This was posted 7 years 4 months 15 days ago, and might be an out-dated deal.

Related
  • expired

ING Direct - Savings Maximiser 3.0% Interest Rate

3940
ING Direct - Savings Maximiser 3.0% Interest Rate
Go to Deal
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

Related Stores

ING
ING

closed Comments

    • aert on 10/12/2016 - 21:26
      +4

      Want an explanation? How about "you are our debt slave and we can charge as much as we like"?

  • Ion on 10/12/2016 - 12:37

    UBank will be following shortly (very unofficial source, don't quote me) so I wouldn't bother shifting money around.

    • 89tnp on 10/12/2016 - 12:45

      lol. might wait and see then before I waste my time.

      have opened an account in the meantime.

    • inherentchoice on 05/01/2017 - 11:48
      +1

      I hope you're right. So far it's unmoved.

  • BradH13 on 10/12/2016 - 12:38

    I just signed up after seeing the bonus $75 dollar offer for the everyday account (don't really have enough savings for the savings account to be valuable to me).

    Can anyone tell me if using your Visa Debit card at shops, reflects in the internet banking/app instantaneously or does it take time to poll?

    I'll most likely stay with them if it's instant. Free ATM withdrawals and being able to deposit at AusPost is cool (currently have to drive two towns over to deposit money at Commonwealth, whereas I have an AusPost across the road from me). The Android app seems nice, but I'll miss fingerprint logon that CommBank just implemented.

  • gm3stevens on 10/12/2016 - 12:47
    +1

    Thanks OP. It comes at a good time when my 3% Citi bank online saver account approaches the end of 4 months promotional period. Time to move money back to ING:)

    • Jared17 on 23/12/2016 - 05:34
      +1

      What I do is just open a new citibank account and get the bonus interest again lol

      • c64 on 23/12/2016 - 09:51

        do mean just a new online saver account or do you a whole new profile / login account etc?

        • Jared17 on 23/12/2016 - 10:01

          New online saver account

      • gm3stevens on 24/12/2016 - 13:33

        Haha, that's a good way of thinking. Unfortunetely, the bonus offer is only applicable on the first Citibank Online Saver that you open :(

        • Jared17 on 24/12/2016 - 22:19
          +1

          Worked for me. Did it many times. Got the bonus interest even though wasn't my first online saver

        • gm3stevens on 25/12/2016 - 11:04

          @Jared17: Thanks for the heads up. Do I need to close the existing online saver account first before open another one?

        • Jared17 on 25/12/2016 - 17:11

          @gm3stevens:no worries. I think you dun need to but I closed mine to avoid having too many accounts

        • gm3stevens on 25/12/2016 - 23:30

          @Jared17: Thanks!

  • sep1 on 10/12/2016 - 13:10
    +2

    have your salary going into your Orange Everyday transaction account

    My salary goes directly in the Savings Maximiser account and I get the "Bonus Interest Credit" deposit every month.

  • paloverde88 on 10/12/2016 - 13:17

    I think ing direct is currently. 2.98% for savings so 3% is really time to celebrate!
    Mebank is now 3%
    Rams is now 3.1%

    Absolutely time to celebrate such sky high interest rates for savings!

    • dingdong3000 on 10/12/2016 - 13:26

      I'm certain Ubank will beat them

    • greatlamp on 10/12/2016 - 13:38
      +2

      I still remember 8% a few years ago…

      • CyberMurning on 10/12/2016 - 14:57

        Don't always remember good days there were days when interest was 1%.

      • [Deactivated] on 10/12/2016 - 15:33
        +1

        I remember 17.5% for a 12mth term dep. That was a lotta beer money on maturity

        • johndemonik on 10/12/2016 - 16:25

          What are the economic conditions that will bring about these type of rates again? Is it mining boom thing?

        • [Deactivated] on 10/12/2016 - 17:23

          @johndemonik: the recession we had to have :-)

        • SomeGuyOnOzB on 10/12/2016 - 21:47

          wasn't that when they had Pyramid Building Society to compete against? :P

        • [Deactivated] on 10/12/2016 - 21:54
          +1

          @foundit: same time..but i wasn't a mexican back then….I think it was GIO who paid me back then.

        • johndemonik on 11/12/2016 - 01:34

          @supabrudda:

          I'm a newb, and quite srs, what are the economic conditions for VERY high interest saver rates?

        • [Deactivated] on 11/12/2016 - 07:48
          +2

          @johndemonik:
          Well like all economics, it comes down to supply & demand.

