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Savings Maximiser 5.25% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.25% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
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puglikesabargain on 05/05/2023 - 14:41 ing.com.au (2116 clicks)
Last edited 09/06/2023 - 18:21 by 1 other user

Breaking news….ING boosts savings account rate to market-leading 5.25% p.a. In usual fashion, ING has responded following Tuesday’s RBA decision, rewarding savers with the full 0.25% cash rate increase, taking its Savings Maximiser account rate to 5.25% p.a. New and existing ING customers are eligible for the new rate of 5.25% p.a. for balances up to $100,000 from 9 May 2023 - in only four days time.

"5.25% p.a. highest variable rate (made up of the standard variable rate and 4.70% 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 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".

Also reported at https://www.savings.com.au/news/ing-may-increase-2023 and https://mozo.com.au/savings-accounts/articles/ing-ups-its-sa….

Now the pressure is on Bank of Queensland/Virgin Money, JudoBank and UBank (NAB) to respond……

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-may-2023 and https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Referral Links

Referral: random (467)

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.

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closed Comments

  • strawberrybug on 19/05/2023 - 15:29

    Also a really silly obvious question, when setting up as new customer, I should be placing majority of the balance into the savings maximiser and then a $1 into the everyday ac? And the $1k monthly deposit should be into the savings maximiser?

    (Yes balance is under 100k)

    • Yola on 19/05/2023 - 15:48

      Just depends if you are anywhere close to $1k. If so you want to keep the balance there lower. You will qualify as long as you deposit in one of those accounts.

  • Mr Joker on 22/05/2023 - 10:05
    +1

    hey what counts towards the x5 spending?

    It appears that the beem trick (of transferring banks doesn't work anymore).

    Any tips/tricks? :)

    • Yola on 22/05/2023 - 11:44

      Yes, there are many sprinkled throughout this post.

    • Voldox on 22/05/2023 - 11:46

      You can do a split payment at coles/woolworths self checkout, buy 5 steam games for 40c each. Buy a gift card then use it where you would have anyway etc. Topup Myki, topup your toll provider.

      • Mr Joker on 22/05/2023 - 15:06

        Any more efficient ways than doing split payment 5 times at coles/woolies? Beem was obviously optimal. Could I pay someone via Beem to trigger it as a 'transaction'?

  • asian bargain hunter on 22/05/2023 - 14:05

    so i'm trying to understand which account we need to deposit into. Does our $1k need to go into the savings maximiser account or can it sit in the orange everyday account and we still get the bonus interest rate?

    • silverstone2023 on 22/05/2023 - 14:23

      A deposit into either account will meet the requirement of “1. Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super and Orange One)”

      • asian bargain hunter on 22/05/2023 - 14:36

        so the 5.25% interest rate will add all our money combined from both savings maximser and everyday account to give us the interest?

        • silverstone2023 on 22/05/2023 - 15:07
          +3

          No, funds held in the Everyday account earn no interest.

          • asian bargain hunter on 22/05/2023 - 15:14
            +3

            @silverstone2023: thanks. So keep everything in savings maximiser and have a tiny amount in the everyday account to use for the 5 transactions every month

            • silverstone2023 on 22/05/2023 - 15:27

              @asian bargain hunter: Yes, that will maximise the interest you earn. Keep in mind that you are effectively locking the savings up due to the “grow the balance” requirement that makes it difficult to take money out of the SM account and still earn bonus interest.

            • Igaf on 22/05/2023 - 15:29

              @asian bargain hunter: PRECISELY

              And make sure you grow the account by $0.01 every month.

              • asian bargain hunter on 22/05/2023 - 15:37

                @Igaf: cheers! it all makes sense now. Just wondering if you have been able to transfer directly from external account to Savings Maximiser or do u need to do it through everyday then transfer from everyday to SM

                • noddypiper on 22/05/2023 - 15:39
                  +1

                  @asian bargain hunter: Yes, you can do this.
                  You just can't pay someone or bpay a bill from your Maximiser account.

                • Igaf on 22/05/2023 - 15:56

                  @asian bargain hunter: Have been able to transfer from Ubank to SM directly but not the other way.
                  To transfer OUT (to Ubank for example) was two steps. Internal transfer between SM and OE (Orange Everyday trans acct), then Pay Anyone from the OE. Daily limits apply.

                  • tekisei on 24/05/2023 - 00:35

                    @Igaf: Anyone know how scheduled payments are ordered at ING?

                    E.g. need to do a scheduled monthly 1k from ING to BOQ. Obviously ING-SM to ING-OE to BOQ on the same day (and not over 2 days) would be optimal. But since I don't keep money in ING-OE, the internal ING transfer must occur before the external transfer, otherwise it will overdraw/reject payment.

                    • Igaf on 24/05/2023 - 11:50
                      +1

                      @tekisei: Can't help with that. Someone's who's done it might know (try asking Yola or Silverstone for eg). I auto trans enough for bills etc every month from SM to OE, diff scenario.

