This was posted 1 year 5 months 26 days ago, and might be an out-dated deal.

Related
  • expired

Savings Maximiser 4.30% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

3581
Savings Maximiser 4.30% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
me1stt on 03/11/2022 - 15:34 ing.com.au (3536 clicks)
Last edited 08/12/2022 - 08:53 by 1 other user

From ING's Facebook page:

đź’° For our savings customers:
For our new and existing Savings Maximiser customers:
🔸 We will be increasing the additional variable rate by 0.25% p.a. to 3.75% p.a.
🔸 Our standard variable rate is 0.55% p.a.
🔸 So our highest available variable rate will now be 4.30% p.a.
You can earn our highest available rate (which is made up of the standard variable rate and additional variable) on one nominated Savings Maximiser for balances up to $100,000 if you meet the monthly eligibility criteria.

🏡 For our home loan customers:
🔸 We will be increasing all new and existing owner occupier and investor variable home loan rates by 0.25 % p.a.
🔸 Interest only repayments – increased repayments starting 1 December 2022.
🔸 Principal and Interest repayments – increased repayments starting 29 December 2022.
🔸 Existing home loan customers will be sent a letter from 30 November 2022 confirming your new rate and new repayment information.

All variable rate changes will be effective from 8 November 2022.

Referral Links

Referral: random (385)

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

Related Stores

ING
ING

closed Comments

  • aligind4h0us3 on 03/11/2022 - 15:36
    +44

    The only issue I always had was the jumping through hoops to qualify every month.

    • gingerscale on 03/11/2022 - 15:40
      +34

      Yep one missed month will negate any bonus over other easier to achieve banks but they know this so why they can give a higher rate

      • Danam on 03/11/2022 - 15:42
        +1

        This exactly.

      • Ghost47 on 03/11/2022 - 15:44
        +14

        Yet they only give it on $100k instead of $250k.

        Seems they are hedging their bets.

      • Stopback on 03/11/2022 - 16:07
        +6

        Does the app tell you if you hit the hoops every month?

        • Etherkai on 03/11/2022 - 16:11
          +17

          Yep! Just go to the "Interest" tab (right underneath the current balance) on the right in the Savings Maximiser account page.

          • Harsh Deep on 23/11/2022 - 12:13

            @Etherkai: hi mate , m new to this bank , when I opened my account this month, it said under that interest tab of Saving Max. account, that i will get full rate as a new customer for November but for next months i have to complete those terms and i have completed that. in there i can see interest for November YES with 4.30% but in Dec it just says YES, but not the 4.30%, i am concerned if i will get the full 4.30 or not !!!!!

            • Etherkai on 23/11/2022 - 13:11

              @Harsh Deep: I have "Yes 4.30% p.a." for November and "On track" for December. The latter just means I'm on track for the max discount that they will offer for December. Its possible things are displayed slightly differently for you as a new customer.

              EDIT: typo

              • Harsh Deep on 23/11/2022 - 15:14

                @Etherkai: thanks mate , is there any way to call or chat with them to confirm/ask ??

            • payless69 on 01/12/2022 - 18:23

              @Harsh Deep: I missed one month and they tell me that you automatically do Not qualify for the next BEWARE!!!

        • z barg on 03/11/2022 - 16:11
          +9

          Yep, it says

          "Getting highest interest rate?

          In November - Yes 4.05% p.a
          In December - In progress"

          Then it says which criteria you've completed for the month.

        • nomadspartan on 03/11/2022 - 16:25
          +8

          Yep makes it so easy, also tells you the balance you need to be higher than as well.

      • md333 on 04/11/2022 - 12:13
        +1

        They tell you in advance though. Why would you leave the money there for the whole month if you are not getting the bonus interest? Chuck it in ubank for that month until you qualify again.

    • duckdodgers245 on 03/11/2022 - 15:41
      +1

      So if you miss one payment you have to start all over again? Is that how it works?

      • Charlie Dont Surf on 03/11/2022 - 15:44
        +5

        Every new calendar month you need to re-start the process, irrespective.

      • TrafalgarSean on 03/11/2022 - 18:00

        Sounds like it. So if you nail it for 7/12 months but mess up in the 8th month, you have to start again.

        • Ranike on 03/11/2022 - 18:58
          +12

          I don't read it like that at all. Seems more like it's broken down into a month by month basis so if you miss it one month, you're only missing out on 1/12th of the 3.75% bonus while still getting the 1/12th 0.55%.

