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

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[Existing Customers] Waiver of Requirements for Bonus Interest Rate in Savings Maximiser Acct @ ING Bank
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virhlpool on 20/04/2020 - 17:12 ing.com.au (1341 clicks)
Last edited 20/04/2020 - 18:00

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 (347)

Until 30/6/2024, referrer and referee will each receive $75/$100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $75/$100/$125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 and make at least 5 (settled) card transactions within any calendar month.

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closed Comments

  • M999 on 01/06/2020 - 15:34

    They just say I don't meet criteria on April AND I SAY I indeed redeposit only on MAY… I DON'T MIND NOT TO GET THE BONUS INTEREST FOR APRIL IN MAY..BUT FOR MAY I THINK I DESERVE IT ON JUNE..THEY SAY THE BONUS INTEREST ONLY CAN BE GOT ON July BECAUSE I DON'T MEET THE CRITERIA ON APRIL..HOW I AM BEING CHEATED FOR THE INTEREST..

  • M999 on 01/06/2020 - 15:42

    This is their reply

    Thank you for your message.

    According to your transaction listing, for the month of April you have not made the 5+ settled card purchases and you have not satisfied the $1000 deposit.

    Please see below the criteria that has to be met in order to get the bonus interest.

    Make a deposit from an external account of $1,000 or more each month into any personal ING account in your name (excluding Living Super and Orange One)
    Also make 5 or more settled card purchases using your ING debit or credit card each month - you'll be eligible the following calendar month. Card purchases exclude ATM withdrawals and enquiries, cash advances and EFTPOS cash out only transactions
    Since you have met the criteria for the month of May, you are eligible to receive bonus interest for the month of June 2020.

    • virhlpool on 01/06/2020 - 16:17

      It's easy to call them and clarify as they are available 24x7 with little or no wait time generally. I think it will be the best to get to the root of the rejection reason while quoting the said offer.

  • M999 on 01/06/2020 - 15:43

    Is the bonus rate given for only meeting the criteria 2 months after that?

  • M999 on 01/06/2020 - 16:26

    It is useless..I try to clarify with them and even say I will tell people that they are cheating… They just say go ahead..beware of ing

  • M999 on 01/06/2020 - 16:27

    Where can I lodge my complain again

  • arnieb on 03/06/2020 - 21:35

    ING are not playing fair. I received bonus interest in March 2020, and did not meet 5 card purchases in May 2020 (as I thought I'd be able to receive it as part of the promotion). Sure enough, no bonus interest for May 2020. Feels like they are stealing from customers.

    • auscompgeek on 15/06/2020 - 21:05

      Did you receive the email from ING letting you know about the waiver?

  • LFO on 16/06/2020 - 22:51
    +1

    Again: As I was reminded:

    Need to do all required conditions (5 and 1K) during June to receive all benefits in July

    TIC TOC TIC TOC TIC TOC TIC TOC

    :-)

  • scrappy dog on 18/06/2020 - 19:08

    I basically thought the email said that for April, May and June - if requirements are not met, you will get the usual benefits including FX transaction fee reversals. and then I used my card online (~US$4k). The transaction is still pending but I moved all my money out.. do you think I can ask ING to reverse the fx fee, when it settles. My account will be in overdraft..

    • scrappy dog on 25/06/2020 - 20:45
      +1

      great I called them, they waived the transaction fee.

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