ING Savings Maximiser savings account
Link to an ING Orange Everyday account and deposit at least $1,000 per month and make 5+ card purchases a month to earn up to 1.8% p.a.
When you meet the deposit conditions, you can make withdrawals from the account and still be eligible for bonus interest. This makes the account a flexible savings account option if you want to access the money from time to time.
Plus, when you meet the bonus conditions, you'll also get your overseas ATM fees and international transaction fees waived with your linked ING Orange Everyday account which is a great added perk.
Maximum variable rate
Base interest rate
Bonus interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This savings account offers a bonus interest rate of 1.8% each month you meet the account conditions. You need to link to an ING Orange Everyday account , deposit $1,000 a month into either account and make 5 or more Visa debit card purchases a month.
The monthly deposit condition is higher than many other accounts, however you’re able to withdraw as much as you want from the account during the month while still being eligible for bonus interest. And if you meet the account conditions, you’ll also get all overseas ATM fees refunded on your Orange Everyday transaction account and you won’t pay any international transaction fees. This could save you a fair bit of money if you travel a lot or often shop online from overseas stores, and it’s a fairly unique benefit that isn’t offered by many transaction accounts.
The bonus interest rate is quite competitive however it’s only available on balances up to $100,000, so it may not be what you’re looking for if you’ve got a larger balance.
Standard variable interest rate of 0.1% p.a.
Your savings balance will have a variable interest rate of 0.1% p.a. applied to it each month.
Competitive maximum variable interest rate of 1.8% p.a.
If you have linked an Orange Everyday Bank Account from ING with your Savings Maximiser and deposit at least $1,000 into either account and make 5+ card purchases a month, you will receive bonus interest of 1.7% p.a. on your balance. This makes the total interest applied for the month a competitive 1.8% p.a.
Limitations to the bonus interest rate
This is only applicable to one savings account and for balances that do not exceed $100,000. It is a variable interest rate, so will most likely move alongside the RBA cash rate. If you would like to compare savings accounts where the maximum rate applies to a balance of more than $100,000, please see this page.
Calculating the interest earned
Interest is calculated daily and paid into the account once a month. If you qualify for the bonus rate one month by meeting the $1,000 deposit requirement and make 5+ card purchases a month, that interest is applied to the balance the following month. If you miss the deposit requirement for one month, you are still able to qualify again the following month.
Do I have to deposit my pay or can it come from an external account?
The $1,000+ deposit requirement doesn't have to come from your pay, but it sure makes it easier to get the bonus rate as you can 'set and forget'. However, if the salary option doesn't suit you, you can still transfer the funds from an external account.
$0 Account fees
There are no monthly maintenance fees associated with this account. In addition, you are not charged when you transfer money in and out of the account, no matter how many times you make transactions each month.
Online transfer options
You can make transfers in and out of your account online, over the phone or by using a mobile application.
Linked Australian bank account
It's recommended that you link this account with an ING Everyday account so you can receive the bonus interest.
Customers may hold only one Savings Maximiser account at a time, even when a partner listed on a joint account. Compare all ING everyday and savings accounts here.
Can I deposit a cheque into this account?
You can deposit a cheque into this account via Bank@Post. Please note you can't deposit a cheque via another financial institution.
Benefits you get with the ING Orange Everyday account
- ATM Rebate offer. If you meet the depository conditions from an external bank account to any ING personal account in your name (excludes the ING Living Super) then any ATM fee charged by the ATM operator in that particular month is rebated immediately after the transaction.
How to apply
If this is the savings account that will get help you meet your goals with ease, you can quickly apply online by clicking 'go to site'. Before you continue to the secure application page, check that you are able to meet the eligibility requirements set forth by ING:
- Minimum age requirement. Applicants aged 13 or older will be considered for this account.
- Residency requirement. You must be an Australian permanent resident or citizen with a residential address in Australia in order for ING to open a savings account in your name.
- Savings account use requirement. This account is for personal use only. If you wish to find a similar savings account for business purposes look into the ING Business Optimiser account.
If you're applying online, it's a good idea to apply for the Orange Everyday account first, as you can then select an option to also open up a Savings Maximiser account. This will save you from processing two different applications.
If you are able to meet these requirements, proceed to the application with the following documentation readily available:
- Identification documents. In order to verify your identity, ING will need information from two separate forms of ID. This could be a driver's licence, passport, Medicare card or birth certificate. This will be used to verify your identity electronically. If ING is unable to accomplish this with the documentation you provide, you may be asked to verify your identity in person.
- Account details. If you already have an account with ING, they will need the account number and your client number in order to link your savings with your everyday account.
- Personal details. In addition to your name and date of birth, you will need to supply an Australian residential address and telephone number.
- Tax File Number (TFN). Although not mandatory, if you do not supply the bank with your TFN, the highest marginal rate will prevail when tax is deducted.
What happens after I submit my application?
When the application is complete you can submit it to ING online. If they are able to verify your identity electronically your account will be opened instantly and you can begin depositing money to be saved.
What if I'm a non-resident or not eligible to apply online?
It's advised that you contact ING on the phone to proceed with your application. ING is an online bank and therefore, doesn't have any physical branches to visit.