          If that's the case then each missed month is 0.3125% (3.75/12) off that total pa. Means that missing two months will put you below someone like UBank (4.3 - 0.625 = 3.675).

          I can see where having UBank and ING savings accounts would be beneficial.

          Anyone able to confirm this though?

          • lordra on 03/11/2022 - 22:40
            +2

            @Ranike: I can confirm that your math is right.

            Source : I bank with them.

          • Harsh Deep on 03/11/2022 - 23:06

            @Ranike: the only thing i don't understand is grow balance, what if i need to use some amount of my money, and it goes lower than previous month, i will loose that whole month's interest !!! m i right ??

            • Charlie Dont Surf on 03/11/2022 - 23:25

              @Harsh Deep: I treat it like a term-deposit (of sorts) ie. money that I know I won't need to use, barring some emergency. Alternatively, withdraw very early in the month and ensure you deposit that amount back + $1 by the end of the month.

            • Kelstorm on 03/11/2022 - 23:28
              +3

              @Harsh Deep: You will lose the bonus interest for the month (actually the next month). You'll still get the standard interest of 0.55%.

              Example:
              In September you grew your account balance, so in October you have bonus interest activated.
              October 1st - your account balance $10000
              [you withdraw $100]
              October 31st - your account balance $9900
              October 31st - interest payment of around $35.48 (4.3%)
              But since you didn't grow your account balance, in November you will not have bonus interest.
              Nov 1st - your account balance $9935
              [you deposit $100]
              Nov 30th - your account balance $10035
              Nov 30th - interest payment of around $4.55 (0.55%)
              You did grow your account balance, so in December you have bonus interest activated.

              • Harsh Deep on 08/11/2022 - 23:01
                +1

                @Kelstorm: that make sense, thanks heaps mate, so the bonus things activates a month before by completing the requirements.

                to solve this issue, i can always have an account with another bank with bonus interest activated , which is ubank in my case. i can always pour all of my money from INg if i know, i won't be able to grow balance and take interest from ubank, instead of leaving in there with base rate.

                m i right ????

            • johnwinds on 04/11/2022 - 08:25
              +1

              @Harsh Deep: Many of us set a reminder on the 31st to move the money to another ING account (leaving a few 100s in the account to meet the last month's balance + a few extra dollars), then move it back in into the main account on the 1st (the next day).

          • payless69 on 02/12/2022 - 07:08
            +1

            @Ranike: Yes !! Ubank all the way, no hassle, great app, pay from savings without shuffle, fastest transfers.
            makes ING look like a smelly back alley from Amsterdam?

      • Kelstorm on 03/11/2022 - 23:31
        +2

        I messed up a month for the first time after literally years of being a customer, called them up and they were willing to credit the interest (they called it a 'good will credit' but only up to $100 (it actually sounded like if I argued I might have been able to achieve more, but $100 was the most the person on the phone could give me without approval from higher up). You could try calling them up?

    • corrocoat on 03/11/2022 - 16:07
      +4

      Failed marketing to have a promotion that leave such negative view of ING

    • AuQld on 03/11/2022 - 17:13

      Pretty easy to qualify and the first couple of months is automatic.

      Try giving them a call, then try giving Commonwealth Bank a call, I was hours trying to dispute a transaction, gave up just ordered a new card, then apparently there was a token put on the old card that rolled onto the new card when the new card wasn't even activated, I couldn't order a new card as I technically didn't have one, was afraid to activate it as I thought it had been comprised, was unable to get commonwealth on the phone without giving up my evening, they should really have a call back feature.

    • rlf on 03/11/2022 - 21:18
      +2

      It really isn't hard to qualify in the first 2 days of the previous month!

      I don't even use my ING card for everyday purchases but I will use my ING for Opal tap-ons, start of every week. That's 2 purchases a day, and just buy a coffee or something for the fifth or your lunch twice. Done. Grow your balance by $1? Easy as, get your salary depositted into there and just withdraw 99.9% (leaving a $1).

      • Yola on 03/11/2022 - 21:53
        +2

        It can be 1 cent.

        • OeterB on 03/11/2022 - 22:02
          +1

          Can confirm, most months it is only a few cents for me.

          • BluebirdV on 05/11/2022 - 05:51

            @OeterB: Note you have to grow your balance from last month including interest earned.

      • zeno on 04/11/2022 - 10:54

        Opal tap-ons using credit card take ages to reflect. By the time you see the approved transaction on your card, it's already summed up into a single transaction.

