This was posted 3 years 9 months 11 days ago, and might be an out-dated deal.

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ING Direct - Savings Maximiser 3.0% Interest Rate


ING Direct - Savings Maximiser 3.0% - December 12th

It looks like ING Direct will be increasing their interest rate on their Savings Maximiser to 3.0% on December 12th.

Their website is not fully updated. But it was also reported in The Australian:

The only banks higher then this - with no stupid 4 month only offers are:
  • ME Bank (3.05%) - Catch is you need to do a tap and go payment every week or you dont get the bonus interest.
  • RAMS (3.15%) - catch is you can't move your money out or you don't get the interest.

The positive with ING is that there is very few catches to actually obtain the 3% interest assuming you have your salary going into your Orange Everyday transaction account. Which in itself is still an excellent card to have due to being able to withdraw money from any ATM in Australia (including the no name ones in Pubs and Bars) and the ATM Fee's are credited instantly (Unlike ME Bank which take up to 30 days). Combine that with a very good online banking website, app and customer service. And the fact that every Australia Post is basically your 'bank branch'.

Edit: Conditions: For customers who also have an Orange Everyday bank account and deposit their pay of $1,000+ each month. Available on one account for balances up to $100,000

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  • Bring back the 2% cashback!

  • Something to also remember is that if you use the card overseas the fee's are not bad on the ING Orange Everyday account.

    • International Purchase = 2.5% of transaction amount
    • Internal ATM Widthdrawl = $2.50

    Its probably the 2nd best deal around next to the Citibank Plus Account.

    • Ubank have 2% Foreign Exchange Fee (yay) but $4 Foreign ATM (poo). But why wouldn't you use 28Deg?

      • Because 28 Degrees is a credit card, and has long since closed the loophole where you could load up your account and draw money off it with now fees. You now get charged the normal cash advance fee, whether you've loaded it up or not.

        • don't think it was a loophole, just a feature.

          The loophole was that people were loading it up from money from 0% interest credit cards and getting physical cash - and then repeating with the next 0% credit card when the previous expired (something like that anyway)

        • @Rick Sanchez: If it were a feature it would have actually been explicitly advertised by the merchant.

        • @sky blu: it was explicitly advertised. It was a feature.

        • @grasstown: Okei. I can't be bothered looking back into this, but I don't see how the merchant would benefit from letting people load money on top of a CC? Did they hope people would overdraw to charge at cash advance rate?

        • @Rick Sanchez: They actually referred to it as a loophole when they closed it.

        • @johnno07: Oh true, i remember that.

          Still, bit strange to describe an obvious fee that's not being charged, and one of the main reasons people sign up to the card as a loophole..

    • Well perhaps 2nd best but a long way from Citibank Plus charging 0% on transactions and $0 on ATM withdrawals…

      • Citibank needs to desperately upgrade their IB. Everything you do there is slow AF especially in/out transfers!

        • I cannot fathom why they don't have a good banking app. The same goes for HSBC, I have to use 2 passwords to log into their app, wtf is that???

    • Citibank Plus has unlimited withdrawal though whereas you're capped at a certain amount depending on which country youre in.

      I have both cards :P

    • does that mean you recommend using my ING card while in Japan? Otherwise I will need to open another account somewhere else

      • It wouldn't be a bad choice, since you'll rarely get hit with the 2.5% purchase fee as Japan is very cash-based. So you'll just be paying $2.50 every time you get cash from a 7/11 or Japan post ATM. And you can minimise this by withdrawing heaps at a time.. Carrying cash is very safe in Japan anyway.

        Alternatively if you want to save perhaps $10 (4 withdrawals) you could sign up to citibank plus, which would also give you ability to do purchases with no surcharge.

      • If you travel a lot and don't want a another credit card— especially to North America, Asia etc, I would go ahead and get the Citibank Plus. Citibank is called something else in Japan— You want 'SMBC' ATMs, found in 7-11 etc, if you don't want fees. They are a bit few and far between, but findable. However, keep in mind the exchange rate— I believe Citibanks is not as good as INGs— Citibank still works out slightly better usually, but the 2.5% difference is minimal, its usually less than a dollar. The ATM withdrawal adds up though, especially if you're someone that likes to withdraw money as you feel you need it. And yes, Japan is pretty cash based still, despite the technology.

        However if I recall correctly, Citibank do charge for money transfers to another bank account ($10 I think) so, keep that in mind before transferring money back to your main account.

        • There is no charge for transferring A$ funds from Citibank Plus to any Australian account. Apart from 7-11 ATMs which are in each store Japan Post ATM's are also free and have English options.

