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Savings Maximiser 4.80% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 4.80% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
puglikesabargain on 09/02/2023 - 16:56 ing.com.au (1998 clicks)
Last edited 10/03/2023 - 15:07 by 1 other user

Just Announced - a new rate on Savings Maximiser according to the ING Facebook page and Internet site, a full 0.25 percent increase: https://www.ing.com.au/rates-and-fees/interest-rate-announce…

Effective from Tuesday 14 February 2023 -

4.80% p.a. highest variable rate calculated daily (made up of the standard variable rate and 4.25% 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. The bonus interest is available on one (1) account for balances up to $100,000.

The standard variable rate is 0.55% p.a (remains unchanged).

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-february-2023 , https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e….

Please note you can open up to nine (9) Savings Maximiser Accounts in the same name but only one (1) can be nominated for bonus interest. You can easily change the nominated account at any time online.

For those who are very near or exceeding the $100,000 balance limit to qualify for bonus interest, one strategy to meet the ING growth requirement is to open and "juggle" two Savings Maximiser Accounts - based on a past OzBargain comment :

"Month 1 (say February 2023):-
SM1: Earns bonus interest. Your SM1 balance is sitting around 100K.
SM2: On-line or through the app, nominate SM2 for the next month (March), then add any amount to grow the SM2 balance

Month 2 (March 2023):-
SM1: No longer earns bonus interest. Move preferred balance to the SM2 on first day of month. Move remaining funds elsewhere.
SM2: Earn bonus interest on your new SM2 balance.

**when you nominate an account to get the bonus it only takes effect from the 1st of the following month. In the meantime you continue getting the bonus on the current account. You need to transfer 1 cent to the new account to meet the balance increase requirement. Then move the 100k (or less if you want a buffer) on the 1st of the following month. Only miss out on the bonus interest on the 1 cent.

**better long term plan is open a second SM account and nominate that for bonus interest in March – you nominate the account prior to the month. Transfer 95k or whatever on the 1st March from your existing SM account"

Referral Links

Referral: random (510)

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

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closed Comments

  • steve84 on 09/02/2023 - 17:12
    +2

    yeh boi give me that sweet sweet interest

    • Hurg on 09/02/2023 - 19:44
      +1

      tnetennba

  • Celeriestix on 09/02/2023 - 17:12
    +2

    Same criteria as Westpac Life and Bank of Queensland Future Saver.

    This trumps as the highest earning saving account out of all Australian banks.

    Not only that, it will be the only one offering super high rates with
    1. No age limit
    2. Double the max balance (30k at Westpac, 50k at BOQ)
    3. No honeymoon period

    Not only that, this is the first Major bank to follow suit on making savings rates competitive. Can only expect the other banks to follow suit soon. But no reason to wait, hopping on this immediately.

    • jrjr on 09/02/2023 - 19:23
      +2

      BOQ criteria is a bit easier, balance doesn’t have to grow and transactions include direct debits

    • freoleo on 09/02/2023 - 21:39
      +2

      You act as if ING hasn't been doing this for months?

    • ah31xs on 09/02/2023 - 22:33

      You can open 9 savings accounts at BOQ with 50k in each earning the max interest.

      • Pelicannn on 09/02/2023 - 23:44

        Dumb question but do you need to have 9 linked everyday accounts and do 5 x transactions on each?

        Or can you actually just have one everyday account and the 9 savings accounts linked to it?

      • Nightwing on 10/02/2023 - 01:30
        -3

        No you can't. You earn interest with BOQ based on combined balance across all the accounts in your name. Not each account individually. You only get the max interest on 50k total regardless of whether you have 1 account or 9. Then you get the 3% interest for anything beyond that point.

  • froddo on 09/02/2023 - 17:18

    Does anyone know with condition to grow the balance of savings maximiser, does that mean as long as balance at last working day of month the balance increases compared to last month bonus rate applies for that month? Or does it apply to following month?

    • Celeriestix on 09/02/2023 - 17:20
      +5

      The balance in your saving account has to be higher than it was on the first day of the month excluding interest.

      • JSONBourne on 09/02/2023 - 17:22
        +2

        Key part, excluding interest.

  • Kaz0551 on 09/02/2023 - 17:20
    +18

    Shame about the 100k limit :(

    • puglikesabargain on 09/02/2023 - 17:23
      +1

      yes I agree, it really is a shame ….

    • JSONBourne on 09/02/2023 - 17:35
      +2

      Overflow onto ubank or one of the others

      • Kaz0551 on 09/02/2023 - 17:55

        MB allows 250k per account which is easier than multiple banks/accounts… Shame the rate has dropped of late compared to others

        • xii on 09/02/2023 - 19:33

          MB being MeBank?

