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Savings Maximiser 4.05% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.05% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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tfb on 06/10/2022 - 00:14 ing.com.au (3031 clicks)
Last edited 04/11/2022 - 08:05 by 1 other user

We will be increasing the additional variable rate on our Savings Maximiser by 0.45% p.a. The additional variable rate is available to eligible customers that meet the monthly criteria. These changes are effective from 11th October 2022.

The current rates and hoops are:
Up to 3.60 variable rate (incl. 3.05% p.a. additional variable rate)
The standard variable rate is 0.55% p.a.

For customers who also have an Orange Everyday bank account and do these things each month:

  1. Deposit $1,000+ from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One)
  2. Make 5+ card purchases (settled, not pending) and
  3. 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.

Referral Links

Referral: random (466)

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.

Financial Bank Account Savings Account

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closed Comments

              • capslock janitor on 10/10/2022 - 15:44
                +1

                @Techie4066: good question @ratz33 ??

              • ratz33 on 11/10/2022 - 08:29
                +1

                @Techie4066: Nop.. Only the transaction account require the $1k/month and 5x transactions monthly. Bonus rate is then applied to all savings accounts.

      • annarchon on 06/10/2022 - 10:12

        If you got enough cash where the interest rate will actually matter, then you can "set aside" a specific amount as a psedo fixed term deposit to put in ING and easily meet the growth requirement.

        E.g. if you got 50k, you have 40k as the psedo fixed term where you grow everymonth, then have the 10k as buffer. Keep the 10k at uBank, or transfer in out of SM account at end of month. Or there is the 2SM trick where you swap the nomination.

        If you are cheap enough to browse Ozbargain, then you are cheap enough to manage the above to keep growing the balance.

  • Gravy Train on 06/10/2022 - 08:58
    +1

    I could be confused by the wording but let's say I have $105k, will I still get the bonus interest on the $100k?

    • RMBC on 06/10/2022 - 09:01
      +2

      Yes, assuming you meet all other conditions, but not on the extra $5k

  • duckdodgers245 on 06/10/2022 - 09:12
    +1

    Can someone please explain something to me. If you have 100k in that savings account and meet all the criteria, theoretically your saving should increase with $4,050. So at the end of the month the account should show $104,050. Is that correct?
    Have only been with ING for a couple of months now to take advantage of this and it seems like im not getting the full rate, even though im meeting all the criteria…

    • Rod71 on 06/10/2022 - 09:18
      +4

      No. It's annual interest calculated daily. so a balance of 100k attracts $11.09 per day for the first month at least. Then it starts compounding :)

      • duckdodgers245 on 06/10/2022 - 09:42
        +1

        Thanks for that, only after posting my comment i realised my mistake…

        • ShouldIBuyIt on 06/10/2022 - 11:17

          Wasn't worth a neg imo. Here is a +1

      • BluebirdV on 06/10/2022 - 12:43

        When you factor in compounding, how much interest per annum on $100,000?

        • Rod71 on 06/10/2022 - 13:05

          Compounding starts getting complex because the bonus interest stops at 100k, so the most you can get is $4050

        • ezzaf on 06/10/2022 - 15:36
          +4

          About $4060.22 in the first year.

          Balance Base Interest Bonus Interest
          January $100,000.00 $0 $0
          February $100,337.50 $45.83 $291.67
          March $100,675.15 $45.99 $291.67
          April $101,012.96 $46.14 $291.67
          May $101,350.93 $46.30 $291.67
          June $101,689.05 $46.45 $291.67
          July $102,027.32 $46.61 $291.67
          August $102,365.75 $46.76 $291.67
          September $102,704.34 $46.92 $291.67
          October $103,043.07 $47.07 $291.67
          November $103,381.97 $47.23 $291.67
          December $103,721.02 $47.38 $291.67
          January $104,060.22 $47.54 $291.67
          • Mistredo on 06/10/2022 - 17:51

            @ezzaf: Hm, a bit above the PAYG instalments automatic enrolment. :-(

    • Techie4066 on 06/10/2022 - 09:32
      -1

      Do you know what per annum means?

