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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 (469)

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

  • nilchicago on 11/10/2022 - 09:46

    Does it mean that I deposit >=$1000 into Maximiser and do 5 transactions all from Maximiser and the Everyday Transaction account is just sitting there with 1c balance ?

    • Yola on 11/10/2022 - 12:16

      You cannot do any transactions from Maximiser.

  • Notoriousbird on 11/10/2022 - 13:33

    Is it possible to move any funds out of the savings account into the everyday account? Or can you only transfer from the savings account into your linked bank account?

    • sridhar on 11/10/2022 - 13:50

      what's the difference between everyday account and linked account?

      • Yola on 11/10/2022 - 14:03
        +2

        You can link the Maximiser with the Everyday account or an account in another bank. In that case you can only move money btw the Maximiser and that bank and as you need the Everyday account to make the 5 transactions, I do not recommend it.

  • ShouldIBuyIt on 11/10/2022 - 15:25
    +1

    For some reason (laziness) my funds are with Westpac at 2.65% which I would loose the bonus if I withdraw now.
    Since we're at a 1/3 of the month, would I be better off holding off next month to transfer to ING?

    • feihong on 12/10/2022 - 08:36
      +1

      If you transfer now it will roughly be the same, so might as well hold off

      • ShouldIBuyIt on 15/10/2022 - 22:30

        Actually glad I hold, as mentioned here as I missed the criteria last month, I would have forfeited bonus on both accounts this month.

  • BadGiraffe on 11/10/2022 - 17:42
    +3

    Don't forget to pay your utility bills with ING. You get some cash back for that.

  • Froot Loops on 13/10/2022 - 01:06
    +2

    For larger balances it's worth the hoops. Many community members have offered decent advice on making these hoops easier to deal with. Auto payments, auto transfers in and out, etc make it a lot easier.

    From what I can see, make 5x auto transactions a month to your credit card, deposit wages and simply make sure your $1 over last month and its done.

    Glad ING pushed their rates forward so quickly and to offer 0.45% above ubank is great

    • vicerum on 06/11/2022 - 17:07
      +1

      For the last point, "make sure your $1 over last month and its done", keep in mind that if you earn say $200 interest in a month, your balance needs to be higher than the savings + interest you earned + $1 extra.

      Anotherwords don't do what I did and withdraw your interest, as it's counted as part of your balance at the start of the next month.

  • shaughan12 on 13/10/2022 - 11:57

    May seem like some dumb questions but am fairly new to this topic.
    I understand the hoops to jump through but just interested in where exactly the money needs to be.
    Do I earn the bonus interest irrelevant of where the money sits (Everyday or Savings Maximised?)
    Does someone have an easy way to bypass the card spend as I am a heavy CC user (Rewards CC)
    Assuming the growth in the savings account can be as little as 1c?
    Thank you in advance

    • chrisharry53 on 15/10/2022 - 15:46
      +2

      It is all listed many times but this is it -

      1. Go to Coles, etc and select split payment. Select card and do a 1 cent transaction. Repeat 4 times and pay balance with card of choice.

      2. Deposit $1000 in Orange or Savings Account each month. This amount can be transferred out the same day.

      3. Ensure balance 1c or more higher at midnight on last day of the month.

      You will get bonus interest the following month. New Savings accounts get bonus in opening month and following month.

      If you don’t meet criteria in a month, you get bonus interest in that month but not in the following month.

      The app and online shows if the criteria have been met. In app, select Savings account and Interest tab. Online, select savings account and arrow beside your account name.

      • ShouldIBuyIt on 15/10/2022 - 22:20

        If you don’t meet criteria in a month, you get bonus interest in that month but not in the following month

        Wow cheers, I didn't realise

      • atlinus on 25/10/2022 - 18:25

        I notice they change the way they deposit the bonus interes.
        Before it was deposited on the followign month (1st)
        But now they deposit the interest on the last day of the month.

  • USER DC on 15/10/2022 - 18:49
    +1

    Just saying ING calling times are totally ridicoulous now, they compare with Combank wait times now.

    Thanks to flooding of Customers and not enough workers/hardware @ ING

    • sridhar on 15/10/2022 - 19:42
      +1

      Called them last week. Wait time was 1 hour.

  • AV1 on 16/10/2022 - 13:41
    +1

    I'm about to create an ING Orange Everyday account (for international use) alongside the Savings Maximiser account and transferring my savings over to ING, are there any welcome bonuses when creating a new account?

    • Yola on 16/10/2022 - 17:43
      +1

      The welcome bonus is that you do not have to meet the bonus conditions for this month and the next.

      • AV1 on 16/10/2022 - 18:04

        So would that mean I receive the increased interest of 4.05% for two months without having to deposit $1,000 and making 5 transactions?

        • Yola on 16/10/2022 - 20:13
          +1

          That has been reported several times. People have said that they were informed when the account was opened.

