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ING Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Balance Growth, 5 Card Purchases & Deposit Required) @ ING

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ING Savings Maximiser 5.50% p.a. Interest on Balance up to $100,000 (Balance Growth, 5 Card Purchases & Deposit Required) @ ING
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AssociatedStroopVI @ bankmate.app on 13/05/2026 - 12:47 ing.com.au (759 clicks)
Last edited 13/05/2026 - 12:48

5.50% p.a. high variable rate (made up of the standard variable rate and 5.49% 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 0.01% p.a.

ING Referrals

Referral: random (936)

Referee & Referrer: $100 each for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $100 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 from an external source into the new Orange Everyday account, deposit any amount into the a Savings Maximiser Account, and make at least 5 (settled) card transactions within any calendar month with the new Orange Everyday card. Referral program ends 31 May

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  • Iluvfreebies on 13/05/2026 - 12:52

    Any news from Judo bank.

    • 4
    • AssociatedStroopVI @ bankmate.app on 13/05/2026 - 12:54

      Nothing as of yet - im sure many are waiting.

      • 6
    • Fobsessive on 13/05/2026 - 17:47

      I see Judo doesn't know their judo well

      • 2
  • tenpercent on 13/05/2026 - 12:58

    Better returns than an investment property bought from today onwards. Count me in!

    • 1
    • Jolakot on 13/05/2026 - 13:27

      Always has been better returns, I don't think there have been many years where property growth beat out term deposits let alone an ETF.

      But everyone conveniently forgets about leverage, getting 5% returns on a 20% deposit is really a 25% return on your money.

      • 3
      • tenpercent on 13/05/2026 - 13:34

        Rent + tax adjusted capital gains

        • 0
      • studentl0an on 13/05/2026 - 13:34

        With investment properties it's more about the rental income/yield % than it is about the property growth.

        Also you have to pay tax on interest on savings, whereas reducing a mortgage is tax free.

        • 2
        • SetTheFaqUp on 13/05/2026 - 14:14

          "whereas reducing a mortgage is tax free"

          One car always borrow money to invest in a deposit and the cost borrowing is also tax free.

          • 0
          • studentl0an on 13/05/2026 - 16:21

            @SetTheFaqUp: That doesn't make sense, what are you trying to say?

            • 0
            • Skinnerr on 13/05/2026 - 16:56

              @studentl0an: One car to the cost borrowing of tax free investment to deposit and the cost of borrowing. What part don't you get?

              • 0
          • Igaf on 13/05/2026 - 19:16

            @SetTheFaqUp:

            the cost borrowing is also tax free.

            Tax deductible I think you mean?

            Rules have just changed from today for investment property purchases, best to check how they now work.

            • 0
            • SetTheFaqUp on 13/05/2026 - 19:26

              @Igaf: "Tax deductible I think you mean?"

              Yes. You are spot on. Was using the misconceptions/term that many have used - tax "free".

              • 0
        • Igaf on 13/05/2026 - 17:44

          Generally speaking savings interest after tax barely keeps you ahead of inflation. It offers sfa growth but has very low risk and liquidity advantages.

          • 2
          • PvsNP on 13/05/2026 - 20:31

            @Igaf: Yeah interest on savings sux. Contributing pretax income to super seems nice. Biggest disadvantage is if one gets to live up to retirement age.

            • 0
            • studentl0an on 14/05/2026 - 11:45

              @PvsNP: You think the govt isn't going to come for Super?

              • 0
              • PvsNP on 14/05/2026 - 21:56

                @studentl0an: OFC they will. The house always wins.

                I can't wait till someone goes after their wages and perks.

                • 0
  • jiayijames on 13/05/2026 - 13:17

    Better late than never, for the announcement.

    • 0
  • asrey1975 on 13/05/2026 - 13:24

    Nothing like under-performing vs inflation…
    Housing, transport and fuel will push inflation towards 7% unlike RBA fake news CPI…

    RBA just playing catch-up.

    NB: Key Drivers: Housing (+6.5%), Transport (+8.9%), and Food (+3.1%).Fuel Impact: Automotive fuel rose 24.2% annually and 32.8% in March 2026 alone. Expectations: Consumer inflation expectations jumped to 5.9% in April 2026.

    • 5
    • Jolakot on 13/05/2026 - 13:28

      You want them to raise rates even higher?

