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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
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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

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closed Comments

    • nokia3660 on 11/03/2023 - 11:26

      Nope, you would fail your 'grow the balance' condition. On the last day of the month reduce your savings maximiser balance to prev month bal + interest + 1c. You will loose a day's interest on the amount you are removing from the savings account though. There is another account swapping method which is supposed to avoid that as well.

    • Nightwing on 12/03/2023 - 22:59

      Once you're at/over the max 100k, leave the interest in the account. Put in 1k on the 1st/2nd of the month. Take out $999 (for simplicity sake) a day or two later once it's confirmed you've met that requirement within the app. Make sure you do the min 5 transactions with the linked OE account within the month.

  • hanga10 on 11/03/2023 - 05:42

    So if you start the year with the maximum 100,000 then each month interest is added you only recieve 0.5% on the excess ? Then how do you withdraw that excess without penalty of losing the following month's interest because the amount has not grown ?

    • sakurakiks on 13/03/2023 - 15:12
      +1

      Hopefully I'm understanding your question right, but what I do is: Let's say you had $150,000 in there, I take out everything on the first of the month after receiving previous month's interest, so that the balance sits at $100,000 for the entire month. Then on the 30th I'll put back in $50500.01 (what I took out+ the interest I got (pretend it was $500) +1 cent to grow the account) so I meet the requirement.

      Then on the 1st of that next month I'll get the bonus interest, and I'll remove everything over 100k again. Basically I just repeat this every month, put money in at the end of month for one day, take back out on 1st.

  • cpox10 on 11/03/2023 - 07:25

    My understanding is you could take the excess out at the beginning of the month. As long as you ensure you put the money back in plus a bit more before the end of the month to increase the balance; this will ensure you get the bonus next month.

    I'm not in the same boat with the same problem so not 100% on this. However, theoretically I gather this is how it works.

  • Hils on 11/03/2023 - 07:57

    Appreciate some more info - This is on the ING website:

    "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."

    Taking it literally - the bonus interest won't be given if I deposit the $1,000 and do the five withdrawals this month - is that correct? Or would I be better to to wait and do this at the end of the month??

    many thanks

    • Hils on 11/03/2023 - 08:56

      To answer my own question - I just started the process by transferring $1000 and the ING website says under "More account information"

      • "Unlocked Account benefits"
      • "march - No"
      • "April - In progress"

      So presumably once I have completed my 5 eftpos transactions I will have unlocked my account benefits (5% interest) for April

      • nokia3660 on 11/03/2023 - 11:22
        +1

        You are checking this under your Everyday transaction account, this won't give the full picture with regards to the bonus interest. Have a look under interest in the Savings Maximiser.

        • Hils on 11/03/2023 - 12:50

          Thanks, I didnt look there - missed that

          However the Savings maximiser does say that I didn't meet the required criteria in February so won't get the highest interest in March

          • nokia3660 on 11/03/2023 - 12:54
            +1

            @Hils: that sucks, but you should have a good idea of which criteria you failed. Based on your previous comment I'd assume it is the 'grow balance' condition since the Everyday account benefits are unlocked if you meet the 5 tran+1K deposit conditions.

  • Emcaljoe on 11/03/2023 - 12:48

    Is the interest calculated on your orange everyday account balance or savings machinery account balance?

    • nokia3660 on 11/03/2023 - 12:54

      it's the savings machinery account balance :)

      • Emcaljoe on 11/03/2023 - 13:08

        Oops… thanks!

  • Globetrotter24 on 11/03/2023 - 14:13

    I met all the criteria for Feb interest, however I am still yet to receive the bonus interest. Is it supposed to take a while to come through ?

    • silverstone2023 on 11/03/2023 - 14:47

      To get bonus interest in Feb, you would have to satisfy the criteria that ING stipulate in Jan. Did you meet the criteria in Jan? If you only met the criteria in Feb, then you will get bonus interest in March.

      • nokia3660 on 11/03/2023 - 19:46

        and the march interest should have hit your account by now. In fact the interest lands on the first day of the month. The Interest tab under the Savings Maximiser account on your app is a good way to keep track of your progress with the hoops.

        • silverstone2023 on 11/03/2023 - 20:20
          +2

          For my accounts, I get the interest credited on the last day of each month.

          • nokia3660 on 11/03/2023 - 21:24

            @silverstone2023: yep, my bad. Just checked it and it is indeed last day of the month. Got myself confused with VM

  • Miyagi on 11/03/2023 - 23:25

    May I have clarification on requirement to increase amount excluding current month interest.
    Interest is paid on last day of each month.
    On 28 feb if i have balance of $90,000 and earn $200 interest, balance shows $90,200. On 1 March I withdraw $199 so balance is now showing $90,001 in March. Have I satisfied the conditon?

