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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 (469)

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

            • Igaf on 12/06/2023 - 23:38

              @BadGiraffe: Monthly interest is approx 5.5 / 100 / 365 X 30 (days in month) X Daily Balance (about but it's compound interest on a monthly basis so it increases slightly for every month. So about $435-455 per month interest. The effective annual rate is 5.64%

              $94K will give you about 12 months before you get to the 100K threshold IF you withdraw $999.99 out of your $1000 monthly required deposit.

      • Stoibs on 10/06/2023 - 07:24

        Oh nice, I didn't even know you could open a second Maximiser account. This is a load off when I get to that point, thanks!

        So just to confirm you have to nominate an account to be 'active', and when you do so it only takes effect at the start of the next month?

      • zrach on 28/07/2023 - 08:10

        So you don't lose any interest doing this?

  • ben5000 on 09/06/2023 - 23:26
    -3

    dodgy bank. Only allows 4k transfer limit per day.

    • digitale on 09/06/2023 - 23:53

      I thought you can use the app to temporarily increase the limit (for that day) up to your balance?

    • sakurakiks on 10/06/2023 - 01:07
      +1

      There's a [down arrow in a square] button to the right of the account name (eg Orange Everyday) in the app, select 'Change account limit' and you can choose to change it permanently to up to 20k a day, or if you need to send out more than 20k you can set that figure to be a temporary limit for one day

    • askvictor on 10/06/2023 - 08:09

      Most banks do something like this and they'll increase the limit temporarily with a phone call

  • BrunoBear on 10/06/2023 - 00:06
    +1

    If the balance goes over 100k, can we still get bonus interest for the first 100k? Or do we lose the whole bonus like anz plus does.

    • digitale on 10/06/2023 - 00:46

      Yes, you still get bonus interest for the first $100k.

  • AnirudhD on 10/06/2023 - 01:04
    -5

    Just an Utopian thought - Cryptocurrency giving 5.50% constant return.

  • Fergy1987 on 10/06/2023 - 07:22
    +2

    Why do i need to split the atom to get my bonus interest that should just be the normal rate.

    I dont have to do any of this nonsense on my home loan….they are happy to just up that with no terms

    • souths123 on 10/06/2023 - 07:26
      +1

      if you want the bonus rate, you do what they tell you lol

    • Igaf on 10/06/2023 - 21:02

      Covered many times in similar deals. The ACCC is looking at how banks regulate interest payments, then it will be up to Albanese and co to do something for the hoi polloi. I agree there should be minimum standard rates for every account, maybe 80% of the cash rate.

  • donotuse on 10/06/2023 - 13:31
    +4

    It's amazing how some people spend tons of effort trying to save few dollars on OzBargain, but complain about the simple hoops of ING Savings Maximiser.

  • Guob1n on 10/06/2023 - 14:52
    -1

    i dont get it, i mean i dont really understand how this work, so lets say i have 100k in my account and after do all these steps, the next month ill get 5.25% of 100k and divide it for 12 months?

    • Sertacv2 on 10/06/2023 - 15:39

      5.5% & yep

      • Guob1n on 10/06/2023 - 15:50

        5.5% yeh, alr, i got it but does it get hold by ATO? I got ATO hold like nearly 50% of my interest every month when i use CBA.

        • Gmac61 on 10/06/2023 - 16:19

          Just make sure ING has registered your tax file number and the ATO won't with hold anything - should be same with CBA.

        • Bigboy97 on 11/06/2023 - 15:22

          Gotta provide them your TFN… once you provide it you should get your money refunded instantly (or at tax time). Without providing your TFN, they’ll be taxing you at the highest rate.

  • heytherehoney on 11/06/2023 - 15:19

    Can someone clarify - is the 5.50% rate effective from 1st July 2023?

    It says that we are "eligible" for the new rate from 14 June 2023 but also says "When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month"

    • Hiphopopotamus on 11/06/2023 - 16:15

      Starts on the 14th, current rate is 5.25%.

      If you're a new sign-up you get the first 2 months as a freebie. The bonus interest is earned a month in advance, so to keep the rate you'll have to start meeting the conditions the following months.