          • Kaz0551 on 09/02/2023 - 20:10

            @xii: Macquarie

            • Nightwing on 10/02/2023 - 01:31
              -1

              @Kaz0551: What's Macquarie's rate after the welcome period at 4.5% ends?

              • Kaz0551 on 10/02/2023 - 06:39

                @Nightwing: Currently 3.7 :( upto 250k, but you can create
                3x200k accounts and get 3.7 per account

    • Hugh G Rection on 10/02/2023 - 14:36

      not a problem, im no where there, yet.

  • capslock janitor on 09/02/2023 - 17:21
    +15

    bonkers

    YOUR TURN @boq

    • souths123 on 09/02/2023 - 20:01

      they prob won't announce till next week, possibly new rate next thu or the thu following, same with Virgin (as they are both owned by the same company)

      • capslock janitor on 10/02/2023 - 14:17

        just checked boq owns virginmoney wow

        • souths123 on 10/02/2023 - 16:04

          yes, they have for a while now

  • ninnypoop on 09/02/2023 - 17:23
    +1

    So with $100,000 in the account, the ing saver provides $450 more per year in interest than the ubank offer?

    But with ing you gotta jump through some hoops.

    • dubfonik on 09/02/2023 - 17:47
      +5

      Unless my calculations are incorrect, it would take ~10-11 months of playing catch-up in the case where a month was missed due to the requirements. Some may be on the ball but I don't think I'm that person. Tbh, it's the last requirement that I don't like:

      Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).

      If something big comes up and I don't grow the balance then I lose all the interest. No bueno

      • OzBerghainer on 09/02/2023 - 21:48

        On the last day of the month, transfer the maximum amount you can into the orange everyday, so the balance is only $1 larger than the minimum balance for the interest requirement, that way you can keep that requirement quite low over the whole year and create a buffer incase you need to spend on something big

      • theknight27 on 10/02/2023 - 01:11
        +3

        When you miss the hoop you don't lose out on that months interest you lose out on the next month's interest. So if you miss a hoop just move the money elsewhere the following month.

        I haven't missed a hoop in 5 years though, it's the biggest ROI on 5 mins work once a month for me.

        • SuperLate on 10/02/2023 - 10:59

          I'm a noob at this hoop game and always avoided this but now these interest rates are tempting and just joined ING. I understand the $1000 deposit then withdraw and 5 transactions through self check out or regular scheduled transactions. But still confused about growing the account condition. Could you please explain this with an example ? Also, my understanding is that as a new customer I will still get 4.8% interest for February and March without fulfilling the conditions but to quality for April I'll have to fulfil all three conditions in March ? Thanks

          • theknight27 on 10/02/2023 - 11:26
            +1

            @SuperLate: That's correct (conditions in March to earn in April).

            The growing balance just means however much you had at the end of Feb (say $2,000) you need to have more than that at the end of March, not including the interest you earned. So if you earned $100 interest in Feb at the start of March you'd have $2,100, you need to have more than that by the end of March (so $2,100.01).

            If you never take any money out of the savings account you can just add 1 cents before the end of each month.

            • SuperLate on 10/02/2023 - 11:54

              @theknight27: Suppose I schedule deposit $1 in max saver from transaction account on March 31.
              So at 5pm March 31 I should have $2100.01 to qualify for April.
              Now, looking at Bank transactions:
              Balance at 5pm March 31 : $2101.
              Balance at April 1 : $2101
              Interest earned April 1 : $105.05
              Balance end of April 1 : $2206.05
              Deposit $1000 on April 2 : Balance now $3206.05.
              Withdraw $1000 on April 3 : Balance now $2206.05
              Withdraw $2206 on April 6 : Balance now $0.05
              Deposit $2206 on April 16 : Balance now $2206.05
              Scheduled transfer $1 on April 30.
              Balance at 5pm April 30: $2207.05
              This should meet the condition for May, right ? and repeat.
              The main issue would be when $100k is reached any day of the month. Still to figure out that.

              • theknight27 on 10/02/2023 - 13:01
                +2

                @SuperLate: Yup that's perfectly fine! It checks your balance at the very end of the month, and it needs to be higher than the balance at the end of the previous month + the interest earned that month.

                I used to do a thing where I would have all my money sitting in there all month long (earning interest) and for the final day of the month I would move it into my spending account, leaving just slightly more than the month before). So that way I was actually able to earn full interest on $100k for all but one day each month.

