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

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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.

Referral Links

Referral: random (621)

$100 Campaign — Until 31/7/2022, referrer and referee will each receive $100 for opening new Orange Everyday & Saving Maximiser Accounts. Do not participate in the referral system if you do not have a current $100 referral code.

Referee is required to deposit minimum $1,000 and make at least 5 (settled) card transactions in any calendar month.

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closed Comments

  • +1

    "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 quite a onerous requirement for those who are saving for a housing or car deposit.

  • OMG YAY, that is a huge increase!! Looking forward to this!

  • +1

    So banks preparing to cash up to cover for potential mortgage repayment arrears

  • Will Ubank offer a similar rate soon?

    • Depends on your idea of soon.

      Ubank just increased their rate so unlikely to go again real soon, but will have to eventually.

    • Let's hope so.

  • +3

    So many requirements to get the top tier interest. The last criteria to increase balance every month is crap if you need to use some money that month. It works out kind of like a term deposit. No flexibility. I rather park my money @ Macquarie and not worry about fulfilling all of ING requirements to get top tier.

    • Requires only 1c more on last day of month than after interest was added . Encourages savings.

      Obviously, everyone has different needs, chose what is best for you. I also use Macquarie.

      • +3

        Unless you plan to never use that money, you will lose eventually.

        Unless you do the maths and treat it like a term deposit (which it basically is at this point) then the average person will likely lose more money at ING then at a competing bank that doesn't have these rules.

        • Works well if saving for a purpose where the final balance is to be spent.Then just lose bonus interest on final part month.

          Condition encourages saving, rather than spending.

          Term deposits often have large penalties for early withdrawal. Family member who urgently needed access to money lost over $5k!

  • Assuming you keep growing you maximiser account, once you hit 100K do you still get the bonus interest on the intitial 100K (I am presuming it just caps the bonus to the first 100K in the account)?

    • +1

      Yes 2.1% on first $100k, 0.05% on rest.

      So don't let it grow much over $100k, by increasing balance by only 1c per month!
      If you withdraw the excess, you lose the bonus interest for a month!!

      • I believe that should, more accurately, be by increasing balance by only interest + 1c per month.

        • Correct - balance after interest.
          I just add the 1c automatically each month to the current balance. So never have to consider that.

    • Correct. Anything over 100k gets the base rate

  • Does the monthly deposit of $1000 have to stay there or can it be withdrawn monthly like hsbc?

    • +1

      In years of using ING with that condition, have always automatically transferred out asap.

      I automatically transfer in $1000.06 each month to Orange Everyday Savings, automatically transfer 1c of that to Maximiser to increase its balance & automatically $1000 out.
      Then make 5 x 1c split payments on Orange Everyday card once a month at supermarket when buying groceries.

      • So the balance increase doesn’t include the interest ?

      • Why not transfer $1000 in and $999.94 out?

        • Same difference.
          It's only 6c either way.
          Not as if there is any loss in interest on 6c for a few days per month!

          You need to transfer $1000 or more in. My idea is to add 6c to account. Then transfer remainder out.
          Do it however you want.

          Already had set up automatic transfers of $1000 in & out years before conditions were changed, so needed to change one transfer.

          Was a choice of adding or subtracting 6c… Adding ".06" at end of 1000 was simply easier than reentering "999.94" when changing 1 transfer.

  • +6

    They have lost the game when they added stupid conditions. I stopped using it as my main account when they conditioned the interest rate based on number of physical transactions as I hardly do anything other than online payments (everything else go through credit cards). Way too restrictive with the PayID payments too (cannot do more than $1000 per day compared to every other bank I know having either higher limits and/or unlimited payments) which is another big one why I will not go back to them even with a higher interest rate than others.

    They had a good thing going until they started being stupid (as far as I am concerned)

    • For most the love affair ended when 5%, then 2% cashback ended!

      I still use it, but not as a main account.

      Only spending is 5 x 1c split payments on card once a month to meet conditions. Other conditions are met by automatic transfers.

      • -2

        The banks went from giving 👭 🍞, to a 🥪, to a slice and then to 🍞 crumbs.

        👬 are so used to getting less and less that they'll take anything.

