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

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Savings Maximiser 4.30% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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me1stt on 03/11/2022 - 15:34 ing.com.au (3537 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 (507)

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

      • Yola on 03/11/2022 - 17:29

        I am in the same position but the only ones that you need to transfer into to keep active are the ones where you need to qualify for the bonus in the prior month eg. AMP, Bank of Queensland Smart Saver, and ING. The ones where the bonus activates in the current month you can activate when you want to use again as long as there is time for the transactions to settle.

        • Donaldhump on 03/11/2022 - 17:45

          accounts become dormant after 2 years i thought so i just chuck a $1 in for the f??? of it.
          always a nice xmas bonus when u have 15 accounts with $25 each in them

    • warmfruit on 03/11/2022 - 18:20

      I had quite a few of these high interest accounts but stopped using some of them. Eventually the banks would start closing inactive accounts. Now I have to call ING to open my Orange Everyday account because it looks like it's been locked.

  • MightyAtom on 03/11/2022 - 16:54

    So does Apple Pay count or do you have to use the card for the 5 purchases?

    • kaal on 03/11/2022 - 16:58
      +1

      It does counts. I usually use ING on my phone to buy small value items, like coffee, bubble tea and lunch. 5 transaction a month is easy when most people don’t even use cash these days.

  • Notoriousbird on 03/11/2022 - 17:13

    Do beem it transactions count as settled card purchases?

    • Yola on 03/11/2022 - 17:31

      Not anymore but Paypal does although someone has reported that it was now listed as a transfer.

      • uwuwu on 03/11/2022 - 21:11

        I hope not. I've been doing the 5x Paypal transfers trick for the last few months and worked flawlessly

        • Yola on 03/11/2022 - 21:51

          Me too.

          • virhlpool on 03/11/2022 - 22:46
            +1

            @Yola: My understanding is that it should work if your primary payment method in Paypal account is ING debit card (and not BSB/ acct number). In that case, it will still be considered a card transaction since PayPal will draw the amount from the bank account via debit card.

            • Yola on 04/11/2022 - 10:11

              @virhlpool: Yes, I have been doing it successfully from the card for about a year perhaps the person that reported that issue did it from their account numbers. Good point.

          • uwuwu on 04/11/2022 - 18:53
            +1

            @Yola: It still works, I just tested one payment and showing in ING app as 1 of 5 settled card transactions

  • JGreninja on 03/11/2022 - 17:43
    +4

    Only bad experience with the “hoops” for me when I did a big spend and the balance did not grow for a month. Grow the saving balance every month is unreasonable.

    • ShouldIBuyIt on 03/11/2022 - 18:12
      -1

      So you can't afford to add $1 from the everyday account to the maximiser ?

      • izkai67 on 03/11/2022 - 18:23

        if you withdraw big chunk of money for emergency, what do you expect? $1 deposit is a theory only if you dont withdraw at all.

        • capslock janitor on 03/11/2022 - 21:15

          It's emergency… So what,if someone misses a month's few hundred bucks if in that siutation

    • whatgift on 03/11/2022 - 19:29
      +2

      The purpose is to use the account for long term savings - if you’re taking money out it defeats the purpose.

      • JGreninja on 05/11/2022 - 21:37
        +1

        If u want to take advantage of the high interest rate, u would put everything u have in there.

  • [Deactivated] on 03/11/2022 - 18:07

    So if you're not qualified for a bonus this month, you can only get this new rate next month?

  • CrazyBargainCatcher on 03/11/2022 - 18:23
    +1

    Your move BOQ…

  • tessel on 03/11/2022 - 18:47
    +1

    Was wondering where to put that $100k I had under my mattress. Thanks.

  • Frozensage on 03/11/2022 - 18:55

    just gonna put it in Macquarie…. will revisit this bs in 4 month, who know rates might start coming back down.

    • fchis on 03/11/2022 - 19:16
      +2

      It's not likely to happen next year. Even if it does, I won't come down to 0.1%. it'll be a neutral rate of 3% from RBA.

    • pixxelpusher on 03/11/2022 - 23:17
      +1

      Rates aren't dropping anytime soon. Recently heard an analyst say they're here to stay til at least 2030.

    • Zilch on 04/11/2022 - 11:57
      +1

      who know rates might start coming back down

      Lol

  • Spaceback on 03/11/2022 - 19:51

    Beautiful

  • anthem29 on 03/11/2022 - 20:21

    Waaaah, hoops…

  • Cluster on 03/11/2022 - 20:45
    +3

    Paying 1.75% on fixed interest home loan, earning 4.35% (before tax) on accumulated savings. Nice.

