5.35% p.a.
Variable Welcome Rate
For 4 months from account opening
for new customers on balances up to $250,000.
After getting the $50 you may as well close the account as there are better rates out there.
Edit: Extended to the 7 December as reported.
@ycon Was wondering about this (still haven't gotten around to sign up..) but I don't think it would work as this offer is for a Savings Maximiser account, whereas the PayWave offer is for an Orange Everyday account.. Looks like you would need to sign up for two accounts.
Then kill 2 birds with 1 stone.
Poor choice of words! :<
Anyone know if you are a customer with an everyday account, if you can now sign up for a new savings maximiser account and get the bonus? T&C's say it's for new savings maximiser customers only, but as far as I can tell the t&c's don't exclude customers who are other ING direct customers. Not sure though.
I read the terms and conditions and couldn't find a minimum amount you have to deposit to be eligible for the $50. So what's stopping someone just puting in say $10?
Nothing. :P As soon as the $50 is credited you can close the account and wait for the next promotion if you have a better interest rate.
Sounds too good to be true, we are talking about a bank here, where's the catch?
:)
Forget overseas ATM fees and 2.5% online international purchase fee (for any online purchase).
That's where you use either Citibank or 28 Degrees :)
I don't like the Citibank online banking interface, so it's less of a recommend for me.
"over $200" should be "$200 or more".
Yeah, oops.
wow, for all of them
Now imagine how much money a Bank makes, if they are able to give you all that money.
nothing. they dont say, how are we supposed to know?
Awww man, I think I forgot to enter the BONUS promo code before I opened the account
lol
Oops, maybe you should cancel your application and give them a call?
Hahah did exactly the same thing Merlict !! Gave them a call and they asked me if I was planning to transfer money in and I said I was since their rates were higher (5.35) than UBank's at the moment (5.16). She then consulted her manager and said that I had to put the promo code in but they would give me the higher rate and $30 as 'goodwill'.
Important Information
Information and interest rates are current as at 12 October 2012 and are subject to change.
Combined balances up to $250,000 per customer are guaranteed by the Australian Government.
The advertised Savings Maximiser variable welcome rate applies for 4 months from the date the Savings Maximiser is opened on balances up to $250,000 and is subject to change. At the end of the 4 month period, the rate that applies to your account balance will be the Savings Maximiser standard variable rate applicable at the time. The offer is applicable on the first Savings Maximiser that you open (including joint accounts) and is for a limited time only.
To be eligible for the $50 cash bonus you must be a new Savings Maximiser customer and apply online using the promo code “BONUS”. The cash bonus will be credited to your first account opened within the first two weeks following your first deposit being made by 1 December 2012. A tax liability may exist with the payment of the cash bonus. One $50 cash bonus payment per account (including joint accounts). Cash bonus offer is available for a limited time only and ING DIRECT reserves the right to withdraw the offer at any time at its sole discretion. If withdrawn, ING DIRECT will honour all promo codes entered before the offer is withdrawn, provided that you make your first deposit by 1 December 2012.
A variable Loyalty Bonus of 0.75% p.a. will be paid on balances up to and including $50,000 in months where the closing balance on the last day of a calendar month is at least $200 higher (excluding interest earned) than the opening balance of the first day of the same month. Balances over this amount will continue to receive the standard variable rate applicable at the time. Bonus rate is subject to change and is not paid in conjunction with any other promotional rate.
Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to any of our products you should read the relevant Terms and Conditions booklet available under our Brochures & Forms page. To view these documents you may need Adobe Acrobat. Products are issued by ING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL and Australian Credit License 229823. ING DIRECT’s colour orange is a trade mark of ING DIRECT and the ING Group of companies.
"To be eligible for the $50 cash bonus you must be a new Savings Maximiser customer"
What's the definition of "new Savings Maximiser customer"? I previously closed my only Savings Maximiser account. Am I eligible?
I'm annoyed. I'm an everyday customer and I opened one of these today and didn't see anywhere to put the promo code so just assumed I was excluded. Is this right?
right at the end before you submit your application
i.e. i think step 4 , the step before u submit for electronic verification
Is step 4 in applications for existing customers too?
"for new customers on balances up to $250,000."
And me here, just about to open a $500,000 account. Damnit!
