ING Savings Maximiser customers are about to earn a lot more interest.
After years of falling savings account rates, things are finally picking up. Some accounts have already started raising their savings rate after the RBA’s first cash rate hike in May, and others are now following the cash rate hike for a second time.
One of the biggest rate hikes we’ve seen so far is from ING on its Savings Maximiser account. The account currently pays out a total bonus rate of 1.35% per annum, which is already one of the best in this low rate environment. However, from June 15, 2022, ING’s total bonus rate will increase by 75 basis points to 2.10% per annum, by far one of the best rates in the market.
How to get ING’s 2.10% annual bonus rate
The conditions you must fulfill to benefit from ING’s new bonus rate of 2.10% per annum are the same as at present.
To earn the full bonus rate, you must:
- Link your Savings Maximizer to an ING Orange Everyday account, and
- Deposit at least $1,000 per month in either account, and
- Make more than 5 card purchases per month, and
- Increase your Savings Maximizer balance (excluding interest earned) each month (this just means you can make withdrawals, as long as your balance is still higher at the end of the month).
You will earn the full bonus rate on balances up to $100,000.
Plus, when you meet the bonus requirements, you’ll also be able to earn 1% cashback on your utility bills when you pay with your linked ING Orange Everyday account, which is a great added benefit.
Will more savings accounts increase rates?
Yes, we can be sure that more savings accounts will raise their interest rates over the next two weeks. This is a great time to keep an eye on your savings account and compare it with others in the market, to make sure you’re getting a good deal.
In addition to ING’s new rate, some of the best savings rates available today include:
- Bank of Queensland Future Saver under 35 with 3.00% per annum
- Westpac Life under 30 with 2.00% per annum
- Virgin Money Boost Saver with 1.60% per annum (when Lock Saver feature is activated)
With rates finally on the rise, now is a great time to compare savings accounts and switch to one with a better rate. With the rising cost of living, if your money isn’t earning interest, it’s shrinking.