      • duckdodgers245 on 06/10/2022 - 09:40

        Nah i do, i just missed that…
        Only after posting it i realised my mistake.

    • Donaldhump on 06/10/2022 - 10:11
      +2

      that would be an annual increase of about 50% id take that

    • Tleyx on 06/10/2022 - 11:07

      If you have $100k already then you cant increase your balance without going over so you wont get high interest on the extra

      • duckdodgers245 on 06/10/2022 - 11:31

        Yeah i understand that. I also think i read it has to increase even with the interest that has been paid as well.

        • Tleyx on 06/10/2022 - 13:22
          +1

          Yeah you wont get interest on the interest either.

          You really need to have 95k or less otyerwise you are going to have problems in just over a year

  • souths123 on 06/10/2022 - 09:15

    come on Virgin!….and BOQ!

    • El-Rhi on 06/10/2022 - 11:50

      Going to withdraw from Virgin Money since they’ve not made any announcement. Pity it takes 32 days

      • souths123 on 06/10/2022 - 12:11

        just remember, as soon as you put in notice to unlock, it goes back 3.3% for those 32 days

        • squeeb on 06/10/2022 - 12:38
          +1

          My understanding is that if you withdraw (rather than unlock) after 32 days, the interest stays the same.

          • El-Rhi on 06/10/2022 - 12:42

            @squeeb: That is correct, it stays at 3.6%

          • souths123 on 06/10/2022 - 12:46

            @squeeb: that was not my understanding. I thought once you unlock you lose the bonus lock rate

            "Once the Lock Saver Feature is enabled you will earn the additional variable Notice Interest rate while the Lock Saver Feature is enabled, up until the date that you activate the Unlock Saver Feature. The additional variable Notice Interest rate does not apply during the 32 day notice period which commences once you activate the Unlock Saver Feature."

            • El-Rhi on 06/10/2022 - 13:07
              +2

              @souths123: I called yesterday to confirm.

              If you unlock, the rate immediately goes down to 3.3%

              If you withdraw, the rate stays at 3.6% until the pending transfer is complete in 32 days

              • souths123 on 06/10/2022 - 13:14

                @El-Rhi: well, going by what their own website says, it says the additional notice rate DOES NOT apply during the 32 notice period, which commences once you activate the unlock feature

            • Yola on 06/10/2022 - 13:09

              @souths123: But you do not unlock you give notice to withdraw.

              • souths123 on 06/10/2022 - 13:12

                @Yola: I thought that was the whole point of "unlock" which is the notice to withdraw

                • whey4000 on 06/10/2022 - 13:15

                  @souths123: My understanding is you unlock so you can have access to your savings at anytime after 32 days.

                  But if you keep it locked and withdraw an amount you will receive the 3.6% for those 32 days, but will have to wait another 32 days if you wish to make another withdrawal.

                • victorheaven on 06/10/2022 - 13:16
                  +1

                  @souths123: Others are right, you still get 3.6% during the pending period, as long as you don’t unlock your account.

                  • souths123 on 06/10/2022 - 13:18

                    @victorheaven: you are telling them you are unlocking as soon as you unlock?? Lol that is how it goes into the 32 days waiting period

                    • nokia3660 on 06/10/2022 - 13:35
                      +4

                      @souths123: I have confirmed this myself as well. The rate remains 3.6% if you are only withdrawing. Unlocking the account is different from putting in a transfer. I have no clue how that differs in the backend but it is what it is.

                      From their FAQ

                      Q. If I withdraw some of my funds from an account with the Lock Saver Feature enabled, do I still receive the additional interest?
                      Yes! Requesting a withdrawal or transfer will not impact the additional interest rate you receive for having the Lock Saver Feature enabled. You will continue to accrue the additional interest rate on your daily balance and that will include any withdrawal or transfer of funds that are still pending.

