The ING Savings Maximiser has a standard variable interest rate of 0.05% p.a., but if you have a linked Orange Everyday Account, deposit at least $1,000 a month from an external source (e.g. your salary) and make at least 5 purchases on your debit or credit card each month, you'll get a bonus rate of 1.30% p.a. (or 1.35% p.a. in total) which will put you in the right direction to maximise those precious savings.
The combination of no account fee, no balance minimum and free transactions over the phone and on the net will give you the flexibility to access your dollars without any hidden slaps.
Keep in mind the bumper 1.35% p.a. bonus variable rate is only available when you also have an Orange Everyday bank account, deposit at least $1,000 or more and make 5 purchases on your credit or debit card each month. It also only applies for balances up to $100,000 after which the standard variable rate is 0.05% p.a.
If you ever need to have a rant or rave about your savings account, you'll be able to ring up the 24/7 Australian-based customer service hotline and get it off your chest.
Prefer to do your banking on your smartphone? You're in luck! You'll be able to transfer money into your Savings Maximiser with ease thanks to the ING banking app.
Additional condition: From March 1, 2021, customers will also need to grow the balance of the account from month to month. So that means there will need to be a greater balance in the account at the end of the month (excluding interest) than there was at the end of the month before.
The Savings Maximiser is only available for personal banking customers and you must also be an Australian citizen. The Savings Maximiser has an eligibility requirement of 13 years and over (usually 18 years with savings accounts), making this savings account a potentially great way to transition from a children's savings account to a savings account with a linked transaction account.
Just be sure to supply your Tax File Number at time of sign up or tax on your interest will be deducted at the highest possible rate.
Balances from $0: 0.05% p.a.
Balances from $0: 1.35% p.a.
Balances from $100,000: 0.05% p.a.
For customers who have an Orange Everyday and in each month deposit at least $1,000 from an external bank account, make at least 5 card purchases using the linked ING debit card and from 01 March 2021 grow the account balance.
$0.00
n/a
unlimited free transactions from internet, phone.
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
n/a
$0.00
$0.00
Monthly
no
none
no
no
no
no
no
yes
yes
no
no
Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
none
I love this bank as they don't charge any fees, and it's quick and simple to setup.
Read full reviewI love this bank as they don't charge any fees, and it's quick and simple to setup.
Great savings plans.
Read full reviewGreat savings plans.
I have always been a happy customer and enjoyed the bonus interest, although the 5 spends a month is inconvenient and now they want to have a plus $ amount at the end of each month. This makes things difficult when I pay accounts quarterly and have a larger amount spent. This is particularly difficult when only on casual wages to maintain that plus amount. Is there some way to get around this provision?
Read full reviewI have always been a happy customer and enjoyed the bonus interest, although the 5 spends a month is inconvenient and now they want to have a plus $ amount at the end of each month. This makes things difficult when I pay accounts quarterly and have a larger amount spent. This is particularly difficult when only on casual wages to maintain that plus amount. Is there some way to get around this provision?
Con: There’s no branch in Geelong.
Read full reviewCon: There’s no branch in Geelong.
This is truly a competent bank in all aspects. I cannot fault it.
Read full reviewThis is truly a competent bank in all aspects. I cannot fault it.
ING is part of the ING Group, one of the world's largest financial institutions, but it isn't like other banks. ING pioneered branch-less banking in Australia, getting rid of branches and passing on the savings to customers in the form of better rates and lower fees. From high interest savings accounts and term deposits to low rate home loans, ING aims to keep your banking simple.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.85% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.85% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Suncorp
Everyday Options Sub-account
No Current Offer
0.05% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
0% p.a.(for $0 and over)
1.10% p.a. (for $0 to $1,000,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.50% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.55% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
