This was posted 1 year 2 months 2 days ago, and might be an out-dated deal.

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Savings Maximiser 5.00% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.00% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
me1stt on 10/03/2023 - 14:44 ing.com.au (1949 clicks)
Last edited 05/05/2023 - 14:46 by 1 other user

5.00% p.a. highest variable rate (made up of the standard variable rate and 4.45% 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.

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

Referral Links

Referral: random (501)

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

          • silverstone2023 on 11/03/2023 - 14:08

            @samfisher5986: Here is one approach to create a spending buffer in your Savings Maximiser (SM) account so that you can use your savings to buy something without missing out on the bonus interest.
            * Each month deposit $1001 into your SM from an external account. On the last day of the month, transfer $1000 to your Everyday account. You will have grown your SM balance by $1.
            * On the first day of the next month, transfer the $1000 back into your SM.
            * At then end of the second month, transfer $2000 to your Everyday account. SM account balance has still grown by $1 from the $1001 monthly deposit and the $1000 you transferred from your Everyday account at the start of the month.
            * Repeat each month until you have built up the savings buffer that you want and then each month, transfer that amount out to your Everyday account at the end of the month and back in to your SM at the start of the next month. You do loose one day''s interest on the amount you move out at the end of the month, however that would be about $0.68 on a $5000 buffer at 5%.
            This approach meets 2 of the hoops that ING has, ie
            * deposit $1,000+ from an external source,
            * grow your nominated Savings Maximiser balance (excluding interest earned for that month)
            Once you have built up the savings buffer, the transfers out and in can be handled automatically by recurring transactions. You will have to update the date of the end of month scheduled transfer to cater for the different number of days in each month, but that only takes a few minutes each month.

          • Igaf on 11/03/2023 - 14:47

            @samfisher5986:

            • You deposit your $1K monthly then transfer $999.99 out. Will take you 2 months.
            • Alternatively, either have another account for bills etc (eg Ubank) or have money in your (very low interest) transaction account.
            • Or you take $2K out and miss that bonus rate for a month. Simple enough concept.

            Bonus rate: 5/12 = ~0.417
            Standard rate: 0.55/12 = ~0.046
            Interest "loss" for the month = ~0.37%

            • samfisher5986 on 11/03/2023 - 16:23

              @Igaf: At that point why not go with uBank and save yourself a ton of time and risk?

              • Igaf on 11/03/2023 - 17:15

                @samfisher5986: Ton of time and risk? Lol. Less time than you've spent making comments on this deal. I guess if you need a wet nurse time might be an issue but for most adults it's quite simple once you understand the requirements and how the bonus interest works.

                Miss a month? Big deal. That will cost someone on the average wage with a 100K balance about $250. Buy a cheaper phone and you'll save more than that in a few minutes.

                You can please yourself, no-one's forcing or even asking you to do something you clearly have no interest in doing.

          • chubbyboy on 12/03/2023 - 19:23

            @samfisher5986: You have an everyday account with ING, you can do the 5x transactions and 1k deposit in and out of that, the savings maximiser is separate and put $1 into that. It is super simple

    • Harsh Deep on 10/03/2023 - 15:08
      +1

      dont forget he $50k limit

    • Stopback on 10/03/2023 - 15:21

      I believe banks do this as they need cash, something ratios.

    • doobey1231 on 10/03/2023 - 22:25

      You can transfer a singular dollar if the “grow your balance” is too difficult to maintain. I consider it good encouragement personally.

  • netjock on 10/03/2023 - 15:10
    +6

    Problem is the month you want to withdraw below last month's balance right because you'll lose out on interest for that month? 0.42% hit.

    IF you withdraw once a year below your opening balance you'll be on 4.58%?

    Just double checking to be sure.

    • scradley on 10/03/2023 - 15:16

      Not sure where you got 0.42% from, but unforch it's kinda the opposite. Standard rate is 0.55%, you need to meet the outlined requirements to get the extra 4.45% to bring it to 5%

      • netjock on 10/03/2023 - 15:23

        Got it. Reverse to the base crap rate.

        0.42% is 5% divided by 12.

      • Savas on 10/03/2023 - 15:23

        5% divided by 12 = 0.42% ….

