The ING Savings Maximiser has a standard variable interest rate of 0.55%, but if you can meeting monthly conditions, you could get a bonus rate of 4.95% p.a. (or 5.50% in total) which could help put you in the right direction to maximise those precious savings. There are a few steps though: you'll need to have a linked ING Orange Everyday Account, deposit at least $1,000 a month from an external source (e.g. your salary) and make at least 5 settled card purchases each month, as well as grow your savings balance by more than the accrued interest.
The combination of no account fee and a generous ongoing bonus rate could make ING's Saving Maximiser a rewarding place to stash your savings. Keep in mind the bumper 4.95% bonus variable rate is only available when you also have an Orange Everyday bank account and hit the following monthly requirements:
One of the other handy features about the account is the round-up tool. Users can set up their desired round-up figure to the nearest $1 or $5, then every time they make a purchase the difference will be deposited into their savings. For example, a $3.50 coffee will be rounded up to $4 and that 50c difference will be automatically deposited into savings.
Prefer to do your banking on your smartphone? You're in luck! You'll be able to transfer money into your Savings Maximiser with ease thanks to the ING banking app.
The Savings Maximiser has an eligibility requirement of 13 years and over, so with that in mind, it could be prove a competitive account for both teenagers and adults to grow their savings balances - as long as they're able to meet the monthly deposit requirements.
Bear in mind that the maximum bonus rate of 5.50% only applies on balances of up to $100,000 and balances over that figure will receive the base rate of 0.55%. So if you've got a much larger savings balance, you may want to compare other savings accounts with higher thresholds.
Balances from $0: 0.55% p.a. |
|
Balances from $0: 5.50% p.a. |
|
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility. |
$0.00 |
|
n/a |
|
unlimited free transactions from internet, phone. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
$0.00 |
|
$0.00 |
|
n/a |
$0.00 |
|
$0.00 |
|
Monthly |
no |
|
n/a |
|
no |
|
no |
|
no |
|
no |
|
no |
|
yes |
|
yes |
|
no |
|
no |
|
Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account. |
|
No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account |
|
none |
^See information about the Mozo Expert Choice Awards
Pretty standard offerings Bit too rigid for my liking eg amount of deposits etc needed to gain bonus Painful to transfer out large amounts
Read full reviewPretty standard offerings Bit too rigid for my liking eg amount of deposits etc needed to gain bonus Painful to transfer out large amounts
I like ING because they don’t charge atm fees, or international fees, and that has been consistent since we first signed up with ING years ago. Recently we had a fraudulent transaction we were suspicious about, and ING were quick to freeze the associated card. I would’ve liked it if they contacted us by phone at the same time, however we had to log into our online banking to get the pop up message saying for us to contact them, and in addition to this there was extremely long waiting times on the phone. In saying that, the customer service was very good and helpful. Overall, ING have minimal fees and is user friendly.
Read full reviewI like ING because they don’t charge atm fees, or international fees, and that has been consistent since we first signed up with ING years ago. Recently we had a fraudulent transaction we were suspicious about, and ING were quick to freeze the associated card. I would’ve liked it if they contacted us by phone at the same time, however we had to log into our online banking to get the pop up message saying for us to contact them, and in addition to this there was extremely long waiting times on the phone. In saying that, the customer service was very good and helpful. Overall, ING have minimal fees and is user friendly.
I like this bank as it offers one of the best interest rates for savings accounts. You can also withdraw from any ATM and the fee will be waived. Overall I have had a great experience experience with this bank.
Read full reviewI like this bank as it offers one of the best interest rates for savings accounts. You can also withdraw from any ATM and the fee will be waived. Overall I have had a great experience experience with this bank.
ING Bank is highly regarded for its fee-free banking services, making it an attractive option for those looking to avoid monthly account fees and ATM withdrawal charges. The bank's commitment to customer satisfaction is evident through its user-friendly online and mobile banking platforms, which provide convenient access to manage accounts and conduct transactions. Additionally, ING Bank offers competitive interest rates on savings accounts, helping customers grow their savings effectively. Another notable aspect is the bank's international transfer services, which offer competitive rates and easy online transactions, making it a preferred choice for individuals with international banking needs.
Read full reviewING Bank is highly regarded for its fee-free banking services, making it an attractive option for those looking to avoid monthly account fees and ATM withdrawal charges. The bank's commitment to customer satisfaction is evident through its user-friendly online and mobile banking platforms, which provide convenient access to manage accounts and conduct transactions. Additionally, ING Bank offers competitive interest rates on savings accounts, helping customers grow their savings effectively. Another notable aspect is the bank's international transfer services, which offer competitive rates and easy online transactions, making it a preferred choice for individuals with international banking needs.
Amazing rates and no fees. You only need to do some simple actions a month to access those bonus interest rates that make it the best option
Read full reviewAmazing rates and no fees. You only need to do some simple actions a month to access those bonus interest rates that make it the best option
Savings Accelerator
2.85% p.a.(for $0 to $50,000)
3.35% p.a. (for $0 to $50,000)
Yes up to $250,000
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
Savings Accelerator
3.35% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
0.55% p.a.(for $0 and over)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
Yes up to $250,000
2.00% p.a.(for $0 and over)
Savings Accelerator
3.35% p.a. (for $0 to $50,000)
Yes up to $250,000
2.85% p.a.(for $0 to $50,000)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Kids Bonus Saver
0.05% p.a.(for $0 and over)
0.85% p.a. (for $5,556 to $50,001)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000