          Saving %rate = Borrowing %rate - %smallprofit

          So you need lots of people wanting to borrow money, with less people willing to lend(save) it.

          Back in the last 80's the was a global boom, especially in Australia. Back then the Reserve Bank actually dictated intefrest rates (where as now banks & lenders can get money directly from Overeas investors, who set the interest rates based on global demand). Anyway a witty, arrogant treasurer decided we needed to apply a very strong handbrake to the economy to slow it down. He was a bit too successful. One of the things he did was to push interest rates very high. Something modern day treasurers & reserve banks are unable to do. Interestingly enough when John Howard was treasurer in the late 70's/early 80's interest rates were over 20% (but home loans were capped at much lower rates).

        • newby2010 on 11/12/2016 - 18:45
          +2

          @johndemonik: It was high inflation - excessive aggregate demand. Everyone was borrowing to buy something, everything and anything like its going out of fashions.

        • artfuldodger on 14/12/2016 - 12:55
          +3

          @newby2010:
          Exactly, it was to stop the excess. Keating described it as the 'recession we had to have'. He was rubbished for it but he was the only adult in the room realising that measures had to be taken to prevent further misery down the track. Our government now prefers to allow bubbles to grow and grow, not deliver the tough medicine and hand greater pain and problems to future generations. Keating broke the back of inflation, caused a contraction in the economy but, by all accounts, set up the economy for the following 25 years of economic growth to follow. Paul Volker, head of the Fed Reserve, did the same in the US in 1981 pushing interest rates to 20%. Basically, it is a crude but effective method of imposing discipline on a relatively wayward economy.

    • [Deactivated] on 10/12/2016 - 13:38

      2.75. Rams 3.15 but no withdrawals allowed.

    • moksha on 10/12/2016 - 14:34

      mebank is 3.05%

    • Fobsessive on 10/12/2016 - 15:27

      RAMS is currently 3.15% and has been throughout the ING drop

      • Architectonic on 21/12/2016 - 12:35

        Not anymore, they're down to 3.0%.

        • Fobsessive on 21/12/2016 - 13:34

          RAMS would still be useful if you hit the ING $100k bonus interest limit

  • iSamurai on 10/12/2016 - 14:27

    Nice. I transferred all my savings out of ING Direct a few days ago and I told them the reason was because there's higher interest elsewhere. Rabodirect was 3.20% but they dropped it to 3.05%. ANZ is at 2.85% (and they're happy to reapply the introductory rate for me). There must've been enough people doing this for them to respond.

  • paul11 on 10/12/2016 - 15:11

    I am with uBank @ 2.87%

    Confused, should I transfer or stay ????

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

      Why are you confused? If you want 0.13% more interest then transfer, otherwise stay.

  • centrelink on 10/12/2016 - 15:12

    Do I need to go to the bank every few months to "renew" the interest rate?

    • bluesky on 10/12/2016 - 22:34
      +2

      No. Just "renew" next month, by depositing $1000 or more this month.

    • AliGee on 12/12/2016 - 08:15
      +1

      They dont have a 'bank' its all online….

  • tdw on 10/12/2016 - 15:51
    +2

    oh good. i've spent 2 months moving back to mebank and it's been terrible. had to call them 4 times to sort out issues with their system and not getting bonus interest. no more faffing about with remembering to make paypass transactions every week

    • t25 on 10/12/2016 - 16:17
      +6

      I didn't even bother with me bank. I'd rather lose the interest so that I don't have to deal with them

      • tdw on 10/12/2016 - 16:54
        +2

        the mind boggles at how they won bank of the year -_-

        • t25 on 10/12/2016 - 20:07
          +5

          Say what? ME bank; bank of the year! Whoever issued that reward just lost all credibility for any future rewards.

        • tdw on 10/12/2016 - 21:08

          @t25: there was a bunch of annoying ads bragging about it. thank goodness for the mute button

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

        ¯\_(ツ)_/¯ meh bank

  • Donaldhump on 10/12/2016 - 16:55
    +2

    You don't need salary goin in, just push 1k out to another account then put it back, I have scheduled transfers to do this, it seems to work

    Also with Rams if u need to withdraw money, just open a new rams account and move what u don't need to it on the 1st of the month,then withdraw/transfer the rest. Alternate between two accounts

  • plmko on 10/12/2016 - 18:19

    Finally some give, seemed like ING was all about take (no cashback), take (low interest), take (disappointing credit card) these last months.