    • Hiphopopotamus on 11/03/2023 - 23:40
      +1

      You have not.

      The balance increase requirement includes the interest paid, in your example you would need a closing balance higher than $90,200 at the end of March.

      • Miyagi on 12/03/2023 - 11:05

        Thank you. It sucks that interest earned is stuck in there particularly on balances over $100k.

  • Nedkellyinthebush on 12/03/2023 - 01:26

    PLEASE PLEASE PLEASE
    Can somebody explain me like I’m 5 years old what should I do to satisfy all the requirements for a balance of 100k
    Like tell me exactly what transaction I need to do at the start and end of the month, and what should I do with the interest money? (Leave it there I suppose?)
    Thanks

    • Hiphopopotamus on 12/03/2023 - 02:08
      +3

      Every month:
      1. Transfer $1000 in from an external source (it does not have to stay)
      2. Make 5 transactions with your card (non-pending)
      3. Grow your Savings Maximiser balance, the balance includes the interest earned (so yes, leave it). I set up a monthly $1 transfer from my Orange account.

      The good thing about ING is that it clearly shows everything in the app, your balance at the end of last month and whether you have fulfilled the other conditions. You earn the bonus interest one month in advance and ING makes you eligible for your first 2 months automatically.

  • alamodey on 12/03/2023 - 10:29

    will this be affected by the SVB contagion?

  • TEER3X on 12/03/2023 - 21:37
    +1

    I'll easily have $100k once my NFT purchases rebound another 5-600x or so.

  • legelas on 13/03/2023 - 00:15

    I just opened a new account. ING didn't ask for my id details. Is it normal?

    • poorunistudent on 13/03/2023 - 10:32

      I also opened a new account and I distinctly remember not needing to get any ID out

    • Igaf on 13/03/2023 - 13:34

      Can't recall what happened when I joined them a few years ago BUT your credentials will need to be verified before you can operate the account. You can usually deposit money prior to verification.

      • legelas on 13/03/2023 - 16:01

        I know that the credentials will need to be verified. However, can they verify it without any ID details? All I needed was my name, email, DOB, address and phone number. I also opened with UBank, and they asked for ID. It's strange when they don't ask for ID when opening a bank account.

        • Igaf on 13/03/2023 - 16:21

          They'll ask you to verify using the usual 100 point identifiers. Some commenters on Ozb said they're still waiting on a response to their applications 4 weeks later, which suggests they don't have enough staff atm. That may be a problem for you if you deposit and need to withdraw before they verify. I'd be messaging them if I was you.

          • legelas on 13/03/2023 - 18:51

            @Igaf: Interesting. I will try to withdraw the $10 i deposit last night

            • Igaf on 13/03/2023 - 22:27

              @legelas: How did it go?

              • legelas on 13/03/2023 - 23:48

                @Igaf: It went through. It means my account is opened, and no ID is needed.However, I don't particularly appreciate that they allow sending money without OTP

  • Redoctober00 on 13/03/2023 - 11:08
    +2

    Come On! Interest rates.. for someone that doesn't have a home loan but has cash…12% and I retire :) .. nice to dream anyway..

    • TEER3X on 14/03/2023 - 20:58
      -1

      Can't you just put that money in an emerging economy country, like Venezuela or something?

  • Perk on 16/03/2023 - 09:51

    If I withdrew the monthly interest paid to a separate bank account (non ING) on the 1st of the month, then deposit 1 cent to my savings account does that still meet the needs of:

    "Grow your nominated Savings Maximiser balance so that there's more in it at the end of the current month (excluding interest) than there was at the end of the previous month"

    So if the balance was $100,000 on 31 March and then $100,000.01 on 30 April is that fulfilling the requirement?

  • gmaxi79 on 16/03/2023 - 11:17

    What does the "Grow their nominated Savings Maximiser balance" actually mean?
    If the balance at the end of month one is $1000 as long as my balance is $1000.01 at the start of month two I get the bonus (assuming other conditions are met).
    If I then withdraw $100 and miss the bonus interest for the next month does this reset? meaning if I again increase the balance from the start of the month to the end of the month? or do I need to grow it back over the initial $1000?

    • Igaf on 16/03/2023 - 16:21
      +2

      ING quote: You will also need to ensure the balance of your nominated Savings Maximiser is higher at the end of each month than it was at the end of the previous month. Any interest paid during the current month does not contribute to the growth of your balance in the same month.

      So in your scenario:

      1. Your Feb closing balance was $1000 (including any ING interest) and importantly you qualified for the bonus rate of 5% in March (the bonus qualification applies to the following month).
      2. You must deposit another $1000 in March but can withdraw up to $999.99 to grow your balance.
      3. To get the bonus rate in April your closing balance in March must be at least $1000 + $0.01 + ING interest (~$4.17) = ~$1004.18
      4. Assuming you met the criteria in March your April target would be $1004.18 (March balance including ING interest) + $0.01 + ING April interest.
        Interest is calculated daily on your balance (paid at the end of the month), so can vary widely. That $4.17 is a rough approximation based on ($1000 x 5% DIV 12).