                      However, where you submit a request to unlock your account, the additional interest rate for having the Lock Saver Feature enabled will end immediately.

                    • victorheaven on 06/10/2022 - 13:40

                      @souths123: Read again mate.. if you are only withdrawing and not unlocking, you will still get 3.6% for the full amount still in your savings account.

                      • souths123 on 06/10/2022 - 14:27

                        @victorheaven: read again mate…withdrawing IS unlocking…you can't withdraw without unlocking!…and you can't withdraw without giving the 32 days notice. It says on their website that as soon as you give the notice to withdraw that the bonus notice rate will no longer apply. If their website is incorrect, well that is their fault for providing incorrect info. I can only go by what it says. I guess I will find out if and when I unlock the account by giving the 32 days notice.

                        "How do I unlock my account?
                        To unlock your account, go to your ‘Accounts’ screen in the app and tap the ‘Unlock my savings’ button. Then follow the steps in the app to unlock your account. The app will then show a countdown timer for 32 days, which tells you how long it’ll be until you have immediate access to your funds again.

                        Heads up – Once you submit the unlock request the additional notice interest rate for having the Lock Saver Feature enabled will end immediately."

                        seems pretty clear to me, according to that info

                        • victorheaven on 06/10/2022 - 14:50
                          +1

                          @souths123: Withdrawing is NOT unlocking, why is it do hard for you to understand?

                          Say you have $1000 locked and you initiate a withdraw of $100 to be completed in 32 days time. You still have $900 locked with them so the locking feature is still enabled so you will be earning 3.6% on all of the $1000.

                          I don't know why I even bother spending 2 mins typing this up.

                          • souths123 on 06/10/2022 - 15:01

                            @victorheaven: "If you need to access your money you’ll just need to give us 32 days’ notice. The 32 days automatically starts once you make a withdrawal or transfer from your locked account, or when you select to unlock your savings account. This can be done at any time within mobile app"

                      • El-Rhi on 06/10/2022 - 14:48
                        +1

                        @victorheaven: Wow, this escalated fast

      • asc on 06/10/2022 - 15:10

        there has been instances of scheduled withdrawals that simply disappeared. Keep an eye on it.

  • itslittfam on 06/10/2022 - 10:01
    -1

    This deal makes it worth the huddles you have to jump every month.

  • Donaldhump on 06/10/2022 - 10:10

    all the ubank lovers be haters now

    • louuisc on 09/10/2022 - 16:28
      -2

      Not at all. With all these shiiiiity hoops this is not worth your life

      • kaal on 09/10/2022 - 17:19

        Is your life in danger from doing hoops?

        • louuisc on 09/10/2022 - 18:52
          -1

          When my time is wasted my life is in danger so yes. Some people all they’ve got is time so I wouldn’t expect to have a consensus.

  • qishengmin on 06/10/2022 - 10:10
    +1

    Hi guys,

    thanks for sharing this amazing deal.

    I just signed up with OE+Maxi Saver, the interest rate in the Maxi Saver is only showing at 3.05%? I understand the 4.05% will be kicking in 11th, but still it isn't suppose to be 3.6% rather than the 3.05%? and the it also says I'm already earning the highest rate for this month.

    Can I please ask why is the account showing only 3.05% even thought their website is advertising it at 3.6%

    Thanks in advance!

    • Techie4066 on 06/10/2022 - 11:00
      +1

      The current rates and hoops are:
      Up to 3.60 variable rate (incl. 3.05% p.a. additional variable rate)
      The standard variable rate is 0.55% p.a.

    • qishengmin on 06/10/2022 - 11:48

      Hi just to confirm that the rate did go up to 3.6% now after made first deposit into the account.

      • capslock janitor on 10/10/2022 - 15:52

        do i need the Everday account? or just SM

  • Kanjus on 06/10/2022 - 10:16
    +4

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

    This is the savings spreadsheet to review regularly. Thanks to all the contributors for keeping it up to date.

