ING offers two standard savings accounts – Savings Maximiser and Savings Accelerator. Both are fee-free accounts. Savings Maximiser pays bonus interest for customers who also have an Orange Everyday bank account and deposit at least $1,000 per month. Savings Accelerator pays bonus interest for balances of $50,000 to $149,999.99 and even more bonus interest for balances of $150,000 and above. ING also offers term deposits, credit cards, home loans, insurance and superannuation. ING’s domestic headquarters is in Sydney, while its international headquarters is in Holland.
ING savings account interest calculator
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at interest rate 1.35 %
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Pros and cons
- No fees
- Maximum interest rate comes with conditions
ING savings accounts rates
*Customers must complete the following each month: 1. Deposit at least $1,000 from an external source; 2. Make 5+ settled card purchases; and 3. Grow the balance on the nominated Savings Maximiser account – i.e. make sure there’s more in the account at the end of the month (excluding interest) than there was at the end of the previous month.
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How to Apply
ING, like most banks, offer a range of savings accounts to consumers. Choosing the right one will depend on your circumstances, spending and saving habits, as well as your saving goals. Here’s what you need to know about ING savings accounts.
Who is ING?
ING has been trading in Australia since 1999, making them a relatively new player in the banking scene. However, their parent company, ING Group, has a much longer history, originating in the Netherlands and tracing back as far as 1845.
Nonetheless, ING offers Australian consumers one alternative to the big four banks. They have only one branch, located in Sydney and advertised as the “ING Lounge”. The majority of their customers’ banking is done online, with the use of both online banking and the ING mobile app.
What is a savings account?
A savings account is an additional bank account that many consumers hold, in addition to their everyday transaction accounts.
The reason for this is that a savings account is a separate account to store and accrue money that you wish to save. We all know that if we leave our savings in our transaction account, they often don’t stay savings for long.
Having a savings account makes it easier to keep track of your savings, and harder to “accidentally” dip in when money gets tight. Many savings account also deliberately come without ATM access, making it even harder to spend your savings (although certainly not impossible.)
What should I look for in a savings account?
The goal of your savings account is – unsurprisingly – to help you maximise the money you save, while minimising your chances of spending your savings.
The main thing to look for in a savings account is a high interest rate. You want the money that you are saving to accrue as much interest as possible, in order to grow your savings. Many banks offer savings account with introductory or “honeymoon” interest rates for the first three months or so. These may seem enticing, but remember to check the base interest rate too, as this is what you’re signing up for in the long term.
You should also check for any additional fees. These might include account-keeping, transaction or even deposit fees. Make sure that you’re not signing up for an account that will drain your savings in fees.
What can I expect from an ING savings account?
ING has won multiple awards for their savings accounts, which is a promising start. Because ING banking is done predominantly online, overall operations costs are lower than a traditional “bricks and mortar” bank. These savings can then be passed onto consumers, with lower account-keeping fees and higher interest rates.
ING offers a range of savings options, including traditional savings accounts and term deposits. Start by comparing savings options and their interest rates, and make sure to take into account both the standard and variable interest rates.
What’s the difference between standard and variable interest rates?
The variable interest rate is another name for a honeymoon or bonus interest rate. As previously mentioned, this higher interest rate could be applied to your savings account for the first few months. This is common practice among many banks, to entice new customers to switch banks.
A variable interest rate could also be applied to your savings account as an incentive for certain activities. For example, your bank might apply the variable interest rate if you deposit a certain amount of money each month, and make no withdrawals. These activities encourage more savings for you, and also mean that the bank is handling more of your money, so they are happy to incentivise them.
The standard interest rate is, to put it simply, the interest rate on your savings account when the variable rate no longer applies. This could be because you’ve reached the end of the honeymoon period, or you haven’t met the required activity to be rewarded with the variable interest rate. Make sure to take the standard interest rate into account when considering a savings account, as it is usually significantly lower than the variable interest rate.
It’s also important to remember that interest rates - both standard and variable - are at the bank’s discretion and can change at any time.
Is an ING savings account right for me?
Whether a particular bank or account is the right option for you will always depend on your personal circumstances, income and spending and saving habits.
If you’re considering an ING savings account, be sure to compare this account with other competitors too, to make sure you’re getting the right account for you.
If you prefer to bank online, ING could be a good option for you. But make sure to consider all of your options before making a decision.
Learn more about savings accounts
How to make money with a savings account?
Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.
To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.
Can you have multiple ING savings accounts?
Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.
To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.
With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.
What is a savings account?
A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.
What is an ANZ locked savings account?
An ANZ locked savings account locks your money and prevents you from spending. You may use a standard savings account as the account where your salary is deposited. You can then withdraw funds when needed, but aren’t able to make purchases with it. However, this account may not grow much as the continual withdrawing of funds will limit the interest you can earn.
With a locked savings account in ANZ, you know your savings will grow because you can’t access the money. You can also qualify for a bonus when you deposit at least $10 per month and don’t make any withdrawals. To help you with this further you can set up an automatic transfer from your regular ANZ savings or transaction account so you don’t forget to make a monthly deposit.
Your ANZ locked savings account offers you a base interest rate of 0.1 per cent per annum plus an additional bonus interest of 0.49 per cent per year. The interest is calculated daily and credited to your account on the last working day of the month.
How much money should I have in my savings account?
A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.
If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.
What are the requirements of an ING Bank locked savings account?
An ING bank locked savings account - also called a term deposit - offers you interest in exchange for holding your money for a period of time.
The terms offered include as little as 90 days or as long as two years. Generally, the longer you lock your money away, the higher the rate of interest.
The minimum deposit amount for an ING locked savings account is $10,000.
To be eligible to apply, you must:
- Be an Australian resident for tax purposes
- Be aged 13 years or older
- Hold the account for personal use (ING offers business term deposits as a separate product).
Can you set up direct debits from a savings account?
It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.
Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.
Should I open a Commonwealth locked savings account?
If you have trouble saving money, a Commbank locked savings account could be a potential solution. A locked savings account won’t let you make withdrawals and as such, it can help you grow your savings balance if you keep topping it up.
The Commonwealth locked savings account advertises high-interest rates and minimal maintenance fees, along with a host of other incentives that will encourage you not to touch the money.
The account offers a higher interest rate for each month that you make limited or no withdrawals, as well as regular deposits.
To qualify for a Commonwealth locked savings account with the advertised features, you will need to fulfil specific criteria such as:
- Depositing a fixed minimum amount into the account every month.
- Making a fixed number of deposits each month.
- Making a minimum or no withdrawals each month.
- Maintaining a minimum account balance.
Should I open multiple savings accounts with UBank?
UBank offers customers an opportunity to make the most of their savings by opening multiple savings accounts. Having multiple savings accounts with UBank may be ideal for savers tracking different goals in separate accounts.
It’s important to note that to earn bonus interest, you will still need to meet the conditions of the UBank savings account every month. If you don’t make these deposits, you will receive the standard interest rate, which is typically lower.
Keep in mind that you won’t earn bonus interest on your UBank savings account in the month an account is opened and if you open multiple savings accounts with UBank, you'll start earning any bonus interest the following month.
It's also not yet known how long the special interest rate will hang around for, so please check with your bank for more information.
Who has the highest interest rates for savings accounts?
What is the interest rate on savings accounts?
As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria
How does interest work on savings accounts?
The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency.
Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.
How to open a savings account for my child?
Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.
Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.
What is a Westpac locked savings account?
The Westpac locked savings account (also known as "Westpac Life") can help customers reach savings goals faster through bonus interest. Customers receive 0.2 per cent standard base interest with a variable bonus rate of 0.35 per cent when the closing balance at the end of the month is higher than the opening balance.
There are some conditions to earn the bonus interest on Westpac's locked savings account, though. First, you’ll need to increase the balance each month either through a deposit or not making any withdrawals, and then link it to a Westpac Choice account and make at least five eligible payments using your debit card. Please consult your bank as to what an eligible payment is.
What are the two types of NAB locked savings accounts?
With a locked savings account in NAB, you can earn bonus interest and learn financial discipline. NAB offers two types of locked savings accounts, each with their own terms and conditions.
The NAB Reward Saver account pays a variable base interest rate of 0.05 per cent per annum and a bonus interest of 0.55 per cent. You’re eligible for the bonus if you make a minimum of one deposit on or before the second last banking day and have no withdrawals in the month.
Meanwhile, the NAB iSaver account provides 0.05 per cent as the standard base interest rate and a fixed bonus margin of 0.55 per cent during the first four months from the date of opening the account. You can park your cash in the account and enjoy unlimited monthly transfers between linked daily bank accounts without impacting the interest rate.