% with Ubank.

      That is $2 extra interest per $10,000 invested over a year with Ubank, but only need $200/mth deposit
      Or 2% rebate on shopping but $1000/mth deposit with ING.
      Or do both.

      • tonester on 14/10/2014 - 11:08
        +2

        or stay with rabo or go to citi/boq for 4% with no strings attached :)

      • TheAviator on 14/10/2014 - 17:07
        +1

        I moved most of my money over from ING to UBank recently but after this change looking at moving back. The $2 lost interest on $10k balance is easily made up for by the 2% cash back on transactions.

  • Windows7forever on 09/10/2014 - 14:39

    Did this deal just commence and is it automatic? I have been meeting the 2 conditions described above and my online saver states im only getting default rate of 2.75% when I checked last.

    • [Deactivated] on 09/10/2014 - 14:44

      No its been going on for a while.

    • pepsicles on 09/10/2014 - 14:48
      +1

      Me too, I qualify for the free atm withdrawal and 2% cashback but I've never had my Saving Maximiser's interest rate any where near 4.0% except during the introduction period when I first signed up.

    • lucjack on 09/10/2014 - 14:51
      +1

      I was told by the call centre that its a "new offer". I'm still on 4.35% into which expires in a week. When asked they confirmed I should get 4.35% for half the month then 4% for the remainder. This indicates that the offer should be active this month, but if your not seeing it on your account then maybe give them a call.

      • INFIDEL on 09/10/2014 - 15:19

        Thanks. I'm on the intro 4.35% from end of June (last of the 5% rebates) as well, and was just looking where to move the mula next.
        So 4.35% until end of this month. Have already deposited $1000 this month, so 4% starting next month.

        • lucjack on 09/10/2014 - 15:30

          Given that others don't seem to have the offer activated yet, I have doubts about getting the 4% for the second half of the month.

          Whilst I liked the idea of not having to keep shuffling funds around, the 4.17% Ubank account is looking like a better option for now.

        • INFIDEL on 09/10/2014 - 15:36

          @lucjack:
          Trying to find our introductory offer period - think it was 4 months? Can you confirm.

          In that case my 4.35% expires next week. Moving some to Ubank as well.

        • lucjack on 09/10/2014 - 15:39
          +1

          @brucefromaustralia: Yes, 4 months from date of opening. If you opened your account near the end of the month there shouldn't be too much of a gap where you revert to 2.75%

        • INFIDEL on 09/10/2014 - 15:42

          @lucjack:
          Thanks, I was going through rate comparisons last night - so good timing.

        • [Deactivated] on 10/10/2014 - 12:34

          was it 4 months or 6 months?

          or 4 months for the interest but 6 month for the rebates?

          Lazy to call them up (I hate call centres).

    • Love a bargain on 09/10/2014 - 15:18
      +6

      I've just called ING and was told the following:
      - the campaign started 1/10
      - if you meet the deposit requirement this month, bonus rate will be applied next month
      - bonus rate won't be applicable this month even if you have deposited more than $1000 last month because this campaign has only just started
      - the interest rate per online banking is likely to still be 2.75%

      • bluesky on 09/10/2014 - 16:51

        I was told a different thing - she checked with a collegue and came back and said this:
        - we are always shown the base rate of 2.75% (even if we are getting the bonus).
        - if the account has met the $1000 requirement last month (Sep), it is getting the additional bonus of 1.25% now, from when the campaign started (i.e. 1/10) and this will become apparent on 1 Oct, when the interest is added. There will be 2 figures - the base and the bonus interest.

        Gee, it seems different people calling up are getting different answers.

        • lucjack on 09/10/2014 - 17:09

          This makes more sense and fits in with what I'm seeing with my intro bonus. It lists the 2.75% then the total "promotional" interest rate as 4.35%

        • bluesky on 09/10/2014 - 17:17

          @lucjack: Yours is presumbly because you are within the first 4 months of opening the account. My position is like many others, whose promotional period has already expired.

          We are seeing 2.75% only. But what the ING Cust Service personnel is saying to me, is that we will only see 2.75%, even if the the bonus is currently applying.

