Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
1.35% p.a. (for $0 to $100,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review ING Savings Maximiser - last updated: 13 August 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • 1.35% p.a. ongoing bonus rate if conditions are met
  • No account fees
  • Round-up tool
What's not
  • $100,000 balance cap on bonus rate
Mozo snapshot

The ING Savings Maximiser has a standard variable interest rate of 0.05%, but if you can meeting monthly conditions, you'll get a bonus rate of 1.30% (or 1.35% in total) which will put you in the right direction to maximise those precious savings. There are a few steps though: you'll need to have a linked ING Orange Everyday Account, deposit at least $1,000 a month from an external source (e.g. your salary) and make at least 5 settled card purchases each month, as well as grow your savings balance by more than the accrued interest.

But if you can meet the criteria, it's a great rate – plus, this account picked up a 2021 Mozo Experts Choice Award for best Regular Saver!

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Key features

The combination of no account fee and a generous ongoing bonus rate could make ING's Saving Maximiser a rewarding place to stash your savings. Keep in mind the bumper 1.35% bonus variable rate is only available when you also have an Orange Everyday bank account and hit the following monthly requirements: 

  • Deposit at least $1,000 from an external account into an eligible ING account 
  • Make a minimum five card purchases via the linked ING transaction each month (which are settled) 
  • Grow the balance of the savings account each calendar month (not including interest)

One of the other handy features about the account is the round-up tool. Users can set up their desired round-up figure to the nearest $1 or $5, then every time they make a purchase the difference will be deposited into their savings. For example, a $3.50 coffee will be rounded up to $4 and that 50c difference will be automatically deposited into savings.  

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.


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Who is it good for

The Savings Maximiser has an eligibility requirement of 13 years and over, so with that in mind, it could be prove a competitive account for both teenagers and adults to grow their savings balances - as long as they're able to meet the monthly deposit requirements.

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Any catches

Bear in mind that the maximum bonus rate of 1.35% only applies on balances of up to $100,000 and balances over that figure will receive the base rate of 0.05%. So if you've got a much larger savings balance, you may want to compare other savings accounts with higher thresholds. 

Details

Rates and fees information correct as at 25 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

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 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance higher at the end of the month (excluding interest) than it was at the end of the previous month.

Fees

$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

Other financial bits

$0.00

$0.00

Monthly

Features

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

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