ING Savings Maximiser is changing the rules for bonus interest
Here's how to make sure you're still earning bonus interest on your ING savings account in 2021.
If you've got an ING Savings Maximiser account, it's going to be a little bit harder to earn bonus interest on your balance soon. ING is adding an extra requirement to its bonus rate account conditions that will come into place from March 2021.
Changes to ING Savings Maximiser conditions
Currently, ING offers a total bonus interest rate of 1.35% p.a. on balances up to $100,000. In today's low-rate environment, this rate is actually quite competitive, with many other accounts offering interest rates less than 1.00% p.a.
To earn the total bonus rate with ING, you need to link your account to an ING Orange Everyday account, deposit $1,000 per month into either account and make 5+ debit card transactions from your ING Orange Everyday account. Even though there's a monthly deposit condition, you can make withdrawals from the account during the month and still be eligible for bonus interest.
However, from March 2021, you'll need to meet these existing conditions plus grow your ING Savings Maximiser balance each month (excluding interest earned). This means if you're currently depositing the required $1,000 to earn bonus interest but you're taking that money straight out again, you'll need to adjust your strategy.
The good thing is you can grow your balance by any amount during the month, just so long as it's higher at the end of the month than it is at the start.
This new requirement to grow your Savings Maximiser balance each month only impacts your eligibility for bonus interest. So you'll still only need to meet the current conditions to be eligible for free ATM withdrawals Australia-wide and no foreign transaction fees.
How does ING Savings Maximiser compare?
The highest bonus rate in the market right now is 3.00% p.a. with the Westpac Life savings account. You can earn this rate each month you grow your balance (by any amount, excluding interest earned), keep your balance above $0 and make 5+ debit card purchases from your linked Westpac Choice transaction account.
In terms of account conditions to earn the bonus rate, Westpac's is a bit easier to earn than ING as there's no set monthly deposit amount. However, this 3.00% p.a. bonus rate is only available for customers aged 18-29 on balances up to $30,000. If you're outside of this age bracket or you have a bigger savings balance, you'll earn more interest with ING.
The MyState Bank Bonus Saver account offers the same bonus rate as ING at 1.35% p.a., but it comes with easier account conditions to meet. You'll earn bonus interest by linking the account to a MyState transaction account, depositing $20 per month and making 5+ debit card transactions per month. Similar to ING, you can make withdrawals from the account during the month while still being eligible for interest.
If you haven't checked your savings account rate in a while, it might be time to compare. Take a look at the current high interest savings account rates and consider switching to earn more interest on your money.