ING Savings Maximiser

ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.35
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Link to an ING Orange Everyday account and deposit at least $1,000 per month (and from 1 March 2018 make 5+ card purchases a month) to earn up to 2.80% p.a.

  • Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month (and from 1 March 2018 make 5+ card purchases a month)
  • Available on balances up to $100,000
  • $0 Account keeping fees

Product details

It's easy to meet the depository requirements of the Savings Maximiser – all you need to do is deposit at least $1,000+ into any personal ING account in your name (excluding Living Super) by the last day of the preceding calendar month (and from 1 March 2018 make 5+ card purchases a month). You can spend the funds and still be eligible.

The bonus interest applies on one Savings Maximiser per customer up to a balance of $100,000

Product Name
ING Savings Maximiser
Maximum Variable Rate
2.80% p.a.
Standard Variable Rate
1.35% p.a.
Bonus Variable Rate
1.45% p.a.
Introductory / Bonus Offer Conditions
Earn 2.80% p.a. when you link to an Orange Everyday account and deposit $1,000+ each month (and from 1 March 2018 make 5+ card purchases a month).
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$1,000
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
13
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the ING Savings Maximiser?

When comparing savings accounts between different banks consider the following benefits and features that ING has to offer you and your savings ambitions.

Standard variable interest rate of 1.35% p.a.

Your savings balance will have a variable interest rate of 1.35% p.a. applied to it each month.

Competitive maximum variable interest rate of 2.80% 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 from 1 March 2018 make 5+ card purchases a month), you will receive bonus interest of 1.45% p.a. on your balance. This makes the total interest applied for the month a competitive 2.80% 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 from 1 March 2018 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.

Additional terms

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.
  • $75 cash bonus. Applies to new customers and deposits at least $1,000 in their account every month. It comes with a linked Visa debit card.
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Pros

  • Competitive ongoing interest rate of 2.80% p.a. if you meet the conditions
  • $0 Account keeping fees

Cons

  • Need to deposit at least $1,000 per month (and from 1 March 2018 make 5+ card purchases a month) to earn bonus interest
  • Required to link to an ING Orange Everyday account
  • Bonus interest rate applies up to balances of $100,000

How do I apply for the ING Savings Maximiser?

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:

Am I eligible to apply online?

  • 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.

What documents do I need to provide?

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 the application process?

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.

