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ING Direct - Savings Maximiser 3.0% Interest Rate

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ING Direct - Savings Maximiser 3.0% Interest Rate
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E5TOQUE on 10/12/2016 - 09:09 ingdirect.com.au (2465 clicks)
Last edited 12/12/2016 - 13:40 by 4 other users

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.
https://www.ingdirect.com.au/savings.html

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

http://www.theaustralian.com.au/business/financial-services/…

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

Financial Bank Account Savings Account

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closed Comments

      • johndemonik on 11/12/2016 - 01:37
        +2

        Ramana Maharshii Upvote

  • lgacb08 on 10/12/2016 - 09:40
    +2

    Looks like an interest rate rise is on the way.

    • cheapy on 10/12/2016 - 09:47
      +8

      good

      • lgacb08 on 10/12/2016 - 09:48

        Not when you have a mortgage.

        • mskeggs on 10/12/2016 - 09:52
          +19

          Two thirds of households own outright or rent, so they will see a benefit, it is the other side of the interest rate coin.

        • ryang on 10/12/2016 - 09:54
          +5

          Welcome to the burst!

        • cheapy on 10/12/2016 - 10:40

          I don't. Want to swap?

        • Donaldhump on 10/12/2016 - 17:15
          +2

          @lgacb08: rents are going down, vacancy rates going up

        • TimeOrMoney on 10/12/2016 - 17:25
          +10

          @lgacb08:

          The fact that my comment attracted 3 times more positive votes than yours speaks for itself ;)

          Someone needs to call the RBA and tell them that OzBargain votes are an indicator of the national housing market sentiment… How could they have been ignorant to this trove of economic data?!?

        • lgacb08 on 10/12/2016 - 17:51
          -4

          @lmh86: someone needs to call up mods and revoke membership of those failing to see the sense of ozbargain humour, lol.

        • lgacb08 on 10/12/2016 - 18:02
          -1

          @unclesnake: well, that's what you wish for but it's not gonna happen unless people has free money to rent multiples dwellings at the same time.

        • Donaldhump on 10/12/2016 - 19:37
          +1

          @lgacb08: my rent just went down 30 a week, as there are vacant townhouses in my complex

          Wtf does renting multiple dwellings come into this

        • virhlpool on 11/12/2016 - 07:59
          +1

          @unclesnake: I don't believe it though. We have 200k new immigrants coming every year (not even counting students, employer sponsored visa holders, holiday visa workers and so on). How can the vacancy rate go up with increased housing demand year over year? Or is it that housing supply surpasses this demand? Doesn't look like so.

        • JIMB0 on 11/12/2016 - 10:16
          +1

          @lgacb08: I don't see a correlation between rents and interest rates, rents just seem to ratchet up. They never dropped with rate cuts so why should they go up with rate rises?

        • Donaldhump on 11/12/2016 - 13:15

          @JIMB0: exactly correct, rent is based on vacancy rates (supply vs demand). most landlords will jack it with rate rises, but if so, and you can find a better place, you just end your lease and move on, costs money but most landlords will consider the fact they lose a weeks rent straight away then some and drop it if you are a good tenant.

          look at the current rent in moranbah.

        • Donaldhump on 11/12/2016 - 13:16
          +1

          @virhlpool: there are more cranes in the sky than any north american or european city… the supply is going to be like the gold coast in the 1990s, when it was easier to get rid of herpes than an apartment

        • mskeggs on 12/12/2016 - 12:29
          +2

          @lgacb08:
          I don't disagree that people who have bought houses in the last 5 years are typically very highly leveraged and sensitive to small interest rate movements, so will be concerned about rate rises, but the figures show a different overall picture.
          About 8% of people own an investment property, 2/3rds negatively geared, and the bulk of those also hold a home mortgage. If you like, they are doubly sensitive to rate rises.
          But that still leaves 1/3 of investment properties not negatively geared or owned outright. If you are a fixed income retiree who owns your home and a paid off investment property, low rates have drastically reduced your income (even if they have pushed your property capital value to the moon!).
          If you are a renter trying to save for a house deposit, or, SHOCK!, not even that interested in owning property, getting a decent return on your low risk savings is important too.

    • uder on 10/12/2016 - 10:25
      +1

      I got an email from ING and their variable is going up by 0.15%…

    • [Deactivated] on 10/12/2016 - 23:23

      rabodirect reduced their offering by 0.05% earlier this week.

  • Homr on 10/12/2016 - 09:42
    +2

    Might want to mention the 3% interest is only capped to $100K. Any amount >100K will only accrue 1.6% interest

    • forumninja on 10/12/2016 - 10:18
      +1

      Adding to this, the base rate stays the same at 1.6%. It's the bonus rate that is going up from current 1.15% to 1.4%

      • virhlpool on 11/12/2016 - 08:01

        True but there's no bonus applicable on any amount above $100k. I don't see a logic though.