    • danielh on 11/06/2023 - 18:12

      Sign up now, do all the Admin including providing your TFN, linking another bank account to ING, transferring $1000 minimum from that bank account to ING (can take a few days if done on Friday night like what I did - and still not arrived yet), wait for a new ING credit card, make 5 x 1c Coles part payments with that new card before (i recommend) 25 June 2023 to ensure that all those transactions clear before 30 June 2023.
      THEN you are qualified for 5.5% interest for money you have for the month of July.
      I would recommend you then send across $9x,000 into ING just before 30 June (to minimise losing interest on $9xk in other sources).

      • Igaf on 11/06/2023 - 22:02

        ING gives new SM/OE account holders up to two months' grace, ie interest is paid without the criteria being met.

        Interest is calculated on the daily balance - for ING and many similar accounts.

        • apple0604 on 13/06/2023 - 14:04

          Are you sure about this as I recently just opened a new SM and was told that I still need to meet all three conditions in order to earn bonus interest the following month? I sent a secure mail and they replied stating my account was opened in late May and I need to meet bonus interest criteria in the month of June and then will earn bonus interest in July. I thought that couldn't be right as I managed to do $1000 deposit to my OE account, 5 cards transactions and put in $1 in my newly opened SM before end of May. So I rang ING and got a guy who seemed very good. He said I would qualify for bonus for the month of June. He confirmed it over the phone. A day later app showed that I would earn bonus interest for the month of June. So apparently the lady who replied my secure mail was wrong. Neither of them mentioned ING would give two months' grace. Maybe some of them don't know their system well which happens quite often,

          I hope you are right and it would benefit a lot of other people.

          • Igaf on 13/06/2023 - 14:25

            @apple0604: Their reply is correct, although what that means takes some interpretation and can be confusing until you understand the system.

            New accounts are usually given up to 2 calendar months where the qualifying criteria are waived (May June). May because obviously there is no previous month in which you can earn the bonus and June because they give you time to receive your cards and establish a routine.

            BUT….because bonuses are earned based on meeting the criteria in the previous month. if you want the July bonus then during June you MUST grow the account, deposit $1K and make 5 completed payments as per their rules. Hope this clarifies.

            • apple0604 on 13/06/2023 - 22:28

              @Igaf: None of them mentioned new accounts would be given up to two calender months where the qualifying criteria were waived.

              The lady replied my secure mail said July would be the first month that I would earn bonus interest if I met all criteria in the month of June. The guy I got on the phone told me she was wrong that I could earn bonus for June since I met all qualifying conditions.

              If conditions to earn bonus interest were waived for new accounts they would have told me, right? Strange both of them never mentioned it.

              On the other hand I know for sure BOQ waived their conditions for new accounts.

              • Igaf on 13/06/2023 - 22:45

                @apple0604: The level of knowledge (and seniority/responsibility) on the ING internal help messaging system varies hugely. I've had to escalate two or three queries because of unsatisfactorily vague replies in the first instance. My questions were specific and detailed.

                I've previously posted official confirmation of the waiver (see below) and some Ozbargainers have confirmed it. It's a simple job for you to check in your account balance to see if your received the bonus interest in May. If you didn't you should complain, even though it won't be a significant sum.

                Here is ING's escalated response to my query on this exact topic. Note the "small closing balance" ($2) caveat in the response:

                "As a 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 [sic] 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 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."

                • apple0604 on 13/06/2023 - 23:17

                  @Igaf: I didn't get bonus interest for the month of May . I put in some funds, but not a lot. In app it shows I will get bonus interest for June.

                  I usually don't have time to read all comments and discussions here. I totally agree that their staff need more training. Sometimes I felt I need to contact them twice to get correct answers.

                  Thanks for posting ING's escalated response to your query so that I didn't have to rush to meet all criteria.

                  • Magic Mirror on 13/06/2023 - 23:39

                    @apple0604: The two months grace is only for new customers. Are you an existing customer but opened a new SM account in May? If so, then you don't get the two months grace.

