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Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING

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Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Monthly Deposit, Balance & Spend Requirements) @ ING
Go to Deal
Nikunj on 09/06/2023 - 18:19 ing.com.au (3269 clicks)
Last edited 12/06/2023 - 19:21 by 1 other user

Breaking news….ING boosts savings account rate to market-leading 5.50% 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 5.50% p.a. for balances up to $100,000 from 14/06/2023

  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

For those who want to keep track of the Saving interest rates of various banks and current offers, this open spreadsheet is very helpful…

Referral Links

Referral: random (471)

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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Comments

    • Bigboy97 on 11/06/2023 - 15:21

      Personally been using Beem each month, do 5 transfers from one card/acc to another then transfer the money back. Takes a few mins and always seems to work.

  • emilytsay1207 on 09/06/2023 - 18:37

    What is the easiest way to get 5 transactions ?

    • Kabal on 09/06/2023 - 18:40
      +5

      Split payment at Colesworth self checkout of 5 x $1 or whatever
      Or 5 x $1 amazon gift cards

      • DoctorCalculon on 10/06/2023 - 00:53
        +1

        Why waste time like this when you can just use Revolut, and then cash out back to your account of choice?

    • souths123 on 09/06/2023 - 18:42
      +3

      do split payments at coles or woollies….I do 1c transactions x 5

    • capslock janitor on 09/06/2023 - 19:11
      +2

      revolut me $25 x5

    • EnforcerOfJustice on 09/06/2023 - 19:13

      Subscriptions to YouTube premium and Tidal from the likes of India/Argentina are registering as two of mine and only cost about $0.70 each a month

    • rabbit71 on 09/06/2023 - 20:25

      Use the paypal pay in 4. Make 5 additional payments of $1 to my ING card.

    • teedub on 09/06/2023 - 21:48
      +1

      Buy a square terminal and do $0.01 transactions X number required!

      • capslock janitor on 10/06/2023 - 00:06
        +1

        I'd do so much more things if I had a personal square terminal 🤣🤣

  • nned2say on 09/06/2023 - 18:39

    Can we have interests on multiple savings accounts?
    FYI, their customer service really s**ks now. Once I called them at 1 am and waited for 1 hour. They told me there were a large number of calls at that time!!! Can u believe it?!

    • umoddbro on 09/06/2023 - 18:48
      +3

      Better than some banks that have call centre hours from 9-6, what year are we living in lol

      • nned2say on 09/06/2023 - 19:10

        Yes, but it is really annoying when people can only make a phone call to ask for help. I know it is rare but it happened to me.

        • Igaf on 10/06/2023 - 20:13

          Read the online details, or read the comments in similar Ozb deals.

          Basically:
          - Limit is 100K, full stop.
          - You can have multiple SM accounts and select which one gets the bonus
          - You must have an OE account attached to your SM

    • dudleydoright on 09/06/2023 - 18:49
      +2

      Not multiple ING accounts, no. You only get bonus interest on one savings account.

      • nned2say on 09/06/2023 - 19:10

        Thanks for clarification

        • tekisei on 09/06/2023 - 21:29
          +2

          To clarify on the clarification, you can have bonus savings on any one savings account each month (you can nominate a different account to receive the bonus interest each month). If you have 3 savings accounts you can rotate them to set the minimum growth balance to $1 each quarter.

  • souths123 on 09/06/2023 - 18:41

    thank f….my husband says lol

  • fabzxcv on 09/06/2023 - 18:42

    is there an ING in SA?

    • Logda420 on 09/06/2023 - 18:47
      +3

      Mate they increase the rates because they dont have many branches but u can create the account online no need to visit branch

  • WorkingLowJam on 09/06/2023 - 18:45
    +4

    This is the only silver lining to getting outbid on property after property 🥲

    • Buyingcrap on 09/06/2023 - 18:59
      +13

      At least you are in the game mate. I got $100k deposit sitting there and houses just keep getting more expensive.

      Might just buy an old Porsche or something and accept that I'm a renter for life.

      • Binchicken22 on 09/06/2023 - 21:14
        +5

        Mate you aren't far off with a 100k deposit.

        That's a 500k loan (if you have the income to support it) with no LMI, more (if you have the income to support it) and are willing to pay a few K in LMI.

        I dunno where you are located but in Brisbane 500k will get you a unit within 30mins of the city (in peak hour) and about 550 to 600k will get you an older but more than livable 3 bedroom on 600sqm in the suburbs like 45m drive in peak hour to the city.