          Personally, I am more inclined to believe what was told to Love A Bargain. And perhaps what was told to me is not correct. Since ING has the mechanism to show both the base and bonus rates. So why not show both, if the account has met the $1000 requirement last month?

        • lucjack on 09/10/2014 - 17:31

          @bluesky: I agree, if their system is set up to separate display bonus rates then it would be silly not too. I guess we'll find out next month.

        • bluesky on 09/10/2014 - 17:49
          +1

          @lucjack: Just called again. Told the person there is a bit of confusion on this point - whether existing money will get the bonus, if the $1000 requirement was met last month (sep). She put me on hold to check. Came back and reconfirmed what I was told earlier - i.e. Yes, funds in the account today will be getting the bonus.

        • lucjack on 09/10/2014 - 18:23

          @bluesky: That's good news if its the case, but I wouldn't be surprised if it doesn't.

          Their online banking system is setup for bonus rates and if its not showing up then whatever automated process they have for paying it may not be able to see the bonus either.

          In my experience with ING the bonuses and promotional rates listed in online banking have always been accurate (I've had rates and bonuses drop off early), where the call centre staff have got it wrong on a few occasions regarding these bonuses.

        • bluesky on 09/10/2014 - 18:33

          @lucjack: Yes, I agree, I wouldn't be surprised either that more than one cust personnel can get it wrong.

        • jaylee88 on 20/10/2014 - 19:14

          I called up today asking about the bonus interest rate too. Operator said I will be getting the 4% total interest rate even though account still stats 2.75%. She also said something along the lines like they're changing their system so not everything will show up.

          However I only had my money in for a few days so I'm sure that the interest accrued value in my account details is only showing the amount for 2.75%. The operator was speaking so fast everything sounded a bit scripted. On top of that she also made a mistake saying that my $1000 deposited last month wasn't an external transfer it was internal but as a goodwill they'll take it as an external transfer (I only have one orange everyday account with $0 dollars so not sure how i can do an internal transfer with that!)

          Heres hoping that at the end of the month the bonus rate will magically appear.

  • moocher on 09/10/2014 - 14:55
    +2

    I'm not sure if this supercedes the previous conditions for a loyalty bonus. A month or so ago it was as long as you deposit $200/month into the savings maximiser. It's still in the FAQ

    Savings Maximiser: Whenever you deposit $200 or more in one month (excluding interest), we’ll give you a Loyalty Bonus.

    • lucjack on 09/10/2014 - 15:34
      +2

      Looks like it, the loyalty bonus is no longer listed in their interest rate schedule.

    • hilarious on 09/10/2014 - 15:43

      Does anyone know what the loyalty bonus rate was? Was it greater or less than 1.25%?

      • lucjack on 09/10/2014 - 15:47
        +2

        0.50% according to this FAQ

        • moocher on 10/10/2014 - 08:10
          +1

          However the base rate was not 2.75%. I can't remember exactly but I know that it was around 3.5-3.7% after adding the 0.5% bonus interest. So overall this is a higher interest rate once the new bonus is added.

          Can't complain about ING, been a customer for 15 years since they just started in Australia. Last Friday I got a phone call from their customer support saying that they've credited $115 into my account to say thanks for being a customer for 15 years! It was a very nice surprise!

  • CodeXD on 09/10/2014 - 15:09
    +1

    Can someone please confirm if this is for existing customers or just for new sign ups? My 4 months of high interest just expired and I am planning on moving to ubank

    • [Deactivated] on 09/10/2014 - 15:19

      Everybody who has OED.

  • Mad Max on 09/10/2014 - 15:48

    is any of this bonus interest rates applicable to business or trust accounts?

  • abc on 09/10/2014 - 16:42

    I wonder how long they will keep this campaign going for? Wouldn't surprise me if the paywave cashback ended at the end of this year.

