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Savings Maximiser Account 2.10% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING


ING will be increasing the additional variable rate on our Savings Maximiser by 0.75% p.a. which will take our highest variable rate to 2.10% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria. Available on one account for balances up to $100,000 (see comments below for details).

The additional variable rate (that is added to the Savings Maximiser standard variable rate, currently 0.05% p.a.) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

  • deposit at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One);
  • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions); and
  • ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.

Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking, If you have any questions about your account, please visit ing.com.au/contactus for contact details and operating hours. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.

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          • @akafinal: You can pay them off early. And no, just to the amount of those 4 initial split payments. I’m not specifically going out of my way to pay with Afterpay, but I do buy a lot of things online and Afterpay mandates no payment surcharge, so sometimes it’s a good option. Probably not so much with the MasterCard gift cards that were on sale not too long ago.

      • +4

        Exactly. Mixed payment at Coles. Five 1cent transactions. Better to do at self checkout though. Bit embarrassing at manned checkout.

        • +1

          In years of those split payments, never done it at register for multiple 1c payments on same card😉 Would probably avoid that staff member again if I did!

        • +1

          Didnt thought of split payments when paying 1 item. I normally do pay for 1 item and do that 5 times. Ahh I learned something today 😀

          • +1

            @SabreTooth23: Yeah at Coles self checkout it's under "mixed payment" in the payments section… Expect a large receipt.

            • +1

              @Ozbargainasaurus: @Woolies its a Split Payment.
              Also a long receipt!

              • +1

                @Rather be Travelling: Personally, I just send 5x $0.01 PayPal payments (costs another $0.01/tx in fees) to a friend each month to meet the 5 card transactions. Have found this easier than split payments at the supermarket.

                • +2

                  @naisuda: thats 5c you're giving to paypal! Would rather buy 5 x $1 amazon gift cards…

        • +1

          Even at self checkout i have had the stares from Coles staff. Often it is because the machines are so damn slow. One lady even came over and asked if i needed help because it took me literally 30 secs to do each 1c transaction. Coles really need to upgrade their machines.

          • @cache: in the past 6 months or so, i've noticed the machines are a lot faster. can do all 5 split transactions in less than a minute

    • Yes + unhelpful when you call them…they want you to fail

    • I have way more than $ 100'000 …… in my dreams

  • Good stuff! Just turned 29 this year, was looking for highest interest alternative to Westpac account for 18-29 y.o.

    • +17

      BOQ is higher for under 35 year olds, and less conditions (particularly the need to grow your savings each month):

      • +1

        Woah! nice! I'll look into it!

      • I did some calculations and based on the amount in my account the interest rate workout within five bucks or each other. Seems like BoQ has less conditions though..

        • ING has no monthly ongoing fees and you get ATM/international currency conversion (for O/S purchases) fees rebated. Not sure of the BoQ product though.

          ING user for 3 years. No problems at all (beside the poor interest savings rate….like everywhere, but alas now increasing - savings account wise, mortgage (non ING) is another story)

      • Good they exclude oldies

      • +1

        I am with Westpac earning 2% but maybe I'll move there for the 3% and also get the credit card to get the bonus 150,000 Q points. Does anyone know what the conversion rate is from Q points to $/GC card value?

        Thank you!

        Edit I found this:

      • Just a very silly question here, by saying under 35, does that mean 1 day before turning 36 is still qualified? or literally under 35,meaning when you turn 35, you won't qualify?

      • +1

        under 36 year olds.

        • Got it, thank you very much.

          • +1

            @jasonyu2000: From their FAQ:

            What will happen when I turn 36?
            If you're aged between 14 and 35 and already have a Future Saver, then your account will automatically convert to a Smart Saver when you celebrate your 36th birthday, meaning the Bonus Interest you receive on your account when the Bonus Criteria is met the previous month will change. You can see the Smart Saver interest here.

            So, if you turn 36 on say the 14th day of September, your account would be automatically converted to a Smart Saver for the month of October.

