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Savings Maximiser 4.55% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.55% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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soph44 on 08/12/2022 - 08:33 ing.com.au (2151 clicks)
Last edited 09/02/2023 - 17:04 by 2 other users

New rate announcement on Savings Maximiser from ING website:

Effective from 13/12/2022

4.55% p.a. highest variable rate (made up of the standard variable rate and 4.00% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.

1. Deposit at least $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 or more settled (not pending) eligible ING card purchases
3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.

The standard variable rate is 0.55% p.a.

Referral Links

Referral: random (382)

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

  • ozvictor on 08/12/2022 - 08:39
    +24

    I hope they can remove the condition “Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).” Sometimes it’s hard to maintain a higher balance in the following month when we spend a lot of money during Black Friday / Boxing Day etc

    • Elpres on 08/12/2022 - 08:41
      +13

      It used to be make no withdrawals for that month. Which was much harder if you ask me.

      • borgainerz on 08/12/2022 - 09:17
        +17

        Yeah, Term Deposit in disguised !

      • Tleyx on 08/12/2022 - 09:37
        +2

        How could you have no withdrawals but five eftpos transactions ?

        • Yola on 08/12/2022 - 09:45
          +5

          They were from different accounts.

        • Exprise on 08/12/2022 - 22:31

          Refunds!

    • AccioHagrid on 08/12/2022 - 08:50
      +35

      Yeah this was enough for me to jump over to Ubank. One month of lost interest with ING probably is worse off than going with a slightly lower interest rate.

      • donkcat on 08/12/2022 - 09:02
        +17

        This just happened to me, i realized on Tuesday the 29th i hadnt completed the 5 transactions, completed them but they were still in pending stage when the 1st ticked around, no bonus interest in December. Money now with Ubank.

        • Wrongguy on 08/12/2022 - 09:18

          St George or Ubank?

          • aerobot on 08/12/2022 - 09:33
            +3

            @Wrongguy: I've got both St George and Ubank with most funds in Ubank. I started to transfer some over to St George because it's slightly higher at the moment (4.00% vs 3.85%), but then saw that Ubank will be raising theirs to 4.10% at the start of January, so I've stopped moving funds over and will move them back to UBank in 1st of Jan.

            Only downside to Ubank is the $250k limit on the bonus interest, so if if you have more than $250k, you might have to look at spreading your funds across multiple banks or look at a different bank all together.

            • bkksam on 08/12/2022 - 13:53

              @aerobot: You can open another ubank account,it won't be covered by Gov 250k guarantee or a JUDO 12Month TD 4.15% p.a.paid monthly

              • aerobot on 08/12/2022 - 15:05
                +3

                @bkksam: I was wondering if multiple savings accounts with Ubank will get around the 250K limit, but I came across this on their faq (https://www.ubank.com.au/help/current/everyday-banking/earni…)

                "The bonus rate is only paid on balances up to $250K per customer."

                • bkksam on 08/12/2022 - 16:58
                  +1

                  @aerobot: You are correct,sorry

                • Lps on 10/12/2022 - 07:00
                  +2

                  @aerobot: If you have 250k floating around why are you piddling about with 4-5% interest?

                  • Yola on 10/12/2022 - 07:52

                    @Lps: You have paid off your mortgage, your investment properties are negatively geared, and you have maxed out your Super.

                    • Lps on 21/12/2022 - 22:23

                      @Yola: …and you'd be piddling about with 4-5% interest. My question is why would one do that?

                      • Yola on 22/12/2022 - 05:16
                        +1

                        @Lps: Because you need to keep some liquid assets/cash, especially if you are retired.

                        • bluesky on 22/12/2022 - 10:41

                          @Yola: And for other life stages, this could form part of a diversified portfolio strategy.

                          • Yola on 22/12/2022 - 10:41
                            +1

                            @bluesky: Of course. Lps does not seem to be aware of this.

                        • Lps on 22/12/2022 - 11:49

                          @Yola: Ah, right. The R word. I guess that's me out. Lps simply would never at any life stage accept 4-5% from anywhere.

            • OeterB on 08/12/2022 - 22:01
              +1

              @aerobot: Of course, every chance St G. will up their rate, too.

          • paloverde88 on 08/12/2022 - 09:33
            +5

            @Wrongguy: Didn the news reported at least 2 customers lost all their life savings at ubank with no rapid responses from the bank? Crooks !

            • Ben Kenobi on 08/12/2022 - 10:43

              @paloverde88: I'd be interested to see if either of them had MFA enabled or if they were sent a fake SMS etc.

            • 1st-Amendment on 08/12/2022 - 11:40
              -1

              @paloverde88:

              Didn the news reported

              Dude, stop watching the News. They are professional liars.

