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[Existing Customers] Waiver of Requirements for Bonus Interest Rate in Savings Maximiser Acct @ ING Bank

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Received this communication in email today - below is what I understand:

In Savings Maximiser, to be eligible for the bonus interest rate (which is 1.70% at present) on balance upto $100,000, customers had to meet some conditions in the prevous month i.e. deposit $1000 or more from an external account and make 5+ settled card purchases.

As per the communication, from 1 April until 30 June 2020 you'll get their bonus rate of 1.70% p.a variable on your Savings Maximiser account that received bonus interest in January, February or March 2020, without needing to do anything more.

Their standard variable rate is 0.10% p.a. With the bonus rate, you get a total of 1.80% p.a. (as per current) for the month/s you're eligible for it.

P.S. While you don't need to do anything to earn bonus interest in April, May or June 2020, to enjoy free ATMs and no ING International Transaction Fees you'll still need to meet the monthly eligibility criteria above. [copied from the email].

Referral Links

Referral: random (885)

Referrer and referee will each receive $100 for opening new Orange Everyday & Saving Maximiser Accounts ($1k deposit + 5 card transactions/month required). Confirm with the referrer (person you PM) that they have a $100 referral code (ends 31/7/21). Do not participate in the referral system if you do not have a $100 referral code.

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closed Comments

  • +22 votes

    Re the 5 transactions you can use Beemit to just transfer funds back and forth to another account. No need to do "real" transactions.

    •  

      Thanks might try this if these count

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      Are you sure about this? My experience has been that your ING card needs to have been used somehow for the transaction to count as part of the 5.

      • +4 votes

        Been It uses the card, it's basically EFTPOS

      • +5 votes

        Yep, I do this every month and it qualifies.

        • +2 votes

          Or set up beem it to automatically transfer the funds.

          Done, tested, and works :-)

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            @movieman: I dont quite understand how it all works?

            •  

              @lonewolf: Beem it.

              Google it.

              •  

                @movieman: I have seen it mentioned before for ING, but where do you send the payment across to? I at the moment just pay a bill i get monthly and add on 5 smallest payments i can to that bill but it means i need to remember every month and it seems to sometimes stuff up my bill and remove the direct debit and then i get charged late payment fees and have to contact them etc to get it reversed as i have it set up on DD and it still says its setup for DD but doesnt go through sometimes if i have made manual payments as well.

          •  

            @movieman: who do you auto transfer too? how do you make sure you get it back?

            •  

              @yozza: My (other) account.

              With another bank. Ie, Citibank, etc.

              •  

                @movieman: Doesn't Beemit only let you have one account though?

                Given they verify identity, how do you get around?

                • +1 vote

                  @yozza: BeemIt allows you to add 3 of your cards (from different bank accounts) into your BeemIt account.
                  You can then transfer funds between these accounts.

                •  

                  @yozza: Use your partner's.

    • +4 votes

      Nothing personal, but this should not be highlighted.

      ING is a great bank. Abusing the terms through a loophole like this is a good way to get the deal banned for everyone. If you are struggling to do 5 legitimate transactions in the Western World per month, please let me know your secret.

      Or, are you lazy or ignorant enough to be rewarding another bank with your daily transactions which gives you less?

  • +1 vote

    I found this a bit confusing as the interest rate is 1.8% already.

    • +6 votes

      No change in the int rate (standard or bonus) - just a waiver of requirements to be eligible for the bonus rate. It means no need to do 5 transactions with card or deposit any amount in the account in the month till June 30th. If this makes it less confusing.

  • +2 votes

    How about for the free ATM withdrawals? We still need to meet the requirements for those?

    • +1 vote

      Unfortunately, yes. It would have been great if they had waived them too. :)

      • -4 votes

        Lots of places aren't accepting cash, so why do you need cash?

        • +1 vote

          There's still a lot of local shops that have a $10 min on EFTPOS. It's also the international transaction fees that aren't waived if we don't meet the spend so need to meet it for some online shopping.

          • +2 votes

            @thestig:

            local shops that have a $10 min on EFTPOS

            Go to one that doesn't.

          • +3 votes

            @thestig: Just do what I do and at Coles or Woolworth, just do four $1 part payments and then finish it off.

            • +5 votes

              @danielh: 5x 1 cent payments has always worked for me ;)

            • +1 vote

              @danielh: My go to is coles self check out. Woolies need to input more zeros at payment.

            • +1 vote

              @danielh: 1c x5 and the rest on credit checking in

    • -1 vote

      Not sure how I've negged. Mod please remove, can't seem to remove it.

      • +2 votes

        Revoke your vote in votes - under Deal Title

        •  

          Thanks!