                • PoxyRadical on 10/02/2023 - 14:30

                  @theknight27: It needs to be higher in the dollar column, not cents. The dollar needs to tick over. You can check this as the app says if you have met the conditions. I tried one cent and it didn't count as a higher balance, but ticking the dollar over did.

                  • theknight27 on 10/02/2023 - 16:57

                    @PoxyRadical: Are you sure? The app takes ages to update and when it lists the balance that it says you need to grow it includes cents in the value.

                    • PoxyRadical on 11/02/2023 - 07:34
                      +1

                      @theknight27: Yes, I'm sure, it was days later I noticed it had reverted to not met with a one cent change, I then moved 70 cents in to raise above a dollar.

                • SuperLate on 10/02/2023 - 17:41

                  @theknight27: Yea, thanks that's a very good strategy. Are there any daily osko transaction limits on ING transaction account ? Osko payments are real-time. Might as well move the surplus to a different banks earning 3.75-4% on the last day of the month and first day of the next month and then back to ing on second day.

                  Most of the work is understood, now time to make a spreadsheet to automatically calculate and schedule all of these payments for the next 6 months. Leaving just the monitoring part on the last day of the month, somehow if doesn't tick the conditions met box then move all the money to the Ubank that month and back to ing next month.

                  • Yola on 10/02/2023 - 18:11

                    @SuperLate: Unfortunately, OSKO is 1k and the total is 10k. Not great.

                    • SuperLate on 10/02/2023 - 18:59
                      +1

                      @Yola: wow! So you're saying daily payment limit is only 10k? Even ANZ Plus app has a daily upto $30k. 10k is like almost zero liquidity.

                      Edit: just checked ing TNC, daily pay anyone limit is $20k per account. Still low.

                      There is also Temporary one-day limit of up to your available account balance

                      • Yola on 11/02/2023 - 07:54

                        @SuperLate: Apologies. The good part is I have not had to withdraw for a long time because ING has the highest interest consistently.

                • anaphylactoid on 01/03/2023 - 08:05

                  @theknight27: In the app it tells you whether you have fulfilled the criteria and it tells you what amount you need to exceed for next months bonus interest. I am just confused as the amount includes the interest earned but above this it says excludes interest. Is yours the same or is there an error on my app?

                  For e.g if my end balance was 10000 then interest of say 50 dollars went in, the suggested amount to acheive next months bonus interest is not "10000" but rather "10050"
                  Is this the same for everyone else? And by exceeding the amount from last month excluding interest they still get the interest despite the amount the suggested amount? Just don't want to miss out on the interest!

                  Thanks

                  • theknight27 on 01/03/2023 - 10:31

                    @anaphylactoid: That's correct. The "including interest" is saying that the target to beat is your previous month's balance, including the interest that was added.

                    The "excluding interest" should be referring to your growth, you have to make your balance grow month to month but the interest doesn't count as part of that growth.

                    Feels like unclear wording but it's consistent on both sides.

                    So you have to be above $10050 by the end of next month.

                    • anaphylactoid on 01/03/2023 - 21:57
                      +1

                      @theknight27: I just had a penny drop moment when I was reading your explanation! Totally get it now, you cannot count the 50 dollars of interest earned as the growth your balance. Got it, totally got confused by the wording. Thanks so much.

      • eckorock on 12/02/2023 - 20:44

        Yep exactly. It's hard to believe that this kind of shady practice doesn't fall foul of the ACCC or industry ombudsman.
        There should be a class action from all the ING customers who get scammed out of the interest that they earned which gets withheld for some list of ridiculous criteria they didn't fulfil.

    • flipfire on 09/02/2023 - 17:54
      +2

      Yeap lots of hoop jumping and if you miss it even for a single month then youve pretty much lost the rate advantage over UBank (in a yearly period).

      If you have unstable income or unemployed, Ubank is better as you just need to move $200 out and back in

  • kiitos on 09/02/2023 - 17:23

    My wife and I each have this account. I satisfy the criteria each month but she often doesn't satisfy the transaction requirement. Anyone else have this problem? What workarounds do you use? Eg, partner takes both cards (annoying, restricts owner actually being able to use it, risky), or doing some particular types of low value transactions (potentially unnecessary spending)?

    • ace888 on 09/02/2023 - 17:26
      +4

      Buy 5x $1 amazon gift card every month with partner's card.

      • SomeGuyOnOzB on 09/02/2023 - 18:23

        Straight from Amazon Australia?

        • OzBerghainer on 09/02/2023 - 21:49
          +2

          yep, just send to yourself. takes 5/10 minutes but worth it for this hoop

          • SomeGuyOnOzB on 01/03/2023 - 10:41

            @OzBerghainer: Thank you OzBerghainer!