"open a $500,000 account" that's why you dont need this deal
The sarcasm is not strong with this one.
after 4 months whats the interest rate?
3.50% + bonus 0.75% if you deposit $200 a month.
Nothing to see here, so I'll be moving on in 4 months.
What's this linked account for step 2? Do we link it to our commbank accounts?
You'll want to link something if you want to get the money out
Thanks, I've done most of it now, just up to the last step but don't have my birth certificate with me for the second confirmation fast tracked.
What's the minimum ID used to verify yourself online?
passport / medicare / birth certificate
any 2
i wasn't asked for ID.. which is kind of odd. I guess they used my last two addresses for ID. No idea.
It's a good deal but the site instructions are a bit stupid. It says to select a minimum of 2 ID documents from:
1. Passport
2. Driver's License
3. Medicare
4. Australian Birth Certificate
I selected Driver's License and Medicare but that's not enough. Anyways will have to do this at home since I don't have my passport with me.
why dont they allow birth certificates from Vic?
good question, that's why i needed to walk to the P.O. with my birth cert and a bill.. it said i was in SA, NSW, ACT or somewhere else, couldn't select VIC.
Everyone never mentions ING charges you 2.5% for anything you purchase online. Citibank doesn't. Everyone never mentions ING charges for overseas ATM use. Citibank doesn't. Anyway I don't do saving accounts, never have, never will.
We're just here for the $50 mane :P.
Yep, $50 will buy us plenty of stuff from meritline and other unnecessary products we will never use. :D
I only get charged if it's a international purchase which is the same with most banks. The only other time i get charged is if i withdraw under $200, get extra cash out when making a EFT transaction and you never have to pay fees plus they give you 50 cents when you do this.
So that is why no one mentions this because you don't get charged for every online purchase.
Wrong. You do. I was charged 2.5% at pccasegear last time I used mine. Happy I switched to citibank plus.
That's probably PCCG's own credit card surcharge.
so domestic online purchases don't attract a surcharge then? just O/S or vendors that apply a surcharge to every visa card?
Yes.
I was about to kick myself for already having an ing savings account that I haven't ever really used, because it makes me ineligible for this promotion. But then I remembered I actually opened it up years back when they were doing this same promotion but for $123 haha. Anyone else join up back then?
Not a guy ;)
Yep! About 8 years ago! I was a poor student so it was very much welcomed!!
Signed up for a Maximiser account to get the $50 then signed up for an Everyday account to make use of the 5% Pay Wave promo. Thanks, machej and thanks, ING!
Can you link me where the paywave promo is?
ING interest rate is 3.5 and .75 loyalty bonus (deposit $200 extra each month).
Doesn't appear to be anywhere to enter the promo code if you answer "yes" to "Are you already an ING DIRECT customer?" and apply through the internet banking interface as directed.
has anyone else with an existing account managed to do this? my account is currently inactive so I am unable to apply for a maximiser account until I deposit funds into the account.
Yeah I just tried this too and no where to put the code…
Looks like it's for new customers only :(
Just out of curiosity, those who already have Everyday Orange accounts, were was the option to input the promo code while applying for this account online ?
I also want to know this - can anybody please confirm?
Last time they had this similar offer (for saving maximiser), it wasn't applicable for existing Everyday Orange account users
Opened an account and put $1 in, Lets see what happens
That might still be 99 cents too much. :D
just done the same now - should clear by friday given it's after hours now
That's 5.7c / 365 in interest you'll be throwing away every day just for $50!!!
… or was it 5.35, 5.16 …
Just called ING and they told me the bonus is for customers who don't already hold an ING account, so if you have an ING Everyday account (like myself) your ineligible.
in that case 99% of OzBargainers are ineligible! :)
Was this any ING account (Everyday Orange included) or only the Savings Maximiser account ?
I only ask as I have an Everyday Orange account and thought I missed entering the code while applying, so gave them a call. They said they'd credit me $30 as goodwill and give me the 5.35% rate too. The $30 has been credited but the interest rate hasn't gone up yet when I view it online. Maybe it takes a day or something, will give them a ring to follow that up.
