The ING Direct Savings Maximiser was the first high interest online savings account offered in Australia. The main features of the Savings Maximiser are:
- the current highest variable rate is 4.05% p.a.
- high rate of interest with bonus interest for new customers
- no monthly account fees
- funds can be transferred in or out from any other Australian bank account
- no minimum balances
- interest is calculated daily and paid monthly
- access via phone banking 24/7 or online
- automatic savings plans can be setup
- covered by the Government deposit guarantee up to $1million
- you can choose to only receive online statements to help the environment
What’s to like about the Savings Maximiser?
The Savings Maximiser is a very simple high interest savings account. It needs to be connected to another bank account either with ING Direct or any other Australian bank in order to transfer funds. Funds can be transferred online, via phone banking or you can arrange for regular deposits to be withdrawn from your other accounts to deposit into the Savings Maximiser.
It has consistently paid very competitive interest rates since its inception. It currently offers an interest rate of 4.05%. Interest is paid once a month.
Catches
From 1 March 2021 there is a requirement that account holders will need to start “growing” their Savings Maximiser balance each month to be considered eligible to get the bonus interest rate on their Savings Maximiser.
The balance at the end of the current month must be higher than at the start of the month.
To get the highest variable interest rate account holders need to:
- deposit $1,000 or more from an external source (like your wages or arrange a regular transfer),
- make 5 or more card purchases that are settled (not pending), and
- grow the Savings Maximiser balance each month (not including interest for that month)
The bonus rate is available for balances up to $100,000 after the eligibility criteria has been met.
Disclaimer: Interest rates and other important features of this product change without notice. Please check all details with the product provider before making any decision.
Disclaimer: Interest rates and other important features of this product change without notice. Please check all details with the product provider before making any decision.