A high interest savings account that offers a rate of 4.35% to new customers
This high interest savings account by ING DIRECT has a range of strong features that help to define it as one of Australia’s leading online savings accounts that is safe, secure, separate and useful in growing your money.
This savings account is seperate to your everyday banking (unless you have an ING DIRECT Orange Everyday account) which is perfect for helping you save money, stash cash and use the ‘out of sight, out of mind’ mentality to grow your savings balance.
Your money will also earn up to 4.35% in interest.
What is the ING DIRECT Savings Maximiser account?
An online only, high interest savings account that is designed to help you grow your savings, earn an attractively high interest rate and streamline your savings goal.
This account pays higher than normal interest (compared to a general transaction account) and is fee free. This means you can focus on depositing your savings and strategizing ways to save money without the hassle of monthly fees and charges.
About ING DIRECT Savings Maximiser
- Account name: ING DIRECT Savings Maximiser
- Monthly fees: $0 no fees.
- The maximum variable rate: 4.35% for 4 months
- The rate then reverts to standard variable rate of interest.
Explain to me the interest rates
- The maximum variable rate: 4.35% when you open the account.
- The loyalty bonus rate: 3.25% (0.50% above the standard rate)
- Standard variable rate: 2.75% (rate if you don’t do the loyalty bonus requirements)
So what does this all mean? Well, here is how it works.
When you open your account, you will receive an introductory maximum rate of 4.35% for 4 months. After this time, your rate will drop to 2.75%, unless you deposit $200 or more a month – in which case you will receive the loyalty bonus rate of an extra 0.50% to take your rate to 3.25%
How is the interest calculated on the ING DIRECT Savings Maximiser?
Interest is calculated daily, based upon the daily balance of your savings account. It is then paid monthly. This is good for the customer as the more you save, the more interest you earn on a daily basis. This is perfect for people who with to deposit regularly and be rewarded for doing so with more interest.
What do you need to do in order to quality for the ‘loyalty bonus rate’?
To get the loyalty bonus rate, you need to deposit at least $200 into your account each and every month. You can do this manually by transfering from your ‘linked account’ or alternatively, you can setup an automatic savings plan to debit your primary transaction account each month.
The debit method is good if you want to ensure you never miss out on the extra percentage of interest. Better yet, try and go above and beyond the minimum deposit amount so that your savings grow and the interest you earn increases.
Are there any fees on the ING DIRECT Savings Maximiser?
No fees are charged by ING DIRECT – there are no hidden tricks or catches here. Just deposit, save and earn interest. This means no monthly account fees, admin charges or withdrawal fees.
Did you know your money is protected by the Australian Government?
Upto $250,000 is covered (per person) by the Australian Government savings gaurentee. This means your money is protected should ING DIRECT ever have financial trouble (however unlikely).
If you have more than $250,000 that you want covered, simply open up another account. This gaurentee is simply per customer, per single account.
ING DIRECT have 24/7 call centres, based in Australia
Another benefit of ING DIRECT is that their call centre is based in Australia and open 24 hours a day, seven days a week. We all know how difficult it can be when a call centre is based overseas; it can often mean a communication break down that sees small problems become larger.
With ING DIRECT you can rest assured that all call centre staff are based in Australia and understand your particular concerns.
There are no fixed terms or minimum balances
ING DIRECT Savings Maximiser does not require a minimum savings term nor a minimum balance. You can save for as long or short as you like. You can also have as much money or as little money as you want in the account. Totally up to you.
You can connect your savings account to your ING DIRECT Orange Everyday account
You can open both accounts at once. This allows you to easily transfer money from your primary everyday account, to your ING DIRECT savings account.
ING DIRECT banking iPhone app
ING DIRECT offer a very well built, easy to use and intuitive app for iPhone. This will let you check the balance of your Savings Maximiser account and also perform transactions as and when you need to, without logging into the website.
The application also allows you to login using a 4 digit pin, great for people on the move and not wanting to enter too much information to get through security.