    •  

      How about for the free ATM withdrawals

      Hey that would be awesome I love free money. However ING do however offer free ATM withdrawals on their everyday account. You cannot directly withdraw from the saving account. You transfer it to your everyday account and then withdraw it with no ATM fee

      • +1 vote

        I understand this but it's only free from all ATMs if you meet the requirements.

        •  

          Almost all ( Australian bank's) ATMs no longer charge fees regardless of of ING's requirements

  • +1 vote

    thanks ING

  • +2 votes

    Shame. I moved my savings across mid March and wasn't able to complete those 5 purchases…

    • +7 votes

      I just do 5 consecutive transactions at a self-serve checkout at Coles to meet the requirement.

      • +6 votes

        This guy ozbargains

      • +2 votes

        I'm splitting my payment to $0.1 X 4, and the remaining balance for the 5th. Less than 2 minutes job every month. As a bonus you'll get a loong receipt just buying 1 item

        • +3 votes

          Why not 5 x 0.01 and then pay the rest with a method of better return (Credit Card for points or WISH gift card etc)

        •  

          Wow, did work ?

          • +2 votes

            @coast666: It works - been doing this since ING introduced 5 purchase condition.
            I pay remainder by discount egift card at Coles & Woolies.

    • +1 vote

      Another alternative, at least if you're 1 or 2 short, is to do Qantas carbon offsets online - cheapest I've found is 5c on a route.

      • +4 votes

        I just do 5 x $1 BeemIt payments to my partner. Works a treat :)

    •  

      You are still qualified for this offer if you did it on January or February.

  • +4 votes

    I was with ING but found Xinja Stash to be much better which gives you 2.25% for upto 245k and no hoops to jump though. This ING deal just means you don't need to jump though hoops but they should have done that to begin with!

    https://help.xinja.com.au/hc/en-us/articles/360038395792-Do-...

    • -1 vote

      Nice.. do they have foreign transactions free like ING? I assume that ATM withdrawals (domestic and intl) are free too.

      •  

        I don't know about the foreign fees as I only use it to stash money. But I know they don't charge for foreign ATM use (useless right now :D)

        https://help.xinja.com.au/hc/en-us/articles/360033520811-Are...

        As for ATM use I haven't been stung by it yet but I think the Tap N Go uses a different network so the network operator slugs you (I haven't seen it happen to my account yet) but I advise you to use the normal old Eftpos method where you just swipe/insert card into POS terminal and enter your PIN.

        • +2 votes

          Xinja aren't taking any new customers on at the moment as far as I know.
          But loving the interest

    • +14 votes

      Xinja stash only available to existing customers who signed up by a certain date.

      Plus wouldn't trust my money in Xinja
      https://www.macrobusiness.com.au/2020/04/why-hasnt-apra-siez...

      Yes I know there's a government guarantee, but that hasn't been tested and there are other options out there.

      • -1 vote

        other options.. care to share?

      •  

        Also, how long does it take to claim on that guarantee in the event the customers need to?

        • +1 vote

          Nobody knows as its never been invoked. The bank has 24 hours after being declared to provide all of its customer account balances to the government. After that it would be a government process, which hopefully they've planned for but who knows.

          I would imagine it would be a quicker process for a small bank compared to someone like one of the Big 4 or a Bendigo.

    •  

      That is literally higher than the rate I'm about to fix my mortgage at. Nice.

    •  

      Yeah, put more money in Chinese bank to encourage them to buy Australia.

  • +5 votes

    I just moved my money out of ING to macquarie - 2.7% for 4 months with no silly limitations.

    • +2 votes

      Welcome variable rate 2.65% pa for 4 months, then 1.35% no fees
      https://www.macquarie.com.au/everyday-banking/savings-accoun...

    • +3 votes

      2.7% for 4 months is a silly limitation

    •  

      What's the plan after 4 months?

      • +1 vote

        Look for next best deal or transfer money back to existing ING account.

        It's the OzBargain way to get the best deal on most things - take up the introductory offers, then leave. Same as I do with SIMs most months.

        First time with Macquarie. Set account up in minutes 2 hours back & transferred money in already. Up to $50k/d can be transferred out of ING, but only around $1k/d in real time.

  •  

    Amp 2.65 now

    • +1 vote

      Now 2.26% for new customers.

      •  

        That's so strange - they are still running ads on Spotify claiming the 2.65% rate

        •  

          Maybe it's a special deal, what happens when you click through the advert? 2.26% or 2.65%?

          •  

            @Bob81: I didn't get to the ad in time - I'll keep an ear out and see what happens if I hear it again

    • +2 votes
      •  

        Only for 4 months.

        • +1 vote

          Correct, but free pay ID and hassle free setup. AMP are a deceptive joke!

          Judo has reasonable term deposits

  •  

    Hey guys, can anyone recommend a good savings account with the highest interest rate?