  • CVonC on 10/12/2016 - 09:42

    Good to know. When did they drop to 2.75% btw? I only noticed like a month or two ago.

    • Doggiie on 10/12/2016 - 11:03
      +2

      It dropped to 2.75% by coincidence around the time the last RBA cash rate drop happened. It happens within a week after, so I felt a little sad.

      It was originally 3.25% -> 3.00% after RBA rate drop -> 2.75% bonus interest reduction

  • Krazyy on 10/12/2016 - 09:43
    +2

    yeah dont worry they raised their home loan interest rates to offset :D

  • rogsamsy on 10/12/2016 - 09:47
    +2

    RaboDirect is still 3.2% for 4 months for new accounts.

    Scrap that they changed it to 3.05% on Wednesday - still better than ING in the short term though.

    • [Deactivated] on 10/12/2016 - 15:26
      +1

      Yep on $50k you'll get about $8.50 extra over the 4mths. At least with ING you get atm fees back which might make it better for some (especially since that $8.50 can/will be taxed but the a fee refund isn't )

    • bluesky on 10/12/2016 - 22:20
      +1

      Actually, for anyone participating in this promotion it is still 3.2% - unchanged with the change in the base rate. But it will only last until 31 Jan 2017.

  • T-man on 10/12/2016 - 09:57
    +6

    I have forgotten my ING account since they removed 2% cashback offer, just using my credit card.

  • ozlab on 10/12/2016 - 09:59
    +2

    ING increased the home loan rate so they can increase savings rate to attract new members

  • Krazyy on 10/12/2016 - 10:01

    p.s if you have a mortgage you would not want to invest your money in savings accounts anyway.. better to put it on the home loan or in an offset account will work better for you…

  • Obey on 10/12/2016 - 10:17

    If I open a new account today and deposit $1k into it, will the interest start from today or from next month.

    • venu on 10/12/2016 - 10:19
      +1

      next month. From 1st January 2017.

    • forumninja on 10/12/2016 - 10:19

      You will receive the standard interest at 1.6% for the current month. The 1.4% bonus interest (to bring it up to a total of 3%) will begin next month.

  • dingdong3000 on 10/12/2016 - 10:28
    +1

    yay time to move my dosh from ubank.

    Bring back cash back!

  • tightm8 on 10/12/2016 - 10:42
    +24

    We're getting excited about a 3% p.a. return, geez times are tough.

  • team teri on 10/12/2016 - 10:45
    +3

    Let's see when Ubank will match or beat this :-)

  • peterpeterpumpkin on 10/12/2016 - 10:46

    I'm stupid and lazy.

    Do you get the bonus whether you deposit 1000 in the savings OR transaction account?

    Same question for fee-free ATMs.

    • CVonC on 10/12/2016 - 10:48
      -5

      Transaction

      • peterpeterpumpkin on 10/12/2016 - 10:59
        +4

        "…$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"

        That's what someone else seemed to imply. Why does it say "any" though?

        • Purple on 10/12/2016 - 11:06
          +1

          I have ING online and transaction account. I can confirmed that my fund was deposit to ING online and it trigger the bonus interest rate every month.

        • CVonC on 10/12/2016 - 16:41

          @Purple:

          Ah well they changed that then. It used to be the transaction account.

    • [Deactivated] on 10/12/2016 - 11:07

      Either one.

    • Fobsessive on 10/12/2016 - 15:41
      -1

      Yes

  • johndemonik on 10/12/2016 - 10:46
    +2

    RAMS: You just create two accounts and move the money from one to the other on the 1st of every month after you see that the interest was paid into the account. If you want to leave money behind to take out, you don't transfer all of it on the 1st.

    • Grok on 10/12/2016 - 16:01
      -2

      Nope.

      With RAMS no withdrawals permitted to earn bonus interest.

      • johndemonik on 10/12/2016 - 16:04
        +1

        If you want to take out $100, you transfer your entire savings minus 100 from account A to account B on the 1st. You get the interest on account B at the end of the month, not account A where you take the left over $100 and transfer it to another bank. You're getting the monthly 3.15% on only one account each month.

        • atlinus on 10/12/2016 - 23:56

          I think they only allowed up to 10k online transfer.

          Not sure what is the maximum amount you can transfer over the phone.

          Last cust rep I spoke over the phone told me that it is only 10k maximum transfer per day.

        • Grok on 11/12/2016 - 12:49
          -1

          Even if that worked it is a huge pain in the arse.

          Plus interest is on minimum daly balance, one day a month the balance would be zero, so you would lose that days interest. If it fell on a weekend you may lose three days.

