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Mini meca 2024

ING Savings Maximiser

Advertiser disclosure
Interest rate
0.55% p.a.(for $0 and over)
Maximum rate
5.50% p.a. (for $0 to $100,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review ING Savings Maximiser - last updated: 26 March 2024

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What's hot
  • Earn up to 5.50% p.a. (Standard variable rate of 0.55% pa + additional variable rate of 4.95% for eligible accounts)
  • 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 0.55%, but if you can meeting monthly conditions, you could get a bonus rate of 4.95% p.a. (or 5.50% in total) which could help 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.

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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 4.95% 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 source into an eligible personal ING account (excluding Orange One and Living Super)
  • 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 5.50% only applies on balances of up to $100,000 and balances over that figure will receive the base rate of 0.55%. 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 18 July 2024. 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: 0.55% p.a.

Balances from $0: 5.50% p.a.
Balances from $100,000: 0.55% p.a.

For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.

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

n/a

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

^See information about the Mozo Expert Choice Awards

Customer Reviews

How are ING savings accounts rated by the Mozo community?

Overall
8.7/10
Price
8.9/10
Features
7.9/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.8/10
Based on 2127 ING savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of ING Savings Maximiser Savings Account

About ING

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3.35% p.a. (for $0 to $50,000)

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

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5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

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5.00% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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5.20% p.a. (for $0 to $30,000)

2.00% p.a.(for $0 and over)

Yes up to $250,000

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5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

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Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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

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High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

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Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

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Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

2.00% p.a.(for $0 and over)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

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IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

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

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Save Account

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

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

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

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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