    • lucjack on 09/10/2014 - 17:01

      Hopefully not. Its the cashback that has attracted customers to use ING Orange as their everyday account. However it clearly costs them a bit, so they also need large deposits to lend out and make some money back. Without a decent promo interest rate I guess most people are just keeping a minimum amount of funds with ING to fund their paywave and cash out needs. I imagine ING have realised this and the new offer is designed to get people to move larger deposits over to ING and leave them there long term.

  • abc on 09/10/2014 - 16:47

    For customers who also have an Orange Everyday bank account and make deposits of $1,000+ each month from an external account. Available on one account for balances up to $100,000 with the additional variable rate applied the month following the deposit.

    That seems to imply that you need to deposit at least $1000.01 into your OE each month to quality.

    • Love a bargain on 09/10/2014 - 16:56
      +1

      "The additional variable rate can only apply when you also have an Orange Everyday. The additional variable rate currently 1.25% p.a. (that is added to the Savings Maximiser standard variable rate) applies on one Savings Maximiser per customer for a calendar month when you make a deposit of at least $1,000 from an external bank account to any personal ING DIRECT account in your name (excluding Living Super) by the last day of the preceding calendar month."

      • cannedhams on 09/10/2014 - 20:31

        That is the downer for me. Its a big commitment to put aside 1k every month.

        • byo on 09/10/2014 - 21:11

          you only have to keep $1K there for one day. That's what I did and I still qualify for the bonus rate

  • byo on 09/10/2014 - 19:47
    +1

    Recently ING also has the "refer a friend" campaign, has anyone actually getting the referral bonus $75 yet?

    • cannedhams on 09/10/2014 - 20:32

      I applied for one for my mum, have opened the account but havent put in the 1k yet.

  • rifter on 09/10/2014 - 20:31
    +1

    If you need 4.0% for 4 months (up to $500K) try Citibank. This deal is not listed in posters Current Rate table.

    More importantly, you do not need to make any monthly deposits, you can make withdrawals without penalty, no additional account to open. Yes, it is an intro rate, but if a better deal comes along over the next 4 months (and I think they will) you can easily transfer to it without penalty.

  • wortho on 09/10/2014 - 20:44

    Similar to RAMs saver;
    To confirm the rate details of your RAMS Saver account - from 30 September you'll earn a bonus variable rate of 4.01% p.a. (that's the variable base rate of 2.71% p.a. plus variable 1.30% p.a. bonus) when:

    • you deposit a minimum total of $200 a month;
    • you make no withdrawals in the month; and
    • have an account balance that does not fall below $0 or exceed $500,000 at any time during the
      month.

    Or the Bankwest Hero Saver

    4.00%p.a.
    variable Hero rate on balances up to $250,000
    earn the variable Hero rate each month you deposit at least $200 (excludes interest) and make no withdrawals
    no account maintenance or transaction fees
    easy access to your money via online & phone banking

    BTW, I always open two accounts of the same so I can shuffle money between them on the first day of the month so minimum loss of interest.

    • rifter on 09/10/2014 - 20:54

      Unfortunately one withdrawal and you loose your interest for the month.

      • wortho on 09/10/2014 - 21:28

        Thats why I have two accounts.
        Example
        Account 1 - balance $50,000
        Account 2 - balance $minimal

        Need to withdraw $5,000
        Wait until 1st of month just after interest received from previous month
        Withdraw $5,000
        Transfer balance of $45,000 to account 2 and earn interest for the remaining 29 or so days left in month.
        Do the reverse the following month if need to withdraw more.

        Not ideal as you need to withdraw on 1st of month but so far has worked out ok for me.

        • rifter on 09/10/2014 - 21:35

          Loose 1 day interest at 4.0% gives you 4.0x29/30= 3.86% interest.
          Loose 2 days (more likely) gives you 4.0x28/30= 3.73% interest.

          Probably better off taking 3.9% at BankWest TeleNet without withdrawal issue.

        • wortho on 09/10/2014 - 22:03

          @rifter: Thanks, however the Telenet saver is only 3.9% for 4 month intro and drops to 2.5%. I rarely withdraw from the Hero saver so it works out for me usually. I have a regular Hero account for day to day stuff and get 3% on it for balances under 5k.