      • -1

        I wonder if that would classify as discriminatory, against us old geezers…

        • +2

          Price and other similar discrimination is a widely used economic tool that is not legally discrimination.

          • +3

            @DreaminBargains: Fond memories of turning up to pizzahut lunch works (all you can eat) as a 15 year old claiming to be 12…

            They're like "you don't look 12, do you have ID?"
            My 15 year old mind races into gear…
            "12 year olds don't have ID"

            I'm still grinning about that one. Yeah, I may have peaked too soon…

    • +1

      BOQ has 3% interest on savings between 14-35 years old, up to 50K.

    • This seems higher by 0.1% compared to the Westpac account for 18-29 y.o (capped at 2% with bonus included)

  • nice, been waiting for something like this

  • Does the ‘deposit x from an external bank account’ include employer pay going straight into the ING account? Would have a look at the T&C myself but I’m at work

    • +3


      • Thanks mate. Seems like BoQ offers essentially same total interest for my balance with less conditions, so tempted to go with them.

  • +3

    I can remember when the interest rate on any old savings account was higher than inflation. Although it seems so long ago now I wonder if it was just a dream.

  • +1

    Does Beem work for the 5x transactions?

    • +1

      Not sure but you can buy 5 X 1$ Amazon E gift cards via Amazon

      • +1

        Buy OzB things using Afterpay if there’s no GC to use and pay off random payments to hit 5 per month. Super fast if you’re buying things anyways, much faster than even Amazon GC

    • +1

      Yeah Beem doesn't work anymore. I do the 5 x Amazon gift card trick as mentioned before.

      • still have to waste 5 bux, doing 5x1c woolies transactions is better

        • you still get to spend the $5 not exactly wasted

  • +4

    Wonder if uBank will beat it or at least join the 2.0%+ party 🎉

    • 1.35 lol

      • +3

        That was after the 0.25 rate rise. They are always a few weeks behind. I think they'll offer between 1.6 to 1.75.

  • -2

    I'll wait when interest rates rise to 5% end of next year.

    • +2


      • Because you'll get a better savings rate.

        • +11

          between now and then by waiting you get retrospective interest?

    • +2

      If you have spare $$ why would you wait take the 2% now then the 5% when it's available

  • +23

    pass…stupid amount of requirements dont want to encourage them

  • +2

    The balance increase requirement each month after reaching 100K means that it is not possible to get the actual rate being offered, especially when you take transfer times into consideration.

    • Why? Just transfer it to your transaction account for a day

    • +1

      just get to 99k and you have 1000 months to play with
      can u not open a 2nd one too

      • Theres no reason why you cant exceed 100k is there? You just stop earning bonus interest on the amount exceeding 100k.

        • You just stop earning bonus interest on the amount exceeding 100k. <— that is your reason

          why would you keep excess in there, start a new account

  • +10

    Ubank I’m counting on you, please match or offer a better interest rate and take my money

    • +2

      I just moved all my funds from ING back to my old Ubank account since they just became the same rate and I hated the ING requirements (standing at a self-checkout doing 5c transactions with the staff staring me down even in quiet periods isn't my idea of a good time). Would love if UBank could pick it up but not sure of the chance they'd raise their rate again so soon.

  • +5

    Notes for those new to this:

    1. Deposit at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One)
      • Drop into here whatever spare cash you have but don't go too near the 100k limit. EG put in up to 80k (yes I know most of us don't have that much)
      • Set up an automatic deposit function from another bank account to drop $1000 into the account each month
    2. Make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions)
      • This can be tricky as you don't want to spend over $1000 each month so I generally go into Coles/Woolworths and do a partial payment of my shopping for 1c and do it 5 times. This covers you for the 5 transactions criteria
    3. Ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.
      • This is what really annoyed me a few years back when I had an ING account so just make sure that you watch that balance or you will lose bonus interest for the WHOLE MONTH

    Also please don't forget to use the referral link to help fellow OzB's out.

    • +3

      Excellent summary!