        • And yet this Deal is a rate rise…

            • +1

              @rektrading: Many are paying far more for their mortgage now.
              Will humbly take my crumbs…

              • @Rather be Travelling: Loans aren't taxed.

                Savings in fiat 💵 are double taxed.

                • +1

                  @rektrading: Then set up your own financial institution!

                  Am taking my crumbs & sitting in the sun🌞 The birds might appreciate them🐦

                  • -1

                    @Rather be Travelling: I don't like to rip off people. The 🏦 are pretty 👍 at that.

                    • @rektrading: So set up a different type of one.

                      I've loaned people money interest free for good projects, 1 over $100k. Loans were repaid & my interest was not monetary.

                      The birds are enjoying the sun & crumbs 🐦

                      • @Rather be Travelling: Already have. It's called DeFi.

                        • +1

                          @rektrading: Have fun with that!!

                          My loans were to family & friends. For projects that I could touch & see in local community.

                          And setup, funded & ran a social enterprise training & employing people in need. Profits went back into the community projects.

                          • @Rather be Travelling: I prefer math.

                            Trustless math on the screen with no need to see or touch what the 💵 is used for.

                            • @rektrading: And when it goes to down in value or disappears from your screen…

                              The birds are right - they love seeing the crumbs in the sun🐦

                              • @Rather be Travelling: I'll use a different device.

                                • +1

                                  @rektrading: I'm on the fence about DeFi. I've made silly amounts of money on trading and enjoy ~12% p.a CeFi staking, but I'm too wary of DeFi to commit any real portion of my portfolio to it. When the platform's focus is constantly on increasing TVL, I feel like it's just a game of chicken, riding the euphoria and timing my departure just before the rugpull/liquidity pool drain clause in the Smart Contract is executed, or the tomb fork's peg depegs.

                                  • @Jonzay: I'm a firm believer that DeFi is here to stay. Of course, not all of them will survive a bear market where the trash gets taken out to allow the leaders to shine.

                                    The first and most used platforms on Ethereum, BNBchain, Solana and multichain have a higher probability TradFi integration.
                                    https://defillama.com/

                • @rektrading: The dog ate my homework!

    • Ahhh, I did not know that this was only for physical transactions. Even more annoying. There have been times when I would suddenly remember that I had to do 5 x 1c transactions but the date was near the end of the month and it ended on a Sunday and thus I'd go into a panic hoping that the 'pending' transaction would be cleared before the first of the following month. Having the potential option to clear this by doing some late night online transactions would have helped but if it is physical, then me going into the supermarket on Saturday 30th of the month and hoping that my 5 x 5c transactions would clear was just too painful.

      • I have been doing 1c PayPal transfers for months.

  • +1

    Anyone know if this will carry over onto existing accounts?

    • +1

      Yes, its just a rate rise for your benefit.

  • For balances up o $100,000. So if you had more than 100k it would apply only to the first 100k? Or you are completely ineligible? Sorry if a stupid question. For either outcome, what other banks do people use to split savings?

    • +1

      dont go over 100k as others have mentioned

    • +1

      https://www.ozbargain.com.au/comment/12242798/redir
      Alternatives have been mentioned in other comments.

    • +1

      This is via ING Facebook after I asked a similar question this morning. Pretty sure it answers your question 😊:

      “Hi xxx, thanks for reaching out.

      Anything over the $100k amount will only receive our standard variable interest rate while the first $100k will continue to get the bonus variable interest rate, as long as the monthly criteria is being met.

      So even if you have more than $100k in the account you need to continue to meet the monthly criteria, including of growing your balance each month, to get the bonus variable interest rate.

      Hope this helps!”

  • +1

    Bank of Queensland is 3% for people up to the age of 35. Some conditions but only really need to deposit and then have 5 transactions.

    • +3

      Mentioned many times here!
      But only on first $50k, & only for 14-35yrs.

  • A lot of disgruntled people here about the balance increase requirement (including me).

    What's the chance of getting an ING rep in here to defend that decision?

    There was an old thread about this where it was discussed that ING did this in response to "customer requests".

    • Westpac does the same. Doubt they'll change. It's almost like a term deposit for a higher interest rate.