      • What about Bankwest Zero Platinum MasterCard?

        • No foreign transaction or overseas ATM withdrawal fees. Cardholders won't be charged for foreign transactions or ATM withdrawals made overseas.
        • ATM withdrawal on credit card = cash advance, so won't be too happy doing that.

        • @t25: Fair enough but I'm confused for the over the counter use isn't the zero foreign trans fee better than the 2.5% mentioned above? Assume they both charge about 3% again for the visa/mastercard currency conversion on top of this? So for non-atm transactions this is still better right?

    • I second this. I learned this for real during my trip overseas in August.

    • That's a good pickup re 2.5% and $2.50. What are INGs forex rates like though compared to market? Eg if CBA is 3% but has a higher exchange rate it may work out better

    • Macquarie Bank's transaction account is 0% foreign transaction fees, no monthly fees, and ATM rebates with no monthly deposit requirement. Only thing Citibank has over MBL's transaction accounts is the $5 withdrawal fee from overseas ATM.

  • About time they started going up instead of down down down

  • I believe there is cap of $100k above which you won't get the interest?

  • +26 votes

    after buying a property in Australia, I think you will never need one of these savings account as the money you will save by depositing in offset account will always be greater than the interest earned from these savings account

    • after buying a property in Australia

      I wonder when that would happen to me

    • God forbid people pay off their mortgages, or are you planning to still be in debt when you die?

      • I think that was his point.

      • Have plans to pay off my PPOR. But no plans to pay off my IP anytime soon , well until we have negative gearing

        • Losing money is good ? Lawl.

        • Why would you want to lose money just so you could get a tax deduction?

          I'd rather put the money in the offset for the Investment Property loan than leave it in a lower interest savings account which is also taxable.

          Your net cashflow position would be better if you leave it in the Investment Property offset than the savings account.

        • @unloadmymind: Because for some, -ve gearing might bring them down to a lower tax bracket.

        • @unloadmymind: yeah whole negative gear things is what stupid property agent telling their stupid customers so they will buy their stupid off the plan properties. Triple stupids.

        • @amts: You are aware that a higher tax bracket only affects the income over that bracket? So it has no positive effect at all.

        • +4 votes

          Negative gearing as only as popular as it is, as these amateur investors are methematically challenged. A loss, is a loss.

        • I would rather buy another IP than paying off my IP debt.
          When I pay off my PPOR debt offcourse I will offset my IP then, but wouldn't pay it off. That's my strategy, yours could be different.

        • @Duram: Loosing liitle bit of money for overall larger gain on another investment is good.

        • @amts:

          What? I'd rather pay higher tax because I am making more money than lose money for the sake of lowering tax.

          People should consider their NET cashflow position not the amount of tax they save.

        • @exotiic: my mind boggles at some peoples logic

        • @unloadmymind: Capital gain also needs to be taken into account. Probably not a good bet if buying in current market but OK if you purchased in the past.

    • +2 votes

      Or better still, buy a property overseas which will be vastly cheaper to start with :). Money saved!

    • After buying a property in Australia check yourself in to the looney bin.
      If I had a property I would sell it fast, and retire to a 3rd world country.

      • But then you are living in a third world country.

        Living in a place similar to the quality of life in Australia can be done in another country, but most of those places you aren't much better off than here.

    • some mortgage products do not have offset features, and do not have account fee.. I am with westpac without offset, so 3% interest offer sounds good to me.

  • Can I just transfer 1k monthly from another bank account into my maximiser to get the 3%?

    • Yes you can. And there's nothing stopping you from immediately moving things out anytime if you need the money elsewhere.

    • Yes. Just as long as it's from a different account. It can even be from another ING account.

      • You can do it from another person's ING account? (Like eg. my brother's?)

        When I called them they said it has to be external (whatever that means…)

        • Yes. I've done this in the past and it's activated the bonus. I believe external means not attached to your account (so combined accounts etc). But with your brother it SHOULD work (has for me).



          Another option might be to set up reciprocal automatic transfers once you know how long it takes to get from your B party account to the ING one.

        • I think you can set up an account with Commsec, fee free (I haven't checked this in a while) and do the transfer back and forth, by yourself. No need to involve other people. :)

          (The account will be with the Commonwealth Bank)

    • yes, you can…

    • Also note the 3% rate takes effect the following month after you deposit $1K.

    • Worth adding this requirement to the OP.

  • I'm with ME bank, there is no bonus credit this month. So only the ~1.75% only.

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