    • bluesky on 09/10/2014 - 23:31

      Hi wortho,
      Is there a way to open 2 of the Hero accounts, and do the transfer on first day?

      This page
      http://www.bankwest.com.au/personal/savings-term-deposits/sa…

      clearly states "This account is limited to one per customer."

      Thanks in advance.

      • wortho on 10/10/2014 - 11:07
        +1

        Actually I have a SMART Esaver (3.8%) and Hero account so not 2 x Hero. I might try and open a joint Hero account and one in my name to get around this.

        • bluesky on 13/10/2014 - 19:21

          That's an interesting idea. Wonder if this will get around it? Perhaps. But perhaps not. After all, the customer remains the same person, despite the profile being a joint one.

  • Azn310 on 09/10/2014 - 20:48
    +1

    Just want to add, bonus applies to ONE saver maximiser only. ING direct allows opening of up to 9 maximisers per person, linking to one Everyday Orange IIRC

    • Slippery Otter on 09/10/2014 - 21:26
      +1

      And the Loyalty bonus of .50% applies to the rest. Just need to meet the 200$ on top of the balance each month.

      • Azn310 on 09/10/2014 - 21:32

        Thats very interesting, thank you for the info. I wasnt even aware of the loyalty bonus. 0.5 + 2.75 = 3.25%.

  • iSamurai on 09/10/2014 - 20:54

    This looks great. I just checked my ING's savings account which had $0 in it and it said "Current standard variable interest rate 0.00% pa". Is it because I don't use it hence why?

    • lucjack on 09/10/2014 - 21:09

      Account may be in 'dormant' status if it hasn't been used for a while.

    • Slippery Otter on 09/10/2014 - 21:26

      Put in 1$, it should jump back to 2.75%.

    • tdw on 10/10/2014 - 01:32

      it won't show your interest rate if you've got nothing in there

    • iSamurai on 10/10/2014 - 10:23

      thanks guys, it popped back to 2.75%. Will consider moving over from UBank once the interest rate ups to 4%.

  • ravenit on 09/10/2014 - 21:39
    -1

    I have a saving max account with ing but no orange everday account so looks like I miss out on the bonus even though I put in $1000.
    Seems silly to force me to open another account I don't want… ;(

    • INFIDEL on 09/10/2014 - 21:57
      +1

      You could open an EDO account via a friend code & get $75 & 2% rebate on purchases to ease the pain! So that's $75 on top of this bonus interest. No one has used my code :-( Quite a few friend codes to choose from.

      • INFIDEL on 14/10/2014 - 10:28

        Application for $75 friends code payment has now ended. If you signed up, don't forget to deposit $1000 by end of month.

  • [Deactivated] on 09/10/2014 - 22:42
    +6

    What the hell is an EDO?

    • iNeedMoreMoney on 09/10/2014 - 23:17
      +2

      Is it everyday orange?

      • lucjack on 10/10/2014 - 12:00

        Yep, couldn't fit the whole thing in the title.

  • Cluster on 10/10/2014 - 01:40
    +1

    Just checked my ING savings maximiser account. Still says 2.75% despite depositing $1k last month and having both types of zero interest accounts with ING. Hoping it will be credited. I would have thought ING would make more of a song and dance about this. I haven't received any emails stating such from ING and there's nothing in my online banking about it. ING customer since 2000.

  • Tiredman on 10/10/2014 - 09:29

    Just to add on, we are with HSBC. 4% for 4 months as well. The good thing, maximum balances allowed is much higher.

  • dazweeja on 10/10/2014 - 09:38
    +1

    The description, title and references to EDO are really confusing considering the account is called Orange Everyday (OE or OED surely).

    • moocher on 10/10/2014 - 10:17

      Title + description fixed.

  • WT on 15/10/2014 - 23:09

    Note you wont get the bonus interest for this month if you just opened up the account as the external deposit needs to made on the preceding month.

  • bluesky on 16/10/2014 - 17:58
    +1

    There are some doubts whether those who met the $1K deposit requirement from last month will earn 4% this month.
    Pls refer to https://www.ozbargain.com.au/node/164749#comment-2293092

    Here is more information.