    • justtoreply on 10/03/2023 - 15:20
      -4

      As I understand you'll get 0.55% on the last amount of time, which can be up to 1 month, depending when you withdraw.

      What crooks. Neg is because I have issues with the seller, so it's a valid neg. It should be 4.45% base rate and 0.55% boon. Not vice versa. Anyone that doesn't have issues with the banks that do this probably works for them.

      • netjock on 10/03/2023 - 15:29

        As I understand you'll get 0.55% on the last amount of time, which can be up to 1 month, depending when you withdraw

        Does this mean if you take it out on 25th (of 30 days month) is is only the 5 days you get lowest rate. Then next month you just need to increase balance?

        • justtoreply on 10/03/2023 - 15:44

          If you take it out 25 days after the last interest payment then those 25 days you're getting 0.55%.

          If you want to know exactly, call the bank. I think you're a bit cloudy on what were getting at here so I don't think this is the forum for you to be asking

          • netjock on 10/03/2023 - 15:46

            @justtoreply: I thought it might apply to the whole month. I'm going to stay away from these products. Reason I asked the questions is how long you need to stay in the product and get the higher rate before it breaks even getting smashed when you take money out.

            Rather take 0.15% less at Virgin money.

      • justtoreply on 10/03/2023 - 15:42

        Had to remove my neg before it counted towards a ban. People here are fools if they're complicit with this 0.55% base rate 4.45% bonus crap.

        • doobey1231 on 10/03/2023 - 22:29
          +1

          Mate that’s how they all work, I agree it would be nicer that way but yeah the negative vote is unreasonable considering they have leading interest rates compared to every other bank at the moment.

    • SomeGuyOnOzB on 10/03/2023 - 17:54
      +7

      A strategy:
      1- keep some loose cash in a second account to use
      2- have 2 savings maximisers
      3- when you aren't using it, keep adding 1 cent to your 2nd savings maximiser
      4- if you need to withdraw from account 1 next month, nominate account 2 to get bonus interest next month
      5- next month starts, move most money from account 1 to maximiser 2 and you withdraw anything you leave in maximiser 1
      6- withdrawing from maximiser invalidates maximiser 1 that month; maximiser 2 has to get the bonus interest for at least 2 months

      • artfuldodger on 10/03/2023 - 18:16
        +1

        Many thanks, I've been contemplating this problem.

        • SomeGuyOnOzB on 10/03/2023 - 22:02

          You are welcome.
          I learned from another ozbargainer.
          .
          Comment 1 should say a 2nd Bank
          .
          Comment 6 is right about needing to stay on a 2nd maximiser for at least 2 months but the reason is the balance drops on account 1

          • BuyNow Think Later on 12/03/2023 - 20:27

            @SomeGuyOnOzB:

            stay on a 2nd maximiser for at least 2 months

            What happen if I stay on 2nd maximise for 1 month only?

            Pls elaborate on staying for at least 2 months?

      • netjock on 11/03/2023 - 10:04

        Thanks. Don't have that money to justify this. Got a mortgage and on a good fixed for a few more months then it all goes into the offset.

      • bargain ben on 11/03/2023 - 15:39
        -2

        You can’t have two savings maximisers. Only one account earns bonus interest, only way around it is if you have the other account in your wife’s or husband’s name.

    • Igaf on 11/03/2023 - 14:55
      +1

      It's actually ~0.37% diff for the following month, because you still get the base interest rate. There are strategies to recoup most of that involving moving your money elsewhere temporarily - see other related deals

      • netjock on 14/03/2023 - 10:07

        Thanks. I have a mortgage so it is better in the offset. Problem is I currently have 1.99% fixed until later in the year and don't want to pay it into fixed loan on investment property (5% rate, too close to make it worthwhile to have it locked up).

        If I could get the 5% deposit rate for 9 months then yeah. But if when I need to take it out the hit is makes me even I might as well put it in Ubank / Virgin.

        Just my circumstances. People are giving good advice to qualify for the savings rate.

        People with mortgages would better put it in offset given the mortgage rates are almost always higher than savings.

        • Igaf on 14/03/2023 - 10:37

          Yep, people's circumstances differ markedly so they should weigh up all the pros and cons before making a decision.

          People with mortgages would better put it in offset given the mortgage rates are almost always higher than savings.