            • chrisandrew on 08/12/2022 - 17:20
              +1

              @paloverde88: I received this text today:

              "UBank: A new device has been registered to your account. If this was NOT you, please visit: [dodgy link here] immediately."

              I don't have a UBank account. I'm guessing some people have been caught out by scams like this and would rather their savings back than admit to being hoodwinked.

              • Yola on 08/12/2022 - 19:03
                +2

                @chrisandrew: I must say that ubank has been very thorough in warning people. There is a note on the login page, and I have received 2 texts.

                • chrisandrew on 08/12/2022 - 19:47
                  +1

                  @Yola: That's definitely a good thing, provided you aren't the reason they had to warn people in the first place, because you got caught out early.

                • paloverde88 on 10/12/2022 - 10:12

                  @Yola: Ubank needs to change name to theirbank

          • Block on 08/12/2022 - 10:32
            +4

            @Wrongguy: With St George you have to be careful as the majority of the % is fixed. I got caught out with this at NAB and by reading it it looks like St George is the same.

            When the cash rate goes up 0.25% they don't add this to the variable portion that you would get but the fixed portion for new customers only.

            So your current 4.1% for 3 months is made up of 3.15% fixed, 0.85% variable and 0.10% online bonus

            If they put the cash rate up in Feb by 0.25%, your total rate will not change. They will update the total to 4.35% for 3 months, made up of 3.4% fixed, 0.85% variable and 0.10% online bonus. This 4.35% rate will be for new customers only.

            UBank (have so far) increased their % rate for new and existing customer by the same amount as the cash rate increases.

        • apptrack on 08/12/2022 - 09:24
          +14

          Hot tip, insert card and choose eftpos (edited) savings. Clears the transaction immediately!

          • paloverde88 on 08/12/2022 - 09:34

            @apptrack: It has to be visa transactions

            • apptrack on 08/12/2022 - 09:40
              +3

              @paloverde88: Nope, I did 5x woolies transactions the night before the new month. They cleared instantly and got the bonus the next month.

        • SueC2020 on 09/12/2022 - 05:18
          +1

          This is why I set multiple reminder on the first week of each month. It would remind me everyday for 5 days.

          Now, the condition is so good "growing" really fast. I have to move it all out in a few months.

      • slick7 on 08/12/2022 - 20:34

        In the same boat. Opened ubank and considering moving it all across just so i dont have to deal with growing my balance bullshit. Also if you grow it past 100k you have to keep growing it despite not earning a single cent of interest in the amount above 100k 😕

        Despite letting both ING and ubank know ill be overseas, ING was fine but ubank didnt let me login while overseas. It was really annoying and assume a security constraint realising my IP address was no longer in Austalia.

        • AccioHagrid on 09/12/2022 - 08:27
          +2

          The downside is also that ING refunds the other bank's ATM transaction fees too. Saved hundreds of dollars on this while overseas…

          Ubank doesn't do the same.

      • payless69 on 14/12/2022 - 09:47

        Their base rate is 0.55%
        Even on a higher balance they even failed to calculate it correctly.
        Waiting time on phone support is around 3 hrs, guess there is a reason!
        Back to Ubank for a normal life!

    • TrafalgarSean on 08/12/2022 - 08:52
      +1

      When it says grow the balance, I assume that means I could just put money in that account and just not touch it?
      Is there a minimum that has to go into the savings maximiser account along with the 1k that goes into an everyday account?

      • kaal on 08/12/2022 - 08:56
        +3

        Has be to more than the previous month excluding the interest you earned. Eg. If you have 10k + $20 interests, it needs to be more than $10020. You can just add 1 cent and it’ll be more than last month, like $10020.01

        • TrafalgarSean on 08/12/2022 - 09:10

          Interesting. Its what I was hoping because the other criteria are easy to meet. Could very easily dump my amount in for a few months, throw an extra $100 or so in and get free money.
          Any idea how long they will give the 4.55% a month for? I can't seem to find how long it would go for in the T&Cs. Do banks just do this for 3 or 4 months and then cease?

        • Pufff on 08/12/2022 - 19:19
          +1

          Is it just last day of month requirement?
          I'd imagine there are people with 100k. If it's constantly growing but not including interest earnt then some people would have thousands over the 100k not earning interest over time.

          • slick7 on 08/12/2022 - 20:40

            @Pufff: Yeah not earning anything for amount above 100k and it sort of gets trapped. If you take out the amout you are over you risk missing out on $350 of interest (Nov 22 figure - more in Dec 22 obviously)

          • slick7 on 08/12/2022 - 20:42

            @Pufff: So you can take out your money and so what tou want but by end of month you have to have in excess of what tou started month with. It tells you exact figure in the interest section of account.