    • victorheaven on 09/06/2023 - 19:10
      +1

      Maybe not a bad thing given how hawkish RBA turned.

  • Jackass3D on 09/06/2023 - 19:09

    Hey Guys, just wondering how soon can we pull out the money if needed? I saw in the other post someone said you can only get $1000 per day max? Just wondering since there are no branches in melbs, can you increase max withdraw capasity online?

    • Rod71 on 09/06/2023 - 19:18
      +1

      PayID is $1K per day.

      • Jackass3D on 09/06/2023 - 19:33

        So if we want we can transfer the whole amount to another bank in one transaction?

    • souths123 on 09/06/2023 - 19:38
      +2

      you can get out $20k per day max, but in saying that, you would need to either do that on the 1st day of the month, or put the money back before the end of the month as the balance has to be higher than the last day of the month, incl interest to get bonus interest for the next month, or a temp one day limit up to the balance of your account if you ring them

      • SuspendedSale on 09/06/2023 - 19:53
        +1

        You can change your limit higher than 20k. I just used my ING to put over 24k onto my hecs debt.

        • souths123 on 09/06/2023 - 20:00

          as I said, you can increase the limit temporarily for one day if you ring them

          • SuspendedSale on 09/06/2023 - 20:11
            +1

            @souths123: You don't need to call them. I just did it on the app.

            Edit: it won't let you increase the temporary limit past your balance though.

            • Igaf on 16/06/2023 - 11:24

              @SuspendedSale: There must be an arbitrary limit for higher transfers. I just tried to increase mine significantly, less than the balance, and have to contact ING - which I'm currently doing. Queue is 30-50 mins.

          • chrisharry53 on 10/06/2023 - 09:43
            +1

            @souths123: You can do it in the app too,

            • souths123 on 10/06/2023 - 09:52
              +1

              @chrisharry53: yes, I only just found that out…when I did an online search about it, it said to ring them. I didn't even know about the drop down arrow in the app. I mainly make changes on the website. So, good to know for future reference.

      • capslock janitor on 09/06/2023 - 20:59
        -1

        isnt interest calculated daily so whyy

  • SlushyDrop on 09/06/2023 - 19:19

    Is the deposit of at least $1,000 every month? What happens if we end up having more than 100k? Would interest still be paid up to 100k?

    • souljah on 09/06/2023 - 23:04

      Yes

    • Igaf on 10/06/2023 - 20:42

      You can withdraw up to $999.99 of that to keep your balance lower. BUT….keep in mind that ING will pay you around $450 interest every month when you're approaching a $100K balance so you can still easily go over the limit even after withdrawing that $999.99.

      • SlushyDrop on 12/06/2023 - 14:04

        How does that work?

        So if I start with 99k deposit initially, I can continue to put $1000 every month going forward (and meet other criteria), and still be paid interest for up to 100k, even though at 5th or 6th month I might end up with 105k?

        • Igaf on 12/06/2023 - 14:27
          +2

          At 5.5% you'll be receiving $5K+ in interest over a year with a balance approaching $100K so you'll need to start with around $94K if you want to set and forget for 12 months. With the $1K monthly deposit you can/should withdraw the $999.99 every month so your account only grows by the ING interest plus 1c.

          Starting with $99K you'll reach the maximum in two months on interest alone (3rd month puts you over) even if you do the $1K in/$999.99 out each month.

          Eg
          M1: Starting Balance $95K. End of month ING interest is ~$435 so your balance is now $95,435
          M2: End of month Balance need to be >$95,435.01 excluding M2 interest, and you must deposit $1000. So you withdraw $999.99 and achieve that reqt.

          So essentially your balance increases by approx $435 every month (the actual interest depends on number of days in the month, as interest is calculated daily but paid at the end of each month).

          • SlushyDrop on 12/06/2023 - 14:31

            @Igaf: Thank you so much for the explanation! This makes a lot more sense for me. I'll start off with 94k for now

            • Igaf on 12/06/2023 - 14:58
              +1

              @SlushyDrop: To maximise your interest you should withdraw the $999.99 late in the month. You can do this on the last day of the month if you use instant payment via PayID (Osko) or transfer into a second ING SM account.

              Just remember that if you don't withdraw, in M3 your new target balance will be $95435.01 + ~$435 + $1000 = $96,870.01

              There are alternatives using a second SM account. Read the comments in ING deals for details.

  • kosh52 on 09/06/2023 - 19:21
    +1

    Beauty. Have my house deposit in there. Making around $200 plus a month. Handy for small expenditures on the orange everyday card

  • lovindeals on 09/06/2023 - 19:34
    +1

    Delicious interest rates.