The ING Savings Maximiser account can be opened as a joint account. ING does not charge any fees for this account, but if you have a linked transaction account, the bank in question might charge you a fee when transferring funds into your Savings Maximiser account. To find out about these applicable fees, you should contact your third-party bank.
For the ING Savings Maximiser account, any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. We suggest that you contact ING to discuss any concerns you may have about interest charged.
Unfortunately the ING Savings Maximiser account cannot be opened for trustee purposes. As finder.com.au is an online comparison service, we cannot advise you on the best rate for your situation. We recommend that you get in touch with ING to discuss your needs.
As ING is a branchless bank, they’ve partnered with Australia Post to provide you with access to their Bank@Post outlets where you can deposit your cheque. Alternatively, you can post the cheque to ING. Please note that you will need to write your client number and account number on the back of the cheque.
It’s important to note that we’re a comparison service, not ING, so our answers are general in nature. This rate is offered each month as long as $1,000+ is deposited into your account from an external account each month. You must also have an Orange Everyday bank account opened. Finally, the rate is only offered on account balances up to $100,000. The Orange Everyday does not need to hold a specific balance for you to earn the bonus interest.
Unfortunately this account cannot be opened for business, trade, superannuation or trustee purposes.
As finder.com.au is an online comparison service, we cannot recommend certain products. However, you might be interested to compare high interest savings accounts.
The ING Savings Maximiser account offers the bonus rate if you also own an Orange Everyday bank account and deposit $1,000 each month from an external account.
Unfortunately once you’ve opened a savings account in your own name, you can’t add another name to the account. We recommend getting in touch with ING to discuss your options.
As finder.com.au is an online comparison service, we cannot provide specific advice regarding your financial situation. Your best course of action would be to contact your financial planner directly.
It is possible to open this account as a joint account. To open a joint ING Savings Maximiser or Term Deposit account, you can apply online through their website. Please note that a joint Savings Maximiser or Term Deposit must be linked to an existing joint bank account, held in the same names that you submit in your application.
As finder.com.au is an online comparison service, we can not recommend specific ING products. Your best course of action would be to visit their website or get in touch with an ING representative directly to see what their highest rates are. However, you might be interested to compare different ING savings accounts.
As finder.com.au is an online comparison service, we cannot recommend specific products, lenders or financial strategies. However, you may be interested about how to compare business bank accounts.
Yes you can.
You don’t have to be a new customer to be eligible, though please note that the bonus interest applies on one Savings Maximiser per customer.
You won’t be able to do a TT directly from Malaysia to this account on a monthly basis. You’ll need to transfer the funds into your linked account first, then transfer the funds into your Savings Maximiser.
If you deposit over $600,000 the highest standard variable rate will apply to the first $100,000. Any amounts beyond $100,000 will be subject to the standard variable rate.
At the moment the bonus interest rate is ongoing as long as you meet the conditions. Since this rate is variable, it can change at any time.
Unfortunately you can only set up a direct debit going into the Savings Maximiser, but not going out. You’ll need to set up the direct debit through your linked account instead.
The bonus interest rate can only apply when you also have an Orange Everyday. It applies on one Savings Maximiser per customer (even if you’ve had one in the past) for a calendar month when you make a deposit of at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super) by the last day of the preceding calendar month.
The maximum variable rate is the standard variable rate plus the bonus interest rate. Be mindful that these often reflect the introductory interest rate or the conditional bonus rate.
As we’re not ING we can’t offer interest rates other than what is shown on the ING website.
Please see our comparison of high interest saving accounts on this page. If you click on ‘maximum variable interest rate (p.a.)’ it will automatically sort the products into ascending order for you. Be mindful that these accounts have conditions attached to them, like if you make a withdrawal you could lose the bonus interest, this is something to keep in mind during your comparison.
This account can be opened as an offshore bank account. However, please note that you won’t be able to apply online, you’ll need to call ING to open an account.
This is possible, your mother will need to speak to ING to organise this. She may need to assign a power of attorney to be able to release the funds upon her death.
Yes, as long as the income comes from an external bank account (one not with ING). 2. Yes, this can be done as there are no fees for transferring between the two accounts.
You can open an account by clicking the ‘Go to Site’ buttons on this page. This will securely take you to the ING website to start an online application.
Unfortunately ING accounts can only be opened by Australian residents with Australian mobile numbers.
We’re not able to recommend a specific product, so I would recommend comparing the different accounts on this page, taking into account how often you will be making deposits, and how long you wish to save for, as some rates are only offered for a limited amount of time as part of a promotion. You might also want to consider a term deposit, as these penalise you from withdrawing, which may help you avoid making any withdrawals until you’re ready to purchase a home.
Please note that we don’t recommend specific products, services or providers. You may want to have a look at this page and refer to the 'regular savers' tab. You can sort through the interest rates by using the sorter buttons in the blue table.
You’re eligible for this account as long as you’re an Australian resident for taxation purposes (18 years or older) and have an Australian residential address. You’ll need to have your Medicare Card, Australian Drivers Licence, Passport or Australian Birth Certificate handy as you may need them if you elect to confirm your identity electronically.
You can compare no annual fee credit cards on this page. Please note that a credit card is not linked to this account.
To be eligible for this account you must be an Australian resident and have an Australian residential address and tax file number. You must also have an Australian Medicare Card, Driver’s Licence, Passport or Birth Certificate to use for electronic identification.
On the application form the only option provided is to send the documents through the mail. No stamp is required, so you may want to consider dropping it off in the Post Office boxes located outside the actual Post Office (you can do this outside of opening hours). If these options don’t suit you, I’d recommend that you get in touch with ING directly to discuss your options.
Unfortunately the external bank account must be held in Australia and in the same name(s) as your Savings Maximiser with us (maximum two names). You’ll need to produce a linked account in your sole name.
There are some accounts such as notice savers, which require a certain amount of time to be given to your bank before you can access funds. These accounts give you a choice of how much notice you’ll need to give, with some requiring as little as 30 days, and some as much as 90 days.
Keep in mind that many savings accounts will require you to have an Australian residential address and be a resident for tax purposes. Some banks will allow you to open accounts while overseas but will require that you verify your identity and that you have a valid residential address. If you fulfil these requirements you can compare bank accounts on this page. You can use the table on this page to sort through accounts which charge no monthly account fees. Keep in mind that even if some of these accounts show a monthly account fee, they may still waive this if you deposit over a certain amount into it each month (this usually ranges from $1,000 to $2,000).
One option you may want to consider a multi currency bank account, as these accounts allow you to accept deposits and send funds in a range of currencies. Another option you may want to consider is as you mention a bank account with zero monthly fees.
In regards to term deposits, there are some reasons why people would still want to invest using these. As they offer a fixed rate, there is an extra layer of security as rates will not drop if the cash rate and other economic factors cause banks to reduce rates. In addition, because they have penalties for withdrawing money during the fixed term, it can remove some of the temptation for investors to access their funds.
The Savings Maximiser bonus rate is only offered for new customers.
This is a transaction account that you link to your high interest savings account (HISA). All the funds that you want to transfer to and form your HISA needs to go through the transaction account.
Unfortunately once you’ve opened a Savings account in your own name, you can’t add another name to the account. However, ING recommends that you call them to discuss your options.
The bonus interest rate applies to the first Savings Maximiser you open. You can withdraw and deposit funds as you like, the standard variable rate will still apply.
The bonus interest rate on this account lasts for four months, after which you’ll receive the standard variable rate, plus you could also earn the loyalty bonus rate. You might want to compare accounts with ongoing bonus interest payments.
There’s no minimum deposit for this account at the time of writing, or a minimum monthly deposit to get the bonus interest. The bonus interest is available for new account holders only, that is, those who have never held a ING Savings Maximiser account before.
Unfortunately this product isn’t available for use with SMSF.
To be eligible for this account you must be an Australian resident for tax purposes and have an Australian residential address and phone number. Unfortunately most Australian bank accounts require account holders to be Australian residents. In the case of travellers coming to Australia for an extended period of time, some banks will allow you to open an account from overseas, but will require your passport and other information within a number of weeks of arriving.
This savings account allows you to access funds at any time through the bank account you link to it.
If ING can confirm your information electronically, your account will be open immediately. You’ll need to activate it by moving money from your linked account to your new Savings Maximiser and you’ll also receive a Starter Pack in the mail with your new account details. The bonus interest rate applies from the date the account is opened.
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124 Responses