    Today, ING sent an email which said "We've listened. Rewards shouldn't just be for new customers. That's why you're now earning 4.00% p.a. variable interest on your Savings Maximiser".

    I have also checked with someone who did not meet the requirement from last month. The wording there was "We've listened. Rewards shouldn't just be for new customers. That's why now, customers like you could earn up to 4.00% p.a. variable interest on your Savings Maximiser."

    Having said that, when I logged on to my account, the rate shown is still 2.75%.

    • Love a bargain on 17/10/2014 - 14:04
      +2

      Hi bluesky, well done for noting the suttle difference in the wording in the emails.

      I went back to check the email that I received (which also say "you're now earning 4.00% p.a. variable interest on your Savings Maximiser") and my account (which still shows that the rate is 2.75%).

      So I call their customer service again. After some persisting questioning and pointing out the discrepancies to the operator, he put me on hold for quite some time and came back with the answer that is in line with what you were previously told. In summary:

      • the bonus rate is applicable on balances in the account since 1 Oct
      • the bonus interest is calculated daily [not sure why he emphasised this point so many times during the conversation] and will be paid in Nov

      Wondering if I should trust them and move more money accross to ING now that I've got them saying this on record (well, on their record at least).

      • bluesky on 17/10/2014 - 14:37

        Thanks for the info, Love A Bargain. I am wondering the same thing. I think the email, plus having their cust service officers saying this (at least 3 times now between your call and mine :-) - mitigate the risk a bit!

  • jaylee88 on 20/10/2014 - 18:59

    hi

    was wondering, if you have two accounts, how do they decide which account to apply the bonus saving interest?

    • donbot on 21/10/2014 - 22:11

      The customer service rep I spoke with saod it was on the account with the highest balance come the end of the month.

      • cashless on 09/12/2014 - 10:42

        I can confirm this.
        I've been running two SM accounts linked to my OED.
        Deliberately left them unattended to see which one attracted the 4.0% (2.75% + 1.25%) and which one attracted the standard (2.75% + 0.5% = 3.25%) rate.
        I can confirm that it is the SM account with the higher balance.
        Have now transferred balance into the one SM account so that it attracts the higher (4.0%) rate.

        Please note that there is also a discrepancy on the ING FAQ's which they haven't updated.
        https://www.ingdirect.com.au/applications/IntelliResponse.as…
        That implies that the loyalty bonus is only paid on balances of up to $50k.
        I think it is just a historical error that hasn't been picked up by them yet, the new loyalty bonus applies to balances of up to $100k.

  • Neoika on 01/11/2014 - 09:46

    Anyone's SM shows 4% or 2.75%+1.25% yet?

    • ozb-442 on 01/11/2014 - 12:31

      Mine just shows 2.75%

      I do also meet the requirements, but i'm assuming i'll get my bonus interest next month (this months worth)

  • lucjack on 03/11/2014 - 10:06
    +1

    Looks like it was paid for last month. My account is showing 2.75% with no bonus rates listed, however two bonus interest payments have been credited. One for the first part of the month when I was on the 4.35% intro rate and another for the remainder where it switched to the 4%.

    Another account which was not on the intro rate also shows only 2.75% but has been credited with single bonus interest for last month.

    • Jad on 03/11/2014 - 10:43

      Yes, paid here last month too.
      31st Oct shows two entries: "interest credit" and "bonus interest credit", with equivalent amount of 2.75% and 1.25% respectively.

    • 102010 on 03/11/2014 - 14:53

      I gave them a call today. They stated despite receiving 4% interest, it will only show up as 2.75% regardless.

  • WT on 09/12/2014 - 12:22

    dam I cant remember if I need to swap 1k each month to get the bonus… can anyone confirm

    • Jad on 10/12/2014 - 08:34
      +1

      Yes, you need to have deposited $1k in the previous month into the Orange Everyday Account to get the bonus. More details are in the deal's description above.

  • banzini on 10/02/2015 - 13:25

    wonder if the rates will stay the same after RB dropped by .25?

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