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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 (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

  • cbs78 on 08/12/2022 - 21:39

    How many saving accounts can you have?

  • dami on 08/12/2022 - 21:59

    I have over $100k in my SM so need to move the excess to my Ubank account to avoid the 0.55% ING interest rate. I meet all conditions of the ING bonus interest, but could someone just confirm please:

    Say today I have $101k in ING.
    Tomorrow I move 1k to Ubank.
    On 30 Dec I move the $1k plus 1c back to ING to meet their bonus criteria on 31 Dec.
    On 1 Jan I move the 1k plus 1c back to Ubank.
    And then rinse and repeat at the end of / start of every month.

    Is this correct?

    • uwuwu on 09/12/2022 - 00:07
      +3

      yes you could do that. Just check in the app the actual balance amount you have to grow so the last day of this month has to be more than it.

      Alternative method by opening a second SM account and juggling between the two to "reset" the balance:
      https://www.ozbargain.com.au/comment/12763178/redir

      • dami on 09/12/2022 - 00:23

        Thanks!

        • souths123 on 09/12/2022 - 08:25
          +3

          you can always open another ING account and swap between the two for which account gets the bonus rate and any spilloever of the money could go into another bank, I keep my balance around $99999.xx each month and swap the bonus to another maximiser every second month. Other money above the 100k is kept in other accounts that have a great rate, like Virgin Money (lock) St George etc…whichever have the best rates that month.

          • bluesky on 09/12/2022 - 11:04
            +1

            @souths123: Oh btw, you can keep it at 100K exactly, to make it easy, no need to be below.

            • souths123 on 09/12/2022 - 11:14

              @bluesky: I use that account during the month to pay bills (set up transfers between accounts and then direct debit/bpay from the transaction account in advance), so it changes a little each time until I transfer money back from another bank account to cover it, I just always keep it just a few cents below the $100k…pretty sure it doesn't matter if I am not getting 4.55% on 30c

              • bluesky on 09/12/2022 - 13:24
                +1

                @souths123: Makes sense if that is how you use the account. I thought you were under the impression it had to be below 100K, or it will risk all bonus interest. Ubank used to be like that, if you go above 250K, you don't get bonus for the entire amount. Not anymore, though.

            • Oxygenzero on 07/01/2023 - 09:12

              @bluesky: And the grow part will work once hit 100k?

              • bluesky on 07/01/2023 - 11:07
                +1

                @Oxygenzero: Assuming using the same account, at the end of the month, remove excess so that it is above the last month's balance (something small, like 2c above). Then on the 1st, top-up again to $100K. Or use another account when hitting 100K.

                • Oxygenzero on 07/01/2023 - 11:28
                  +1

                  @bluesky: so basically keep the 100k for the 30days interest counting period and increase the saving by the min,
                  cool thanks

  • byrno on 09/12/2022 - 03:46

    I’m trying to open the OE and SM ING accounts. Have had 2 emails telling me to hold tight while they check everything. How long on average should it take to open the accounts? A couple of days or over a week?

    • byrno on 09/12/2022 - 13:54

      Just in case anyone else wondered, I called ING. It's 10 business days, is how long they expect to take to open your account.

      • capslock janitor on 01/01/2023 - 23:10

        you mean up to 10? my opening felt way shorter

  • ajbee on 09/12/2022 - 11:41

    How much do we need to grow the balance by to qualify for bonus interest? 10 cents, $10 or more?

    • uwuwu on 09/12/2022 - 12:59
      +2

      As long as you grow the balance (including interest), it could be as little as 1c

      • ajbee on 09/12/2022 - 13:04

        So simplest path is:
        Balance + $1000 deposit - 5 transactions totalling less than $1000?

        • uwuwu on 09/12/2022 - 15:17
          +2

          I’m not following what you’re saying

          The 5 transaction is on the Orange everyday account

          The ‘Grow your balance’ is on the Savings Maximiser account

          • ajbee on 09/12/2022 - 15:24

            @uwuwu: That would entail the below steps

            1. Transfer $1000 to Everyday transaction
            2. Do 5x transactions for the month totalling less than $1000
            3. Transfer what is left from Everyday transaction to Savings Maximizer
            • uwuwu on 09/12/2022 - 16:41

              @ajbee: Yes that would work perfectly fine

            • Yola on 10/12/2022 - 02:15
              +1

              @ajbee: This would work but not the best use of your money. You should not keep that much in the Everyday account as it earns no interest. The SM earns the interest. So, you should move the $1000 out to another bank or SM immediately. If you have anywhere near $100k you will want to move it to another bank. Depending on how you meet your 5 transactions you just want to keep a minimum amount in the Everyday account.