          …and there is also a significant tax saving (for an average wage earner, about one third of the savings interest goes to govt coffers, so 5% on your loan is equivalent to roughly 7.5% on savings).

          • netjock on 15/03/2023 - 09:25

            @Igaf:

            significant tax saving

            The thought of paying the bank for my PPOR really bugs me. Lucky I have 2:1 ratio of good productive debt.

  • payless69 on 10/03/2023 - 15:19

    Combank shares in freefall lol…

    • [Deactivated] on 10/03/2023 - 15:35
      +13

      Did you write this on your smart phone containing cobalt mined by child slaves?

      • Savas on 10/03/2023 - 15:46
        -7

        I’m just trying to do my bit for the environment !!

        • [Deactivated] on 10/03/2023 - 15:46
          +10

          Virtue signalling does nothing for the environment

          • Techie4066 on 10/03/2023 - 19:31
            +2

            @[Deactivated]: Virtue signalling? Bank Australia and Suncorp have no exposure to fossil fuels, BOQ's withdrawal of their limited investments will be complete by next year… these banks are using our funds, pls explain.

      • Kommodore on 10/03/2023 - 16:01
        +2

        Or ever used anything with plastic, rubber, steel, cement, synthetic materials, etc. need coal or oil which is like 90% of things lol.

        • Savas on 10/03/2023 - 17:30
          -7

          aboriginals lived for 60,000 years without those things…

  • cashless on 10/03/2023 - 15:20

    Heaps of hoops

    • buffalo bill on 10/03/2023 - 19:14

      Feel like a circus animal with all the ING hoops

    • doobey1231 on 10/03/2023 - 22:30
      +1

      And cashless you shall remain if you can’t put in the effort

  • Mr Bargain Hunter on 10/03/2023 - 15:29
    +1

    If you have $101,000 will you get 0.55% interest on all of it or only the extra $1000?

    • Kalo on 10/03/2023 - 15:46
      -2

      On $100,000 of the balance, but the rate is less than that: 5%/12

    • Cheapskate Paul on 10/03/2023 - 15:47
      +4

      Only the extra $1000

    • Cheap Gamer on 10/03/2023 - 22:35

      Yeah, the extra $1000. Start with less than $95K to give yourself a buffer. Otherwise, you won't get bonus interest on your interest.

      Remember the three hoops each month or you'll have ZERO bonus interest.

  • Hugh G Rection on 10/03/2023 - 15:33
    -1

    I am with BOQ 5.15%

    • tharlow on 10/03/2023 - 15:47
      +2

      If you look up winner in the dictionary, you won’t see any pictures. I really think there should be more pictures in the dictionary. Even one would be a start

    • HardQuiz on 10/03/2023 - 16:19

      Username is proof.

  • zuruhara on 10/03/2023 - 15:55
    +1

    My only issue is that ING takes a day or 2 to transfer back to my linked account. The other way around is instantly.

    • ATangk on 10/03/2023 - 18:45

      $1000 should be instant. Any more can take a few days but I’d just do multiple 1k transactions if required.

    • doobey1231 on 10/03/2023 - 22:32

      Linked within ING? Transfer between ing accounts is instant. If you’re talking about transferring out of ing into another account I’m pretty sure(someone correct me here) you can only have one bank account provider attached to your payID/osko account which means only one provider benefits from instant pay transfers.

  • srr on 10/03/2023 - 16:20
    -7

    ING was a good bank, but they have gone downhill. Their OSKO payments limited to 1K a day. You have to do 5 transactions and deposit at least 1K a month. You also have to increase the balance every month. No, thanks.

    • samehada on 10/03/2023 - 16:26

      Their payID pmt has been limited to 1k from the very beginning. It was how payID limit was supposed to be when we first have payID.

      I guess the reason they want to keep that low limit now is to reduce the risk.

      • samfisher5986 on 10/03/2023 - 16:28
        +3

        They want to reduce the risk because they haven't implemented a high level of security on their bank system.

        • Igaf on 11/03/2023 - 15:10

          How do you know that? What examples are y0u thinking of?

          • samfisher5986 on 11/03/2023 - 16:20

            @Igaf: How do I know? I use ING… I know exactly what is required to get into an ING account and how they only use 2 factor authentication in specific situations.