        • Scrooge McDuck on 11/12/2016 - 20:58
          +1

          @SamR:

          Plus interest is on minimum daly balance,

          Source?

          If it fell on a weekend you may lose three days.

          Not true! Transfers between your own RAMS accounts are instantaneous 24/7.

        • Grok on 12/12/2016 - 10:13
          -1

          @Scrooge McDuck:

          I just checked and RAMS is a little different, it is on Closing Account Balance, so you lose a day from the transferring account not the target account.

          Same thing.

          As for transfers RAMS to RAMS, OK any other bank NO.

        • Scrooge McDuck on 12/12/2016 - 11:21

          @SamR:

          so you lose a day from the transferring account not the target account.

          You lose every day of that month from the "transferring account". But accrue bonus interest for every day of that month in the "target account".

          So you effectively accrue bonus interest on your whole balance for every day indefinitely.

        • Grok on 12/12/2016 - 11:54

          @Scrooge McDuck:
          OK fair enough still seems way too much trouble and prone to error and other issues.

  • maxwellian on 10/12/2016 - 10:50

    The noname ATMs in pubs and clubs? The vast majority of these are either Cash card or First data (now the same company) and have larger install bases than most banks. I dunno about you but that sure isn't noname. Infact I wouldn't be putting my card anywhere near an actual noname ATM.

    Shame that ING even dropped their rates so low that this is a deal.

    • dingdong3000 on 10/12/2016 - 11:08
      +2

      Times are tough for any savers let alone ING.

  • Jatacid on 10/12/2016 - 11:06
    -3

    How does this differ to the term deposits?

    • CyberMurning on 10/12/2016 - 11:26
      +6

      Gee I lost interest to make comment of this question.

      • expertreader on 10/12/2016 - 12:21

        Thanks for letting us know.

    • greatlamp on 10/12/2016 - 13:35
      +2

      Interest calculated daily. Most term deposits don't, only calculate at maturity.

  • [Deactivated] on 10/12/2016 - 11:18
    +3

    a .25% increase is an additional $1 in interest over 30 days for $5,000 deposited.

    Interest earned on different savings amounts at different interest rates (calculated per 30 days).

    Interest Rate $1,000 $2,000 $3,000 $4,000 $5,000
    2.50% $2.05 $4.11 $6.16 $8.22 $10.27
    2.75% $2.26 $4.52 $6.78 $9.04 $11.30
    3% $2.47 $4.93 $7.40 $9.86 $12.33
    3.25% $2.67 $5.34 $8.01 $10.68 $13.36
    3.50% $2.88 $5.75 $8.63 $11.51 $14.38
    • peterpeterpumpkin on 10/12/2016 - 11:21
      +17

      A dollar…damn. Guess I shouldn't have told my boss to take his job and shove it…

      • forumninja on 10/12/2016 - 22:55
        +4

        Here's a more realistic table for the rich OzBargainers who maximize deals. The amounts are chosen for if you deposit certain accounts to the maximum amount, e.g. $100k for ING, $200k for UBank, $250k for MEBank and RAMS:

        Bank Interest Rate $100,000 $200,000 $250,000
        ING (existing) 2.75% $226.03 $452.05 $565.07
        UBank 2.87% $235.89 $471.78 $589.73
        ING (new) 3% $246.58 $493.15 $616.44
        MEBank 3.05% $250.68 $501.37 $626.71
        RAMS 3.15% $258.90 $517.81 $647.26
        • inherentchoice on 05/01/2017 - 11:28

          So the difference between ING's 3% and UBank's 2.87% = 0.13%. And 0.13% for the maximum deposit of $100k is about an extra $130 per year before tax.

        • strikerzebra on 16/01/2017 - 20:47

          I thought the 3% interest rate was for new or existing customers?

    • Donaldhump on 10/12/2016 - 17:00
      -1

      62c after tax

  • bargain lover on 10/12/2016 - 11:19

    When it says deposit your salary, how will they check? Can you just pay in $1000 a month?

    • dingdong3000 on 10/12/2016 - 11:28
      +2

      Yes.

    • Lucifersfury82 on 10/12/2016 - 11:34

      $1000 is fine, they're just marketing to get your full business (salary)

      • CloudJumper on 10/12/2016 - 12:40

        I just split my fortnightly salary so work kicks $500 into ing to get it to $1000 for the bonus to kick in. Forced savings. Only use the bonus saver these days since they pulled the 2% cash back.

    • Donaldhump on 10/12/2016 - 16:59

      Just withdraw 5 * 200 at woollies and deposit back in at Aus post.

      Pretty sure they still give 50c rebate

      Do it on ur lunch, 5 days a month

      • virhlpool on 11/12/2016 - 08:24

        Why not once a month for $1000 instead of 5 days a month for $200? Is there any upper cap of withdrawal at Woollies?