      • 0
      • Igaf on 14/05/2026 - 11:10

        No, he wants us to believe he knows better than the RBA, which of course he does. Doesn't everyone? Okay, maybe I've inflated our actual economic knowledge and skill level.

        In general, the RBA is less concerned with headline inflation than it is with underlying inflation, although the longer the navel gazing famericans fiddle the more likely underlying inflation will creep upwards, and the longer it will take for both measures to drop. Not that Trump administration gives a fig, as the prime cause himself said just the other day.

        • 0
    • Grok on 13/05/2026 - 18:08

      The key driver is government spending the rest are rounding errors

      • 0
  • viperacr on 13/05/2026 - 13:26

    Savings Accelerator still only at 4.6%… They've fallen drastically behind other banks now.

    • 1
  • Fishballs on 13/05/2026 - 13:27

    Still nothing from boq or rabobank, might be time to switch back to ING

    • 0
    • Fishballs on 13/05/2026 - 13:36

      I take that back, looks like Rabobanks first 4 months rate has gone up to 5.9%

      • 2
    • tunzafun001 on 13/05/2026 - 22:30

      Did you call and ask to be removed / deleted from ING?

      I apparently had a savings account 20 years ago…closed… but not deleted from their system..

      So I'm not eligible for these intro offers with ING. Ridiculous, but asked them to delete it.

      Apparently will be eligible now in 12 months.

      Rabo can have my funds…

      • 1
  • t0087669 on 13/05/2026 - 13:40

    I’m approaching 100k limit. Any tips of what to do to meet the requirements and still get the bonus rate?

    • 1
    • atwilliams on 13/05/2026 - 13:45

      Move any excess to another account, such as a Judo savings account, or spend it on OzBargains you don't need.

      • 3
    • relteran on 13/05/2026 - 13:45

      You still get the bonus rate up to your first $100k as long as the savings grows by $1 since the start of the month and you meet the other criteria. You aren't capped at having only $100k in the account, the surplus just gets no bonus interest.

      • 2
      • studentl0an on 13/05/2026 - 15:55

        The base rate interest is 0.01% PA. There's no reason at all to keep more than 100k in the account, unless you hate money and want to get less of it.

        • 4
        • relteran on 13/05/2026 - 16:12

          I agree.

          • 0
        • Oztx on 13/05/2026 - 16:34

          You kindda have to leave money above 100k before end of the month if you want to keep getting that bonus.

          when you reach 100k, your interest bonus will be let's say 400 per month, so your floor will be $100,400 and you will have to grow it by at least $1 so $100,401, if you take 400 out, you wont be getting interest bonus on your 100k.

          The following month you will have $100,801, and again, that's your new floor, by the end of the month, you have to grow it.

          you can technically take out anything above 100k out but before end of the month you have to ensure to grow your account above the floor.

          • 0
          • studentl0an on 13/05/2026 - 16:41

            @Oztx: Yes but you chose what the floor is regardless of how much you have in the account as long as it's greater than the previous month.

            I have an ING account and I transfer all money out (apart from the amount needed to get the bonus interest) on the last day of the month to the everyday account and then back on the first. That way the requirement of growing the account stays $1 + interest over the previous month.

            Lets say the rate is 5% and you have 10k in the savings account at the start of the month, and need to increase it to 10,001 to get the interest. You can put in what ever you like, but at the end of the month transfer all but 10,001 out of the account. Then on the first you put it all back and get $60 for interest. The account will now require 10,062 to get the next month bonus interest. You then transfer all but 10,062 out of the account next time over and over.

            You can keep doing this month after month so you can have 100k in the account but only require like 20k in your savings account at the end of the month to keep getting the bonus interest on the 100k. You will lose out on just under 0.3% interest for the day that the money is out (depending on how much you transfer), but this is still higher than most other banks.

            This also allows you to make large purchases such as a car without having to worry about losing the bonus interest, provided you have been doing this a while.

            • 3
            • Igaf on 13/05/2026 - 18:05

              @studentl0an: I'm doing something similar because I've reached the limit. SM account on last day is always 1c+ more than last month but is now a few thousand above the limit (and grows by $450+ every month). The excess (ie anything above $100K) misses a day's interest but the amount is trivial - about $0.15/thousand. Next day anything over $100K goes elsewhere, in my case Ubank (atm).