                      I'd be messaging ING. Occasionally they'll give you a general reply initially but I've found if you then say "I understand the process etc, what I specifically wanted was …" then you'll get a much more informed answer. Obviously it gets escalated to someone with better knowledge. GL

                      • Yola on 24/05/2023 - 16:01
                        +1

                        @Igaf: Sorry have not done this.

                    • silverstone2023 on 24/05/2023 - 13:32
                      +1

                      @tekisei: I have not scheduled transfers from ING-SM to ING-OE and then from ING-OE to an external account on the same day. I found this in the OE T&Cs:

                      Scheduled withdrawals to a bank account or by BPAY can only be made if there are sufficient cleared funds in your Everyday account. These cleared funds need to be in your Everyday Account by midnight the Business Day before the withdrawal is scheduled.

                      If there are insufficient cleared funds when the scheduled withdrawal is processed that specific withdrawal will be cancelled. Future scheduled withdrawals will remain.

                      So based on the T&Cs, what you want to do would not work.

                      • tekisei on 24/05/2023 - 16:33

                        @silverstone2023: Ah nuts. Welp it was worth a try to save $1.74 of interest a year :P Thanks for the help!

  • Wazzzzup on 01/06/2023 - 03:53

    Anyone know if OSKO (instant payment) can be increased above $1000?

    • Yola on 01/06/2023 - 17:04

      No. But the total withdrawal amount can be increased above the $20k limit by calling them. I find ING pretty good with transfers out. The cut-off is at 7 pm. and usually, the funds get to the other bank before midnight.

      • Wazzzzup on 01/06/2023 - 22:30

        Good to know thanks

  • virhlpool on 01/06/2023 - 18:05

    If you open a new ING bank account at the start of the month, and do 5 debit card transactions, don't you get bonus interest on that account in that month (since it doesn't have a history of increased balance from the previous month)? Can someone please confirm?

    • Panini on 01/06/2023 - 18:25
      +1

      They waived the conditions on my first month with them. I got the full interest without doing 5 transactions.

      • virhlpool on 01/06/2023 - 18:39

        I already have a joint savings account though.. I just need to open a new single account instead and stop using the previous one. So basically I am an existing customer - not sure how it works in that case.

        • Igaf on 02/06/2023 - 16:19

          If you open a new account in your name I can't see any reason they'd treat you differently to other new account holders. It's a simple job to message them and get it in writing though.

          • virhlpool on 02/06/2023 - 18:16
            +1

            @Igaf: Ok, I had a chat with customer support. So if you open another savings account on, let's say, 1st of the month (e.g. June), your previous account will automatically remain nominated for that/current month (June) like it was earlier. If you change the nomination to the new account, it will only apply from the next month (i.e. July in this case). So, you have to wait for the new month before you start using the new account for bonus interest, basically.

            Therefore, it would be ideal to open the account before the first of the month (e.g. on 31st May), so that new account can become the nominated account for the new month (June) and your wait is shorter depending on when you open the account.

            • Igaf on 02/06/2023 - 18:27

              @virhlpool: So the accounts are in the same name or did you specifically state that the accounts would be in different names (and hence not connected directly)? Their first answers are often generic ime. For "complex" queries I've had to clarify my question and usually then had someone up the chain get back with a specific answer which addressed my situation/reqts.

              • virhlpool on 09/06/2023 - 14:44

                @Igaf: Previous account was a joint one and new is only on my name. The issue isn't so much with meeting the criteria for bonus interest but it's with timing of new account nomination for the bonus interest. As I mentioned, in that case, nomination only works from the 'next' month so if you planned to open a new account on 1st of the month and move your balance to a new account, it won't work. For the current month, your 'existing account' remains your nominated account (which in my case was a joint one). The new account will fetch you bonus interest only form the 1st of the 'next' month. So, ideally above exercise can be done on 30th of the month (or slightly earlier) rather than 1st of the money so that your wait time is only one day (rather than 29 days) and you can immediately start using the new account for bonus interest purpose. Hope it's clearer now.

                • Igaf on 09/06/2023 - 15:16

                  @virhlpool: Sorry, don't understand. Completely new accounts (with both SM and OE accounts) receive the bonus rate without having to meet criteria in the first and second months, as per the official advice from ING below, which I posted previously. Are you saying that because you had/have a joint account that ING will not give you the usual exemptions?

                  ING advice

                  As complimentary, our clients are given the first 2 months bonus interest without meeting the criteria. This is to give time for the cards to arrive for them to meet the eligibility criteria's going forward.

                  For reference, if they open the account on the 01/06/23 - they will receive the bonus interest for the 30th of June and 31st of July (depending on the balance they have in the account). What they need to make sure is that both Orange Everyday and Savings Maximiser are open for them to receive the bonus interest. They will not be opted in if they only open the Savings Maximiser account.

                  It also depends what date of the month they open the 2 accounts. Lets say they open the account on the 28/06/23 and their closing balance is $2 at the end of June, They then deposited $5,000 on the 1st of July - as the balance is too low for the interest to be credited, no interest will be paid in the account on the 30th of June and they will only receive the bonus interest on the 31st of July.