  • El-Rhi on 18/10/2022 - 11:04
    +1

    Virgin Money Boost has increased to 3.9% effective 20 October

  • mariahwerk on 27/10/2022 - 13:03
    +3

    ING has SIGNIFICANT SECURITY CONCERNS including 2FA for new payees- beware!!

    This morning I was on my usual day of work. Received a text message saying "someone logged into your account. If this is not you. Visit link."

    I use an iPhone, so the messages come in a conversation. The above message is in the same thread as the one that ING uses to send me update messages. Unsupecting anything I clicked on the link in a frenzy in fear of someone taking my money, without realising it's a dodgy link.

    Entered my client and access number. Shortly after, 2k money was transferred out. They were even able to register their phone for mobile banking (ING sent me a verify message) and somehow able to bypass this 2FA.

    Security features issues I found with ING are:

    • NO 2FA once you log in with client number and access code. That's it. They have full control. Even for new payee Pay ID or account number, no PayCode or 2FA like Commbank does. Straight to the scammer account via Osko.

    • Scammer somehow able to mask their sender end into ING's number or conversation.

    • Scammer able to bypass the new phone for mobile registration 2FA (text sent to my phone, I did not give anyone the code).

    Any ING account holders beware. The scam team at ING is saying a lot of people are falling for it.

    TLDR: ING account scam going on, do not click on any suspicious links. ING never asks you to put in client number and pass code via SMS.

    • Yola on 27/10/2022 - 13:43
      +2

      Thank you for sharing. We all need to be very careful. If a link is suspicious most would not click so maybe just do not click anything just ring the fraud team instead. Any chance you will get your funds back?

      • mariahwerk on 27/10/2022 - 13:49

        They said it's up to the other end of the bank to accept the recall. The two bank accounts the scammer transferred my funds into are ANZ and (ironically) ING.

  • AV1 on 31/10/2022 - 20:43

    Forgot to make 5 payments using Orange Everyday this month, and only did so at Woolies today on the last day of October. Does ING consider this meeting the criteria?

    • victorheaven on 31/10/2022 - 22:11

      Most likely not, as the transactions need to be finalised (not pending) by today.

      You will find out around noon tomorrow.

  • Kapinny on 31/10/2022 - 23:25

    I will be away for 5-6 months next year and looking to put some money into this, easiest way to make 5x transactions with this card abroad? the 1cent store?

    Cheers

    • Yola on 01/11/2022 - 12:38

      Use Paypal.

      • F1Maniac on 03/11/2022 - 00:35
        +1

        just tried my usual paypal to pay telstra bill looks like they've closed that loop on my account atleast. super dodgy how they can suddenly classify a transaction as "withdrawal". negging this deal so please people can check their usual transaction classification and not get caught out.

        • mysterytal on 03/11/2022 - 01:18

          You negged this deal because loading a PayPal account with cash from a debit card is considered a cash withdrawal? That's nothing to do with ING.

          • F1Maniac on 03/11/2022 - 01:23
            +1

            @mysterytal: this is visa transaction via paypal - please explain how's that a cash transaction? and also fyi the same transaction last month werent classified as such. i only negged so people can check their usual transaction before the month end and not lose out on bonus interest.

        • Yola on 17/11/2022 - 05:46
          +1

          Did the 5 x 1c PayPal transfer to 4 FI's last week and ING and MyState Bank showing criteria met.

    • shoppe on 01/11/2022 - 12:41

      Better off putting it in Ubank and forgetting about it. Enjoy your holiday.

    • ShouldIBuyIt on 01/11/2022 - 14:14
      +1

      Quoting yola's comment

  • dreamscene on 03/11/2022 - 11:55

    Hi guy's, I bought shitcoins like ETH and BTC last year thinking crypto has use case and I was fooled to buy all these useless junk I can't use for anything. Now price is dumping after all the plebs bought these shitcoins. Should I sell and go back to making money in realestate and high interest accounts and forget trying to make a quick buck on scam investing?

    • shoppe on 03/11/2022 - 11:56

      HODL

    • ShouldIBuyIt on 03/11/2022 - 12:54

      Yes

      • ShouldIBuyIt on 03/11/2022 - 12:55
        +1

        Out of curiosity, how much did you invest/loose?

        • dreamscene on 03/11/2022 - 12:59
          +1

          Near $900k. Lost 40% at current prices. Sold my investment property to fund it. But the investment property made me $250k profit so I can pretend it was really 20% loss from $650k of my own money.

          • Rod71 on 03/11/2022 - 13:59

            @dreamscene: Was that you in the main story on News.com.au this morning who got scammed?

          • ShouldIBuyIt on 03/11/2022 - 14:12

            @dreamscene: Oh shit. Sorry to hear mate. ETH and BTC are the main one and seemed to stabilise. Wales have best interest floating those coins hence should stay at those levels.
            Maybe HODL and wait for the FIAT market to pick up again. Real estate going down too hence would sit still.
            Not financial advice :-)

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