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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

    • tdw on 06/10/2022 - 17:21
      +3

      and if you don't have a home loan?

      • shortcircuit on 06/10/2022 - 17:34

        sorry , I will clarify my comment, I was about to ask if people have home loan, isn't it better to put in home loan compare to high interest saving.

        • ShouldIBuyIt on 06/10/2022 - 20:50

          Yes, either put in offset account.
          Or pay off your loan if you don't have offset

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

          Depends on interest rate of home loan

  • Notoriousbird on 06/10/2022 - 18:32

    Could I just keep money in the account for the whole month, transfer out on the last day and then transfer back at the start of next month? Technically I still grow the balance, but I am free to move the money around if needed for the rest of the month.

    • hasher22 on 06/10/2022 - 18:51

      Yes for the everyday account
      Yes and no for the savings maximizer account

      You need to have the savings maximizer in a higher balance than the previous month to get the bonus interest but you can withdraw/deposit as much as you want in the everyday account.

      For example:
      1 - You deposit 1k to the everyday account (criteria 1 passed)
      2 - You transfer $1 to the savings maximizer and the balance is higher than the previous month (criteria 2 passed)
      3 - You make 5 transactions with the everday account (criteria 3 passed)

      Congrats you unlocked the bonus interest for the month.

      But lets say some things happened
      1 - You transfer the 1k from the everyday account to a friend - You still get the bonus interest
      2 - You transfer the $1 from the savings maximizer account to a friend - You lose the bonus interest because the balance of that account is not higher than the previous month. So, at the end of the month, you will need to transfer back the $1 back to the savings maximizer account.

      In your situation, you will need to deposit 1k into the everyday account, make the 5 transactions and let's say $1 into the savings maximiser account, then you're free to do whatever you want with the everyday account.

      • sridhar on 07/10/2022 - 07:24
        +1

        You transfer the $1 from the savings maximizer account to a friend

        You mean, by direct debit?

        From what I see, we can only transfer from savings maximiser into the linked every account and not any external accounts from within ING.

        • hasher22 on 07/10/2022 - 13:57

          Sorry. Yes you're right, let's say transfer to the everyday account.

  • hodgey on 06/10/2022 - 19:07

    So wouldn't the best way to maximise this be:

    Month 1: $99,600 in Savings Maximiser (makes $336 interest for the month), make 5 purchases in Orange 1 and deposit $1k
    Month two: Transfer $336 interest into Virgin/Ubank/Orange Everyday account and then deposit $1 back in Savings Maximiser for 'growth' and a balance of $99, 601
    Rinse and repeat.

    • busterau on 06/10/2022 - 20:15

      The growth must include the $336 interest….so $1 ontop of your base+interest balance at the end of the proceding month.

      • hodgey on 06/10/2022 - 20:29
        +1

        thanks busterau. So it looks the options are:

        1) Start at around 95k, which would give interest of $321, or
        2) Sit 100k in there, with a 4.05% interest of $338, and just accept every dollar over 100k gets the standard variable, currently 0.55%, but at least you'd be getting 338.

        • Rod71 on 07/10/2022 - 08:55
          +1

          Start at 95k and open another account like BOQ etc.

          • hodgey on 07/10/2022 - 20:03
            +1

            @Rod71: I've worked out what I'm doing, Rod. I've putting 100k into the SM now, well did it this morning and last night, and then on the last day of the month, I'm pulling 5k out, so next month will start at 95K + interest. I'll then top up to 100 and on the last day of the month, take out what's needed; but I'll ensure I've added a couple of dollars for growth. Some good discussion about those that have done this on whirlpool. The rest is going to Ubank and Virgin, and potentially Macquarie if I pull out of Virgin.

            • Rod71 on 08/10/2022 - 09:04

              @hodgey: Yep. Remember the minimum balance will keep growing every month from 95k because it will include the interest :)

    • ShouldIBuyIt on 06/10/2022 - 20:52
      +1

      Is it confirmed that if you go above $100k then it doesn't forfeit the whole bonus? Cause it was the case with Rams… ($500k)

      • hodgey on 06/10/2022 - 20:53
        +2

        On their important Information Page:

        Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

  • rye on 06/10/2022 - 21:27

    Thanks ING

  • Wazzzzup on 07/10/2022 - 03:00
    +1

    Just curious i have an ING account and have a little over 150k in the saving max account and around 40k in my everyday account… I've already made the mistake of having too much in the saving maximiser account. as once you dip below… you won't get bonus interest for the month… Question is it's really better for me to just open a Macquarie transaction account (i don't really care too much about the 4 months welcome 4%, i don't really want the hassle of having so many accounts)… and transfer the 90k to Macquarie transaction account at 3.2% no? instead of getting only 100k at ING bonus rate and the rest at nothing anyway.