    I'm extremely happy I don't use Ubank for my savings account. Their interest rates SUCK.

    Looking on track to make 35-45k this financial year in interest alone.

    • souths123 on 09/06/2023 - 19:39
      -1

      same (next financial year…23/24….due to the fact it took so long to get the interest rates up to this level this FY)

      • lovindeals on 09/06/2023 - 19:44
        +1

        Congrats.. With the projected 1-3 more rate increases this year, there's definitely room to make more money. Each 0.25% increase from the RBA increases my savings by roughly 1.7-1.9k a year

        • souths123 on 10/06/2023 - 07:22

          yes, same…..retirement age is looming and we are socking as much as we can away. Don't want it all in super, or in the stock market etc (too volatile), as I like to have some in cash savings as well. No matter what happens then (if we end up drooling in an aged care facility at some point) at least we can be in a good one hahahaha….if there is any such thing as a "good" aged care facility
          About time we as savers got something on our money.

    • Hirolol on 09/06/2023 - 19:45
      +5

      UBank increasing to 5%
      I would hardly say that sucks.
      Plenty other savings account with less.
      Also convenient as way less hoops to jump through

    • krazek on 09/06/2023 - 19:46
      +1

      In nominal amounts*

      In real terms we are still going backwards

      • Sindex on 09/06/2023 - 21:14
        +5

        Possibly (or probably) yes if you've been hit by a rent or gas hike, but everyone's personal inflation rate can be very different to the headline inflation rate.

    • onetwothreefour on 09/06/2023 - 20:09
      +2

      Looking on track to make 35-45k this financial year in interest alone.

      How are you making that much when the max interest per year with ING would be $5.5k?

      • mun4 on 09/06/2023 - 21:25

        ING + UBank + ANZ Plus + US Treasury can easily give a 4-5% average yield for the past 12 months with very little risk of collapse. If AMP, BOQ, etc. collapse, who knows when FCS will pay out.

    • Binchicken22 on 09/06/2023 - 21:16
      +11

      Why have you got 800k just sitting in an savings account brah? You aren't really "making" 40k on it, you are just slowing it's devaluation.

      Better things to do with 800k imo, unless you are already super asset rich and 800k is just your play money and you are the ozbargain baller.

      • virhlpool on 09/06/2023 - 22:05
        +5

        Property market is at the peak and stock market is extremely volatile given the recession might be on the shore soon.. what do you think OP should do in that case!

        • Binchicken22 on 10/06/2023 - 08:02

          Property market at its peak?… More like interest rates near their peak, and what's going to happen to the property market once they start coming down again. +400k immigration per year. The property market is set for the next decade at least.

          If it were me (in Brisbane) I'd probably buy a suburban 3 bedder for 600k, keep 50k for emergencies and invest the 150k in various shares I like.

          • souths123 on 10/06/2023 - 09:54
            +1

            @Binchicken22: if you think rates are going to come down anytime soon, you are dreaming. We have only just passed or are around the "neutral" level for cash rate. If they start going down again, it means something really bad has happened, and we don't want that, do we?

            • Binchicken22 on 10/06/2023 - 15:43

              @souths123: While I agree the rates probably aren't going to come down as quickly as the banks keep predicting, what was it, only a few months ago they were predicting they'd be on the way back down again by the end of the year?…

              I do think the housing market has been remarkably resilient to the interest rate rises and another 0.5-1% of rises is unlikely to change that much imo. maybe if we start getting into the 6%+ RBA rates we might actually see a bit of a correction, we shall see I guess.

          • virhlpool on 10/06/2023 - 10:12

            @Binchicken22: Will you buy a $600k property which was just $350k three years back (hence I say it's at peak) and whose price is very likely to be stagnant or falling over the next 3 years? Come on..

            • Binchicken22 on 10/06/2023 - 15:41

              @virhlpool: Well, houses around here haven't gone up 72% in the last 3 years to now. Maybe 40-50%. And still, even with current interest rates are getting snapped up shortly within coming on market. The immigration policy ensures this will continue into the future, it's simply supply and demand.

              Let's talk in 3 years and see who was right 😋 I'll set a reminder. No point doing the he said she said bit now.

    • Pacify on 09/06/2023 - 21:23
      +2

      You not actually making 45k alas, since CPI is like 7%

  • askvictor on 09/06/2023 - 19:47
    +1

    Just want to be clear on the requirements:
    * make 5 transactions a month (easy enough)
    * transfer $1000 into any account (so could be the Orange Everyday which is required for this anyway), then could transfer it straight out again?
    * increase the savings maximiser balance by more than the interest - so just transfer $1 into that from another account?