    • Benjkmv on 06/10/2022 - 17:37
      +1

      Thanks, that's really helpful

  • Homr on 06/10/2022 - 10:26
    +1

    @AMP plz match this and match it early. I really CBF moving my money around

    • souths123 on 06/10/2022 - 10:52

      atm they are only going to 3.6% 1st of next month

  • Shane034 on 06/10/2022 - 10:36
    +2

    Alot of hoops. Hoping ubank goes up soon.

    • izkai67 on 09/10/2022 - 11:56
      +2

      they will, just wait! I like Ubank better, just set up $200 auto deposit, life is too short to jump through ING hoop

      • Shane034 on 09/10/2022 - 12:03

        I think they're 3.60% from November. Not 4.05 but alot less hassle to get the bonus rate.

        • izkai67 on 09/10/2022 - 12:06

          After Nov 1, ubank will raise it again. 3.6% is before RBA last interest rate rise, my guess is to 4.0 or even 4.05, who knows.

  • MagpieSilver on 06/10/2022 - 10:48
    +4

    The simplest way to manage the petty 'grow balance each month' condition is to turn on 'auto round up', which sweeps up to the nearest dollar on a spend into savings.

    Just do your five taps with that (being careful not to buy anything with a round number), and then move onto your Virgin or Mystate card for your next round of 5 taps. I refuse to juggle more than 15 taps a month.

    • Rako on 06/10/2022 - 10:51

      Not sure what this means? "being careful not to buy anything with a round number"

      • kaal on 06/10/2022 - 11:06
        +2

        Auto round up. Eg. if you spend $12.70, it’ll auto round up to $13. 30 cent will go into your maximiser account. If you were to spend $13, nothing will round up. Ideally if you need to grow your maximiser account, you’ll only need 1 auto round up not 5.

        • senorclean on 06/10/2022 - 21:35

          Haven't you reduced your balance by $13 though?

          Or are the purchases coming off a different account?

          • sridhar on 07/10/2022 - 07:07
            +1

            @senorclean: The purchases come off of your everyday orange account. It is its balance that will get reduced (which doesn't matter).

        • capslock janitor on 10/10/2022 - 15:54

          whabbout $12.49?

        • Rako on 13/10/2022 - 09:47

          Got it thanks

    • izkai67 on 09/10/2022 - 11:59

      what if you need monet middle of the month? you must remember to deposit more than what you withdraw before end of the month, what if you don't have that amount cause you need money? life is too short to jump this hoops. whoever came up with this idea in ING should be fired.

      • Rod71 on 10/10/2022 - 08:25
        +1

        If you need a Monet, you're doing OK

      • LFO on 10/10/2022 - 10:36
        +1

        life is too short to jump this hoops. whoever came up with this idea in ING should be fired.

        I don't understand it either …

        But go thru a mortgage loan and you'll know what "hoops" are … or rather experience the mental pain, torture and humiliation lenders actually apply before they lend you money … money you'll have to pay back with lots and lots of juicy (for the lender) interest.

        Inexplicable.

  • catbarf on 06/10/2022 - 11:03

    Based on the conditions stated above, would the following be correct?
    If I deposited $1,000 on Day 1, can I withdraw it on Day 2 without penalty?
    If the balance is currently $X+interest at the start of Month 2. Can I withdraw all of the interest, add $0.01 (balance now $X+0.01) and that would meet the account growing?

  • Bargaingeek on 06/10/2022 - 11:18
    +2

    ubank is starting to fall behind!

    • izkai67 on 09/10/2022 - 12:00

      they will catch up, just wait

  • JKat2 on 06/10/2022 - 11:19
    +1

    Are two accounts needing to be opened for this?
    i see this "For customers who also have an Orange Everyday bank account and do these things each month:" and then the savings account is the "Savings Maximiser"

    • ShouldIBuyIt on 06/10/2022 - 11:20
      +2

      I think one of the criteria is to deposit $1k a month in the everyday account, so yeah you'd need this to get the bonus

      • Yola on 11/10/2022 - 04:46

        It can be Everyday or Maximiser.

