Author Topic: ING Direct Savings Maximiser (Australia) - Tips please.  (Read 2329 times)

JLR

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ING Direct Savings Maximiser (Australia) - Tips please.
« on: March 26, 2015, 05:36:11 AM »
I currently have some money sitting in an ANZ account earning 3.16%. I've been looking at opening an ING Savings Maximiser account to get 4% on the first 100k and would love some tips from anyone else who has the same account.

It sounds like I need to deposit $1000/m into the account to get the high interest rate. Could I get away with depositing $100k into the Maximiser account, then withdrawing $1000/m to the Everyday account, then send the money back to the Maximiser account?

Does anyone have any other tips on how to get the most out of this account?

Anyone know of any other accounts that offer such a good interest rate (or better)? My ANZ account will pay 3.16% on amounts under or over 100k, but the ING account will only pay that rate up to 100k, and you can only have one Savings Maximiser account. I'm looking at putting some money into Vanguard in the near future, but want to keep a good amount of cash handy until our circumstances settle down a little and we can make some long term plans.

Thanks. :)

potm

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #1 on: March 26, 2015, 05:42:29 AM »
Pretty sure it has to come from an external account, not a linked ING account. Ubank would be the next best interest rate for amounts up to 200k.

missbee

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #2 on: March 26, 2015, 07:34:52 AM »
I have the everyday account (free ATMs and 2% cash back woo!) and a linked savings maximiser, I transfer the funds in from the linked ing everyday account and get the 4% no problem.

insolent librarian

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #3 on: March 26, 2015, 07:45:45 AM »
I am pretty sure it has to come from an external account. But it's really easy.
Option 1. Check to see if your pay can be paid into multiple accounts, and have ~$250 per week paid into an ING account. The cash doesn't have to stay there, you can spend it, or move it to your usual account the same day.
Option 2. Do a transfer from any external account you have of $250 a week. Then transfer it back again the same day.
(I'm not sure that ING would approve of option 2. But still, it's worth thinking about.)

I actually went and got two accounts with ING for a few reasons, one of which was this 4%. I'm getting half my salary paid into the Everyday account, and half into my other account. One of the key things with ING, is that it's free to have the account, it's free to transfer money (makes it easy to pay bills) and if you do pay $1000 into it every month, it's free to use ATMs as well. I don't know why people still have everyday accounts with places that charge them $5 a month to look after their money.

And, if you do transfer money from the savings maximiser, you don't lose the 4%! So I actually leave my cash in that account most of the time, and then when I do need to pay a bill, just transfer the amount needed to the Everyday account, and then the next day pay the bill. (And this can be setup automagically.) It might only be a few cents a day (amount-in-account times 4% divided by 365 equals amount-of-interest-per-day), but it all adds up.

JLR

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #4 on: April 04, 2015, 12:02:10 AM »
Thanks for the replies. Now we have the internet connected at our new place I'm going to look at sorting out my accounts.

samusugiru

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #5 on: April 04, 2015, 01:35:43 AM »
The money has to increase each month to earn the bonus interest.

pancakes

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #6 on: April 04, 2015, 04:49:17 AM »
ING dropped their rate to 3.75% the other day.

On the positive side they have a promotion currently on new accounts for a $250 webjet voucher via a referral code and at least $1000 deposited within a month. I have a referral link if you are interested.

Basically just deposit $1000 (can withdraw it again) from an external account every month to receive all the bonuses. Depositing into the savings account qualifies you for bonuses on your linked everyday account.
« Last Edit: April 04, 2015, 04:52:01 AM by pancakes »

JLR

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Re: ING Direct Savings Maximiser (Australia) - Tips please.
« Reply #7 on: April 05, 2015, 03:18:46 AM »
Thanks for the offer, Pancakes, but I signed up last night. And I saw that they have reduced their rate. Still, it's better than ANZ is offering, so I'm going to give it a go. :)