It was an Everyday Orange account, maybe more people will get the same deal but I specifically asked about the sign up process and whether I should tick the box saying that I'm an ING customer already or if I should leave it unticked as I don't have a savings maximiser account and the lady spoke with her manager and gave me the response I posted above.
Will you still be able to get the $50 if you signed up for the everyday orange account AFTER you signed up for the savings maximiser account?
I can't see why not
I was under the impression that you do. I signed up for the everyday orange account after I signed up for the savings maximiser account. So I'm expecting $50 in my maximiser account plus a new paywave card with a 5% rebate in the next few days : D.
i didn't bother with an everyday account - just linked it to my other bank account and transferred a dollar.
site just keeps saying unable to process!
So does anyone know for sure the minimal amount to be deposited?
Thanks.
I'd say many people will put $1 in but if you're game enough try 1 cent. :P
Did any of you get confirmation that a code was entered? My code vanished from the screen once I applied the first time. After clicking back in my browser they made me start from scratch and again the word vanished.
it happened with me as well..as soon as i clicked submit button the code vanished !! but i am not sure why i was feeling something will happen so I took a screenshot of the page before submitting so that I can have some sort of proof :-))
Hmmm…I might back-date my clock and take the same measures :)
I don't know why I put in a dollar and not just 1 cent. But I guess in a million years or so that dollar will be worth 100 times more.
Opened the account, didnt get any confirmation that the promo code was accepted
edit: activated the online banking thing, and have messaged customer service to double check that the promo code was accepted. Heres hoping everything went through smoothly!
i didn't get confirmation either, but if you entered it, should be fine. I'm about to transfer $1 now :)
Will opening several savings accounts have any affect on my credit history?
I hope not (apparently it shouldn't, as opposed to credit card history). It will make applying for some higher-level government jobs and filling out government forms (ATO, Centrelink) a little more time-consuming.
But I'll be closing it in 3 months perhaps. I might keep my new ME card I got for the $50 to pay for Tiger Airways flights without fees.
$50 x several = several 50's in account !! :-)
per my understanding if a bank does credit check then it gets recorded in your history but not as a default but as just for information purpose..
Credit rating agencies know nothing of your savings accounts, but your track record with a particular bank might be something the bank looks at when assessing your application for credit.
If any of the agency makes a credit check then it gets reported in your credit report..i have seen my credit report and there is a section which shows the details of the companies who have done credit check..like any bank issuing you a credit card might have applied for a credit check will be mentioned in the report..but like i mentioned earlier it would not be listed as a default..
No, but applying for several credit cards will.
Can I close my current Savings Maximiser, then open a new one to get this bonus ?
The lousy interest rate of 3.5%, after the welcome rate, is a poor way to treat long term loyal customers.
Wow. I fail.
I open the account, nominate my existing account the activating deposit will be coming from.
Then promptly tranferred funds from a differant account. Oops.
Does this work if you open the account in a child's name?
Wife and I have run out of 'new customer' credits
I wouldn't do that to my child. What if ING runs a $1000 promotion for new customers is the year 2035? There's a good chance my child will inherit my ozbargain spirit. (frightening though actually lol)
They only had a child for the baby bonus, in the true OZB style!
LEVERAGE THE CHILD!
Just kidding.
Are they going to classify the $50 bonus as "interest" like last time, and make you pay tax on it???
Like last time?
I don't think it's taxable.
so if I do this one and the me bank I get $100 for nothing…..just confirming….$100 for free no catch!?
Not sure about the other one as I didn't see it but definitely this one. However the small catch is you need to deposit some amount. (No $ value is specified)
A quick glance suggests their promo requires a little more involvement. Purchases and the like using the credit button on an eftpos terminal.
can we close the account online or do we need to visit a branch"?
From ING FAQ page -
If you wish to close your account, you can call us on 133 464 and we will do this for you over the phone.
Alternatively, you can mail us a Letter of Direction, requesting the account to be closed and the funds transferred back to your linked account.
Also, in the fine print basically written in bureaucratic style, roughly translates to the $50 could take up to two weeks to appear from the first transfer being received. "The cash bonus will be credited to your first account opened within the first two weeks following your first deposit being made by 1 December 2012."
I'm happy to wait two weeks for a rough 10 minutes work in setting up an account :)
Totally worth the sign up to get the 5% Cashback PayWave promotion!