ING Savings Maximiser rate increases to market-leading 4.05%: What’s the catch?
ING's new bonus rate of 4.05% is the highest in the market, but there are several conditions you need to meet to get it.
ING has announced it will be lifting its bonus interest rate for its popular Savings Maximiser account to an impressive 4.05% p.a., effective from 11 October.
The new rate will be available to all new and existing customers who meet the monthly account conditions and is available on balances up to $100,000.
ING announced the rate increase following the latest RBS cash rate increase earlier this week, which was the sixth cash rate increase we've seen this year.
However, while the RBA raised the cash rate by 25 basis points, ING is lifting its savings rate by 45 basis points, from 3.60% p.a. to 4.05% p.a. in a single move.
How to get 4.05% p.a. with ING
To qualify for the 4.05% p.a. bonus rate you first need to link your account to an ING Orange Everyday transaction account.
You then need to make sure you deposit at least $1,000 into your ING Orange Everyday account each month. This needs to be from an external source, it can't be from another ING savings account.
As well as the monthly deposit you also need to make 5 or more eligible transactions using your ING Orange Everyday debit card that are settled within the month (not pending).
Lastly, you need to grow your ING Savings Maximiser balance each month (excluding interest).
This means that you can take money out of the account throughout the month, as long as your balance at the end of the month is higher than it was at the start.
This might all sound a bit complicated, but can be pretty easily achieved if you use the ING Orange Everyday account to get your salary or wages paid into and also for your day-to-day purchases.
How does ING compare?
Although this rate by ING is the highest in the market at the time of writing, savings rates are constantly changing at the moment. Several other banks have announced they'll be increasing their interest rate for savers too.
Bank of Queensland offers 4.00% p.a. on its Future Saver Account, but unlike ING it has an age restriction of 14–35. It also only offers this rate on balances up to $50,000, compared to $100,000 with ING.
Macquarie Bank is also offering 4.00% p.a. on its Macquarie Savings Account, though this rate is only available for the first 4 months after opening the account.
Savings rates have changed a lot in the past few months. If you haven't checked your rate in a while, it could be time to compare savings accounts and see if you can earn more interest on your cash.