      To answer you last question: all balance comparisons are based on the previous month's closing balance, not on the biggest balance or any balance during the month. So yes, the target resets every month and could be higher or lower.

      See my comment above also.

      Please ask ING.

  • DevonBlaze on 18/03/2023 - 02:01

    Anyone knows what promo code we can put?

  • mun4 on 26/03/2023 - 16:21

    Anyone know if the advertised date is compound or simple rate? As in, does it pay 5%/365 daily?

    • Igaf on 26/03/2023 - 21:27

      Interest is calculated on your daily balance and is paid at the end of each month, so compound.

      • mun4 on 27/03/2023 - 14:52
        +1

        Thanks.

  • xiuhan83 on 29/03/2023 - 22:14

    Ing should get rid of the 5 transactions requirements . its the only bank that has this requirements

    • Igaf on 29/03/2023 - 22:23

      5 transactions isn't difficult. Some ideas have been discussed above if you somehow manage not to buy food, fuel or other items every month. The grow your pile from month to month reqt is far worse imo, esp as you approach the cap.

      • Hiphopopotamus on 30/03/2023 - 00:10
        +2

        Agreed.

        Or they could increase the max balance, I would happily take 150k/200k/250k.

      • scotty on 30/03/2023 - 11:25
        +1

        Agree that monthly growth requirement is far worse. People save money to use it. Even if I take money out from the Savers account just once a year, the resulting "punishment" makes the overall interest rate similar to ubank, who does not have all that hassle.

        • sim36 on 06/04/2023 - 11:58

          I just leave the interest payments in there knowing it won't gain - anything over 100k gets ignored - the interest on a couple of k per month is not worth worrying about - I just put $1 in each month and it's all ok. Sooner or later I'll withdraw the whole lot from ING and place it in my UBank account which now gets all my savings.

        • SomeGuyOnOzB on 06/04/2023 - 12:10

          Someone said there is a 2 account trick if your balance is too high.

          Have 2 savings accounts.
          If your balance is getting too high in account 1, nominate account 2 to get the interest NEXT month.
          When the next month starts, move most of your money to account 2 to get interest AND leave some money behind in #1 to withdraw.

          Eventually, if #2 is getting too high, nominate back to savings account #1, etc

          • sim36 on 06/04/2023 - 13:23
            +1

            @SomeGuyOnOzB: that's all too hard - nearly fed up with the ING bs.

            • samehada on 07/04/2023 - 12:43
              +1

              @sim36: That is very easy, all you need to do is just change acct that will receive the 5% interest and on the 1st of next month move your 100k to that 2nd account. You can move the rest i.e interest earning to another bank with high interest

    • Yola on 13/04/2023 - 07:22

      Virgin and Bank of Qld also have 5 settled transactions.

  • FujiFruit on 07/04/2023 - 12:36
    +1

    I am not with them as i know i will stuff up the balance growing.
    Yes they need to change things around, increase to $250k and no balance growing. Just deposit $2000 a month . Follow the way amp or virgin and they would be having way more customers.

    • Yola on 13/04/2023 - 07:21

      Virgin also has 5 settled transactions.

  • capslock janitor on 13/04/2023 - 12:40

    can deposit direct to Savings instead of going thru transact acc first ?

    • double_J on 13/04/2023 - 13:08
      +2

      Yes, you can deposit/transfer directly to savings account but you can only withdraw (transfer) thru your transaction account.

      • samehada on 13/04/2023 - 13:20

        Only domestic transfer, I got caught by surprise last time and was charged $50 fee from the bounced back intl/SWIFT transfer.

        ING rejected pmt to Saving Maximiser acct when I withdrew fund from Interactive Broker acct and it was done through SWIFT

    • Kabal on 15/04/2023 - 13:17
      +1

      Yeah works fine. I have an automatic transfer for 0.01c to savings, $1000 to transaction, and then a $995 from transaction back to my offset on the following day.

      Which just leaves the only manual step of doing 5x $1 transactions at coles lol

      • Igaf on 16/04/2023 - 11:36

        You've answered a question he didn't ask I think. Interesting process but it doesn't appear to cover monthly interest payments and the growth req't - unless your balance is low (<$1200 if my arithmetic is correct). Presumably you top up the savings each month?

        • Kabal on 16/04/2023 - 12:41

          Thats what the automatic 0.01c transfer does :D

          • Igaf on 16/04/2023 - 12:48
            +1

            @Kabal: If it works for you I must be misreading what you do. 1c growth has to be in addition to your previous balance + interest (which is $200+ on a balance of $50K for example).

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