    I might lose $230 or so for that 1 month… but the months later i will get it back anyway?

    It's probably better for me to do it before the rates go up?

    • mysterytal on 07/10/2022 - 03:06
      +1

      If you don't want multiple accounts then why ask?

      To get the highest returns you need lots of accounts.

      • Wazzzzup on 07/10/2022 - 03:14

        I'm looking for something simple… but obviously having $40k in everyday account (as i don't want to transfer to sav max as if i need to use it, it'll dip under the amount) and 50k in sav max that's only getting $60ish doesn't seem right these last few months with interest rate going up… i didn't care before when it's at like 1%

        Well right now i have NAB where salary goes in… and where i can deposit money into and it gets transferred straight to ING… As I've read with other banks like ubank? or BOQ? what i meant with too many accounts and hoops (like ING, 5 transactions, deposit, minimum amount to qualify for bonus etc). I didn't want to do it with another bank…

        Yes you can call me lazy… but this is just a few hundred dollars i don't want to go to waste in a sense… my other investments obviously have higher returns… these are just day to day accounts. So "highest" return is not really the goal… just ease of use.

        • mysterytal on 07/10/2022 - 03:17
          +2

          You can move the excess out on the 1st of the month leaving the maximum $100,000 and put it back on the last day of the month so it's higher than the target.

          You then won't lose any interest.

          • Wazzzzup on 07/10/2022 - 03:28

            @mysterytal: Ohhhhh right…… Can definitely do that too…. I didn't think of that!! I guess it depends if $250ish is worth the hassle for that one month… vs having to move money back and forth back and forth at the end/start of each month… and i'll bound to forget one day lol

            But definitely THANKS for bringing that up!!

            Opinion on ubank vs MacQ? honestly this is the first time i've looked into this… lol pros and cons? I just read some of the MacQ post and all i saw was 3.2% for transaction account and you don't have to do anything… but am i missing something?

            • mysterytal on 07/10/2022 - 03:32
              +1

              @Wazzzzup: You'll need multiple accounts. I use ANZ plus as it has no hoops but it's app only and has a maximum daily pay anyone limit of $30,000 so you'll need another account.

              • Wazzzzup on 07/10/2022 - 03:38

                @mysterytal: Oh right there's a transfer limit… Yea definitely can't transfer 50k into one account and 50k out every month that easily. If i want to keep it simple..

                So if I want to just go lazy option of just transferring everything out and cop the $250-260ish lost on bonus for one month…

                Am i right to say MacQ you only need 1 account (no need for transaction and savings account) and you get 3.2%

                Ubank… do you need 2 Ubank accounts? transaction and saving? and only "hoop" is $200 a month which won't be a problem.

                • tdw on 07/10/2022 - 03:50
                  +1

                  @Wazzzzup: if you call them up, you could probably arrange for a one-off $50k transfer. but yeah, you'd have to set aside time to do that every month and your time may be worth more than what you might potentially lose in interest.

                  • Wazzzzup on 10/10/2022 - 16:14
                    +1

                    @tdw: Seems like a pain…. i opened a MacQ bank account on Friday… I transferred $20k at a time for the first 2 transaction… and decided to give them a call to make a one off transfer… and been on the line for 40 minutes… definitely no feasible.

  • sridhar on 07/10/2022 - 07:27

    I've seen at least 3 comments that read something like "The growth must include the interest".

    But https://www.ing.com.au/savings/savings-maximiser.html says:

    grow your nominated Savings Maximiser balance (excluding interest earned for that month)

    • Yola on 07/10/2022 - 08:14
      +2

      Allow me to be the 4th. Despite what they say to get the bonus you have to increase the balance on top of the interest you received. Who are you going to listen to Ozbargain or ING?

    • hasher22 on 07/10/2022 - 14:01
      +1

      Let me be the 5th.

      It is indeed a fact the balance needs to be both balance and interest.

      The app/tool tip tells you how much you need to grow it by and the balance will show including interest. I just checked my internet banking and it definitely includes the interest earned.

      The website needs updating, what you quoted is wrong and ING can get alot of trouble for that.

      • kaal on 07/10/2022 - 14:17
        +3

        It’s sounds like it was worded wrong. You’ll have to grow your maximiser account but interest earn for the month cannot be used as a balance increased.