              @t0087669 can also consider opening a second SM account and moving his money between both to avoid missing a month's interest BUT anything over $100K should be earning interest in another bank - eg Macbank, Ubank etc…..

              Best advice is to have two savings accounts with different FIs and move your money between them as necessary.

              • 0
            • Just Another Day on 13/05/2026 - 20:09

              @studentl0an: You can use the two account method and get the full rate on the full 100k every month. It has been documented here and on whirlpool before.

              • 1
      • nownew on 13/05/2026 - 17:42

        Savings to grow by $0.01, not including interest earned.

        • 1
      • Igaf on 13/05/2026 - 17:48

        @relteran : Grow the SM account by = > $0.01, on top of the previous month balance, whiuch includes interest of ~$460, which is where the problem lies for some.

        • 1
      • AssociatedStroopVI @ bankmate.app on 13/05/2026 - 13:58

        If you are approaching the 100k limit, you should be looking to split your savings across multiple accounts. I've built a tool that allows you to do this https://bankmate.app/savings/split-optimizer

        • 7
        • viperacr on 13/05/2026 - 17:43

          Calculator is broken. Many of the options don't work including trying to filter down to specific banks.

          • 0
          • AssociatedStroopVI @ bankmate.app on 13/05/2026 - 20:30

            @viperacr: Hi Viper,

            Adding Bank Preferences has now been fixed, is there anything else you found that didnt seem right?

            • 0
            • Igaf on 14/05/2026 - 00:39

              @StroopVI: I don't need the app because I select banks based on more than the interest rate, but I did test it with a handful I might consider on an arbitrary $200K savings.

              Result was strange. I didn't select Rabobank but your app defaulted to it, with no split suggested. Tried again with different banks, same result.

              • 0
              • AssociatedStroopVI @ bankmate.app on 14/05/2026 - 16:01

                @Igaf: Rabobank is the best single-bank option for a $200k balance, offering a 5.4% rate.

                If you have $200k in savings and no other preferences set, the split optimiser should recommend splitting funds between ING (5.5%) and Rabobank (5.4%) to achieve an effective interest rate of around 5.45%.

                • 0
                • AssociatedStroopVI @ bankmate.app on 14/05/2026 - 16:01

                  @StroopVI: Just tried this and it does recommend a split if no preferences are set outside of 200k balance.

                  • 0
                • chrisharry53 on 14/05/2026 - 17:58

                  @StroopVI: Judo will again be best any day soon and no growth requirement and $250k limit. Split with ING and also BOQ when it increases too imo. Rabo ok but has growth criteria.

                  You app is incorrect imo as show grow Rabo by $1. You need to state in addition to interest and it is also $200 growth.

                  • 0
                • Igaf on 14/05/2026 - 23:44

                  @StroopVI: I had a handful of banks set, excluding Rabobank. Result was, as I said, Robobank (not a selected bank) and no split strategy. Don't know if you can replicate that. Seems to be a coding error which defauts to the best single bank for the selected balance, in this case Robobank, irrespective of the banks selected. I assumed it would provide the best available options from the banks selected.

                  GL with it anyway.

                  • 0
            • viperacr on 14/05/2026 - 21:35

              @StroopVI: Just tried again and it doesn't seem to be? I'm trying to use it with ING and nothing is updated. Feel like I could just vibe code up my own version pretty quickly, oh well.

              • 0
        • Seajoemama on 13/05/2026 - 22:25

          This is a grrat tool. Thank you!

          Just wanted to add, WestPac have a 5.75% interest rate for those 34 and under, upto 30k balance. It does have some hoops to jump through, like making 20 purchases per month and deposit x amount. But still a good option to add to your tool for those who've hit the 100k balance on their ING and need a second account.

