In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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ING Savings Maximiser savings account

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ING Savings Maximiser
Maximum variable rate
5.50% p.a.
Base interest rate
Minimum deposit

Our verdict

You can earn an ongoing bonus rate of 5.5% p.a. on your savings when you meet the account conditions.

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This savings account offers a bonus interest rate of 5.5% p.a. each month you meet the account conditions, which is one of the most competitive rates in the market. 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. You also need to grow your Savings Maximiser balance each month to earn bonus interest - this can be by any amount, but it excludes any interest you've earned.

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 (as long as you replace the money and ensure your balance ends the month higher). And if you meet the account conditions, you won’t pay any international transaction fees with your linked Orange Everyday account. 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.


  • Won Best Savings Account in 2023 Finder Awards
  • Competitive ongoing bonus rate of 5.50% p.a. is one of the highest in market
  • $0 Account keeping fees
  • Fee-free ATMs in Australia and no international transaction fees with the linked transaction account (conditions apply)


  • Several monthly conditions to meet to earn the bonus rate
  • Bonus interest rate only applies up to balances of $100,000

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

Earn 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). 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 be able to earn 1% cashback on your utility bills when you pay using your linked ING Orange Everyday account which is a great added perk.


Key details

Product Name ING Savings Maximiser
Maximum Variable Rate 5.50% p.a.
Standard Variable Rate 0.55% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

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


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 permanent resident or 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.

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November 22, 2023

If i was to depsit more than 100,000 say 125,000 would i still recieve 5.5 M.V.R .But still recieve the bonus intrest up to 100,000. Also, how can i contact ING directly.


Angus Kidman Finder

November 24, 2023

Yes, the 5.5% rate only applies to the first $100,000 (assuming you meet the other conditions) – any funds above that amount would earn the lower 0.55% rate. You can contact ING on 13 34 64.



November 02, 2023

Recap what my understanding is when I open an account on Nov 2 so Dec 2 the latest I need to deposit $1K to my account right? Can I withdraw it in next day? In addition my account balance have to be higher than previous month, e.g. monthly account balance today is 10,000 (excluded interest earning), then next month on 2nd will be 10,001+ right?

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Richard Whitten Finder

November 06, 2023

Hi Teresa,

I suggest contacting ING directly with this enquiry as they should be able to break it down for you in more detail.


Danielle Newbery

October 18, 2023

Do I need to open an ING orange everyday account to receive the bonus or can I transfer the $1,000 from another financial provider into the ING savings maximiser account?


Richard Whitten Finder

October 23, 2023

Hi Danielle,

Yes you’ll need an ING Orange Everyday account.



October 17, 2023

can I open 2 ING Savings Maximiser accounts, in my name and my spouses name


Angus Kidman Finder

October 18, 2023

Both you and your spouse can open individual accounts, but to earn the bonus interest both accounts would need to meet all the conditions (linked account and minimum deposit, growing the balance, and 5 or more Visa debit transactions each month). Hope this helps.



October 11, 2023

Hi there

I am an Australian temporary resident (4years) with a residential address in Australia, is it possible to have an saving account ?



Angus Kidman Finder

October 18, 2023

Yes, you should be able to open an account – but you might find yourself having to visit a branch to verify your identity, depending on the documents you have. Our guide to opening a bank account in Australia has more details.

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