    As mentioned above there are a few banks that give you marginally better rates, but the cost of that to get a great phone app that supports Android pay, Australian phone operators and free ATM is well worth it.

  • Jared17 on 10/12/2016 - 20:18

    Finally some great news from ING. Although Citibank gives 3.05, I will move some money to ING as more convenient with the free ATM fees.

    • [Deactivated] on 12/12/2016 - 02:59

      Citibank is 3% for 4 months.

  • bluesky on 10/12/2016 - 22:46
    +4

    Comparing ME Bank and ING, now that the difference has narrowed, ING certainly looks like the better bank. The past two times, when I went overseas, ME Bank gave a bit of leeway, for the weeks I could not paypass, and still awarded the bonus interest. After my last overseas trip, I have been contacted and told in no uncertain terms, that this leniency will not happen again. I explained that we are talking infrequent occurrences (at most twice a year), could they not show some goodwill, since it is troublesome, moving funds out before trip, and back again after trip. The person is unmoved. So my funds are moving out anyway. This ING development is great news!

  • Some Human on 10/12/2016 - 23:29
    +3

    Had no idea about RAMS - much easier to get the bonus interest than paywaving. Goodbye MEbank.
    Thanks OP

  • brainactive on 11/12/2016 - 09:32
    +2

    This might be a sign interest rates are going up soon. ING seem to be raising rates early and are probably unlikely to have a further increase when the cash rate next changes. I see this as a strategy for them to re-gain their customers after the fisco recently (removal of 2% and prior consecutive interest rate drops). When cash rate next changes, uBank and the others will probably come out on top, just something to keep in mind, given so many upvotes…

  • AliGee on 12/12/2016 - 08:08

    Well they still have the free use of any ATM in Australia! No one else does that as far as I know…..

  • AliGee on 12/12/2016 - 08:13

    I wonder if this is because they've started loosing customers - They used to have 4.0% (2.5%pa plus a bonus 1.5%pa for linking an everyday account and putting $1,000 a month into it).
    They started gradually decreasing the figure until it was down to 2.75% total and removed the paywave rebate as it was costing them a fortune. We used to always make our transactions under $100 to get the rebate.

    We were looking at moving our savings to ME Bank instead for a better rate…. might hang around now - an extra 0.05% isn't worth the effort - unless ME Bank up theres too…

  • AliGee on 12/12/2016 - 08:18

    Only down side is ING have a Max balance of $100,000 to get the good rate - anything over that, and the entire lot drops to a lower rate. At least ME Bank has a max balance of $250,000.

    • ppdogs on 12/12/2016 - 09:09

      Entire lot? or only for the amount above 100K gets the standard rate, and the rest still gets 3%?

    • [Deactivated] on 12/12/2016 - 11:57
      +3

      The higher interest rate applies for your first $100K, anything above that gets the standard rate.
      Savings Maximiser
      The additional variable rate can only apply when you also have an Orange Everyday. The additional variable rate currently 1.40% 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.Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING DIRECT can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

      I'm with ING after dumping BW due to their actions (and lack of communication) following their stuffup with a bank security settings issue, and more particularly their subsequent lack of response. Happy with everything at ING so far.

  • ccgoh1983 on 13/12/2016 - 18:15

    I have open an account yesterday and deposit some money in it, and only found out the $75 referral bonus, I guess it is too late.
    My wife just apply but haven't activate the account, is there a way to cancel the application and reapply again to get the $75 bonus? How long it takes for me to get my refreral code for her to use?

    • bluesky on 13/12/2016 - 18:41
      +1

      Don't hold me to this, but pretty sure there is a promotion to give you $75 even if you apply direct, and do not use referral. Please check that, it may have been limited time, I am not sure. But if you already qualify, then less hassles than cancelling your wife's application etc.

      Edit: It is on their front page - https://www.ingdirect.com.au/
      It does give a promo code to enter though. How did you apply? Which link did you use?

      Just a thought: Since it is on their front page, maybe ring them up. And ask them to just give the $75 to you, to avoid the hassles. They may be accommodating; ING has rather good custservice.

  • ericshurn on 13/12/2016 - 19:32

    If i deposit $1000 into the everyday account THEN transfer into the savings maximiser, will that still count and get bonus interest ? Sorry if stupid question

    • Obey on 13/12/2016 - 19:52

      Yes, just requires 1k from external bank into ING account.

    • bluesky on 13/12/2016 - 20:39

      Actually, a more efficient way is transfer straight into the savings maximiser. That way, you get high interest from day 1, and less work. And yes, it qualifies as $1000 deposited.

