Our Verdict
The ING Savings Maximiser is a bonus saver savings account, best suited for savers who can keep track of their deposits and transactions. This is because in order to receive the maximum interest rate ING requires savers to deposit $1,000 a month, along with making five eligible transactions. There are additional conditions to meet, so while it is a good choice for Australians who can remember to fulfil the criteria each month, it’s not the kind of set-and-forget savings account you can passively use to grow your funds.
Related: Best High Interest Savings Accounts for Australians
Pros
- High interest rate
- No fees
- No withdrawal limits
Cons
- Balance must be under $100,000
- Balance needs to grow every month
- More conditions to earn bonus interest than competitors
Maximum Interest Rate
5.00%
Deposit Conditions
$1,000 a month
Age Limit
18+
Table of Contents
- About ING
- ING Savings Maximiser: Bonus Interest Rate
- Additional Savings Features
- ING Savings Maximiser Eligibility
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About ING
ING first opened in Australia 20 years ago, launching the country’s first high-interest, fee-free online savings account. It is headquartered in Sydney, and there are more than two million customers who choose to bank with ING.
Since its founding, ING has grown to become Australia’s fifth largest bank, and now offers three different savings account options–as well as home loans, superannuation, credit cards and more.
In this review, Forbes Advisor has looked at ING’s Savings Maximiser. ING also offers a Savings Accelerator account, and personal term deposits to help Australians save their hard earned dollars.
The Savings Maximiser is ING’s savings account with the highest interest rate, and it has received a ranking of 3.2 stars out of 5 from 96 customer reviews on ProductReview.
ING Savings Maximiser: Bonus Interest Rate
Please note: Information and interest rates are current at the time of writing and are subject to change.
The maximum interest rate you can currently receive with the ING Savings Maximiser is 5.50%.
This is made up of the standard variable rate, being 0.55% p.a., and the additional bonus variable rate of 4.45% p.a. This additional bonus variable rate–and therefore the maximum interest rate available—is only paid out to account holders upon meeting the monthly conditions.
Bonus Interest Conditions
The bonus interest will only be paid on one nominated Savings Maxismer account per customer. To receive the bonus interest with the Savings Maximiser, you must meet the following conditions:
- Hold an Orange Everyday account
- Deposit at least $1,000 from an external source to any personal ING account in your name–excluding Living Super, Personal Loans and Orange One
- Make at least five settled purchases with your ING debit or credit card–excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions
- Grow the balance on your nominated Savings Maximiser account so the end of the current month’s balance is higher than it was at the end of the previous month
- Not exceed a balance of $100,000.
What Happens if I Don’t Meet the Monthly Conditions?
If you don’t meet the conditions to receive the additional variable rate on top of the standard variable rate for the ING Savings Maximiser, you will only earn interest with the standard variable rate.
Additional Savings Features
Bonus interest isn’t the only perk to opening an ING Savings Maximiser account. Other key features of the savings account are explained below.
Round-up feature
ING Savings Maximiser account holders can mindlessly grow their balance by switching on ING’s Everyday Round Up feature. In doing so, every eligible card purchase you make with an Orange Everyday card is rounded up to the nearest $1 or $5.
This rounded up amount is then shifted from your Orange Everyday account to your nominated Savings Maximiser account, helping you to grow your balance without thinking about it.
Online transfers
Savings Maximiser customers with an Orange Everyday bank account have instant access to their account. They can make transfers in and out of the accounts online, over the phone or via a mobile app.
No fees
ING has zero monthly fees with the Savings Maximiser, meaning you can grow your savings without being charged.
ING Savings Maximiser Eligibility
To open a Savings Maximiser with ING, you must be opening the account for personal use; an Australian resident for tax purposes; and aged 18 years or older.
You can apply for a Savings Maximiser online, or over the phone. Both services are available 24/7. All you need in order to apply is:
- An Australian residential address
- An Australian phone number
- Bank account details to link to your Savings Maximiser account
- A TFN number
- An existing client number if you are already with ING
Frequently Asked Questions (FAQs)
What savings accounts does ING offer?
ING offers customers three different kinds of savings accounts: its Savings Maximiser, as reviewed above; its Savings Accelerator; and personal fixed term deposits.
Will the ING Savings Maximiser interest rate increase?
The ING Savings Maximiser interest rate is a variable rate, meaning it can increase or decrease from the interest rate you first receive when you open the account. Recently, it has been frequently increasing due to the RBA’s rate rises. It is expected that there will be more rate hikes in the near future, so savers may very well see an increase in their ING interest rate too.
Can you withdraw from the ING Savings Maximiser?
Yes, you can withdraw money from an ING Savings Maximiser account. This can be done at any time online, over the phone or via the ING mobile app. There are no conditions to withdrawals either; it will not affect your ability to claim the bonus interest.
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Sophie VenzEditor
Sophie Venz is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously the Associate Editor of SmartCompany, Sophie has worked closely with finance experts and columnists around Australia and internationally.
