ING logo

ING Savings Maximiser

Advertiser disclosure
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: 17 November 2020.

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What's hot
  • 1.35% p.a. ongoing bonus rate if conditions are met
  • No account fees
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% 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. 

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Key features

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.

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Who is it good for

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.

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Any catches

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.

Details

Rates and fees information correct as at 20 January 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 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.

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

Customer Reviews

How are ING savings accounts rated by the Mozo community?

Overall
8.9/10
Price
8.9/10
Features
7.9/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.9/10

Latest reviews of ING Savings Maximiser

  • Overall 10/10
    Low rates and my money feels safe

    I love ING. Their banking app, low rates and security make banking with them very easy and without worry.

    Read full review

    I love ING. Their banking app, low rates and security make banking with them very easy and without worry.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Melissa, Victoria reviewed 1 day ago
  • Overall 9/10
    Good interest rates and savings accounts.

    I like this bank because it is easy to work with. They do not charge fees and always keep you up to date with recent changes or updates to interest rates, bank accounts, insurances etc. Their mobile app is simple, easy to use and works well.

    Read full review

    I like this bank because it is easy to work with. They do not charge fees and always keep you up to date with recent changes or updates to interest rates, bank accounts, insurances etc. Their mobile app is simple, easy to use and works well.

    Price
    7/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Rahni, Queensland reviewed 1 day ago
  • Overall 7/10
    Excellent.

    Easy to deal with. Gives up to date information.

    Read full review

    Easy to deal with. Gives up to date information.

    Price
    -1/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Lyn, Western Australia reviewed 5 days ago
  • Overall 9/10
    Great interest rates, no fees and easy to use.

    Great interest rates, no fees and easy to use. I would like this to be available with Samsung pay though.

    Read full review

    Great interest rates, no fees and easy to use. I would like this to be available with Samsung pay though.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jayde, Western Australia reviewed 6 days ago
  • Overall 10/10
    Great work.

    There are no fees.

    Read full review

    There are no fees.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sally, Queensland reviewed 6 days ago
Thumbnail icon for ING

About ING

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.

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0.05% p.a.(for $0 and over)

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0.85% p.a. (for $0 to $5,000,000)

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0.05% p.a.(for $0 and over)

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