      • sss333 on 14/12/2016 - 09:09

        Get the $75 for opening an account as well?

        • bluesky on 14/12/2016 - 14:56
          +2

          Oh, I am thinking of qualifying for the month-to-month bonus, and free ATMs. If this is to get the $75 opening account bonus, do EXACTLY as they say. So if the condition is to deposit into that new everyday account, do just that.

  • 89tnp on 14/12/2016 - 20:44

    Still no movement from ubank…

  • bsp on 15/12/2016 - 12:49
    +1

    There seems to be a lot of interest in this offer.

    • t25 on 15/12/2016 - 18:45
      +1

      Given that ING is actually a decent bank, good online interface (computer and mobile devices), having a good interest rate is just the cherry on top.

    • SomeGuyOnOzB on 16/12/2016 - 21:25
      +1

      I think bsp was playing with the words

  • Pudina Chutney on 20/12/2016 - 21:50

    I have a question. Do I need to transfer $1000 from my everyday account to savings maximiser monthly to get the 3% rate?

    Or do I just need a $1000 deposit in my everyday account, like the usual practice?

    • bluesky on 21/12/2016 - 00:30

      You only need to transfer $1000 or more from an external account into either the ING transaction acc, or ING Savings acc in the month prior, to qualify for the 3%.

  • Architectonic on 21/12/2016 - 12:30
    +1

    RAMS have just reduced their interest rate to 1.35% p.a. plus variable 1.65% p.a. bonus (3.0% total), so this ING account now looks like better value.

  • Jugg.Judy on 29/12/2016 - 12:24

    so just deposit 1k direct into "orange everyday" right? not saving maximizer acount right?

    • tdw on 29/12/2016 - 12:30
      +1

      yes

  • s0805 on 04/01/2017 - 12:14

    Hi, can someone please confirm my understanding here.

    lets say I deposit 20k in maximiser to start and deposit 1K before every month end to linked Orange Everyday account from external account & get the 3% bonus rate. In that case interest received would be 3% on 20k which will be deposited in starting of next month to maximiser account. Is that correct?

    Is the online transfer between maximiser and everyday instantaneous? So to make most of the saving I can transfer money from linked everyday account to maximiser before bed and transfer that back first thing in morning. It might not make lot of difference but will it work?

    Both accounts are accessible via ATM in australia? For 75 credit I just need to ask them?

    cheers

    • bluesky on 04/01/2017 - 16:03
      +1

      1. Yes, transfer between Everyday and Savings is instantaneous. To get the $75, follow to the letter which account they want you to deposit into.

      2. Once you received the $75, in future, you can deposit direct into Savings to save time/effort. It does not matter whether you deposit into Everyday or Savings account, you still get the 3% next month.

      3. Once you deposit $1000, next month, whatever balance is in your savings account (up to 100K) will get the bonus 3% rate. And interest is calculated daily on the daily balance. So it is not the 20K you start with, but on whatever balance happens to be in your savings account (up to 100K).

      Hope this helps.

      • s0805 on 04/01/2017 - 16:16

        Thanks for that. I don't follow your update about $75 credit. I don't have any letter or such. Will I be asked about this during online signup process? Their ebsite is saying something about referral. I am yet to open the account also do you know if both maximiser and everyday account is linked to the card or just one of them….thanks

        • bluesky on 04/01/2017 - 17:08

          Sorry if my point (1) causes you confusion. See discussion a bit above. e.g here and here : in mid December, they were giving a $75 direct sign-up on their website - looks like this has vanished. During various periods, there were also a $75 if you sign-up using referral. (See that random referral link at the top of this page, if you click on that). However, this also has validity periods and certain numbers, so the referral bonus is not guaranteed - but I guess no harm using it, if you are going to sign-up anyway. At best, you get the $75, at worse, no different from you signing up direct at the website at the moment.

          I think if you signup the Everyday account first; they might actually prompt you whether you want to signup for the Savings account. A debit card is provided and that is linked to the Everyday account.

          If they do not prompt you, you can always signup for Savings account separately afterwards.

        • s0805 on 04/01/2017 - 17:56
          +2

          @bluesky: Many thanks for your reply. Referral $75 still seems available in their FAQ.