    •  

      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e...

      Looks like it hasn’t been updated for a while but keep an eye on it

      •  

        Thank you so much for that! i was following it but is there something wrong with the sheet?

        I mean wasnt Ubank offering 2.8%? while this one only mentions 1.8%

        •  

          2.8% was quite a while ago.

          It was 1.8% last month and now 1.6%

  • -1 vote

    that received bonus interest in January, February or March 2020

    But if you didn't, they encourage you to go outside and make 5 in-person transactions to get the bonus interest?

  • +1 vote

    Almost as good as ETF returns right now.

  • +1 vote

    First time in a very long time they are better than Ubank, there rates dropped to a max of 1.65 as on April 9th. Good to know.

    •  

      Was just looking at rates as have too much in ING. Signed up to Macquarie for 2.65% pa for 4 months, then move elsewhere.

      •  

        So I could transfer my funds from ING to Maquarie for just those 4 months, and then transfer back to ING with no issues?

        • +1 vote

          Just the hassle of moving your money.
          Macquarie Deal

        •  

          Can transfer about $1k/d in real time or up to $50k/d arriving within days out of ING.
          Just put $1k in account opened tonight (shows on app), with more arriving in account probably tomorrow.

        • +4 votes

          Just make sure the month before you transfer back to ING, deposit $1000 and make the 5 transactions required by ING. Or else, you will not get the bonus for the month you transfer back.

          • +1 vote

            @bluesky: Good point. Set a reminder for month before.
            Will look for better welcome offers when the time comes.

  • +4 votes

    Love ING.

    • +3 votes

      Get a room❤ 😉

    • +8 votes

      I used to… they used to be a great low effort stand-alone saver with a competitive rate.

      Then they started making customers maintain and use other accounts, certain number of transactions to qualify for a fairly mediocre interest rate

      left after months of next to no interest sigh

  • +3 votes

    I have learnt that it's best to stick to one of these 2-3 banks that offer relatively higher interest rates. No point switching between them as there's no permanent winner and you would end up moving to another one in a few months. Obviously, unless you like the hassle of changing bank account every few months.

  • +6 votes

    Moved to Up ages ago. Still the 5 txn requirement but no deposit requirement and their app and interface is miles above anything else.

    • +1 vote

      Yup same, UP is now my primary with ING as a backup.

      UP is getting feature updates very regularly. ING still doesn’t have push notifications for when a transaction is made/money withdrawn or money is deposited into your account.

  • +1 vote

    doesn't really make much difference for me since i just move the $1k inbetween NPP accounts in a matter of minutes at the start of every month (even during those months i have less than $1k in there)

    getting rid of the 5x transactions works better since i hardly spend on my orange everyday. it only costs me 5 cents every month but still takes considerable time at the self-serve checkout doing part payments and getting weird looks from the shop staff lol

    •  

      Which NPP accounts are you referring to? ING and some other bank?

      • +1 vote

        bankwest mainly. i also have an account with beyond bank i sometimes use to keep it active

  •  

    For that massive, gigantic 1.8% interest all the effort required (zilch) is very much worth it.

  • +1 vote

    I am an existing ING account holder but on the app it still shows as I do not meet the requirement? Anyone else see that? I can't find the email as well… wondering if targetted.

    •  

      which account? savings maximizer or orange?

      •  

        Everyday and maximiser both saying requirement not met and next month not met too :/

    •  

      Same, also says I do not meet the requirement on the app, will move away from ING if I dont get it next month.

    •  

      Same with me. I just did 5 x 1c transactions in Coles on the weekend and it now says I have met the criteria. Did not want to take the risk but to be honest I have put most of my cash into the Macquarrie 2.6% thing for 4 months deal last month so the impact is not that bad for me now.

  •  

    Anyone else seeing "not yet" (do not meet the requirement) for next month (June) on app?

    I thought it's for "from 1 April until 30 June 2020"?

    •  

      Showing the same for me

  •  

    As I was reminded:

    Need to do all required conditions during June to receive all benefits in July

  •  

    Last month on May , I have fulfilled the criteria to get the bonus rates.. This morning on June I checked my account , I was given only the basic rate.. I message and call the customers service, they say I did not meet the criteria on April so I can only get the bonus rate on July… That means the promotion message from ing is misleading..that is cheating.. I am also the previous customer that ever received the bonus rate several months before I reenter my money to ing… Any one has this experience before

    •  

      Did they give you an exact reason/ logic as to why you didn't fulfill the criteria?

    • +1 vote

      Did your account also receive a bonus interest in January, February, or March 2020? This is a requirement for this offer (waiver of requirements.)

      Otherwise, the normal rules apply, i.e., if you fulfil the requirements in May, you will receive bonus interest in June.