    • +1

      That balance increase requirement has been in place for ages. There were complaints before it was introduced. So a bit late now to demand it be reversed.

      I've adjusted to it & set up a 1c automatic transfer to raise final balance by 1c after interest each month. Never been an issue, (unless I needed to withdraw & lose most of that months interest).

      Just take your money elsewhere. There have been suggestions with better returns & without that condition to save.

    • +2

      I actually left and joined uBank because of this (as I lost interest for a month). uBank has a smaller interest rate than ING but I didn't have that hassle. Now that I have been gone from ING for about 2 years, I will consider setting myself up again as a new user and hopefully get (and give) the referral bonus to someone.

      • +2

        unlikely, referral is a once off. closed my account and tried to get it again years later (after moving house even) and no luck

        • If I want to refer a friend who does not have ING, do I get a bonus credit as well?

          Where can I find the option to refer a friend?

    • There is nothing to defend.

      Its a fancy term deposit, because if you did the maths you would realise you have to keep the money in there for X months/years to stay ahead of a savings account at another bank because you are guaranteed to lose a month of interest every time you withdraw.

      And before someone says withdraw and then deposit… if you need to withdraw from your savings account then you obviously don't have that money elsewhere to replace it, unless these people are treating ING savings accounts as some sort of buy now pay later system/pay advance system.

      • +1

        if you have an upcoming expense.. you could move every dollar out to a less onerous account on the 1st of the month and then move money back in on the 1st of the following month

        • This won't really work due to transfer limits between banks.

          • +1

            @samfisher5986: I can transfer $100k online in one go from 3 banks without any additional process - Citi, Ubank, and NAB. For many others, you can withdraw unlimited amounts by calling or filling out a form eg. ING, MyState, AMP, ME Bank, etc.

    • +1

      Thanks to everyone who replied.

      I work at a place where mantras like "our customers are the most important thing to us". I'm sure ING and most banks have similar goals. Maybe it's just lip service and they don't actually mean it. Maybe it's a disconnect between the marketing people and the bean counters.

      You would think that as a business they would welcome an opportunity to engage with their customers, and especially a vocal and influential group like the Ozbargain users.

      Maybe Scotty or Neil can think about this as an opportunity to bring business reps and customers together on this forum (I think TPG reps are active here and also on Whirlpool).

  • anyone know how we can actually qualify for the refer a friend ING program? this interest deal might be enough to get a few friends to come to ING, just don’t have a referral code hmm

  • +1

    I probably need to move from these guys. Moved to them a couple of years back when they had an UberEats free delivery promo (I know, I know…) and a competitive interest rate, they've done nothing since except add conditions to this thing.

  • -2

    Who in their right mind would park 100K in a savings account???

    • +8

      Someone saving a deposit to get into the housing market… just one example.

      • -6

        by the time you have saved for your deposit, inflation has already devalued your money by 20% at least

        Which means what you wanted to buy can no longer be bought.
        Having a savings account is like carrying a water bucket with holes in it.

        • +5

          Not if you’re saving for a house because house prices are currently falling. Your savings are actually increasing in value at the moment.

          • -1

            @vetopower: again, still a bad idea…

          • +1

            @vetopower: yes this is true for the present time but don't forget a similar logic was used a year ago when they said interest is at an all time low and you should buy a house now! Those people are going to be shafted because the prices are now going to fall.. even though its not the house that is devalued, its gerrymandering of the dollar value.

        • -2

          It's still a horrible idea… savings are just about the worst investment out there. At least put it on a term deposit or something if you're extra conservative.

        • Where should you keep it then? Under the mattress?

    • +1

      Up until a few weeks ago - when term deposits suddenly started going up. the old 1.35% was the best rate you could get and your money was available if you needed it right away.

    • Someone who has millions in shares and needs to keep some cash reserves.

      • You'd still have a mortgage in an investment property somewhere and would then keep that money in an offset account where you'd pay less interest and still not be taxed on it unlike your saving account profit.

    • +8

      Quite the opposite. By saving money instead of spending it for things at inflated prices, you contribute to the solution. The less stuff we buy, the less the current shortages can be used by manufacturers and retailers to hike prices.

