Is ING Orange Everyday bank account (combined with Savings Maximiser) currently the highest interest paying (5%) everyday transactions account? I am with Macquarie bank at the moment and they pay 4.5%.
Thanks in advance.
Best Everyday Transactions Account
apprentice on 12/07/2025 - 13:36
Comments
What hops?
For customers who also have an Orange Everyday bank account and do these things each month:
1. Deposit $1,000+ from an external source to any personal ING account in their name (excluding Living Super and Orange One)
2. Make 5+ card purchases (settled, not pending) and
3. Grow their nominated Savings Maximiser balance (excluding interest).
When the criteria is met in a calendar month, the benefits the additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.It's not that hard.
1. and 3. Transfer $1000 into the maximiser account (from another non-ING bank account) and send back $999.
2. It would take maybe 2 minutes to put through 1 item per transaction 5 times in one grocery shop.BW first 4 months interest is compelling. Although it drops back to 3.6% after that so I wouldn't set up my main transaction account with them.
@tenpercent: It's not easy for everyone to have $1k/month to move around every month
It's even harder to not have to dip into your savings every single month (which makes 3 a deal breaker for many)
Re the 4mths, what I've done is open both, once the 4mth are over I'll move savings to ubank unless there's something better at that time
@Bredo: Fair point if you think you will dip into your savings at some point soon and the balance won't always be higher at the end of each month.
what I've done is open both, once the 4mth are over I'll move savings
And that doesn't count as "hoops"?
@Bredo: You don't need $1000 per month, just 2 bank accounts, withdraw if from ING then put it back in. The growth requirement and transactions are the annoying ones.
It's not that hard.
100%!
It is just too easy and gets and an extra 0.5% for virtually doing nothing. And 0.5% on $100K is 500 bucks a year …
Work for your money to get more money
I think he means hoops
Hoops I think.
Sadly, ubank has changed the rule early this year, 4.85% only applies to the first $100k :(
OP is on the ball.
Macquarie Saver is the best transaction account by far.
No hoops / conditions / No worries
No caps. Pays 4.5% up to $1M
It just doesnt have a debit card
But…….
If you want to use a debit card then Macquarie transaction account with debit card is the only one that pays any interest at all !!!!!!!!
Currently paying 2.25%.
Their debit card doesnt have any overseas transaction fees and comes with a few free insurances as well.
Easily the best debit card by far!And you can easily move money from the savings account with thier app.
As many have pointed out already, ING has way too many conditions and capped at $100K
UBank save is NOT a transaction account and published rate is capped at $100K
Don’t see why you were negged. You are spot on. MQ is easy, no hoops, easy to top up the debit card from the savings account, and very good security in their app. AND you can contact them by phone if you need to.
for everyday transactions I love HSBC, 2% back on tap and go under $100
This is not uncommon and HSBC does NOT pay any interest. (OP was asking)
They have also imposed a $200 annual fee on the (WAS FREE) Premier Mastercard
They dont pay a great rate on thier savings account either.
But they do have the best multi-currency account if thats imporant to anyone
Ive given HSBC the flick!This is not uncommon and HSBC
It is not uncommon?
What other bank or debit card pays you 2% for each PayWave transaction (under $100)My thoughts too.
The only other debit card that pays a cashback on card taps that I can think of is NAB Platinum debit and there's a $10/mth fee for the pleasure of having it (though it does come with travel insurance… worth it for say pensioners who can't get a credit card but are traveling a bit)
macquarie has like a 2% rate for transactions acc
Yes, OP probably got mixup with the Saving account.
Incorrect!
The Macquarie savings account has full internet banking and direct debit facilities.
With a high 4.5% interest rate that makes it the best "everyday"account by far!Its just if you want to use a debit card you need thier transaction account as well which pays 2.25% interest
Its the ONLY transaction account in Australia that pays any interest as far as I knowhandy the savings having direct debit, the transaction is 2.5%
2.5%
I'm confused… title mentions everyday transaction accounts… body focuses on high interest savings accounts.
You get both with Macquarie Mugsy.
Nowhere else in AustraliaFirstly, not dissing Macquarie as I use them and praise them.
But there's a fundamental difference between transaction accounts and savings accounts. Transaction accounts focus on facilitating transactions first whilst savings accounts focus on facilitating savings first. Even the Macquarie website has both products in different sections of the website:
https://www.macquarie.com.au/everyday-banking.html
Whether OP is asking about best transaction account or best savings account, it's subjective.
For transaction accounts, it depends on how OP manages their money and transacts. E.g. If they have most of their money in a HISA, keeps little in the transaction account (assume a $500 deposit per week), hardly takes out cash, doesn't need bank@post, but does a lot of sub $100 card taps (say $1500-2500 total per month) or goes to a lot of vendors with card surcharges, I would say HSBC's everyday global is the best card for them. They'd be getting $30-50 back in rebated cashbacks which would be more than what $500 deposited every week (and spent during the week) would get them with Macquarie's 2%-ish that is earnt from the transaction account.
For savings accounts, I'd go to the account leaderboard spreadsheet book marked at the top of the 'best interest rates for savings accounts' thread on whirlpool (possibly linked to somewhere here too) and find the highest interest rate account with the hoops and limits that they can live with.
ING:
OE = 0%
SM = 5%If you meant an everyday transaction account with a good interest rate, then, no, ING OE has 0% interest rate.
Macquarie Transaction Account has an interest rate of 2.25% atm.
(their Savings Account has 4.5% ongoing interest rate.)
The wise investor keeps all the beans on SM and transfers (by App and instantly) to the OE to pay transactions.
Of course the even wiser one uses HSBC for transactions and gets 2% cash back …
But you transact easily from the savings a/c. Just no debit card.
Depends on which savings account… most won't let you transact out of them and you need to put funds into the transaction account. The Macquarie savings account is one of the few that still lets you send money out directly.
I don't like ING hops. At the moment, my top pics are:
Bankwest Easy Saver account gives you 5.15% for the first 4 months with no hops.
Ubank gives you 4.85% as long as you deposit $500/mth (can withdraw it straight away)