  • sridhar on 07/10/2022 - 08:59
    +2

    Is this a good plan?

    1. Deposit 100k into Savings Maximiser.

    2. Every month in this order set up auto:
      a. direct debit of $1001 into the linked Orange Everyday account from the salary account (at a different bank).

      b. transfer of $1 from Everyday account to Savings Maximiser to ensure that there is "growth".

      c. direct debit of $1001 into another bank that also offers a good rate of interest like Ubank or Macquarie.

    3. Use the ING debit card for groceries/bill payments.

    • Nacho J on 07/10/2022 - 09:39
      +2

      This is what I do.

      I add $0.01 to the savings account each month to increase the balance as it's over 100k.
      Anything extra I want to add goes into the Ubank savings account.

      • hodgey on 07/10/2022 - 20:15
        +3

        I love this idea, Nacho, but the only issue I see is that the interest you are gaining from the 100k is still sitting in the SM account, and earning no interest.

        I believe you should:

        • Hold 100K in your SM until the last day of the month (that way, you;'ve had daily interest on 100k all month, except on day 30 or 31, when you'll get daily interest a 95k balance)
        • Withdraw 5k on the last day of the month, so your account end at 95K for the calendar month, so transferring the 5k to wherever, Ubank perhaps for the day.
        • On the first day of the next month, transfer money from ubank or wherever back into SM to equal 100k. Keep it at 100k until the last of the month. This way, you are growing from 95k at the start of the month. The only thing is, the next month needs to end (day 30 or 31) at $95,000.01, but you were getting interest on 100k all month, except for the first and last day.
        • Rinse and repeat, grow by a cent.
        • Yola on 11/10/2022 - 05:00

          Will this work? You are required to grow the balance in the account. The balance was $100k so needs to be $100,000.01 at the end of the month. It does not state to grow the balance from the start of the month.

          grow your nominated Savings Maximiser balance (excluding interest earned for that month)
          you get these benefits the following calendar month:

          • hodgey on 11/10/2022 - 07:20

            @Yola: Well, their FAQ terms and conditions for the SM state: As long as the balance at the end of the current month (not including interest) is higher than it was at the end of the previous month,

            So it will work. To break it down, I writing here as my reference point:

            • October 31, withdraw 5k so ends month on 95k
            • November 1st, top up to 100,000 (write down top-up figure)
            • November 30, withdraw whatever amount I topped on the 1st (I wrote it down), except a cent or a dollar, to ensure it ended the month as growth. Now, check November 30th figure is $1 more than October 31 figure.
            • December 1st, top up to 100,000 (write down top-up figure)
            • December 30, withdraw whatever amount I topped on the 1st (I wrote it down), except a cent or a dollar, to ensure it ended the month as growth. Now, check December 31st figure is $1 more than November 30 figure.
            • Rinse and repeat.
  • asc on 07/10/2022 - 09:21

    watch out for Ing's intrusive KYC team asking all kinds of questions about source of your funds and specific deposit transaction. Been with them for over 10 years.

    • JHoliday on 09/10/2022 - 00:10

      Did they block your account?

      If so, did you get it unblocked?

    • Iwantthatbargain on 17/10/2022 - 23:08

      They do that for parents who open accounts for child

  • bresmith on 07/10/2022 - 09:54
    +1

    Couple of questions. Do you get the bonus interest the first month you open the account. I'm already with ING so moving the money in and out is easy? Secondly l understand the interest doesn't count as growing the amount at the end of the month but does that mean l can move the interest out each month without penalty (since interest is paid on the 1st l guess this would be the case as it won't be included in my end of month total unless l leave it there till the following month).

    • kaal on 07/10/2022 - 09:59
      +1

      Looking at my account, it seems the interest is deposit on the last day of the money. It’s included in my September’s balance.

      • bresmith on 07/10/2022 - 10:49

        Ok so i'll have to take interest into account when l have my end of month total. Does it let you know if the bonus interest is activated this month, if so l might just open an account and see what it says.

        • Yola on 07/10/2022 - 11:48

          I use it on the web and it does tell you if the bonus is activated. For the increase your balance it tells you the exact $ amount you need to go above.

          • yoshiyoshi on 11/10/2022 - 16:00

            @Yola: I've just opened an account but where does it say the bonus activated? there is only a section that says
            Getting our highest interest rate?

            In October
            Yes 3.50% p.a.

            In November
            Yes

  • kaal on 07/10/2022 - 09:57

    Is it easy to increase daily limits with ING if you wish to transfer money out?