  • doctordv8 on 10/12/2022 - 11:38

    Beauty. My Savings balance again is the winner, with very little effort.

    So simple, no whinging here to follow the fair rules of play.

    Thanks again ING.

  • Lezly Mackeral on 11/12/2022 - 12:26

    Will the increase be automatically applied on the 13th? Just signed up at the current 4.30%

    • Yola on 11/12/2022 - 15:48
      +1

      Yes.

  • kurdoxan on 11/12/2022 - 22:58

    Is it better to keep my money in the loan offset account or transfer to ING? Too complicated for me.

    • Yola on 12/12/2022 - 08:10

      Depends on if you pay tax. The lowest rate of tax is 19%. Since you are on here, I am confident you are smart enough to work it out.

  • ForbiddenCouponJutsu on 12/12/2022 - 08:44

    Has anyone else who currently using ING W/ Max Saver found that the phone app doesn't show the $ amount you need to beat to get the full interest rate benefits?

    I can't see it on my internet banking or my phone app anymore where I could last month.

    • Rod71 on 12/12/2022 - 09:00

      Sure it does. Click on Interest, and then the month you're after. Then scroll down.

  • ForbiddenCouponJutsu on 12/12/2022 - 08:58

    Curious if anyone has looked at Cash advance for getting around the hoops that come with growing your savings.
    I've never actually used a credit card before so please feel free to educate me if i'm misunderstanding how this works.

    My logic is (So long as you're diciplined with your money):

    Get a credit card with lets say 15 months 0% interest repayments. (coles credit card i'm looking at)
    Low cash advance % (e.g Coles CC for 3% on cash advance.

    Get say $5k through cashadvance, sit it in a sperate savings account to your ING account.
    every month, transfer over just enough money to "Grow your savings account"
    make a repayment to the $5k debit at the start of the month and then go from there.

    TL;DR top up your savings account at the end of each month using cash advance money w/ 12 months of 0% interest for comfortable repayments.

    • Rod71 on 12/12/2022 - 09:03
      +1

      You don't get interest free on cash advance.

      • ForbiddenCouponJutsu on 12/12/2022 - 09:17

        Ahh I see.
        I was under the impression that the cash advance interest was a one-off fee that happens at the time of getting the cash advance?
        So If I did get cash advance, and then 5k debt in my Credit card, that doesn't qualify for the 0% interest for 15 months?

        • Rod71 on 12/12/2022 - 10:06
          +1

          Yeah you'll most likely get a one off fee, and then they calculate interest (different rate than from a purchase) daily until you zero it out.

  • Homr on 12/12/2022 - 20:12

    so you can't withdraw on this? I would like to cash out my interest every month as "fun money". Which savings account is best for that?? ubank?

    • El-Rhi on 13/12/2022 - 06:45
      +1

      Ubank and Virgin Money both don’t have growth requirements

  • rlf on 12/12/2022 - 21:40

    FWIW, I just discovered cashouts at the Woolies self-serve terminals count as transactions for this.

    Don't even need to spend a cent on 5 transactions now technically.

    • mysterytal on 12/12/2022 - 21:45
      +1

      Problem with that is you need to spend time depositing the money back in the bank.

      I have $50 in my wallet and it's the same $50 that was given to me as a gift 4 years ago. I don't use any cash for anything. Credit/Debit card rewards are so much better than using cash.

      • capslock janitor on 01/01/2023 - 23:17

        whats min cashout ?

        plenty of ethnic stores cash-only i carry a hundo

  • DanZu on 14/12/2022 - 04:10

    Does it work like this for example?

    My Balance for last Month was 1000$, so I move on the first of the month all my Money in the Savings Account and before the last day of the Month I remove everything except 1001$, so that I qualify for the next months bonus interest?

    • uwuwu on 14/12/2022 - 22:56
      +1

      you need to account for the interest you received for last month

      for example, if there is $200 interest paid and your last months closing balance was $1000, you need to have over $1200 at the end of this month to qualify

      in the app it will tell you the exact amount you need to grow

  • Sblogz on 14/12/2022 - 18:51

    Not sure if this has been asked before. Will transferring $1x5 to a different (external) account count as 5 transactions?