  1. Default Gravatar
    jamesOctober 17, 2017

    to qualify for the savings maximiser at 1.5% monthly will my centrelink pension monthly payment of $1700 count and if so is it difficult to have the pension transferred from the cba to a direct payment into my ing account, as i travel overseas a lot and sometimes need more funds than i have on hand i found the fixed term (12month) to be restricting as you have to give 31 days notice or suffer a financial loss, please advise i will have approx. $260,000 to invest, thank you, james.

    • Staff
      JudithOctober 18, 2017Staff

      Hi James,

      Thanks for contacting finder, a comparison website and general information service.

      Banks dictate whether the account needs to be from the same institution or if it can be from a different bank. If you already have a transaction account at a different bank, you need to check to see if you can link it to your high interest savings account and if yes, check the options that they can give you. Otherwise, you may be forced to pay another monthly fee for a bank account you don’t need.

      Before making a decision, it is always best to review the PDS and Terms & Conditions of each savings account so you can choose the one that would best suit your needs.

      On the other hand, we have a list of options for high interest savings accounts that you can compare too.

      Here is a list of options for pensioners.

      I hope this helps.

      Best regards,
      Judith

  2. Default Gravatar
    AnjuOctober 4, 2017

    Am I eligible to open an account If am not permanent resident(currently on bridging / 457 visa)

    • Staff
      JoanneOctober 5, 2017Staff

      Hi Anju,

      Thanks for reaching out.
      Non-resident accounts (for tourists and visitors) do exist with certain banks, for example, the big four: Commonwealth Bank, ANZ, NAB and Westpac. You may need to contact your desired bank directly with the details of your situation and discuss your options. You can click on the bank you’re interested in on this page to find out more about them and what they can offer you as a non-resident.

      Cheers,
      Joanne

  3. Default Gravatar
    AnjuOctober 3, 2017

    How would I open a saving account in ING orange

    • Staff
      ArnoldOctober 3, 2017Staff

      Hi Anju,

      Thanks for your inquiry

      ING allows applicants to complete their application form online. Please Click on ‘go to site’ button at the upper portion of this page if you have decided that this is the everyday account that meets your needs, you will also need to provide identification documents as part of the requirements.

      Hope this information helps

      Cheers,
      Arnold

  4. Default Gravatar
    stephanieOctober 3, 2017

    How do I set up an ING savings max account?

    • Default Gravatar
      JonathanOctober 3, 2017

      Hello Stephanie,

      Thank you for your inquiry.

      You can open a Savings Maximiser online, or over the phone 24/7 by contacting ING. As soon as you have set it up, you can use the mobile app, online or phone banking to transfer money in and out of your linked account, or subscribe to automatic transfer.

