ING’s Savings Maximiser conditions to change in March: Here’s what you need to know
At 1.35%, right now ING's Savings Maximiser offers one of the top interest rates in the Mozo database*, however as of 1 March 2021 the online bank is adding another condition for customers to meet. This will make it just that little bit harder for savers to earn the full interest rate.
As of March you will have to:
- Make sure that the balance of your nominated Savings Maximiser is higher than it was at the end of the previous month (the balance does not include interest payments).
In a way this new condition might encourage you to build up your rainy day fund even more.
Savings Maximiser snapshot:
So to recap, the current conditions for bagging the full 1.35% are:
- You must have a linked ING Orange Everyday account
- You must deposit at least $1,000 each month into your Orange Everyday account (could be a paycheck)
- You must make at least five settled card purchases throughout the month, also via your Orange Everyday account.
It should also be noted that this interest rate is only available for balances under $100,000.
Although if you do struggle to meet all the conditions the interest rate will fall to 0.05% p.a. If that doesn't click with you, we've rounded up a few other savings options to consider.
Other savings options
- 1.20% p.a. maximum ongoing interest rate
- No account fee
With an interest rate that is still competitive in the current economic climate, MyState Bank's Bonus Saver might be one to consider for your savings stash. Although it has fewer conditions than ING's, you will still have to meet a few requirements to earn the full 1.20% p.a. interest rate. These include every month depositing at least $20 and making a minimum of five debit card transactions via a MyState Bank Everyday account. The bonus interest is available for balances up to $250,000 and will drop to 0.10% p.a., if the conditions are not met.
- 1.05% p.a. maximum ongoing interest rate
- No account fees
Offering a maximum ongoing interest over 1%, Bank of Queensland's Fast Track Saver is not one to be passed by. The full 1.05% p.a. interest rate can be earned on balances up to $250,000 and there are no account fees to worry about. Of course there are some monthly conditions to meet to earn the full rate. Each month you will have to deposit at least $1,000 into a linked Day2Day Plus account and make a minimum of five transactions via your linked debit card. If you don't meet the conditions, in any given month the interest rate will drop to 0.05% p.a.
- 0.80% p.a. maximum ongoing interest rate
- Create savings goals and set up automatic transfers
To bag the full 0.80% p.a. interest rate offered with Bankwest's Hero Saver, each month you will have to deposit at least $200 into your savings and make no withdrawals. The full interest rate is available for balances up to $250,000.99. If your balance goes above that or you fail to meet the conditions in a month, the interest rate will drop to 0.01% p.a. The good news is that with this particular account, you can set up automatic transfers via the Bankwest app. So you might not have to worry about forgetting to transfer that $200 into your savings each month. You can also create goals, giving you an incentive to save.
- 1.10% p.a. 4 month intro rate
- No account fees
Lastly, if you don't mind doing some account surfing, you could score a higher interest rate with Citi for a shorter amount of time. With this savings account you can earn 1.10% p.a. on balances under $500,000 without having to meet any other monthly conditions. The catch? Well, that enticing interest rate is an introductory rate for new customers, so it's only available for four months. After that time (or if your balance goes over $500,000), the interest rate will drop to 0.35% p.a. That said, it's certainly something to think about if you have a tidy stash you want to earn a bit of extra cash on.
Have more savings questions? Why not check out our national savings report. Here we discuss everything from why shopping around still matters, to what useful tips can help boost your stash.
Or head to Mozo's compare savings accounts page, to check out more options for your stash.
*Based on information available in the Mozo database, correct as of 22 February 2021.
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