        • rlf on 04/11/2022 - 17:27

          Yeah true, they usually bunch all the ones from one day into one transaction when it's fully processed.

  • DustyAfternoon on 03/11/2022 - 15:44
    +4

    Make it your public transport card, get your salary paid into it, and turn on round-up saving, and the hoops are sorted.

    • Pcoder on 03/11/2022 - 15:52
      +5

      Since there is no benefit into using the debit functionality, I just do 5x1c at a supermarket (easier at Coles and there is less buttons to press to do it). Hate this 5 transactions conditions but good when I travel overseas as I'll be going to an expensive ATM :)

        • Davelovesdealz on 03/11/2022 - 16:05
          +16

          Does this count? I thought they had to be a card transaction

        • koalalui on 03/11/2022 - 16:24
          +14

          Thought it requires 5 card purchases, not 5 transfers, correct me if I am wrong

          • [Deactivated] on 03/11/2022 - 22:53

            @koalalui: Mine works with just transfers from another bank account and I have automated it too. I never had an issue qualifying because of automated transfers.

        • OzBrogains on 03/11/2022 - 21:21
          +9

          And I do a 5 twirls in a ballerina dress every month, like you I also won't get the bonus interest rate.

      • Wildesy on 03/11/2022 - 17:05

        What debit card do you use that has benefits? I never really thought to seek out a debit card that had extra functionality.

        • Fobsessive on 03/11/2022 - 23:04

          Mainly use a credit card instead for points

      • Donaldhump on 03/11/2022 - 17:11
        -3

        bewrare ing regularly debank customers doing 5 x 1c transactions.

        • Pcoder on 03/11/2022 - 17:22

          Nothing in their t&cs. I do occasionally do a few non 1c transactions. They have to contact you beforehand anyway or I'd get the banking ombudsman on them so fast.

          • izkai67 on 03/11/2022 - 18:17

            @Pcoder: they ve done it, nothing you can do, read their T&C, they have the right to question your transactions.

            • Pcoder on 03/11/2022 - 18:50
              -1

              @izkai67: I doubt that.

            • JHoliday on 03/11/2022 - 18:51
              +5

              @izkai67: My account is currently suspended with ING. Coming up to a month now where my account is locked with no access to the funds. This is my main bank account where my salary gets paid in to.

              • Yola on 03/11/2022 - 21:54
                +2

                @JHoliday: Do you know why and how are you getting it sorted?

              • virhlpool on 03/11/2022 - 22:18

                @JHoliday: Really? Can they block your funds like that and you cannot do anything about it?

                • JHoliday on 04/11/2022 - 10:12
                  +3

                  @virhlpool: They refuse to put you through to anyone by phone. All they do is parrot you to email [email protected] and they take their sweet time to reply (last reply took more than 2 weeks saying they still looking into it).

                  I wouldn’t be so stupid to commit fraud on my main bank account where my salary gets paid to. Feel like a criminal trying to access my own money.

                  • virhlpool on 04/11/2022 - 11:31

                    @JHoliday: Sad to hear that. Walking into their office in Sydney can be one option but not possible if you are from other state. ING phone line wait time is ridiculously long.. used to be 5-10 mins a couple of years back but lately I have never experienced less than 25-30 mins, even in the night time. They refuse to put you through anyone sounds a bit silly. Why should they allow you to talk to someone! Well, if they aren't going to investigate this soon enough, they should at least let you withdraw your funds to some other bank and move on. I don't know legal rights but they shouldn't be able to control someone's funds for indefinite period.

                    • virhlpool on 04/11/2022 - 12:46

                      @virhlpool:

                      Why should they allow you to talk to someone!

                      Shouldn't*

                • JHoliday on 04/11/2022 - 10:13

                  @virhlpool: Was a shock to me that they can do this but apparently they legally can. Didn’t even notify me. One day I found I couldn’t log in to ING App. That’s how I found out..

    • 1st-Amendment on 03/11/2022 - 16:56

      Make it your public transport card

      Public transport?

      • ledgisv2 on 03/11/2022 - 17:15
        +3

        In NSW you can use your bank cards as OPAL cards for public transport.

        • piston3461 on 03/11/2022 - 19:55
          +9

          Cries in Myki

    • ca6leguy on 03/11/2022 - 20:02

      Problem is what if you don’t have salary.