    • virhlpool on 03/11/2022 - 22:48

      Hope it's P&I and not I only loan though.

  • uwuwu on 03/11/2022 - 21:09
    +1

    Great rate from ING and always quick to pass it on unlike Ubank

    • virhlpool on 03/11/2022 - 22:48
      +1

      UBank is quick to announce but passes it on after a month. Shame.

    • fchis on 05/11/2022 - 12:24

      A lot of people here have "at least" 100k savings so the ubank is a very good alternative to park the extra money. Having said that the interest income is taxed at marginal tax rate so effectively even a 1% difference in rate, the after tax rate is 0.655% for a median income earner.

      • boxall on 05/11/2022 - 22:31

        Problem with Ubank is no Osko (at least for me yet). So money sits in no man’s land for days.

        • Yola on 05/11/2022 - 22:42

          It does have something called Fast Payments but very hard to figure out when they actually work and often, they don't. But migrate to the new ubank - old 86400. It has OSKO and is very similar to Ubank. Same interest rate, same $200 per month. The website and App are better which is why NAB purchased them. The main difference I see is that there is no linking of outside bank accounts which enabled immediate transfer of $100k. But with the ubank you can call for anything over $20k, the wait is not too long, and whatever amount you then transfer is done by OSKO. The first $20k is also through OSKO if the other bank supports it.

          • boxall on 06/11/2022 - 10:36

            @Yola: Waiting for my old ubank to convert to new ubank. Can I speed the process up?

            • Yola on 06/11/2022 - 11:14

              @boxall: I have both and have had them for a few years and hope that they do not integrate them soon as I am enjoying the additional feature that Ubank has. About speeding up you would need to call them, but I think unlikely. If you like the sound of the new ubank I would just open an account.

  • xwu on 03/11/2022 - 21:28
    +2

    Waiting for BOQ to bump up to 4.35%

    • freoleo on 03/11/2022 - 21:59

      They only did a .10% bump last time

      I'm still waiting on them to send me my bank card, can't do the 5 transactions without it and have had my account since October 2nd lol

      • capslock janitor on 04/11/2022 - 02:34
        +3

        Login BOQ app they have instant provisional card to add into digital wallet. That's what I used for split payment the very first time

  • Dem25 on 03/11/2022 - 22:51
    +2

    Be careful with ING. They debanked me. Froze all my accounts, sent the balance out as a bank cheque to my address. Gave me no reason.

    • asc on 04/11/2022 - 07:49
      +1

      did not meet their KYC?

      • Dem25 on 05/11/2022 - 18:49
        +2

        “Gave me no reason”

  • payless69 on 04/11/2022 - 06:47

    More hoops than a Lola girl in Hawaii?
    Wish ubank would be close to this.

  • jzcykd on 04/11/2022 - 07:35
    +2

    So Bank of queensland allows bpay scheduled payments to jump through the hoops (5 transactions). Ive found that works well for me but I'm struggling to find an option with ing that allows set and forget without a sneaky surcharge.

    I want a way to do ing hoops that
    A. Can be scheduled for 2nd of each month.
    B. No card surcharge. My water bill attracts 0.65% surcharge if paid by ing card. No point getting 1% back if paying a surcharge.
    C. Not risk being debanked for the 5x.01c transactions.
    Currently going to make manual payments to elec/gas supplier. But if anyone has got an option to allow automation? Cheers

  • m2pic on 04/11/2022 - 07:46

    A couple of questions:

    1. Does the ING app support auto splitting like the Up Bank does? I have my work money come in and then it auto splits into my different buckets: personal, work, savings and etc.

    2. Does the interest apply to all ING accounts you have or only the Savings Maximiser account? E.g. uBank adds the interest to all accounts.

    That is all.

    Thanks

    • pilchard on 04/11/2022 - 12:08

      2.

      You only earn interest in the Savings Maximiser account. Everyday accounts don't earn interest.

  • supercyril on 04/11/2022 - 09:43
    +1

    hey, ozbargainers,
    currently using the ubank deal from last month only, is it worth it making a move in your opinion?
    Would you bother?

    Thank you

    • Yola on 04/11/2022 - 10:22
      +3

      I do bother. I move money around all the time. For example, MyState and ubank are the same but on the 15th MyState will be higher for 2 weeks till the ubank catches up on 1 December. Then I will move most of it back to ubank because although their rates will be the same again it is easier and faster to move large sums out of ubank (phone call) vrs Mystate (emailed form). This is important now as rates keep changing. Having said that I am retired and have time to do that. You have to consider your priorities. Is spending time with your family or on your career more important or if you just have one sum to move it will not take up much time at all?