    • Wazzzzup on 07/10/2022 - 11:07
      +3

      Yes click of a button up to $20k… higher you need to call… but Osko limit is low at 1k

      • kaal on 07/10/2022 - 14:18

        How long does it take without osko?

        • bresmith on 07/10/2022 - 14:53
          +2

          I had a large amount to transfer to ubank from ing so rang to increase my limit. I then transferred it before 2pm and it showed up at ubank that afternoon. I thought i'd miss out on a day or 2 of interest but it wasn't the case, just make sure you transfer early in the day.

          • Yola on 09/10/2022 - 11:18

            @bresmith: Some say that money has to be in the account for 24 hours to earn interest. I believed that it's a snapshot around midnight. If it is the former, you did lose 1 day's interest. Does anyone know what happens?

            • bresmith on 09/10/2022 - 11:20
              +5

              @Yola: I checked and l definitely earned interest on the first day. I believe it's the amount at midnight.

            • victorheaven on 09/10/2022 - 11:43
              +3

              @Yola: It's snapshot at midnight from my experience.

        • Wazzzzup on 10/10/2022 - 15:42

          1-2 business days according to their app… on thursday i transferred, it was completed next morning… i did another transfer on Friday night… and it didn't go through till Monday.

    • chrisharry53 on 09/10/2022 - 10:56

      Not correct - you can transfer your enter balance by setting your daily limit online.

      • Yola on 09/10/2022 - 11:16

        Is this on the app?

  • paddle pop lion on 07/10/2022 - 14:22
    -4

    Real rate 3.75% in first year

    When the criteria is met in a calendar month, the benefits the additional variable rate will apply in the next calendar month.

    best case scenario, you get 0.55% for the first month, meet all the criteria and earn 4.05% in the following months (if you don't trip up on one of their hoops and revert to 0.55%)

    (1 month * 0.55) + (11 months * 4.05) = 45.1 / 12 months = 3.75% pa

    • victorheaven on 07/10/2022 - 14:43
      +2

      Just leave your money in other banks for the first month?

    • bird380 on 07/10/2022 - 18:19
      +1

      Just opened my account this morning, and it shows +3.6% in October.

      • hodgey on 07/10/2022 - 20:28

        starts in 4 days.

    • Yola on 07/10/2022 - 22:50
      +3

      When you first open the account, you get a grace period to meet the conditions and earn the bonus straight away.

      • bresmith on 07/10/2022 - 22:56
        +1

        I just opened an account and it says that as a new customer it has given me a grace period of october and november to earn the highest interest without having to do anything. Pretty happy with that

        • capslock janitor on 10/10/2022 - 17:11

          where does say that?

          • vicerum on 11/10/2022 - 19:53

            @capslock janitor: In the app - on the Interest tab of the Savings Maximiser account.

            • capslock janitor on 13/10/2022 - 12:03

              @vicerum: cheers
              showing first 2mths grace period no requirement/hoops?

              Getting our highest interest rate?
              In October: Yes 4.05% p.a.
              In November: Yes

              is that how it works

        • capslock janitor on 24/10/2022 - 21:14

          i didnt see the " as a new customer it has given me a grace period" notification ..

          • bresmith on 24/10/2022 - 21:22

            @capslock janitor: In the app go to your savings maximiser account and then click on interest. In there you can see if it's activated and click on each month is where the notification is.

  • Hiphopopotamus on 07/10/2022 - 14:45

    I'm starting to get tempted, they're 0.45% higher than ubank now instead of 0.25%.

    Edit: For $90000 that's $405 a year or ~$34 a month.

    • hodgey on 07/10/2022 - 20:26
      +1

      tough choice. ubank is so good. Might depend on the coin you have. Another good thing about t ING though is the cashback on utilities. I know it's not much in the scheme of things, but it's a decent factor. For what it's worth, I have both Ubank and ING, it's actually VIrgin I'm considering sacking for Macquarie.

    • izkai67 on 09/10/2022 - 12:02

      Ubank will catch up, the hoops and limit $100k is not wothed it.

      • Yola on 09/10/2022 - 14:01
        +1

        Yes, but usually there is around a 3-week gap.

  • Teh White Mamba on 07/10/2022 - 20:24
    -1

    Big mo money mo problems energy in this one.

  • louuisc on 09/10/2022 - 15:17
    -2

    Correct me if I'm wrong. I think if you miss any of the conditions for any month, especially Make 5+ card purchases (settled, not pending) and
    Grow their nominated Savings Maximiser balance, you won't get ANY interest for the month.