                  It is essential that the new client meets all 3 criteria's in the month of July for them to continue to receive the bonus interest going forward. Getting the bonus interest at the end of July doesn't automatically meet the criteria for them to receive the bonus interest in August. Remember that the bonus interest is credited the following month after the eligibility rules.

                  • virhlpool on 09/06/2023 - 15:21

                    @Igaf:

                    Are you saying that because you had/have a joint account that ING will not give you the usual exemptions?

                    I don't need an exemption really because my previous account remains nominated for the first month in which I open a new account.

                    TDLR: When you already have a nominated account for the bonus interest rate, the newly created account takes its place only from the 'next month' (i.e. the month next to creation of the new account). Obviously you need to manually nominate it too. This is the shortest way to put it I reckon. haha

                    • Igaf on 09/06/2023 - 15:24

                      @virhlpool: OK. ING would be trying to ensure that people don't double dip to get the bonus on up to $200K I guess.

    • lilkid28 on 01/06/2023 - 22:28
      -1

      The 5.25% only kicks in for the next month.

      • virhlpool on 01/06/2023 - 22:33
        -1

        Yeah.. Looks like that. So no bonus interest in the first month for the new accounts basically because one wouldn't fulfil the criterion of growing balance.

        • Yola on 01/06/2023 - 23:22

          This is precisely why when you open a new account you get a grace period of at least the first month and the second has also been reported. The details are provided when you open the account. in your case it could be different so you should contact them but you would think the same principal would apply.

          • hanofee on 01/06/2023 - 23:55
            +2

            @Yola: Just to add, I opened a new saving acc mid May, they gave me the bonus interest immediately and for month of June too without doing anything

            • noddypiper on 02/06/2023 - 17:35

              @hanofee: Yep, they waive the rules for the 1st month when you join.

            • noddypiper on 04/06/2023 - 08:26

              @hanofee: Hi, I did the 5 x 1c transfer to my wife's paypal account last month.
              I didn't get charged any fee, looked in her account and each transaction had the 1c fee on hers.
              Is this correct? The only thing I can see is that her bank account isn't confirmed.

              You mentioned that you put yours into your son's account and let him keep the small amounts.

              • Yola on 04/06/2023 - 09:33

                @noddypiper: So hers has a 1c fee and the 1c you sent her? I have never checked my son's account so maybe I am not being generous. I will find out. But did you qualify for the bonus?

                • noddypiper on 04/06/2023 - 10:04
                  +1

                  @Yola: Yes, bonus was paid.

                  • Yola on 05/06/2023 - 20:05

                    @noddypiper: Spoke to my son. He is being charged 1c transaction fee. So 5c per month to qualify. I usually do 20 per month so much easier than at the supermarket. But I do try to do the 5 ING ones there as people have reported having their accounts closed because this is the only time they used their accounts.

  • asian bargain hunter on 04/06/2023 - 14:35

    do people know if its a rolling interest calculaton. I had $500 initially then put the next $500 a week later before the end of the month but don't seem to have got the full 5% interest rate on the total amount.Is it important to deposit the full amount at the beginning of the month to get the maximium interest calculated on the account

    • silverstone2023 on 04/06/2023 - 14:39
      +1

      From the ING Savings Maximiser FAQs

      How do you calculate the interest on my Savings Maximiser?

      Your interest is calculated daily on the closing balance and added to your account at the end of each month, so you earn interest on your interest. The formula we use is:

      Daily closing balance x interest rate (as a percentage) / 365

  • Voi on 04/06/2023 - 14:39

    Is the deposit limit double for joint accounts?

    • silverstone2023 on 04/06/2023 - 14:40

      No, still $100K. However, one of the joint account holders can open an individual SM account in their own name. This gives you a second account with a $100K limit.

      • Voi on 04/06/2023 - 15:10

        Cheers, going to open two then!

      • lilkid28 on 04/06/2023 - 15:30

        Can open two individual and a joint, total 3 accounts?

  • Mojojojo000 on 04/06/2023 - 14:50

    I have one orange everyday account on joint names (with my wife) and a joint SM account. Is it possible to open 2 single name SM accounts and close joint SM to get the extra 100K while keeping joint everyday account? will both of the single SM accounts get bonus interests if the everyday account is in joint names? Thanks

  • Voi on 04/06/2023 - 15:14

    So what happens when you hit 100k deposit limit - can you somehow reduce it to 95k and still earn bonus interest that month, or you would loose the whole months bonus interest?

    • noddypiper on 04/06/2023 - 15:17

      No you can't, if you reduce you won't get the bonus interest the following month.
      You will only get the standard interest. We had a similar problem, ended up creating another account under my wife's name for the money over 100k.

    • Yola on 04/06/2023 - 16:29

      You can open a second SM account with a token deposit and nominate it to receive the bonus interest for the next month, then on the 1st transfer $95k to this new account. You have now increased the deposit amount and will receive the bonus if the other criteria are met. It has been described in more detail earlier in this post.

  • capslock janitor on 07/06/2023 - 19:27
    +2

    luckily

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