ING Savings Maximiser savings account

2023 Transaction Account Customer Satisfaction winner

ING

ING took the top spot in our Transaction Account category this year, with 92% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.50 out of 5. Find more about Finder Banking Satisfaction Awards 2023.

Key features

Maximum variable interest rate of 5.5% p.a.

Earn a maximum, ongoing variable bonus rate of 5.5% p.a. when you link to an ING Orange Everyday account and meet the following criteria each month: deposit at least $1,000; make 5+ card purchases; and grow your Savings Maximiser balance (excluding interest earned).

Standard variable interest rate of 0.55% p.a.

Your savings balance will have a variable interest rate of 0.55% p.a. applied to it each month. If you don't meet the bonus rate conditions one month, you'll still earn the standard rate.

Limitations to the bonus interest rate

Bonus interest is only applicable to one savings account and for balances that do not exceed $100,000. It is a variable interest rate, so it can change at any time.

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, that interest is applied to the balance the following month. If you miss the bonus interest conditions 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 Orange Everyday account so you can receive the bonus interest.

Additional terms

Customers may hold more than one Savings Maximiser account at a time, however you'll only be able to earn bonus interest on one account.

Can I deposit a cheque into this account?

You can deposit a cheque into this account via Bank@Post.

How to apply

Eligibility

Before you begin the online application process, check that you are able to meet the eligibility requirements set forth by ING:

• Minimum age requirement. You need to be aged 18 or older.
• Residency requirement. You must be an Australian resident for tax purposes or a citizen with a residential address in Australia.

• Savings account use requirement. This account is for personal use only. If you wish to find a similar savings account for business purposes you could consider the ING Business Optimiser account.

Documentation needed

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 2 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?

If ING is 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.