                    • lil_daredevil on 14/06/2023 - 02:22

                      @Magic Mirror: Are you sure about that? Ive been with ING since 2014 and only recently opened a savings maximiser account in May and I got the 2 months grace period for May and June

                      • Magic Mirror on 14/06/2023 - 03:08

                        @lil_daredevil: Ah, did not realise that. But have you ever had a SM before? Or is it your first ever SM? I am pretty sure people who have a SM before and then open a new SM won't get the grace period.

                      • apple0604 on 14/06/2023 - 13:29

                        @lil_daredevil: Now I am confused again.

                    • apple0604 on 14/06/2023 - 13:28

                      @Magic Mirror: Now it makes sense. I opened a new SM in May and changed my nominated account. But I have been with ING for years and have OE and another SM.

      • angywoo on 12/06/2023 - 00:46

        Do you think that this is the best one out there at the moment?

        New to high interest savings accounts…Not gonna lie. I kinda need to be spoon fed.

        • Igaf on 12/06/2023 - 12:11
          +1

          ING is currently (from 14 June) best in raw terms.

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

          Depends on your age, your balance (criteria vary between banks), and whether you want to set and forget or are prepared to do 10 mins mgt (max) to get the bonus rate. Probably a good idea to spread your money (eg have both ING and Ubank etc accounts ) in case you miss a month with ING - OR have two SM accounts and switch/transfer your money to the one which has met the growth criterion (plenty of info on that among Ozb comments on ING deals).

          New to high interest savings accounts…Not gonna lie. I kinda need to be spoon fed.

          Nothing wrong with that. Even what appear to be simple things in finance can be complicated if you haven't had experience. Feel free to ask anything - someone will usually answer. There has been plenty of decent advice on deals like this (and some rubbish), worth a read.

  • aboteh on 12/06/2023 - 15:25

    Anyone knows if ING has the same "bug" as BOQ that the bonus interest applies to more than 1 Saving Maximiser account?

    • 11112007 on 13/06/2023 - 00:15

      Correct. It only applies to one savings maximiser.

      • Igaf on 13/06/2023 - 00:29

        Think he meant that the BoQ total was supposed to be $250K (???) across ALL accounts held but some people were reporting multiple accounts were receiving the bonus where the total balance exceeded the threshold.

        So for ING the answer is NO, no such bug has been reported afaik. The max you'll receive bonus interest on is $100K - as you've suggested.

    • apple0604 on 13/06/2023 - 14:06

      No, ING doesn't has the same "bug".

  • unity1 on 12/06/2023 - 16:43

    What's the highest interest transaction account at the moment not requiring all the acrobatics requiring no minimum deposit nor ay transactions?

  • sumtee23 on 15/06/2023 - 08:58

    Does anyone think they'll be having a refer a friend bonus, I've noticed they didn't have any this year.. wondering if I should wait

    • capslock janitor on 26/06/2023 - 12:11

      offload funds into BOQ or uBank while ya wait if wanted

  • capslock janitor on 26/06/2023 - 12:17

    So ING charged me Withholding Tax the first time. Seems to be activated by Bonus Rate receival.
    Then I provided TFN.

    ['Unfortunately, we cannot assist with reversing the amount that was debited.

    …withholding tax reimbursed, you will need to claim the amount back when completing your income Tax Return at the end of the financial year.']

    Pathetic, as BOQ had easily refunded me.

  • Ave Maria on 06/07/2023 - 23:35

    To meet the 5 card transactions I do 5x$1 Amazon Gift Card purchases, used in no time in my next Amazon purchase.

    Also, as way of improving the ING experience, I just send them this secure message.
    Anyone that also wants the same or similar - send them a secure message & ask - they may just listen.

    Here is a template, pick & ask what you would like to have as an improvement or even add to the list -:)

    Hi ING, happy to be a new ING customer and enjoy your great rates. I plan to stay here for the long run. If you could offer a self-managed temp daily limit increase option, via SMS verification, it would be an even more fantastic experience to bank with ING. Another great improvement would be to increase the daily Osko limit from $1K to $5K or even better $20K ($1K is just too low). Also, glad that you are still offering online banking and not just app banking.