  • jjjaar on 12/01/2017 - 12:20

    Wondering if anyone can help, I have a couple queries…

    From my understanding…

    1) I should open an Everyday Account and link it to the Savings Maximiser.
    2) Deposit $1000 into either account each month from an external source, i.e. my pay or another institution (if I do it into the Everyday Account, it will give me fee free ATM access from this account)
    3) If I do this today, I will get the standard 1.6% on 1 Feb, and then the standard+bonus from 1 Mar

    My queries are:

    A) Can I withdraw money from either account and still get the bonus?
    B) Could I deposit $1000 in, and then take $1000 out three days later, theoretically doing this every month to ensure I get the bonus? (I understand that the interest accrued won't go up each month if the balance doesn't grow, but I just want to know if I would still achieve the bonus)

    Thank you to whoever has the patience to read and answer this! =)

    • s0805 on 12/01/2017 - 12:53
      +1

      I am yet to open the same account and according my research you can transfer 1k from other bank account and withdraw it later to suffice that criteria.

      I don't understand your comment about interest earning though. My understanding is if you open account today and meet the 1K deposit clause you get 3% from 1st Feb.

      Sure,someone may correct me if I am wrong here.

      What I also planned to do is transfer money every night from everyday account to maximise account to maximise the interest. Transfer between these accounts are instantaneous. I know it won't make much difference but better than nothing.

      • jjjaar on 12/01/2017 - 15:05

        I meant that if I have say $20k in the account, and just add $1k and then remove $1k each month, the account total will always remain as $20k, and thus, the interest earned will stay around the same (always 3% of $20k). As opposed to adding $1k every month (and leaving it there), after a year the account will be $32k and the interest earned each month will be higher (3% of $21k, then 3% of $22k, etc.).

        • bluesky on 12/01/2017 - 17:10
          +1

          Your money, so however you want :-)

        • s0805 on 12/01/2017 - 18:00

          I think interest is calculated daily but paid monthly. If you are just depositing 1k every month and withdrawing after few days it will not make that much difference…hope that helps. don't forget the referral bonus..

      • bluesky on 12/01/2017 - 17:10
        +1

        Or leave almost the entire balance in Savings all the time. And transfer whatever you need to Everyday, only when you need it.

    • tdw on 12/01/2017 - 16:44
      +3

      a) you're allowed to withdraw your cash, unlike rams.

      b) your $1k deposit only needs to come from an external source i.e. a non-ING direct account. you can take out the $1k on the same day; still counts

      • jjjaar on 12/01/2017 - 17:22
        +1

        Thank you very much :)

  • B612 on 23/01/2017 - 15:32

    if i have 50k, what is the best way to put them all in the the saving account?
    my internet transfer only let me do 5k a day.

    • bluesky on 23/01/2017 - 17:02

      You can change the funds transfer limit to higher in your profile.
      With ING, this can be changed to 20K max. You can also call them up, and they can set a temporary limit for the day of your call, to the maximum amount that is in your account.

      Pretty sure other banks too have ability to change limits too (phone call, preference settings etc) if desired.

    • grasstown on 23/01/2017 - 18:26
      +1

      I avoid the call and just schedule payment 5k a day for 10 days. I'm lazy

  • exc3113nce on 13/02/2017 - 15:40
    +1

    Made the change over today. Good to read positive comments across Whirlpool and Ozbargain.

    • bluesky on 13/02/2017 - 15:50

      Good on ya! They will probably give the high interest rate with bonus, to new customers, who just open the Savings account. But please remember to deposit $1000 this month, for next month. This lag sometimes confuses people.

      • exc3113nce on 13/02/2017 - 15:52
        +1

        Yes done that all thanks for the reminder :)

        Was getting annoying with NAB. Although it is 2.7% you cannot make any withdrawals.

        • bluesky on 13/02/2017 - 15:59

          I would avoid NAB RewardSaver irrespective. Under certain circumstances, NAB Rewardsaver makes you lose interest - which intuitively speaking, you should not have to. E.g., if you withdraw on the 1st March, you expect your interest for the whole of last month to have the bonus. Only NAB manage to argue that under certain circumstances, you should lose the bonus interest for the last 2 days of last month as well. Other banks do not treat interest calculation this way. So what other circumstances can they do this? To be safe, I avoided that account.

          See my past post.

        • exc3113nce on 13/02/2017 - 16:02

          @bluesky:

          Thanks I'll have a quick read. I've moved now to ING for my interest account.

          On a side note is your name reference to the strymon pedal?

        • bluesky on 13/02/2017 - 16:05

          @exc3113nce: Haha, no. But just googled it.
          Seems pretty cool - I listened to the demos :-).

Login or Join to leave a comment
Login Join