            • Igaf on 11/03/2023 - 17:25
              -1

              @samfisher5986: So what you're saying is that you know no more about what systems they have behind the scenes watching accounts than anyone else. I thought you might know for example how much money has been lost (by the bank, since most fraudulent activity will be covered by the bank) due to account hacking, or credit card fraud, and how that compares to "more secure banks'. Without benchmarks or inside info your comment is meaningless.

            • Igaf on 11/03/2023 - 21:34

              @samfisher5986: No answer so you neg. How old are you?

              • samfisher5986 on 11/03/2023 - 22:17

                @Igaf: I didn't neg, you would have known that from my last online status.

                • Igaf on 11/03/2023 - 22:23
                  -1

                  @samfisher5986: There's no time attached to negs afaik. Pity there's no names

    • liongalahad on 10/03/2023 - 16:28
      +1

      Not a good reason to downvote this.

      • srr on 10/03/2023 - 19:26
        -3

        I’m just providing info for interested. It’s not a good bank.

        • liongalahad on 10/03/2023 - 21:00
          +1

          It's alright, I used it for a long time and it does the job, providing competitive interest rates. There might be better banks around but ING is by no means bad in my opinion

  • 1shotchance on 10/03/2023 - 16:39

    I tried signing up in November and they still haven't processed my account after 5 phone calls over that time

    • SuperLate on 10/03/2023 - 17:23

      Same with me, signed up early last month and nothing yet. Finally had to lodge a complaint and got a call back same day. They'll advise me of the outcome next week. What a decent start !

      • 1shotchance on 10/03/2023 - 19:42

        They told me they would put me in 'priority cue' every time I called.They said they can't do anything about it and that people have been waiting just as long as me. Its been 4 full months!!!!

        • Igaf on 11/03/2023 - 15:12

          THAT is poor.

  • Trishool on 10/03/2023 - 17:01

    Is this for new accounts only or for existing accounts as well?

    • Miyagi on 10/03/2023 - 17:08

      New and existing

      • Trishool on 10/03/2023 - 17:10

        Nice, thank you ;)

  • Proloads99 on 10/03/2023 - 17:47

    For the requirement to deposit 1000 plus. can i deposit the 1000 and take it back out and just grow the savings by at least a dollar each month?

    • autolux on 10/03/2023 - 18:24
      +2

      yup. mine goes straight in, then straight out, less $1

    • resmansg on 10/03/2023 - 18:24
      +1

      Yes you can

    • Kabal on 10/03/2023 - 20:11
      +2

      only need to increase balance by 1c

  • autolux on 10/03/2023 - 18:23

    what else is close to 5% now? only other i know of is virgin money at 4.85 i think?

    how long can ubank stay at bloody 4.3….

    • Hiphopopotamus on 10/03/2023 - 19:26
      +1

      ubank is 4.6% starting next month, they're always late but their hoop is barely an inconvenience.

      GSB has 4.65% and 4.5% with hoops.

      BOQ has 5.15% with hoops for under 35s.

  • David76 on 10/03/2023 - 19:20

    Suncorp is now 4.45% with no balance limit

  • Cachew on 10/03/2023 - 19:22

    I know this is probably asked to death, but what is everyone using for the 5 spends?
    Does it have to be with the physical card or can I buy some cheap shit online?

    • Hiphopopotamus on 10/03/2023 - 19:28

      I link my card to PayPal and SB, if I'm ever short I just buy some low value gift cards.

      If you shop in-store it's even easier, more so with split payments.

    • double_J on 10/03/2023 - 19:45
      +2

      I use it at Coles when I do my groceries shopping to pay the cents. For example: $60.90. I will use mixed payment, 3 x 30cent with ING, $60 with my credit card. Then the next shopping I'll pay the same way again. 😁

    • Savas on 10/03/2023 - 20:11
      +1

      Don’t you buy stuff like ever ? Not even a frozen Coke from McDonald’s ?

      • Cachew on 10/03/2023 - 20:18
        +1

        I like to have completely separate accounts for spending and savings.

        • Hiphopopotamus on 10/03/2023 - 20:46
          +2

          The Orange account comes bundled with the Savings Maximiser and earns no interest, it's literally a separate spending account.