      The $ reward (2%) is inadequate, but at least you get to feel like you're doing the right thing. If you just want the good feels without any $ reward, take your cash and hide it under your mattress.

      • The biggest devaluing of fiat money happened in the past 2Y. No amount of petty savings will reverse the damage now.

        People should prepare themselves to take the medicine.

        • Prices that go up can come down just as much. Problem is: everyone says they want that, but (almost) no one acts in a way that is consistent with that goal.

          Let's see if the RBA does, despite political pressures that will start mounting once rates rise to where they need to be.

        • The Emperor Nasi Goreng built the fence, to keep out the rabbits.

      • you mistake my meaning.. I'm saying that the use of interest in ANY CAPACITY is a cancer that is destroying us

        It's a massive bubble that will eventually collapse and take everything with it.

        • How do you suggest people who have spare cash can make it available to people who need cash?

          Or do you think money in itself is the problem and we should go back to the situation from before it was invented?

          • @team teri: but that's not what happens when you get a loan. That money is not someone else's money (which would be fine), the money you are given is created out of thin air. Money itself is not a problem but money that is easy to produce definitely is.

            • @yama131: That's exactly what happens when you get a loan. Why do you think banks pay any interest for deposits? They need them to fund loans.

              Each bank has a balance sheet with exactly the same amount of assets as liabilities. Their assets are the loans they have given out, their liabilities are the deposits they collected, or loans they have taken on from other banks.

              The only entities that can create money out of thin air are the reserve banks.

              And yes, I am aware of conspiracy theories that say otherwise. Those have been de-bunked sufficiently for me to move on.

              • @team teri: Whether the reserve bank prints it for the bank or the bank does is a moot point, the point is the money is created from nothing to sustain this system.

                do you really think they loan money that they actually have?

                And I didn't mention anything about conspiracies.

                • @yama131: To repeat it: Yes, commercial banks can only loan money they have. Anything banks loan out or have as deposits can be found in their balance sheets.

                  The RBA is the only entity that can invent money. That becomes part of the RBA's balance sheet.

                  Just compare the size of the balance sheets for commercial banks and the RBA. That alone answers your question.

                  • @team teri: you're just shifting the blame to the RBA

                    at the end of the day that money was "invented" from nothing as you said yourself.

                    That results in a theft of everyones money because increase in supply means devaluation of the money. end of story.

                    • @yama131: You're missing the point. Even back when the gold standard was still in place there was a lot more money in the economy than there was gold held in some vault.

                      Simple process: someone finds gold, sells it to the government for cash, gets x$. Puts x$ in bank. Bank lends $ to someone else to build a house. Person pays builder, builder takes x$ to bank, deposits it. Bank lends money to a business that pays employees with it to produce stuff. The cycle continues.

                      How much money is there? 2x in deposits, 2x in loans, and people with x in cash. A lot more than there is gold, even in that abbreviated scenario.

                      The problem is not that money gets multiplied that way, that's how the economy works, and it can work very well. A problem arises when money is used to inflate prices. That's mostly the fault of consumers, who are stupid enough to outbid each other to buy scarce assets, like prime real estate, using borrowed money.

                      The RBA can only try to reign things in. That's their job. They don't always do it well, because they tend to get pushed around by politics. It's still not their fault. Just like it's not the police's fault if someone commits a crime only because they expect not to be caught…

  • +3

    Yeah the conditions are annoying but they need to be met for the following month so if you can’t grow your savings due to some big purchases you still get max interest for the current month then on the last of the month if you didn’t meet the conditions you just transfer your total balance out into your savings account with a different bank for the month which is an inconvenience but you aren’t losing a whole months interest if you have another similar savings account with another bank.

    • Sounds like to get the high interest rate, one has to go to so many hassles! Not worth the trouble!

  • +2

    Sorry if this is a stupid question, but if you have an offset account against a home loan with interest rate of higher than 2.10% you're still better off leaving the money in the offset right?

    • +2

      Yep. It's like you're earning the higher interest rate and tax-free.

    • Yes - offsetting a loan with a rate any higher than the 2.10% taxed at your marginal rate (0-47%), so for some, the mortgage would need to be under 1.1% before it's worth taking money out of offset and putting in the savings account instead - pretty unlikely.

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