Do you have an ING Savings Maximiser account?
ING has made it harder to earn the bonus interest rate on its Savings Maximiser account.
ING's Savings Maximiser account has been popular for years for its generous interest rate and relatively easy conditions to meet in order to earn bonus interest. However the bank has this month introduced some new conditions attached to its bonus interest rate, making it harder for customers to earn the bonus interest.
The account currently offers a maximum variable interest rate of 2.80% p.a., down from its long-standing, attractive interest rate of 3.00% last year. Although it's less interest compared to last year, 2.80% p.a. is still more competitive than the majority of savings accounts offered in today's ultra low-rate environment. It's important for customers to understand this rate is made up of a base rate of 1.15% p.a. and a bonus rate of 1.65% p.a. Your savings will always earn the base rate, and for each month that you meet the account conditions you'll be rewarded with bonus interest of 1.65% p.a.
Previously customers just needed to deposit $1000 into their linked ING Orange Everyday transaction account each month to get the bonus interest. But the bank now requires customers to also make five or more purchases with their ING debit card each month to qualify. This means that even if you deposit $1000 into your account one month, unless you also make five or more transactions during the month you won't earn any bonus interest.
The bank has also been a bit sneaky with its base and bonus interest rates. Last month, it reduced its base rate from 1.35% down to 1.15%, and at the same time increased its bonus rate from 1.45% to 1.65%. This meant that the headline interest rate of 2.80% remained unchanged, however what customers may not have realised is that if they don't meet the account conditions for bonus interest, they'll now earn even less interest with the reduced base rate. So not only is it now harder to qualify for the bonus interest, but if you don't qualify you'll earn less interest than previously.
In saying this, making five or more transactions with your ING debit card during a whole month shouldn't be very difficult to achieve, if you use the card for your day-to-day spending. Plus, these conditions are much more relaxed than many other savings accounts, which demand higher monthly deposits and don't allow customers to withdraw any money if they want to earn bonus interest.
It's customers that may use a debit card from another bank for their everyday use that should watch out for this new condition. You can read more about the ING Savings Maximiser account here.
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