    • Magic Mirror on 07/07/2023 - 11:14

      If you could offer a self-managed temp daily limit increase option,

      But they already have that option in both the app and online banking, including >$20k. In the app, go to the Orange Everyday account and tap the triangle after the account name to show several options, including changing the transfer limit.

      • Igaf on 07/07/2023 - 11:46

        My experience is that online has always had a standard 20K limit (alterable only by contacting them). And, despite comments on Ozbargain the phone app didn't allow me to increase the amount arbitrarily. It accepted a larger amount then later told me I had to ring them to get more than the $20K.

        @ Ave Maria Anyone who wants OskoPayID increased beyond 5K is playing with fire imo.

        • Magic Mirror on 07/07/2023 - 13:19

          I've definitely used this successfully several times (both online and app) to transfer more than $20k without ringing them. However, on one occasion (late 2021-early 2022?) it did refuse to work, simply said to ring them when I chose the option >$20k. I simply split the transfer in two days as it wasn't urgent. Several months later I tried the >$20k option again and it worked like before.

          Also the steps to set the limit to >$20k is a bit finicky. You must have the full amount in the O/E account before it will allow you to enter that amount as the limit. For example say you want to transfer $30k. If you do a test transfer of $1, the O/E is left with $29,999. If you try to change the limit now, it will only allow you to specify up to $29,999. So you need to add $1 before you can change the limit to $30k.

          Basically, the proper way to do it is: move the total amount into O/E and set the limit, before you make any transfers (esp. if you plan to transfer to multiple accounts).

        • Ave Maria on 07/07/2023 - 14:02

          You can only pay to payees that have authenticated via SMS - and I only pay to my own savings accounts from the likes of ING/MEB/QBL etc.
          I only added my own saving accounts as a payee & only a few at that.

          I make all my other payments from CBA & I use a security token (smar app not allowed).

          So yes I am fuly aware of what you are saying (playing with fire-:) but we are all security councous are we not (perhaps not everyone) -:)

  • Ave Maria on 07/07/2023 - 13:59

    Yes - that is what I though - and as I do not have any money in the Orange Everyday I could not trial in the app -:)
    Based on previous info I saw here (I am a new ING customer) I posted elsewhere that increasing the limit for a day pertty much works same way a for MEB/BQL.
    But someone said no it is not possible you have to call ING- so I send an secure mesage to ING asking them if they can implement it. If already there great. I will try for sure next time I need to transfer money out (that will be at the end of the month). Also 5x$20K to empty the account is mostly OK too -:)

  • Ave Maria on 07/07/2023 - 14:04

    re: self catered temporary increase of daily limit to > $20:

    so it looks 50% of ING users said they used it & works & the other 50% that it does not work -:)

    only way to find for sure is to try for myself (not anytime soon).

  • archieduh on 11/07/2023 - 18:42

    Somewhere someone shared a spreadsheet which compared all the saving bank accounts and their criteria. Does anyone have the link to that post or the spreadsheet itself?

    Thanks

  • surfingboyo on 01/08/2023 - 14:03

    If you missed one of the requirements for the months bonus interest, what is the best thing to do. Any account I can open and transfer it to, rather than losing a whole month's worth of interest?

    • danielh on 01/08/2023 - 18:43
      +1

      Put the money into another high interest bearing account like uBank in August but during this month, make sure that you do 5 x 1c transactions at Coles/Woolworths and a few days before the end of the month, add in all of your cash back in such that it is greater than the amount you took out (plus 5c) to qualify for the bonus for September.

      The timing of when you do this will be annoying as depending on where you put your cash for the month, you might have a cap of $20,000 a day etc to transfer it back into ING.

      The key thing is that you need to make sure that you have MORE in the ING account by 31 August (Thursday) than what you started with on 1 August.

      • surfingboyo on 01/08/2023 - 19:23

        Cheers mate. I've started the process using Macquarie bank.

        • danielh on 01/08/2023 - 21:58
          +1

          MAC allows you to do large transactions but I think you need to activate it.