    • Ghost47 on 04/11/2022 - 11:09
      +4

      Really depends how much cash you have, and if the extra interest gained by moving is worth it to you.

      With rates going up more and more I’m starting to move some money around because the difference in interest isn’t trivial for me (and I’ve been super loyal with keeping my money in UBank for a while now, but their rate increase delay is starting to annoy me). If I was only getting $100 a year extra in interest I probably wouldn’t care as much right now.

      Just calculate how much more interest you expect to get and decide if it’s worth it.

  • JFFTech on 05/11/2022 - 12:19
    +3

    The 1k daily limit for real time payment is really annoying and I am not sure why ING is sticking to that policy. Most other banks allow 10-30k for real time payment. If you never needed to transfer large amount instantly, then you will not realise how annoying this can be but unfortunately I went through that recently. So, no ING for me.

  • ShouldIBuyIt on 05/11/2022 - 20:08

    Off topic here, did anyone got the offer, deposit $1k in September/October and get $50 back? And received the $50?

    • Utsav23 on 06/11/2022 - 09:09

      Nice offer. I didn't get one. Been with ING for 5+ years ;(

  • boxall on 05/11/2022 - 22:29

    Ok for those moving money out of ING every month, do I drop back the cash in at the end of the same month or the beginning of the next?

    • pao2x on 06/11/2022 - 22:19
      +1

      You drop back the cash at the end of the month and make sure you are at least 1cent higher than the beginning of the month

      • boxall on 07/11/2022 - 09:52

        Thanks will do.

      • nightelves on 07/11/2022 - 11:12

        Wait explain this to me? So your balance has to always be higher than the previous in order to get the bonus interest?

        • Yola on 07/11/2022 - 11:40

          You get interest on the last day of each month. The next month your account balance has to be at least 1c higher than the balance in the account anytime during the previous month including that interest. The good part is that they tell you exactly the amount you need to be over.

          • Ash-Say on 07/11/2022 - 11:46

            @Yola: Where can you see the amount that needs to be over?

            Also where can see the daily interest earned?

            • pao2x on 07/11/2022 - 13:21
              +1

              @Ash-Say: It is in the checklist inside ING app or web itself to get the bonuse interest rate. It will show your balance at the beginning of the month (previous high score to beat).

              There is no display for daily interest. There is earned on monthly, if you want daily you would have to calculate. (Balance at the day x interest rate)/365 more or less

              • boxall on 07/11/2022 - 13:44

                @pao2x: OK. As I needed to drain some (in the end all, as wasn't worth not earning interest on the whole amount) of my ING account and the return amount will be < then the beginning of November, will I only lose interest for November???

                • pao2x on 07/11/2022 - 14:27

                  @boxall: Unless you make it back up to end of 31 October + 1cent balance you will earn only 0.55%pa interest annualised for the month

                  • kaal on 07/11/2022 - 14:52

                    @pao2x: Doesn’t the bonus interest qualification is only for the following month? Say you’re already qualified for November, it doesn’t matter if your saving drops below last month (October) you’ll get paid your interest for November. You just won’t get any bonus interest for December. Am I understanding it wrong?

                    • pao2x on 07/11/2022 - 15:08

                      @kaal: you are correct for the next month

                  • boxall on 07/11/2022 - 15:35

                    @pao2x: Thanks. That’s what I expected and why I drained it all into another account. Will leave most of it there until the end of this month.

  • onlinereg33 on 08/11/2022 - 15:04

    two questions:
    1. given that they don't count your last month's interest as balance increase, then can you take out the interest and put another small amount like $1. In other words, when they calculate the "balance" growth, will the balance before or after the interest be used as the benchmark?
    E.g. Oct 1st: 1000
    Oct 31st: 1000+ 3.333(interest) assuming interest rate is 4%pa.
    So, for you to grow your balance next month in Nov. do you need to have 1000+ 3.333 + $1 or 1000 + $1 only?

    1. When do they make the balance comparison? End of the month compared with the beginning of the month? or the beginning of the next month with the beginning of this month?
      ie. 31st of Oct vs 1st of Oct, or 1st of Nov. vs 1st of Oct.?

    Just thinking if moving most of fund from the account to another account on the last day of the month will be helpful.

    • auri on 15/11/2022 - 14:51
      +1

      the balance needs to be higher than original amount plus interest, ie , more than 1003.333

  • mariahwerk on 10/11/2022 - 17:38
    +4

    ING has significant security issues- it’s still not fixed, so be careful of where your parking your money. I lost 2k because of a phishing attack and only got 300 back.

    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).

    • Yola on 11/11/2022 - 07:52
      +2

      This was posted by DoctorCalculon
      https://www.9news.com.au/national/mother-on-maternity-leave-…
      Seriously thinking of pulling out my money.