      • OeterB on 03/11/2022 - 22:05
        +2

        If you have a bank account with another bank with a tiny bit of savings, transfer $1000 in. There's nothing to say it has to stay there.

        e.g. Transfer $1000 in from UBank (meets one of ING criteria). Make 5 purchases. Transfer $999 - total of those five purchases (i.e. growing your account by $1) back to UBank.

        Bonus interest criteria met for ING (deposit $1000 from another bank, make five purchases, grow your account (can be 1 cent more than what it was the previous month after interest given). Bonus interest criteria met for UBank (deposit $200 from another bank). Happy days.

        If you don't have $1000 you can swing between two different bank accounts, sorry, mang.

        • julianlzz94 on 23/11/2022 - 11:09

          I just transferred $1000 from my ANZ account into ING savings, but on the benefits it still shows "not yet"? Do i need to follow the steps like making 5 transactions first before step 2 will show "completed"?

          Just signed up last month so unsure how it works

  • z barg on 03/11/2022 - 15:46
    +50

    New ING savings rate increase means incoming "I'm not jumping through hoops" comments

    • OzBerghainer on 03/11/2022 - 15:50
      +44

      seriously its not that difficult

      • johnwinds on 04/11/2022 - 08:29

        I do it every month, still it makes me angry that they won't listen to their customers and are taking a unilateral approach.

    • Jakeo on 03/11/2022 - 15:56
      +4

      Needs to be a filter for comments with 'hoops'

    • kaal on 03/11/2022 - 16:06
      +3

      I’m here for the hoops whinge!

      • z barg on 03/11/2022 - 16:12
        +5

        Same time next month?

        • kaal on 03/11/2022 - 17:01
          +1

          Without a doubt. Hoops are too hard for some.

          • T3J on 03/11/2022 - 17:38
            +1

            @kaal: To be honest I think that's the point, they don't actually want those people as customers.

    • Pudina Chutney on 03/11/2022 - 16:17
      +5

      If ING is your primary bank then it's easy as.

      • whatgift on 03/11/2022 - 19:21
        +1

        THIS - there’s a reason the hoops exist, and if it’s too hard for someone to meet them, they are not the desired customer.

  • boxall on 03/11/2022 - 15:48
    +1

    Anyone got any tips how to get the balance down without losing a LOT of money for the month in interest? Should have done it when it was <1%.

    • DustyAfternoon on 03/11/2022 - 15:50
      +7

      Open an account with another high return bank like uBank, BOQ, or Macquarie. Transfer to that bank for the month. Then transfer back the amount you want to keep in savings.

      • boxall on 03/11/2022 - 15:58

        Doesn't make sense sorry. Say I have $30k. I take it all out to say uBank….so my balance has gone down for the month and I lose all the interest on the $30k. Even if I transferred back $20k, it has still dropped so no bonus interest.

        This is always the issue if you want to use the money for anything:

        Grow your balance of the nominated Savings Maximiser in the same calendar month. This just means that the balance must be higher at the end of the month (not including interest) than it was at the end of the previous month.

        • snep on 03/11/2022 - 16:06
          +8

          I think the point was: you're always going to lose the ing interest if balance decreases. So transfer to another bank for the month, get their (slightly lower) rate, then transfer back. That way you're only losing the difference between the two bank's interest rates.

          • boxall on 03/11/2022 - 16:12
            +2

            @snep: Got it. If I lose all the interest with ING, may as well get interest somewhere else. Nice idea! So do it early in the month.

            • Mr Haj on 03/11/2022 - 16:34
              +3

              @boxall: Yes I am pretty sure all banks calculate interest on the daily balance so if you plan on transferring money out to another bank it should be as early in the month as possible.

              • ArtVandelay81 on 03/11/2022 - 22:36
                +2

                @Mr Haj: Actually you should do it at the end of the month. Because when you meet the criteria for bonus interest in the current month, the bonus interest rate gets applied for the following month.

                So if you already met the criteria in October, you're getting the bonus rate for all of November. Interest is earned daily so keep it for most of November then transfer out to another bank towards the end of the month, which will mean you haven't increased your balance in November so you don't get the bonus rate for December.

                But then just add $1 during December to increase the balance and you'll get the bonus rate again in January and you can transfer back however much you want.

        • DustyAfternoon on 03/11/2022 - 16:11
          +2

          It's 3 November. You open a uBank account at whatever decent rate they're at (say 4%?). You transfer your full balance of $30k to uBank. On 1 December, you receive full interest of 4% from uBank on the 30k. You receive no interest on the ING account, but you don't have anything there anyway. You then transfer 20k back to your ING account, meeting the criteria for December.