        • danielh on 02/08/2023 - 15:59

          Forgot to mention that on 1 September you should then load up the ING account to the max ($100k) to get the most out of the higher interest rates but then remove as much as you can near the end of September to be just 1c (I use $1) above the starting budget as at 1 September. This means, depending on your starting amount, you don’t need to worry for years about taking a double month hit.

          • caperite on 02/08/2023 - 17:06

            @danielh: Im happily collecting my monthly interest (great) but did not track this at all (not great).

          • surfingboyo on 02/08/2023 - 18:21

            @danielh: Is this so you don't have to always keep it topped up and locked in that account, for fear of it dropping below last months total?

            And then the interest in both the ING and Macquarie are calculated based off their daily balance?

            • danielh on 02/08/2023 - 21:46
              +1

              @surfingboyo: You need to just make sure that at the end of the month, the amount you have in the ING savings account is 1c more than what you started with. If you want to simplify it, you can think of it like this:
              1. On 31 July 2023 you have $80,000 (and already qualified for August bonus interest for this scenario)
              2. On 1 August, you receive interest of $400 so your total is $80,400
              3. On 1 August you deposit $19,600 to make the total $100,000
              - At this point of time, you are generating interest on $100,000 calculated on a daily basis
              - You also pass the $1000 deposit criteria
              4. During August, you spend 1c x 5 at Coles/Woolworths self check out to meet the 5 transactions criteria. This is done on your ING debit card which has some nominal amount of cash in there. My account has $100
              - At this point in time, you have now qualified for September bonus interest
              5. On 29 August (or whatever day near the end of the month you are comfortable with), you log into ING, click on Savings Maximiser, go to the INTEREST tab and note that it is telling you that you need to GROW YOUR ACCOUNT greater than your July balance of $80,400. At this point you just withdraw $19,599 into your Macquarie account and effectively 'grow' your account by $1
              6. On 1 September enjoy ~29 days of $100k interest at the higher ING rate
              7. Repeat steps 2-6

              • chrisharry53 on 07/08/2023 - 09:16
                +1

                @danielh: You can also do 5 x 1c PayPal debit card transactions rather than at a shop. I have 4 accounts (wife and I) with ING and Virgin and do this rather than at a store.

                • danielh on 07/08/2023 - 13:18

                  @chrisharry53: Do you have to pay someone or do you just add 1c x 5 to your Pay Pal account?

                  • chrisharry53 on 07/08/2023 - 17:50
                    +1

                    @danielh: You need another account to request money from. So, I request from my wife. Sometimes I get charged a 1 cent fee. Don’t understand it but better than doing 20 split payments.

  • juduckiee on 06/08/2023 - 13:37
    +1

    Someone please help-
    I have savings A and B. Savings A closed with 100k+ in July and on Aug 1 I nominated B for the interest and put 5c for growth, making it eligible for September.

    Do I keep my 100k in savings A or B this August to close on?

    • danielh on 07/08/2023 - 07:43
      +1

      Since you closed A, and B is not eligible for anything in August, then you need to put it in C (uBank or equivalent) that does not do the silly ‘next month’ eligibility thing that ING does.

    • silverstone2023 on 07/08/2023 - 13:55
      +1

      I am assuming your reference to ‘closed’ means closing balance and not closed account. I think you leave the money in A as A should be the account that is earning bonus interest in August. This is only based on what I have read from others who have opened a second SM account. I have no experience with this myself.

      • juduckiee on 07/08/2023 - 14:08

        Thanks, I did mean closing balance.

  • brandogs on 09/11/2023 - 13:50
    +5

    Confirmed from ING on their Facebook account that they are not passing on the .25% increase for Savings Maximiser accounts

    • da1andonly on 10/11/2023 - 13:42

      What about their loans? They better not then

    • Ziggy28 on 10/11/2023 - 21:38

      Thanks for the news, many unhappy customers ranting on their FB page

  • zebargaro on 20/01/2024 - 18:02

    How do I change my nominated savings account? Might be blind but couldn't see any options on the website.

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