      With interest growth I was fortunate to accumulate to 100k, then I lost bonus interest for the WHOLE MONTH, as I was forced to withdraw in order keeping the limit below 100k. The bank rep was happy to let me go, instead of fixing their product issues. I am happy too, to leave all those hassles behind…

      • its working as intended…

        They give bonus interest with the assumption you won't always get it therefore they can advertise a higher rate then competitors.

        • +2

          Sure, the requirements are serving such purpose.

    • Does the 1c X 5 times work at Woolworths/Coles? I've recently done this and on my account it is not pending, but when I check my benefits for the next month it say 0 out of 5 purchases.
      How would I know that the transaction has been settled?

      • +1

        it works but takes a couple of business days to update at ING's end

    • +2

      The difference being they can transfer now, then transfer again if/when a better rate is available. You're not locked in.

  • I'm a bit finance ignorant. To get what the monthly interest payment would be is it as simple as divding by 12? E.g. $100k in bank account @2.1% = $2,100 annual, $175 monthly.

    • Yep.

    • +1

      divide by 365 and multiply by days in month

  • +2

    Be warned going to BOQ, I did that last year for better interest and their online banking was awful… interface was stuck in the 90s…. Quickly got out of there.

    • I had a similar experience and was annoyed that closing the account required me to go to a branch.

    • There's no online bank for new deposits/accounts any more. Just a slow phone app.

    • Their new account is app-only on a new interface (same as virgin). Miles better than the old internet banking

  • +9

    Hmmmm… go back to ING and do a little dance for them for a few extra $ per month with the possibility of them closing my account to cover their ass for screw-ups? Pass.


  • +2

    Savings Maximiser Account 2.10% p.a.

    CPI 5.1% YoY.

    • so you’re saying you want mortgage rates to go up to like 7%

      • +1

        2.1% - 5.1% = losing buying power.

    • +3

      Where else can you park your money, having it keep up with inflation, and guarantee its safety?

      2.1% is obviously going backwards on your real savings, but what other alternative do you have?

      • -2

        DCA hard assets.

        Many of them are close to pre-Rona prices.

        • lol

          not gold or silver

        • +4

          And what are those hard assets, can I get cash from them pretty much instantly, and guarantee I won't lose money?

          • -2

            @Cluster: People who invest have to ask themselves those questions.

            They're 100% guaranteed to lose buying power with this deal against a CPI of 5.10%.

      • Oh, man - do you really think we have the foolproof answer to that? What time frame are you talking about?

        The finance experts always say you always win long term on index funds, but didn't the Dow go nowhere for 20 years at one stage?

        1966 to 1982 - 990 to 990.

        • +3

          rektrading does. I'm waiting to hear from them.

        • However, if you not just lump sum in Dow Jones in 1966 and wait for 30 years, but just DCA every 6 months, you would get pretty good return

      • +8

        Where else can you park your money

        I invested all my cash in lettuces last month on the advice of my financial adviser…

        • +6

          and that's just the tip of the iceberg

          • +2

            @tdw: Is that cos you have some inside information?

            • +2

              @jv: That romaines to be seen.

              • +2

                @danielh: I believe it's true, endive got the evidence.

                • +1

                  @jv: leaves me wondering what this cannabis-ness has become…

                  It's called devils lettuce, and it's all I could come up with on the toilet.

  • +2

    I'm a bit pissed about the signup offer. Couldn't do it because it's calendar month, and I didn't read t and C properly. so I did signup on 25th of the month and card didn't arrive for a week, so stupid. Anyone i can complain to? Can't sign up again obviously.

    • I had the same problem when my card was cancelled due to fraudulent transactions. I called the customer service number and they were very helpful. Still awarded me the bonus interest as i fulfilled the other conditions.

  • What are people's thoughts on the likelihood of Westpac bumping up their Under 30yr old Savings rate in response to this latest rate rise? Wondering whether it's worth me moving out..

  • Good timing. I'm about to turn 30 so I will transfer my money from Westpac back over to my old faithful.

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