          • AuQld on 03/11/2022 - 17:26

            @DustyAfternoon: Think Ing have a 10k a day limit on transfers out, not much of an issue for 30k but 90k is 9 days of transfers.

          • ArtVandelay81 on 03/11/2022 - 22:43
            +2

            @DustyAfternoon: Only problem with this is you won't be getting the bonus interest in December because you didn't meet the criteria in November, so you'd have to wait until January to transfer back as that's when you'll next get the bonus interest (as ING applies the bonus interest the month after you meet the criteria).

            So I'd recommend leaving it in ING for most of November and transfer to another bank at the end of the month instead, like I mentioned in another comment above :)

      • Look43Bs on 03/11/2022 - 18:06

        I've signed up for this deal. Question …how do you transfer your savings out of Bankwest into another bank account like Macquarie Bank for example .I see no way of doing this.
        Normally I'd use a BSB and account number to transfer funds out … but I can't find this method in my BankWest account …..

    • Davelovesdealz on 03/11/2022 - 16:07
      +3

      open 2 x savings maximiser and if your balance is going to be lower next month go online (desktop not mobile) and change the nominated savings account.

    • johnwinds on 04/11/2022 - 08:30

      Just bite the bullet for one month and reset it.

    • md333 on 04/11/2022 - 12:26
      +1

      You can have multiple Savings Maximiser accounts, but only one gets the bonus interest.
      If you change which account is nominated (easily done in the webpage), the change will take effect from the following month, and the balance increase criteria will be based on the new accounts balance not the old one.
      So, say you have 101,000 in your SM today. Method would be.
      1- open second SM acct.
      2-nominate the new acct for bonus interest. This will take effect from 1 Dec. Current SM still gets bonus interest for remainder of Nov.
      3-do not put any money in the new account during Nov
      4- on 1 Nov transfer 95,000 to new SM acct to get bonus interest.
      5-profit? Send the other $6,300 somewhere else like ubank or virgin.

      If you really want to maximise the return you can transfer 100,000 and repeat every 2 months, but $95,000 once a year seems like a decent compromise to me, considering the extra $5,000 can still get about 4% elsewhere.

      This does seem like a loophole, so expect ING to close it if everyone starts doing it every month.
      In fact their terms and conditions allow them to cancel the bonus interest if they think you are being dodgy, so another reason to just do it once a year.

  • [Deactivated] on 03/11/2022 - 15:49

    For those who use ING. So do you just open a savings maximiser or do you also have to open the orange everyday account? It's a bit confusing to work out.

    • DustyAfternoon on 03/11/2022 - 15:51
      +6

      Both. You have to use the Orange Everyday x5 times a month to get the maximum rate on the Savings Maximiser.

      • [Deactivated] on 03/11/2022 - 15:58
        +2

        Thanks mate. I think it's worth the hoops now. It's a very attractive rate.

      • Ziggy28 on 03/11/2022 - 16:10
        +3

        If i go to Coles or woolies and buy 5 items, and i pay for them in 5 continuous different transactions, will that count?

        • DustyAfternoon on 03/11/2022 - 16:13
          +4

          Yes. Some people even do split payments of 5x 1c transactions to get it out of the way.

        • unity1 on 03/11/2022 - 18:23
          +4

          Using afterpay on a cheap item ie from Bunnings and make a repayment everyday gives you 4 easy transactions

    • T3J on 03/11/2022 - 17:43
      +3

      I have ING and I quite like it and the qaulification for the bonus interest isn't a problem for me.

      What you do is open a Orange Everyday account, thats where you deposit your money, have a card linked, spend online etc.

      Then you open as many Savings Maximizers as you want and transfer money in and out of it as you cant spend money directly from it.

      For me I keep the OE account at low balance, say $100 and then use it for whatever and up the limit and transfer more money in there if I want to make a big purchase.

      I then also have a few other SM accounts for different things with the vast bulk of the money in one SM account for the interest.

      In the very rare occasion that the main SM account is going to be less than the monthly bonus amount, i use the other SM accounts to top it up. Clearly you have to have the money there, but this works for me nicely.

      I had Ubank but I personally found it too restrictive with withdrawl/xfer limits but this was a while ago so maybe its changed….

Login or Join to leave a comment
Login Join