            • SomeGuyOnOzB on 03/03/2023 - 19:36

              @SomeGuyOnOzB: Processing it now; Had a call from Amazon AU wanting to check if this was me; guy sounded a little frustrated

          • SomeGuyOnOzB on 09/03/2023 - 16:14

            @OzBerghainer: Didn't work
            Did Amazon 5 on Saturday.
            Processed by Monday.
            Wednesday, still no 5 transactions.

            Did 5 tap ons at the supermarket on Wed.
            Thursday had the 5 transactions.

    • DexterFox on 09/02/2023 - 17:34
      +16

      5x $0.01 transactions at Coles at the beginning of every month. Just go to self service and choose mixed payments to be able to do them all in one go.

      • JoeTripodi on 09/02/2023 - 19:04

        great idea!

      • alamodey on 09/02/2023 - 21:21

        i was going to say what a pain it is to rmb to do 5 transactions each month but this is the solution ^

      • THICKnSLOW on 10/02/2023 - 07:48

        That's a brilliant idea, thanks!

        That's 5x merchant fees ING have to deal with on a 0.01 transaction , that'll teach 'em for making us jump through hoops 😁

    • ScrollEvery2minutes on 09/02/2023 - 17:35
      +1

      I have an ING Orange One zero fee credit card with my wife as an additional card holder (Both accounts will then be linked to the same credit card).. and I use that credit card for 5 transactions and that satisfies the Transaction criteria for both of us..Only catch, there is $10 annual fee for additional card holder.. but this saves me the hassle of having to use both of our debit cards.. and hunting for low value transactions

    • ChadHominem on 09/02/2023 - 18:17
      +6

      But do you satisfy each other?

    • Beauh on 09/02/2023 - 18:37

      I have no idea if this is feasible, but couldn't you set up stripe or something in your own name that has an automatic payment of X per month?

      Sure you can manually buy things, but I personally would probably forget 😂

    • Paranoid Perry on 09/02/2023 - 19:23
      +2

      You seem to be in Sydney. I usually use the card on trams/busses/trains, and switch back to Opal when don’t need any further transactions on the card

    • pixxelpusher on 09/02/2023 - 21:55

      I purchase something with ZIP. Then make 5x $1 manual payments to ING. Then whatever's left on ZIP I pay with credit card.

    • KOwolfstyles on 10/02/2023 - 09:30

      I found out from here that you can also deposit 5 x $1 into your lottery account if you play it. Add your partner's card, saves you the trouble!

    • wangasm on 12/02/2023 - 21:48

      I found out that if you have a Revolut account, you can top it up 5 times via Google Pay for no fees for Debit cards. So just add your partner's card to your Google wallet and away you go.
      The minimum is $25 per top up, but you can just instantly transfer it all back to your bank account when you're done.

  • ninnypoop on 09/02/2023 - 17:27

    Is this increase in interest earned on savings making the first home buyer super saver scheme (FHBSSS) obsolete?

    With these higher rates, I am wondering if it makes more sense to have money earning interest in savings compared to utilising the perks of the FHBSSS?

    • plmko on 09/02/2023 - 17:35

      No because money in your Super is earning money for only 15% tax and you also have the tax incentive when you draw. Here you are paying your full tax rate on every dollar.

      • ninnypoop on 09/02/2023 - 18:49

        I thought that when I pulled it out I had to then pay tax on that amount. Essentially nullifying the tax offset?

        Its been two years. I probably need to re read the conditions of the scheme

    • JSONBourne on 09/02/2023 - 17:35
      +3

      FHBSS is usually at minimum a 20% saving on your tax rate, so it’s always the better option. You’d be hard pressed to not come out ahead.

      That being said there is a lot of red tape and process to go through to get your money out.

    • jjcf on 09/02/2023 - 17:55
      +1

      Why would it be obsolete? I mean, it’s not only taken pretax on the way in and acccumulating taxfree and likely earning equity returns, but the deemed rate is pinned to the SIC, which is BAB90 + 300bp.

      For reference, that’s currently 6.06%. If I remember my finance bro lessons at George St Upstairs Banking Academy And Joss Stick Emporium, that number is well biggerer than 4.8%

      • ninnypoop on 10/02/2023 - 12:43

        Is the rate of returns not dependent on where you have your super funds invested? So if my investment choice is not doing better than 4.8% p.a. then would I not be better in a savings? This doesn't consider the pre-tax benefit of having the money going in taxed at 15%.

        Also, for me, the FHBSSS is really a 3-5 year scheme so I'm not getting the benefit of having my contributions invested long term.

        • jjcf on 10/02/2023 - 14:56

          The rate of return of the money in your super fund depends on the investment option.