        • y2k on 15/12/2022 - 01:47

          And it shouldn't matter if it's automated, right? Let's say I've set up a monthly transfer between my savings account that require a minimum monthly deposit, and another account. Basically ferrying the money back and forth. If I just set the inbound amount to ING to $1 more than the outbound, I should qualify for the max rate, right?

      • duckdodgers245 on 08/12/2022 - 09:02
        +1

        Thats the way i read it. If you transfer and is less than what it was before the previous month then you dont get the bonus. It will still grow but at the .55%
        I deposit 1c into the savings account and that satisfies their conditions, cause technically its grown from the previous balance.
        The money in the saving account will just grow and the one day when i need it ill just use it miss the 1 months bonus and start building again.

    • payless69 on 08/12/2022 - 08:54

      miss one lose 2 is their Dutch auction principle! Thousands ringing them to complain!

    • AuQld on 08/12/2022 - 10:27

      Just needs to be 1 cent more.

    • autolux on 08/12/2022 - 16:10
      +2

      dont u literally only have to increase it by $0.01c? like you have to deposit $1000 but you can literally then immediately withdraw $999.99

      • jjj123 on 08/12/2022 - 22:37

        then next month, deposit 1000, and withdraw $999.98 at the same day? is this how we do it？

        third month, deposit 1000, and withdraw $999.97?

        • roonie on 09/12/2022 - 07:16

          $1000+ into day2day (orange) acct. then SAVINGS account needs to grow by at least a cent

    • cache on 09/12/2022 - 04:28
      +1

      I forgot about this rule once and missed out on an entire month worth of interest just because my balance was 1 cent lower than the month before. When I called them up, the rep was adamant about waiving the rule, claiming that he couldn't do anything about it, and quite rudely and proudly if I may say so.

    • HeWhoKnows on 09/12/2022 - 10:12
      -1

      This account has to many hoops to jump
      Ive considered it several times and said NO!
      There are much better accounts paying similar interest with little or no hoops to jump.
      UBank is one of them.
      Hence NEGATIVE vote from me

      • Rod71 on 09/12/2022 - 13:27
        +1

        The hoops are easy to jump through. It literally takes me 2 minutes to complete on the first day of the month.

      • AshleyLiang on 09/12/2022 - 18:03

        If you had spent the time for considering it jumping the hoops you would have completed.

      • payless69 on 14/12/2022 - 09:48

        If the BBS owner gets advertising perks, negging is prohibited or you get bounced off!!!

  • Rod71 on 08/12/2022 - 08:41
    -5

    Nice. Shame BOQ didn't pass the full rate on. Only 0.15%

    • puglikesabargain on 08/12/2022 - 08:43
      +4

      Yet Virgin Money (BoQ division) just increased their boost saver by 0.45 percent to a market-leading 4.60 percent, effective tomorrow ! https://www.ozbargain.com.au/node/743766

      • Rod71 on 08/12/2022 - 09:15
        -1

        Speculation that its a mistake. Awesome if true though. Ummm, why am I getting negged for stating facts? Hillarious :)

        • 1st-Amendment on 08/12/2022 - 11:42
          -1

          why am I getting negged for stating facts?

          Because a lot of people are triggered by facts. Sadly, this is the world we live in now…

        • Froot Loops on 09/12/2022 - 11:38

          Possibly because it states this on their website and there rates have always been similar to ING. It's now 4.30% without locking balance or 4.60% locked. You can open multiple accounts to only lock certain parts of your cash to get better rates.

          Not sure why you would think it's speculation or a mistake as for Virgin being on the top end of rates in normal (with BOQ also in this position) (Yes I know same company, different product)

      • HeWhoKnows on 09/12/2022 - 10:17
        -1

        Too many hoops to jump
        No go for me

    • JLGood on 08/12/2022 - 08:50
      +5

      BOQ raised theirs by 0.4%

      • Rod71 on 08/12/2022 - 09:14
        -5

        For the discriminatory under 35s account.

        • Techie4066 on 08/12/2022 - 09:14
          +1

          Wawawaaaah… You should switch to ubank for a higher rate and easier bonus criteria anyway.

          • Rod71 on 08/12/2022 - 09:17

            @Techie4066: I've maxed out ING and have overflow in BOQ which is higher than Ubank. Thanks for the "advice" though.

            • Techie4066 on 08/12/2022 - 09:18

              @Rod71: How is 4.1% lower than 4.0%?? The RBA isn't meeting in Jan.

              • Rod71 on 08/12/2022 - 09:26
                +3

                @Techie4066: OK fair enough. But I'll sacrifice that 0.1% in favour of not having my money disappear from my account, or having to spend 5 hours on the phone, only to have the call dumped.

