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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
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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 (511)

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

    • Igaf on 02/03/2023 - 22:51
      +1

      Not here. You could ask but your chances are miniscule.
      They'll refer you to the conditions: ….also make at least 5 card purchases that are settled (and not at a 'pending status')

  • soph44 on 03/03/2023 - 07:54
    +1

    A bit annoyed with ING. I moved money out of my account 2 days before the end of the month to keep the balance well under $100,000. I moved it back on the morning of March 1st. The app is now saying that my February balance was $100,000!

    • puglikesabargain on 03/03/2023 - 08:05

      Yes I am wondering what's going on…..I actually had a balance in my Saving Maximiser account (number 1) as at cob 28 February of 2 cents. During the day of 1 March, the app advised, on the criteria progress screen, that my February closing balance was 2 cents. Since last night it is saying I had a balance of $99999.99 (but I transferred $99999.99 into the account on 1 March) !!!

    • puglikesabargain on 03/03/2023 - 08:21

      I am endeavouring to contact ING about this misleading balance information.

      • soph44 on 03/03/2023 - 08:24
        +1

        I’ve opened a second account to start juggling between the 2 but I’d be interested to see what they say. Their customer service is so hard to get hold of that I’m not sure I get be bothered contacting them.

        • puglikesabargain on 03/03/2023 - 08:31
          +1

          Yes it seems impossible to contact them by phone. I'll try a little while longer but have left a text message through their online banking. I will let you know if anything eventuates……

        • puglikesabargain on 03/03/2023 - 08:48
          +1

          I spoke to "Stephanie" (Customer Contact Centre) who agreed it is a system issue. They were internally advised about the "system fault" yesterday afternoon and are currently working on a fix (an issue re only 28 days in Feb). In the meantime, she has lodged a request on my behalf to the 'faults department".

          • soph44 on 03/03/2023 - 08:51
            +1

            @puglikesabargain: Thanks for the update. Will keep an eye on my account. In the meantime I’m looking at options with other banks.

          • soph44 on 04/03/2023 - 10:24

            @puglikesabargain: The balance at the end of February is now showing with the correct amount. Thanks for contacting them, must have done the trick!

    • Hugh G Rection on 03/03/2023 - 08:41
      -2

      they will do anything not to payout

    • Igaf on 03/03/2023 - 11:15

      Can I ask why you did that s44 (and curt67)? As I recently found out, by not meeting the Feb growth reqts you'll actually only get 0.55/12 interest in March so it seems better to have 'nothing' in your account during March (move it to another bank with high daily interest).

      • puglikesabargain on 03/03/2023 - 13:25
        +1

        the reason is the 'juggling strategy' explained within my deal/post above

      • puglikesabargain on 03/03/2023 - 13:26

        "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"

    • oldmate78 on 04/03/2023 - 19:35
      +1

      Same issue transferred out 28/02 and back in 01/03 and incorrectly records the balance

      edit: shortly after posting this I can see in my app it has now resolved and the correct grow amount is reflected

      • puglikesabargain on 04/03/2023 - 22:59

        yes the issue is now resolved from my end too, thanks

        • Mad Max on 04/03/2023 - 23:35

          Does the whole amount show as "available"?

  • Hugh G Rection on 03/03/2023 - 08:41

    go to BOQ, its 5.15%

    • nokia3660 on 03/03/2023 - 10:47
      +1

      for up to 50K and between 14-35yrs of age. Not suitable for everyone

  • SuperLate on 03/03/2023 - 11:50

    How long is it taking people to open their first ING account ? It's been almost 4 weeks since I applied online and it's still in progress. Contacted customer service last week and she assured to get my application expedited but still nothing so far.

  • iaam on 04/03/2023 - 10:29

    I also have similar issue with ING. I have completed 6 transactions with my Visa card but the website says 0 out of 5 transactions completed and not eligible for higher interest rate. I have lodged a compliant via their internet banking, lets see what they respond.

    • oldmate78 on 04/03/2023 - 19:34

      Same issue 5 transaction have not been recognised

    • Chris T on 07/03/2023 - 13:15

      Have you heard back from ING about this? I have the same issue, I did some regular in-store card purchases which settled two days ago, yet today it's still saying 0 of 5.

      • iaam on 07/03/2023 - 13:35
        +2

        I got a response from them saying that they are aware of a system glitch which is not recognizing card transactions and they are working to resolve it asap.

  • poormansfriedchicken on 05/03/2023 - 00:37

    how on earth do you nominate from your old SM to new SM account ? the ing web portal is so hard to use

    • puglikesabargain on 05/03/2023 - 11:15
      +1

      Bring up the account details of your old SM account, press the blue "more account information" link, press the "edit" link beside 'bonus interest if eligible' section, and then select which account you want to earn ING's highest interest rate

      • poormansfriedchicken on 06/03/2023 - 10:40

        I'm clicking the old SM account but doesnt seem to be any option for more account information.

  • Perk on 06/03/2023 - 20:18

    If your balance is over $100k do you lose out on all the premium interest or just on the dollars over $100k?

    • Igaf on 06/03/2023 - 22:09
      +2

      $ over $100K get standard interest (0.55%), the rest will get the bonus rate if you meet criteria.
      You should read al the conditions and FAQs.

      https://www.ing.com.au/savings/savings-maximiser.html

      Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

      You're better off moving the excess and more elsewhere. There are comments discussing strategies on this deal.

  • Kabal on 06/03/2023 - 22:07

    Is there a minimum amount to increase the balance by? I tried 1c on the 1st, then the balance it said i had to be greater than became the +1c amount in the app, so i put another 1c in a few days later, still says I haven't done it.

    Also i did a few card transactions and it still says i've done 0/5.

    POS bank lol

    • Igaf on 06/03/2023 - 22:15
      -2

      Don't use the app but how hard is it to add a dollar? Transactions have to be finalised, not pending, won't appear immediately. Send them a message via the internal messaging system on the website if you're concerned. Ime they respond pretty quickly.

    • Yola on 07/03/2023 - 06:17
      +2

      I have been doing 1c for over 12 months.

    • thatsthat on 08/03/2023 - 14:23

      I raised a support ticket about this yesterday. They replied today and said it is software issue they expect fo fix by Thursday 9th March.

      My issue is I have completed the required hurdles but it says In Progress still for next months benefits.

  • ashtdp on 10/03/2023 - 09:48
    +2

    There is no announcement on the March rate hike from ING yet. They usually announce on Thursday following the Tuesday rate hike.

    • Igaf on 10/03/2023 - 16:11

      My guess is they will do nothing unless other banks raise their rates OR people take their funds elsewhere. The more OzBs who move to BoQ the better.

  • SuperLate on 10/03/2023 - 16:43
    +4

    ING is raising interest rate on SM account to 5.00% p.a. effective 14/03/2023

    https://www.ing.com.au/rates-and-fees/interest-rate-announce…

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