    • hasher22 on 06/10/2022 - 11:33
      +3

      Yes you need both accounts. But you only need to deposit the 1k in one of the two accounts of your choice.

      • sridhar on 07/10/2022 - 07:16
        +1

        The ING phone rep advised me to deposit into the everyday orange account, not the savings one. Then do everyday → savings.

        • capslock janitor on 10/10/2022 - 15:58

          Then do everyday → savings.

          whatchu mean by this?

        • hasher22 on 11/10/2022 - 00:41
          +1

          Best to put it into the everyday account first because if you deposit into the savings one first, and you need money from the savings and you withdraw from the savings, you need to put the money back in equal or greater than the withdrawn amount.

    • LFO on 10/10/2022 - 10:38
      +1

      Are two accounts needing to be opened for this?

      Yes because need to have +5 transactions to qualify and only the Everyday lets you.

      • capslock janitor on 10/10/2022 - 16:07

        cannt transact from SM at all?

        • LFO on 11/10/2022 - 13:16
          +1

          AFIK only from Savings Max into Everyday

  • samkenny on 06/10/2022 - 11:51
    +1

    Novice about these things. But, if you have a mortgage, would it be better to have it in the offset account?

    • Donaldhump on 06/10/2022 - 12:01

      whats your mortgage interest rate?
      how much do you earn?

      these 2 need answer first

      • samkenny on 06/10/2022 - 12:09

        Well, the market interest rate for variable is 4.54% and is likely to go up by 0.25%

        • Donaldhump on 06/10/2022 - 12:44
          +3

          so your mortgage % is higher than the savings % even before tax taken out.
          so yes offset your mortgage

      • virhlpool on 07/10/2022 - 00:03
        +3

        Also, worth noting that interest earned in savings account adds to your taxable income. i.e. If you overall tax is 30%, you only get to keep $70 when you earn $100 interest in your savings account.

    • LFO on 10/10/2022 - 10:42
      +2

      would it be better to have it in the offset account?

      Generally speaking it is always better an offset account as it reduces the highest financial liability at the highest interest.

      YMMV

  • BluebirdV on 06/10/2022 - 12:50

    I'm just realizing that with the grow your balance requirement over $100,000 including interest you would have over $104,000 including interest after a year if you start with $100,000. So that extra $4000+ each year you earn won't be eligible for interest in the future. Then if you transfer it out to another account like Ubank you loose bonus interest for a month.

    • Meovel on 06/10/2022 - 13:04

      That's fine ubank also have interest, you only lose the diff which is ~0.4%

    • Rod71 on 06/10/2022 - 13:10
      +1

      Start with 95k in ING, the interest will get close to 100k in 12 months or so. Put the overflow into another account like uBank or BOQ etc.

    • Donaldhump on 06/10/2022 - 21:22

      Just keep rewinding ur balance on last day every month to $1 more than previous month

  • onetwothreefour on 06/10/2022 - 13:10
    +6

    So many people with lots of cash in this thread, good to see OzB users are doing well. Hopefully OzB has played a part in that success!

  • USER DC on 06/10/2022 - 14:58

    These interest rates are really hitting people's budgets now. man. Yet inflation is still only increasing.

    • Rod71 on 06/10/2022 - 15:21
      +4

      2 speed economy. for every punter in struggle street, there's one cashed up and doing OK

  • shoppe on 06/10/2022 - 15:11
    +8

    To all the people who keep saying, "I'll just wait till my current bank increases their interest rate, or I hope my current bank will increase their interest rate……"

    They won't until you and everyone else moves their money to another acccount/bank paying more. Once they see the amount people have deposited with them going down, they will increase their rate to get it back and gain new deposits.

  • shortcircuit on 06/10/2022 - 17:19
    -2

    isn't it better put the money into home loan account?

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