          • 0
    • GreenGuava on 13/05/2026 - 14:19

      This is from memory so keep in mind I may have missed something, however one process you could use is:
      1. Open a second Savings Maximiser (SM2)
      2. Set SM2 as the interest earning account for next month.
      3. Deposit $1 into SM2, do your 5 card transactions and move $1K into your Everyday account to activate the bonus interest on SM2 for next month. Make sure the bonus interest is active on SM2 for the next month by checking in the app.
      4. On the first day of next month, move $95K for example from SM1 to SM2 and that will be your primary SM account for the next period while the balance builds back to ~$100K.
      5. Any excess above the $95K can be moved elsewhere so that it can also continue to earn interest at a decent rate (Macquarie, AMP as some random examples)
      6. Do the reverse back to SM1 when you approach $100K on SM2

      • 4
      • SearchAndSave on 13/05/2026 - 15:41

        You need three Savings Maximiser accounts (SM1, SM2, SM3).
        1. Assume SM1 is the one that is earning bonus interest in the current month. (for example, May 2026)
        2. SM2 has 100K on April 30 2026, and on May 01 2026 has zero balance.
        3. SM3 has zero balance on April 30 2026

        Transfer $1 to SM3 on/before May 31 2026. On June 01 2026, transfer 100K from SM1 to SM3 and select SM3 as the account that earns bonus interest.
        Repeat the process with SM2 to earn bonus interest in July 2026.

        Happy Banking!

        • 1
        • timhn on 13/05/2026 - 19:15

          Can do with 2 SM accounts.

          • 3
    • FeZZa21 on 13/05/2026 - 14:21

      Open another maximiser account using your online account (web) with a $1 deposit and go to: Select Savings Maximiser account to apply interest on > More account information > Edit Bonus interest and select your new account to earn bonus interest from next month. Then on first day of next month move around 98K into your new account from your original account. Follow the same process again in 4 month's time when you're near your limit and move the funds back to your original maximiser account. You won't lose a single day in earning interest this way.

      • 2
    • Skinnerr on 13/05/2026 - 16:57

      "Help, Im too rich!"

      • 0
      • wetsandwich on 13/05/2026 - 22:40

        100k is by no means rich

        • 2
    • SomeGuyOnOzB on 15/05/2026 - 18:37

      2 account method.

      You currently have 1 saver.

      Open new saver.
      Deposit 0.01c to new saver from your Orange Transaction account.
      NOMINATE new saver to earn interest NEXT MONTH.

      Set up a savings account in another bank, to take any excess savings, now, meeting all criteria for bonus interest next month.

      On 1st of next month
      - move most money from old saver to new saver
      - move rest of money from old saver to the savings account in another bank

      • 1
  • t_c on 13/05/2026 - 13:56

    100k max LOL, is this a kids dolomite account. 😂

    • 2
    • ATangk on 13/05/2026 - 14:51

      First home buyers should be maxing out concessional super to use FHSS.

      Everyone else - take a holiday to Japan, the AUD is strong. 1AUD = 114 yen atm, its insane.

      • 4
      • Skinnerr on 13/05/2026 - 16:58

        Turns out I AM huge in Japan!

        • -1
  • 4ustralian on 13/05/2026 - 14:03

    100k, is that avg Australian saving?

    • 0
    • Trishool on 13/05/2026 - 14:14

      I recently heard on a video it was closer to $45K

      • 1
    • Fobsessive on 13/05/2026 - 17:50

      Not the American average

      • 0
  • nadan on 13/05/2026 - 18:05

    Those who don't have savings accelerator you are better of signing up for 4months introductory offer of 5.85%.

    Kick starter offer - Available for the first 4 months for new to ING savings customers on their first Savings Accelerator account

    For customers who are eligible for the kick starter offer, the following variable rates apply to the portion of your account balance within each balance tier:

    Tier 1 $0 - $250,000.00 - 5.85% p.a. variable

    Tier 2 $250,000.01 - $500,000.00 - 5.85% p.a. variable

    Tier 3 $500,000.01 - $2,000,000.00 - 4.80% p.a. variable

    Tier 4 $2,000,000.01 - $5,000,000.00 - 2.70% p.a. variable

    • 1
    • Igaf on 13/05/2026 - 18:29

      Those who don't have savings accelerator an ING account you are better of signing up for 4months introductory offer of 5.85%.

      Iirc the kickstarter offer isn't available to anyone who is currently an ING customer. Whether "new to ING" also disqualifies past customers is something which would need to be clarified by anyone thinking of rejoining.

      • 1
  • ozredpanda on 13/05/2026 - 21:18

    Chuck it in a high APY in crypto. Are you guys really celebrating making $100 per week with $100K locked in and you cant do anything with that $100k?! Like re-invest it somewhere else or loan it out? Thats insane. Btw this is because the whole inflation thing etc, the banks are panicking. lol

    • -4
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