                • Techie4066 on 08/12/2022 - 09:31
                  +3

                  @Rod71: BOQ support is pretty miserable and that glitch story was about a SMSF

    • Techie4066 on 08/12/2022 - 09:14
      +1

      The other 0.1% went to Future Savers ;)

  • payless69 on 08/12/2022 - 08:52
    +1

    Given the waiting time to call them beyond 3hrs and some staff admitting very low satisfaction rates with conditions always changing in their favour:

    It is Ubank for my first proper lot, Speed, ease of use, pay from savings and good notifications!

    then look after nice hard working folks at Mystate who deserve to be rewarded.

    • t123 on 08/12/2022 - 08:59
      +1

      Not for everyone but I called them at 5 am and got through within 5 mins.

    • joshjosh210 on 08/12/2022 - 09:07

      Currently with ING, signed up for UBank the other day. I can't seem to make a shared spending / saving account and been impossible to get onto support..

    • TrafalgarSean on 08/12/2022 - 09:11

      What is Ubank offering? What monthly obligations do you have with them?

      • Aysee on 08/12/2022 - 10:23
        +1

        Deposit $200/month. Their rate is currently 3.85% going up to 4.1% in Jan.

    • [Deactivated] on 08/12/2022 - 20:30

      Ubank have their own share of dramas. Recently locked everyone out of their app for extended periods, some for days, due to a broken update. Changed people's account numbers and bsbs at the same time without properly notifying them when migrating people from the old app to the new, causing peoples transfers to go into wrong accounts/in limbo for days. All of this has caused 1-2hr+ wait times for people trying to reach support for the past 2 weeks.

      • payless69 on 09/12/2022 - 08:15

        I was in Europe when I went with 2 items to a self checkout tapping my U bank debit card. Card declined, checked balance which was fine.
        Yes every system is prone to failure. Lucky I had just enough cash to pay!

        CBA tells me every single day to apply for step pay! Once I do they tell me that I was to rich, so after every long rigmoral they come back yes too rich, credit score too high, BUT skin color not pale enough! Now they want 17% interest!

        BOQ tells me that my hair lost its original colour!

  • OzBerghainer on 08/12/2022 - 08:54
    +13

    Incoming monthly ‘hoops’ discussion

  • IdBuyThat4aDollar on 08/12/2022 - 09:01
    +6

    I'm here for the comments

  • axistentz on 08/12/2022 - 09:03
    +2

    Where's Donaldhump when you need them? 😂

    • TimeOrMoney on 08/12/2022 - 09:08
      +3

      Say his name 3 times and he'll appear and eat all 5 of your daily downvotes.

    • Donaldhump on 08/12/2022 - 09:45
      +4

      oh i'm keeping my mouth shut now.

  • hopper on 08/12/2022 - 09:07

    Is this the best rate atm?

  • froddo on 08/12/2022 - 09:08

    Can anyone advise if i dont meet criteria now, when i do 1k deposit , plus 5 transactions bonus interest only kicks in 1st of next month, so technically any savings in current month wont earn the bonus rate?

    • Pufff on 08/12/2022 - 19:12

      It's for next month.
      The account itself should have a display to show if you qualify this month and next.

    • Fishballs on 08/12/2022 - 09:13
      +1

      They were great when my card was stolen.

    • Riker88 on 08/12/2022 - 09:18
      +28

      Sorry to hear about your COVID but I dont see why ING should give you the bonus interest if you didnt meet all the criteria?

      And why say that the bonus interest doesnt happen, when it does if you meet all the criteria?

      • corrocoat on 08/12/2022 - 10:44
        -8

        You assume I knew I was 1 transaction short - its just a game to ING

        • theknight27 on 08/12/2022 - 10:57
          +1

          It very clearly shows you in-app whether you've hit the monthly criteria.

        • 1st-Amendment on 08/12/2022 - 11:44
          +9

          You assume I knew…

          So you have no idea yourself yet and you are blaming someone else for your situation?
          When people talk about entitled, they are talking about you.

        • augernised on 08/12/2022 - 12:15
          +13

          I honestly feel sorry for the customer service rep at ING that took your call

    • DiscountForThee on 08/12/2022 - 09:22
      +5

      They've been great to me as well - not sure why you're blaming them for something that was outside of their control?

    • Rod71 on 08/12/2022 - 09:22
      +20

      You had 20 other days out of bed to do the transactions. Stiff shit is the appropriate response.

      • corrocoat on 08/12/2022 - 10:43
        -8

        You assume I knew I was 1 transaction short of the target- Thanks for your uncaring comment

    • 8millpond on 08/12/2022 - 09:27
      +2

      rules are rules. You can’t justify by being sick and ask for money that you don’t earn. Bank is a business rather than a charity. If you are unemployed for whatever reasons and can’t make mortgage repayments, your house will be sold and you will be on the street.

      • corrocoat on 08/12/2022 - 10:47
        -5

        you assume I knew I was transaction short.

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