      Please take note of the following eligibility requirements to open this account:

      - An Australian resident for taxation purposes
      - Aged 13 years or over
      - An Australian residential address and telephone number
      - Linked bank account details to link to your Savings Maximiser account
      - A Tax File Number or exemption code (otherwise tax is deducted at the highest marginal rate)
      - An existing Client Number (if you’re already with ING)

      Hope this helps.

      Cheers,
      Jonathan

  5. Default Gravatar
    AnnieAugust 9, 2017

    Does ING direct have ATMs or any ATM will do to withdraw money?

    • Staff
      RenchAugust 9, 2017Staff

      Hi Annie,

      Thanks for your inquiry.

      Yes, ING Direct has ATMs that you can use to withdraw money, etc. You can do your banking transactions through a mobile app, online banking, phone banking, EFTPOS, and ATMs.

      Please contact ING Direct for further inquiries.

      Cheers,
      Rench

  6. Default Gravatar
    HenryJuly 22, 2017

    Does ING have branches in the suburbs.

    • Staff
      LiezlJuly 22, 2017Staff

      Hi Henry,

      Thanks for your question.

      ING Direct is a branchless bank. If you wish to make cheque or cash deposits into your Orange Everyday, you may do it through Australia Post branches. You may also contact their customer care for help with all your everyday banking tasks. Moreover, you can do your banking transactions through mobile app, online banking, phone banking, EFTPOS and ATMS.

      Kind regards,
      Liezl

  7. Default Gravatar
    JoApril 30, 2017

    I want to deposit over $500,000 in an on call interest account while waiting to buy a house. What is the best rate for ING Direct.

    • Staff
      AnndyApril 30, 2017Staff

      Hi Jo,

      Thanks for your question.

      For ING Direct Savings Maximizer, the maximum interest that you can earn is 3.00% p.a.(1.5% bonus rate plus 1.5% variable rate), provided you link your account to an Orange Everyday Bank Account from ING DIRECT and deposit at least $1,000 into either account each month. If you are not able to meet this criteria, you’ll only earn the variable interest rate of 1.50% p.a.

      Kindly note that that bonus interest rate for ING Direct Maximizer is only applicable to one savings account and for balances that do not exceed $100,000.

      You may also check this page to compare other high-interest savings account. You can take advantage of the saving calculator on the page to see which account can give you high interest earnings.

      Cheers,
      Anndy

  8. Default Gravatar
    ViddyApril 20, 2017

    I would like to open a savings account with high interest rate to start saving.

    • Staff
      MayApril 20, 2017Staff

      Hi Viddy,

      Thank you for getting in touch.

      If you wish to open an ING DIRECT Savings Maximiser account, please review the criteria and details of this product and submit your application online by clicking the “Go to site” button above.

      Meanwhile, in case you also like to compare your other savings account options, please refer to this page. There is a calculator above the table on that page where you can compute your interest earnings by entering your initial and monthly deposits as well as the term of the investment. Once you get the interest earned results, you can start comparing the accounts that give high-interest returns.

      Hope this helps.

      Cheers,
      May

  9. Default Gravatar
    MikeApril 6, 2017

    Hi there, I just opened an account with ING and I was wondering, If I initially deposit $10.000 on my saving maximiser account and deposit $3000 each month on my orange everyday account but spend $2000 each month as well, I would get the 3.00% interest rate

    Thank you.

    • Staff
      AnndyApril 6, 2017Staff

      Hi Mike,

      Thanks for your question.

      Kindly note that to receive the maximum variable rate of 3.00% p.a., you have to link your account to an ING Orange Everyday bank account and deposit $1,000+ each month.

      So for your question, you’ll only get the 3% interest if you have linked your account to ING Orange Everyday bank account and deposit at least $1,000 to your ING DIRECT Savings Maximiser Savings Account. This is regardless of how much you’ll withdraw each month.

      Cheers,
      Anndy

  10. Default Gravatar
    MichaelMarch 13, 2017

    Hi,

    If my pay of $2000 is deposited on to my Orange Everyday account then I transfer $1000 to my Savings Maximiser account within the month or vice versa, do I still get no ATM fees and the 3.00% interest rate?

    Thank you

    • Staff
      AnndyMarch 14, 2017Staff

      Hi Michael,

      Thanks for your question.

      Yes, with that arrangement you can get fee-free ATM withdrawals on your ING DIRECT Orange Everyday Account as the criteria to get this benefit is to deposit $1,000 each month.

      You’ll also be able to earn 3.00% p.a on your ING DIRECT Savings Maximiser as long as you continue to link your account to an Orange Everyday Bank Account and deposit $1,000 or more into it each month. Rates available on balances up to $100,000.

      Cheers,
      Anndy

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