        • Donaldhump on 11/12/2016 - 13:18

          no, but can you honestly look someone staright in the face while you do 5 transactions for $200 in a row.

        • virhlpool on 12/12/2016 - 09:07

          @unclesnake: Sure. But why $200x5 in a row? Why can't one withdraw $1000 at one go? Not allowed?

        • Donaldhump on 12/12/2016 - 21:49

          @virhlpool: you can do what you want, but u only get 50c that way. I am just making the most of both perks

    • bluesky on 10/12/2016 - 23:54

      I have never tried before, but I believe the $1000 deposit can be in one or more transactions. E.g $400 from bank A, and $600 from bank B, so long as the same month. Can anyone confirm? Thanks in advance.

      • tdw on 11/12/2016 - 02:12
        +1

        it's $1000 in total.

      • Pudina Chutney on 11/12/2016 - 04:02
        +1

        Yes, I can confirm that the deposit can be in more than one transaction, as long as you reach $1000.

  • Wootwootwoot on 10/12/2016 - 11:30

    Put your money in stocks and get 3% return in a month

    • [Deactivated] on 10/12/2016 - 11:38
      +4

      could you potentially loose that 103% in the same month?

      • stickyfingers on 10/12/2016 - 12:05

        Unless you earned interest prior, no. You can't lose more than you put in (100%).

        • triviums on 10/12/2016 - 12:24
          +6

          The stock brokerage fee technically makes you start at something like -3% (depending on brokerage fee)

        • Wootwootwoot on 10/12/2016 - 12:35

          @triviums: get a better broker e.g. saxo market and not your big 4 banks that rips you off on everything from bank a/cs to CCs.

        • JIMB0 on 11/12/2016 - 10:25

          @triviums: The fee forms part of the cost base so you can still only lose 100% max

    • c64 on 10/12/2016 - 12:13

      or possibly lose that amount (or much more) in a month …

      • [Deactivated] on 11/12/2016 - 07:43

        And don't try any logic on this thread, fuelled by greed not logic.

  • 89tnp on 10/12/2016 - 11:52

    Hmmm, for amounts greater than 100k, not really worth the effort moving from ubank?

    Edit: going to transfer 100k and just make sure as soon as I go over 100k I send it back to ubank

  • Pudina Chutney on 10/12/2016 - 11:53

    I'm already banking with ING. Should I open a savings account now or on the 12th?

    • [Deactivated] on 10/12/2016 - 12:14
      +1

      You won't get bonus interest until Jan.

  • KLoNe on 10/12/2016 - 11:57
    +1

    Isn't RaboDirect 3.2%?

    • Magical Sound Shower on 10/12/2016 - 12:48

      Website says 3.05%

    • iSamurai on 10/12/2016 - 14:28

      They dropped it on Wednesday

    • bluesky on 10/12/2016 - 22:28

      Yes, still 3.2%, but only for those participating in their top-up promotion - see comment. This promotion applies only to new funds added from a certain time.

  • FatBlanket on 10/12/2016 - 11:59
    +6

    I switched to ing for the cashback and high interest rate. Then they scrapped the cashback and cut the interest rate. I'm not switching again. Not worth the hassle. Especially when you're moving large chunks of money around. And to be honest, the money I was saving wasn't enough to make up for their crap app and website. Coming from CBA I missed getting cash out when I forgot my card via app, or paying with my phone via pay wave. Now CBA has added logging in with your fingerprint. Sorry, no one probably wants to hear all this but I've typed it out now so might as well submit it.

    • MuadDib on 10/12/2016 - 12:47

      im using ing everyday account with android pay. love cba cardless cash. saved my ass once when it ate my expired card. dont think they sent my a replacement…need to get around to fix that, seems wrong not having a card.

    • iSamurai on 10/12/2016 - 14:29
      +1

      I keep a CBA account open and keep like $50 on the debit card. Should be enough in case I need to withdraw money.

      • peterpeterpumpkin on 10/12/2016 - 22:50

        Student?

        I wish I could have a card from a fancy-pants bank without having to redistribute my faked income to avoid monthly fees. Before I shut down my St George account (opened for the $50 bonus) my statement said I deposited over $12000 in 3 months.

        • iSamurai on 11/12/2016 - 12:20
          +1

          Yeah, student.

          You can also have your salary deposited into your CBA account and on pay day transfer it to ING. if you do it before 5 pm it should arrive on the same day and you can then transfer it to the savings account. This way you trigger both bank's deposit requirements.

  • T-man on 10/12/2016 - 12:02

    Happy new customers, sad homeloan customers. They just increased 0.15% and no explanation.

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