    • TimeOrMoney on 14/12/2022 - 20:40
      +2

      Pretty sure transfers don't count. You could try buying anything >$0.05 at Coles/Wollies self-checkout and split transaction to 4x $0.01 + another with the rest.

    • uwuwu on 14/12/2022 - 22:57
      +2

      no that doesn't count, needs to be a card transaction

  • capslock janitor on 01/01/2023 - 23:33

    no recurring transfers feature with ING ??

  • sub102 on 07/01/2023 - 05:17

    Do you qualify for the bonus interest first month (or if not for how long?) without fulfilling the bonus requirements? I know Virgin money has first 2 months bonus interest without having to go through any hoops

    • Yola on 07/01/2023 - 12:13

      ING does also if its a new account.

      • sub102 on 07/01/2023 - 19:19

        You mean first 2 months will earn bonus interest automatically?

        • Yola on 08/01/2023 - 08:01
          +2

          Yes, this has been reported by others several times. The month you open and the next. They have to allow time for people to receive the card to be able to do the 5-tap transactions. They give you all the details when you open the account. I dont have first-hand knowledge as I opened my account before they had all these requirements.

  • PvsNP on 10/01/2023 - 20:11

    So if I am new to ING, I would lose a month in interest? Is that correct?

    • doctordv8 on 11/01/2023 - 08:24

      You can not loose what you did not have in the first place.

    • Yola on 11/01/2023 - 11:43
      +1

      No. Read the comments above.

  • vivchen8 on 20/01/2023 - 19:10

    could someone please clarify that with the $1000 deposit hurdle, can i just withdraw it once its been in my Orange Everyday for a few days? As long as my SM account increases by $1 every month? I thought you had to keep adding in $1000 to grow the SM account. TIA

    • soph44 on 20/01/2023 - 21:05
      +1

      The $1,000 transfer is separate to growing your balance. You can withdraw the money after a few days. Just make sure your SM account balance is higher at the end of the month.

      • Rod71 on 21/01/2023 - 08:34
        +2

        Yep, you don't even need to leave the $1000 in there for a few days. I move it in and out straight away and it works.

  • dami on 01/02/2023 - 13:07

    Did not receive the bonus interest rate today…

    • doctordv8 on 02/02/2023 - 19:17
      -2

      Which part of the Rules and Easy Requirements did you fail to complete?

      I did, woo hoo. Sorry, just had to rub it in.

      Mind, my last pending was still pending on the 1st… and sweating out the wait.

      • doctordv8 on 04/02/2023 - 13:54
        -2

        Which sooki la la is negging now?

    • chrisharry53 on 09/02/2023 - 09:57
      +1

      Do you know why? If a fairly long term customer, message or call and ask for a one off goodwill payment. Worked for me.

      • dami on 09/02/2023 - 22:18
        +1

        Thanks for posting this - I messaged them about the goodwill payment and they offered $150 which I am happy with.

        Reason I did not receive the bonus interest is that I nominated a different account for the bonus interest last month, and whilst I thought I had met all the criteria, I overlooked that I would only qualify last month, but not receive the interest that same month, but in February. So changing accounts meant I missed out on 1 month of bonus interest.

        Oh well, you live and you learn.

  • SearchAndSave on 03/02/2023 - 17:14

    A transaction is processed immediately (not pending) when choosing Saving Option on a terminal with your Orange Everyday Visa Card. Their requirements to earn the bonus interest are easy to fulfill as discussed many times in this thread.

  • l00 on 09/02/2023 - 15:43

    Not sure what does the link account do when i sign up, but I have selected ING Orange Everyday to linked with Saving Maximiser. Can I send $1000 from Ubank straight to ING Saving Maximiser or do i have to send from Ubank to ING Orange Everyday and then transfer from ING orange everyday to saving maximiser? Is there a need to link my ubank account to ING saving maximiser in ING Manage accounts -> link bank accounts page?

    • Yola on 10/02/2023 - 10:27

      You can make deposits direct into SM from other banks. You do not need to link your Ubank account. You maybe can only link 1 account.

      • l00 on 10/02/2023 - 17:02

        Thanks Yola. If i can directly deposit into SM from other banks, then what is the function/benefit of the link account?

        • Yola on 10/02/2023 - 17:26

          If you did that you would not need the Orange transaction account.

  • jjj123 on 10/02/2023 - 13:16

    any new rate coming +0.25%?

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