We will be increasing the additional variable rate on our Savings Maximiser by 0.50% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria.
We will also be increasing the Savings Accelerator variable rates for all new and existing customers. The rates for balances of $50,000 or more will increase by 0.50% p.a. The rates for balances less than $50,000 will increase by 0.15% p.a.
These changes are effective from 12 July 2022.
Highest variable rate for Savings Maximiser is available for customers who also have an Orange Everyday bank account and do these things each month:
- Deposit $1,000+ from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)
- Make 5+ card purchases (settled, not pending) and
- Grow their nominated Savings Maximiser balance (excluding interest).
When the criteria is met in a calendar month, the benefits the additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.
why would you put your money in savings? You will have to pay tax on top. 3% will get you around 2.1% in the end (general 30% tax cal).