    This means it's probably not worth that little interest rate difference at all.

    • Yola on 09/10/2022 - 21:26
      +1

      You would get 0.55% pa.

    • LFO on 10/10/2022 - 10:28
      +2

      you won't get ANY interest for the month.

      For the NEXT month.
      Conditions apply but for the next month, not current.

  • capslock janitor on 10/10/2022 - 15:08

    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.

    were u notified by ema;l'?

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

    what if we dont have Everday acc?

    • Yola on 10/10/2022 - 17:01

      You will not get the bonus rate.

  • IanC on 10/10/2022 - 17:04

    The first major to buckle re term deposits.

    CBA 4% anywhere 2 to 5 years.

  • Lentils on 10/10/2022 - 23:59

    If you activate the full 4.05% interest on the 1st of the month vs the last day of the month will there be a difference in interest? Is it calculated daily?

    • bird380 on 11/10/2022 - 00:19
      +1

      the interest is calculated daily.

  • corrocoat on 11/10/2022 - 07:29

    Hey if you miss 1 hoop, due to being isolated with Covid they will not pay! Friendly *****kers!

    • Rod71 on 11/10/2022 - 08:43
      +1

      You can jump the hoops from anywhere.

      • corrocoat on 11/10/2022 - 08:56

        Not with ING

        • Yola on 11/10/2022 - 12:15

          I do it with Paypal.

          • capslock janitor on 11/10/2022 - 14:37

            @Yola: how paypal?

            • Yola on 12/10/2022 - 09:13

              @capslock janitor: You need to use another Paypal account, I use my sons but you may be able to set one up in another name/relative/spouse, need another mobile number. You go Dashboard then More you can set up a profile and

              Create your PayPal.Me page Help your friends and customers know it's you they are paying.

              Then you put the card (not bank account) details in your wallet and then transfer 1c x 5 to the other account. My son gave me his details and I set him up as a contact. Much easier if you set the card you want to use as the preferred payment method while doing the payments. Then can change back as its instantaneous. Takes a few days to be settled. No charge for this.
              I have been doing this for months with ING, MyState, Bank of Queensland and Virgin. I do not want to be tapping in the supermarket and I am trying to do most of my shopping with click and collect or delivery.

              • capslock janitor on 20/10/2022 - 11:16
                +2

                @Yola:

                PayPal.Me page

                I found this in the Settings cog.
                Have thought about this and the receiver/relative getting 5+ notifs every month could get annoying, ahah.
                But good to know as well.
                I'll stick to Beem itting myself still:) all within my phone.

                • JHoliday on 20/10/2022 - 11:49

                  @capslock janitor: I thought you can't use ING and Beam for the 5 transactions every month any more?

                  • capslock janitor on 20/10/2022 - 17:19

                    @JHoliday: u might be right :0

                    it still worked with my westpac so i thought would be the same..huh

              • Mad Max on 02/11/2022 - 00:10

                @Yola: How do you find dealing with MyState? Considering opening an account for the 3.6% interest, but I have seen a lot of bad reviews…

                • Yola on 02/11/2022 - 10:53
                  +1

                  @Mad Max: I have had an account for years. OSKO only $2,500 per day and internet banking, under my security, you can increase your transfer limit up to max $10k. Anymore you have to fill in a form and email. However, they respond within a few hours usually. Someone has reported that you can call for $100k limit and that would be immediate but I have not tested this. That is the only issue, everything else works fine.

                  • Mad Max on 02/11/2022 - 11:05

                    @Yola: Thank Yola. Do you know if you can do direct debit to them? As in link it to ING and move money in and out of Mybank through the ING platform?

                    • Yola on 02/11/2022 - 11:42
                      +1

                      @Mad Max: I had to speak to MyState as I want to open an account for my son and get the $50, which they said is still available. So I checked that when you call you can get the limit increased to $50k. Also, they do accept direct debits. Took 30 min to speak to a person, longer than 86400 but half the time it takes to speak to ING.

        • aneil915 on 11/10/2022 - 12:54
          +1

          Why not? I've always completed my 5 purchases from my home. 5 payments to a phone bill, water bill, power bill etc..

          • sridhar on 11/10/2022 - 13:07
            +1

            @aneil915: The so-called hoops are only to those that use credit cards for all their payments.

            • aneil915 on 11/10/2022 - 13:21
              +1

              @sridhar: Yeah ok. I use my credit card for everything too. I just make 5 $1 payments for this hoop.

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