Finder makes money from featured partners, but editorial opinions are our own.

ING Savings Maximiser rate increases to market-leading 4.05%: What’s the catch?

Posted:
News
A man works from his dining room table

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.

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site