      • Mad Max on 11/11/2022 - 10:23

        The money from the Savings Maximiser can only go out to a linked account.
        And how did they get her access code?
        I wonder if there is more to the story.

        • mariahwerk on 11/11/2022 - 23:55
          +3

          Regardless just think that instead of secure app 6-code 2FA like commbank, ING offers none, only allows 4 number access code, has client number printed on mail, allows hackers into their ING sms chain, and does nothing about it.

  • onionknight3 on 11/11/2022 - 01:01

    I'm about to start a new job in January, and will not be paid my salary in December. Can an "external source" be a transfer from another person's bank account?

    • freoleo on 11/11/2022 - 01:38

      yes

  • justwii on 11/11/2022 - 15:27

    What is the interest rate on orange everyday account?

    • Yola on 11/11/2022 - 18:35
      +2

      0.

  • Hiphopopotamus on 11/11/2022 - 16:32

    My accounts finally opened, it took about a week which was weird.

    Is there a setting in the app to have notifications when the accounts are used? I was surprised when I didn't get any alerts after transferring some funds in, every other bank app seems to do it and I find it super useful.

    • justwii on 11/11/2022 - 20:15

      Yes, but not setup automatically. Have to set it up yourself.

      • Hiphopopotamus on 11/11/2022 - 20:35

        Can you tell me where it is?

        When setting up notifications manually via the website I can only choose online, email and sms. I tried setting some up for online but didn't get an alert from the app. I have enabled notifications in my phone settings for the app.

        • justwii on 11/11/2022 - 20:40

          Not sure about the app, I don't use it. I setup for SMS and did receive SMS, thats good enough for me.

  • justwii on 11/11/2022 - 20:14

    Do they have a digital card? I opened my account with them a week ago but still haven't received the physical card yet. Problem is I am flying this weekend to overseas and back after Nov. Can't use their international withdrawal but if they have digital card, may be I can still use it for international transaction and qualify that 5 purchases requirement in Nov. Otherwise I won't have bonus in Dec?

    What options do I have? Thank you

    • mysterytal on 14/11/2022 - 16:06
      +2

      If you've opened the account in November you don't need to meet the requirements in November.

  • MikeHunt69 on 14/11/2022 - 13:55
    +2

    God forbid you should ever need to call them. The wait time has been 1.5 hours the past 3 days running.

    • auri on 15/11/2022 - 14:49
      +1

      Yup. Yesterday was just over an hour.

    • soph44 on 16/11/2022 - 13:45

      After unsuccessful long waits to get them on the phone, I managed to get answers through the in-app messaging (emails, no live chat). Took a day or two but they re-activated my account as requested.

  • soph44 on 16/11/2022 - 13:55

    I've read the qualification criteria and it seems that you can transfer the $1000 to any personal account not just the Orange Everyday.
    As anybody been transferring the $1000 to an Accelerator account and been able to get the bonus interest on the Maximiser account?

  • AV1 on 16/11/2022 - 19:07

    Not sure if it's been asked before, but am I able to make multiple transfers from another bank account to reach the deposit of $1000+?

    I transferred $750 earlier this week and another $500 just today, it hasn't updated the criteria status.

    Not sure if I have to wait for the system to update itself or if it doesn't count as a deposit of $1000 per month

    • JHoliday on 16/11/2022 - 19:14
      +2

      Check again tomorrow, it should update overnight

      • AV1 on 16/11/2022 - 19:46

        Thank you!

  • lordra on 24/11/2022 - 08:58
    +1

    What do people do with more than the $100k? What's the 2nd best option for this ?

    • mysterytal on 24/11/2022 - 09:27

      Spending it. Inflation devalues cash so spend it and get more for your money.

    • payless69 on 01/12/2022 - 11:31

      use a bank that pays interest like Mystate! or Ubank!

  • boxall on 28/11/2022 - 15:48

    OK as I come to the end of the month and I have drained my account to get the balance where I want it, do I deposit BEFORE the end of the month or at the BEGNNING of the next??? I have already lost interest I think for December. I don't think it makes any difference.

  • payless69 on 01/12/2022 - 10:50

    All conditions net
    :Bonus interest missing
    95 mins on phone queue guess am not the only one
    Balance was grown
    base interest payment was lower!
    1000's of clients on phone

  • Icel on 08/12/2022 - 01:05

    Anyone knows when 3. Grow this savings account balance (excl. Interest) will be updated? I have grown my balance for a few days now but it is still showing as 'Not yet'.

    Met the other 2 requirements already but because of pending growing account balance requirement, my Jan's bonus interest is still showing as 'In progress'

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