          The rate of return you can attribute to the FHSS balance when you withdraw it is the SIC, regardless of how the underlying balance was actually invested.

  • No ONE on 09/02/2023 - 17:28
    +2

    It's been awhile since I read into ING requirements.

    Has ING removed the requirement from being "met in previous month" to now "current calender month".

    NVM:
    When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month.

    This would mean new users cannot obtain this rate until 1 Mar 2023.

    • victorheaven on 09/02/2023 - 18:12
      +6

      New ING customers get this and next month's criteria automatically fulfilled upon sign up.

    • puglikesabargain on 09/02/2023 - 19:29
      +1

      yep they waive the requirements for the first two months ….

  • TestIgnoreMe on 09/02/2023 - 17:32

    What are the options once we reach 100k?
    Can I open another Savings Maximiser and place 20k in there or something?

    • ratz33 on 09/02/2023 - 17:39
      +2

      when you reach 100k, go BoQ. Up to 450k…

    • Swiftz on 09/02/2023 - 18:33
      +1

      Short answer is no. You need to nominate which Maximiser you get the highest interest or sth like that.

    • brokenglish on 10/02/2023 - 09:20

      Overflow goes to BoQ or Ubank.

  • wjbmorgan on 09/02/2023 - 17:34
    +1

    Anyone knows if I can open a second savings account in ING, meet the same conditions each month (one $1000 deposit + 5 purchases + growing balance for both) and get bonus rate for both savings accounts? This way I can have 4.8% rate for over $100,000.
    Guess I'm just wondering if I need to meet the condition twice (2 x $1000 + 10 purchases), and whether a second Everyday account is necessary?

    • ratz33 on 09/02/2023 - 17:40
      +7

      I believe you can only nominate one for the bonus rate.

    • Ranike on 09/02/2023 - 17:42
      +1

      Thought about this too but only one savings maximiser accounts get the variable interest rate (in their FAQ section).

    • puglikesabargain on 09/02/2023 - 17:45
      +2

      Any particular account holder can have up to nine Savings Maximiser accounts but only one can be nominated for the bonus rate (you can change the nominated account anytime on-line). - https://www.ing.com.au/pdf/SM_Terms_and_Conditions.pdf

    • Ruff on 09/02/2023 - 17:47
      +2

      Perhaps not quite what you want, but if you have a joint ING account with someone (e.g. spouse), you can open a second savings account connected to the joint account (one person “owns” each one savings account), and they both get the full rate. You then only need to satisfy the requirements one time, and the $100k limit is effectively doubled.

  • BBF on 09/02/2023 - 17:40
    +2

    What a spaz day I'm having.

    First. ING won't open an online account ONLINE, I have to RING them…wtf. Too many customers?

    Second. OzB wants to do an OTP to login. A first for me. So rude.

    • Khartoum on 09/02/2023 - 18:58

      Yeah, took them a while to set it up for me 2 months ago when I did it

    • Meconium on 09/02/2023 - 23:16

      OTL

  • FujiFruit on 09/02/2023 - 17:58
    +8

    I’m waiting for virgin money to increase their rates

    • Jeeyang on 09/02/2023 - 18:10
      +2

      Me too.

  • payless69 on 09/02/2023 - 18:03

    "New Holland" gets ING'ed

  • tessel on 09/02/2023 - 18:07
    +7

    But as an under 30 ozbargainer earning $250k+ a year what do I do with the other $150k+?

    • Reticent on 09/02/2023 - 20:13
      +3

      Buy a third Tesla

      • tessel on 09/02/2023 - 20:18

        You sir, are a true gentleman.

    • AircraftFreight on 09/02/2023 - 21:51
      +1

      Buy overpriced Qantas Business airfares every day :-)

    • KnifeEnthusiastBoi on 09/02/2023 - 22:06
      +1

      invest in stonks. Im making some assumptions but am assuming you wont be earning 250k forever

    • AlexF on 09/02/2023 - 22:55

      Charity?

      • tessel on 10/02/2023 - 06:41

        Please ;-) We're on ozbargain for a reason.

    • nephilim on 10/02/2023 - 12:24

      made 7% after fee's with vanguard last year

  • 980tibaby on 09/02/2023 - 18:07
    +3

    Hmm, I wonder if it will again reach the 6-7% rate I remember many many years ago when I first joined ING.

  • ajbee on 09/02/2023 - 18:07
    -1

    Opened one for the wife and one for myself with 100k each. Set an auto transfer from my main salary acct in cba to transfer 1k on the 1st of every month. Another auto transfer to move $1 from checking to savings and all good

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