          • Cachew on 11/03/2023 - 19:57

            @Hiphopopotamus: Thank you! Will switch when this goes live after learning about this. Cheers

            • Hiphopopotamus on 11/03/2023 - 20:38
              +1

              @Cachew: No problem. I suggest applying sooner though, most banks open your account immediately but ING took about a week for me.

        • bg on 10/03/2023 - 20:49
          +2

          The transactions come out of Ing everyday account not the maximiser account, so it is kept separate.

    • Teh White Mamba on 10/03/2023 - 23:21
      +1

      This month was 5 x mint slice bickies half price.

    • nokia3660 on 11/03/2023 - 11:15

      apart from colesworth split payments I have it linked with Afterpay as well. Afterpay is real handy if you buy lot of stuff from ebay / CWH. A single purchase gets split into 4 payments for ING/VM

  • taewoong on 10/03/2023 - 20:35

    Do I still make the balance grow next month to get interest if the balance is 100k at the end of this month?

    • Hiphopopotamus on 10/03/2023 - 20:48

      Yes.

      There are ways around 'wasting' the >100k balance though, I'm partial to withdrawing the excess on the 1st and depositing it back on the last day of the month.

  • Phesto on 10/03/2023 - 20:43

    Does anyone know if I can have 2 accounts with this rate? e.g. joint account plus personal account

    • sakurakiks on 13/03/2023 - 14:40

      I have this, works a charm. Have 100k in the personal account (yes it's for the eventual house deposit) and everything over that sits in the joint savings maximiser account. Have been getting the 4.X% for both.

      A side point, I am not 100% certain as I haven't had a proper chance to test it out, but I'm pretty sure when I deposit $1000 into the joint for example, I also get the tick in my personal one that $1000 has been deposited and achieved. The make 5 transactions also seems to work this way, do it on one account and it applies to both.

      On the savings max 'interest' tab for the joint account, it will give you the message "You have nominated a different Savings Maximiser to earn our highest interest rate. The account you have selected is [personal account]". This could make you worry and think ah I have to pick one or the other, but from my partner's side, everything is fine and normal and it shows to him that the account is eligible and it's earning the max interest (the joint account is his only ING account). It works because we technically only have the standard 1 savings max account each, I've nominated the personal, and he's nominated the joint. Don't see it working if you both have a personal each plus a joint as well.

      The only thing I noticed was, because of the message above saying I have the personal account nominated, I can't see what the xxx figure is for the joint account '3. Grow this savings account (so that it's greater than your February balance of xxx)'. It's not much of an issue though, I just get partner to look at his app and it tells us there.

      I think I'm starting to ramble lol and have said some redundant stuff, but hope that helps

  • doobey1231 on 10/03/2023 - 22:36
    +4

    It amazes how people struggle so much with the requirements. Been with ING for 6 months now at least and the only complaint I have is how gaudy the app is.

    People negging and complaining about the requirements are completely lost on me. People will go buy 10 gift cards at 5% off to shave a hundred bucks off an already discounted tv but they can’t raise a savings account by $1 for an extra ~0.5% interest rate increase? Like wtf?

  • No ONE on 10/03/2023 - 23:01
    Eligible card purchases
    • In store credit or EFTPOS purchases
    • Online purchases
    • Regular card payments
    • payWave
    • Apple Pay
    • Google Pay
    • Direct Debits using a card number
    • PayPal transactions using a card number

    Made with an Orange Everyday Visa card, Orange One Low Rate or Orange One Rewards Platinum Visa card or Nil Interest Visa card provided with an eligible ING home loan.
    Link

  • cpox10 on 10/03/2023 - 23:07

    I've always wondered when transferring money over the weekend from one bank to another bank, does bank 1 still earn interest for the duration of the weekend of the amount transferred, till the money gets transferred on the Monday (business day)?

  • kooljp on 11/03/2023 - 01:50

    Let's say you have exactly $100K, what's the best way to manage this account to ensure you get the 5% interest on the full $100,000?

    I assume after 1 month, the balance would be roughly $100,416…

    Do you just take the $416 interest out, rinse and repeat, or do you then have to have $100,417 to get the full 5%?

    Surely there's a better way?

    • z28 on 11/03/2023 - 11:01

      Open another bank/account.

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