    • capslock janitor on 09/06/2023 - 21:03

      deposit 1001, withdraw 1000 ?

    • Igaf on 10/06/2023 - 20:51

      OE gets no interest. Your deposit should go directly into the SM account. To grow the SM you would need to keep $0.01 of the $1000 monthly deposit in the SM. The idea is to keep as much as you can in the SM account in order to get the max daily interest.

      • baldur on 15/06/2023 - 15:15

        so should we transfer the amount from another bank to the SM account straight? does this work?

        • Igaf on 15/06/2023 - 15:27
          +1

          "Deposit at least $1,000 from an external source to any personal ING account"

          My deposit goes straight into the SM. You must also have an OE transaction account (no interest) and some cash in there to service your 5 purchases.

          OE does have some benefits, as per https://campaigns.ing.com.au/savings-edm but best to not keep much in it unless you have to.

  • JelIyfish on 09/06/2023 - 20:04
    -1

    Anything for larger balances without having to jump through silly hoops?

    • kungfupanda on 09/06/2023 - 20:19
      +1

      amp saver …

    • Duece1995 on 09/06/2023 - 21:17

      Look at the incentive saver from BOM/St George. Currently paying 4.85% and the criteria is you must increase the total balance by $50 each month.

    • mun4 on 09/06/2023 - 21:20

      US 6mo Treasury is at 5.4%.

      • beesider on 10/06/2023 - 08:33

        How to buy it from Australia?

        • mun4 on 10/06/2023 - 21:39

          Charles Schwab, IB, etc.

  • donkcat on 09/06/2023 - 20:32
    +13

    Just a LPT if you find yourself at the end of the month and forgot to do the 5 transactions, they can't be pending at the change of month which means if you tap and go etc on the last day of month you will miss the bonus interest because it will still be a pending transaction.

    Go to Coles or Woolies or where ever and insert the card, select savings, complete x 5. The transactions will show on your account as pending but it clears at midnight which makes you eligible for the next month.

    • Hiphopopotamus on 09/06/2023 - 21:31
      +1

      Good tip.

      I buy a low value ($5 eBay etc.) GC through SB myself, usually approves in 2 days.

    • snappy1234 on 09/06/2023 - 21:53
      +1

      Having pending @ woolies on last day of month can be a good way to start following month
      ;)

      Must tap
      ( not insert)

      • capslock janitor on 10/06/2023 - 00:13
        +1

        Late night shopping spree end of every month then lol..

    • souths123 on 10/06/2023 - 07:25
      +1

      sometimes it takes a couple of days for my tap payments to clear in ING. I get it all done at the beginning of the month to be sure.

  • liongalahad on 09/06/2023 - 22:00
    -1

    The thing I really dislike of savings accounts like ING's is that you can't direct debit from them. So i ended up moving everything to Macquarie transaction account , which pays 1% less in interest than ING but I don't have to fiddle manually moving money to the card account for home loan and cc repayments every month.

    • whatgift on 09/06/2023 - 22:21
      +2

      I have several direct debits on my accounts, not sure what you mean?

      Edit: so you mean from non-card savings accounts?

      • liongalahad on 09/06/2023 - 23:08
        +1

        Yes. The card account pays zero interest so it's not good to leave money sitting in it, so I need to manually move the money before the direct debit takes place. It's a pain in the a**

        • capslock janitor on 10/06/2023 - 00:14

          Why cannot?
          It has BSB#acc

          • liongalahad on 10/06/2023 - 00:31

            @capslock janitor: Yes it does but it doesn't allow direct debit. I honestly don't know the reason. When I set it up on the saving account, it just didn't go through and missed the repayment.

        • whatgift on 10/06/2023 - 15:29

          I think the reasoning is that it is meant for long term savings, not a transaction account.

          • liongalahad on 10/06/2023 - 16:12

            @whatgift: I understand the reasoning, but can't understand why completely disabling the option. I want my large direct debits (home loans, investment loans, credit card repayment, monthly DCA stock investments etc) to come from my main account. Makes no sense to store large sums of money in a 0% interest account such as the card account. So as a result I have to manually move the money every month. Eff that. Macquarie pays 4.25% interest (soon 4.50%) for a transaction account I'll use that for all my liquidity.

            • Igaf on 10/06/2023 - 20:56

              @liongalahad: You can automate transfers. Not perfect but for regular fixed payments it works well.

              • liongalahad on 11/06/2023 - 01:33

                @Igaf: Won't work for credit card repayments (different every month as I always repay the full balance) , plus home loan basically have been changing all the time recently.

                Then also other direct debit I may have such as power or water bills, are always a pain. It's just an extra worry I don't really need hey.

                I honestly don't get why they do not allow direct debit.

                • Igaf on 11/06/2023 - 11:27

                  @liongalahad: DD is available from the OE account, which isn't what you want obviously. No doubt managing money takes time and effort, something many people don't want to deal with for many reasons.

                  ING wants people using the OE because it maximises their profits, hence allowing them to offer the best savings interest rates. Competition keeps that model in check somewhat. A decent govt would regulate accounts to ensure that even transaction accounts get some interest.

                  Essentially high interest accounts are being subsidised. Banks would argue that it costs them to manage transaction accounts with low balances but if you analyse where they make their money (card transactions, business fees etc) I doubt that would be a significant factor. They rely on undeserved customer loyalty, which despite all the advice available is still a thing in this country for a couple of obvious reasons - "they're all the same", and "it's a huge pita to switch" (it's less than many think).

                  Bottom line is that Australian banks have grown used to massive profits - ditto for the gas, oil and mineral corps who sell OUR resources - and will do everything they can to ensure those profits aren't shared. Unlike 50 yrs ago when banks provided services and made "fair" profits, CEOs and senior mgrs are now highly incentivised (many would argue way out of proportion to their contributions) to make sure the status quo isn't challenged. Conservative federal govts are onboard (less so state con govts) and Albanese doesn't have the ticker reqd to shake them up, despite the FI RC and likely upcoming ACCC recommendations.

    • izkai67 on 10/06/2023 - 13:10

      ubank save account can direct debit directly, higher interest than macquarie transaction

      • liongalahad on 10/06/2023 - 16:14

        Source?

        By googling I found this link which states that "You can't set up a Direct Debit from a USave savings account or most other online savings accounts. Please choose either your USpend transaction account or another bank account that allows Direct Debits."

        • izkai67 on 12/06/2023 - 19:16

          I have direct debit set up from my ubank saving account, no issue.

          • liongalahad on 13/06/2023 - 13:15

            @izkai67: that's interesting, thanks! only thing the ubank interest rate is not as attractive as ING unfortunately and the difference from my macquarie one is probably not enough to make me want to switch but Ill keep an eye

  • boxall on 09/06/2023 - 22:06
    +5

    If you ever do get over $100k it is a pain in the ass to get it below without losing a whole months interest.

    • digitale on 09/06/2023 - 23:54
      +3

      Create a new Savings Maximiser account beforehand, deposit $1, and nominate it for the bonus interest next month. Then next month transfer to the new account, and the rest to another bank.

      • tekisei on 10/06/2023 - 00:28
        +5

        To be exact you need 3 Savings Maximisers:

        Month 0:
        Savings A - $XXX (active Bonus)
        Savings B - $0
        Savings C - $0

        Month 1, Day 1, Set next month active bonus to Savings B:
        (AUTO $1 into Savings B)
        Savings A - $XXX (active Bonus)
        Savings B - $1 (has grown by $1)
        Savings C - $0

        Month 2, Day 1, Set next month active bonus to Savings C:
        (AUTO $1 into Savings C, AUTO $XXX into Savings B)
        Savings A - $0
        Savings B - $XXX (active Bonus)
        Savings C - $1 (has grown by $1)

        Month 3, Day 1, Set next month active bonus to Savings A:
        (AUTO $1 into Savings A, AUTO $XXX into Savings C)
        Savings A - $1 (has grown by $1)
        Savings B - $0
        Savings C - $XXX (active Bonus)

        Month 4, Day 1, repeat… etc

        This way the active bonus account growth balance is always set to $0. If your XXX is 100k, then the automatic transfer should be $XXX-1. The $1 and $XXX scheduled transfers are quarterly, but each step is separated by a month. The only thing that can't be automated is the 5 transaction and the active bonus nomination swap.

        • digitale on 10/06/2023 - 00:46
          +4

          Normally I set my balance to $95k and let it grow to $100k before swapping. This way you only need two Savings Maximiser and you only swap every ~1 year.

          • BadGiraffe on 11/06/2023 - 10:20

            @digitale:

            1. How long will it take get to $100K?

            2. Do you use the monthly bonus cash for groceries or whatever? Because it's around $400, right?

            3. When you do the swap, is it when you get to $100K+? Then you move $95K to a second Savings Maximiser and set that as the active bonus?

            I'm not very good with numbers.

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