Building up savings is an exquisite way to set ourselves for future financial success, Agreed? Quite a few questions coming a bit late about ING accounts tells me that we’re all on our way. There are a plethora of online banks in Australia providing their services online without having branches to physically walk in to and speak to a customer – But ING is a specific appealing and attention-grabbing choice to so many savers for plentiful key reasons. Yes! You guess that correctly, we’re talking about ING Savings Maximiser Account – a product that meets the depository requirements. All you have to do is to deposit minimum $1000 into an ING account and sit back, let ING do their work.
Today, we’ve come up with ING Direct Savings Account Review in Australia which is also known as ING Savings Maximiser Account. So, without beating about the bush and coming straight to the point, let’s get in on.
ING Savings Maximiser Features:
Here is a complete list of the Features of ING Savings Maximiser – being offered by ING to their users for fulfilling their savings ambitions.
The Rate of Interest is 1% (Per Annum)
If you have deposited a minimum $1000 in your account, you’ll have a variable interest of 1% per annum which is also applied to it each month.
Competitive Maximum Variable Rate of Interest 2.80% (Per Annum)
In case you’re already having an Orange Everyday account from ING, you can link it up with your Savings Maximiser and deposit $1000 into either and make 5+ card purchased on monthly basis. The ING will also pay bonus interest of 1.8% per annum on your current balance. Here is where the total ING Savings Maximiser Interest Rate applied a competitive 2.80% per annum (for each month).
“The ING Savings Accelerator Rate is only 1% per annum for larger balances”.
Bonus Interest Rate Limitations
There are some limitations on bonus interest but only applicable if your current balance is more than $100,000 and have one savings account. It’s actually a variable interest rate which is most likely move with RBA cash rate.
How does ING Calculate the Interest?
The ING calculates the interest on a daily basis and disperses once into account once in a month. If you’re eligible for the bonus rate one month after fulfilling minimum deposit requirements, the interest % will be applied then to the balance the following month. However, if you mistakenly miss the requirements for one month, you’ll still qualify the following month.
Deposit Your Salary or Cash via an External Account
The ING Savings account doesn’t bound you to pay only your salary, rather allows you to transfer the funds from an external account with ease. That’s amazing, isn’t?
$0 Monthly Maintenance Fee
The ING doesn’t charge you any maintenance fees associated with your account. Moreover, you won’t even be charged while transferring money in an out. It doesn’t matter too how many times you deposit or withdraw in a month. That sounds similar to ING Savings Accelerator which charges $0 monthly account keeping fees.
“Hey! If you’re looking for UBank Best Savings Account, we’ve got you covered as well”.
Interest Payments
As mentioned above, ING calculates interest on daily bases on an entire balance of up to $5M and disperse into your account at the last moment when a month ends.
How to Access?
One can access that saving account anytime anywhere using Internet and phone banking (Internet Banking). Just configure recurring transfers from your account designated bank account into Savings Accelerator so that you can build up your savings balance.
Mobile App
Just like every bank, ING offers users a mobile app that helps them to access their accounts without any hassle even no matter where he or she is. This is absolutely free of cost from both Google Play and App Store.
You’ll be required to link an Australian bank account which should be personal with a valid account number and BSB. Alas! Accounts having no BSB, account numbers, credit cards and passbooks will not be accepted.
How to Apply for ING Direct Saving Maximiser Account?
Will this account fulfil your future financial goals? Without wasting even a second more, apply online. Before continuing to a secure application page, make sure you meet the asked requirements by ING.
Eligibility Criteria
- People having an age of 13 or above will be considered for this account.
- In order to open an account, you must be an Australian permanent resident or citizen alongside an address.
- This is only for personal use. However, if you want a similar account for your business, you should go for ING Business Optimiser account then.
How about applying for Orange Everyday account first, if you’re applying online? We ask you for a reason as then you can select an option to open up an ING Savings Maximiser Account easily. That will definitely keep you away from 2 different applications.
Required Documents
Proceed your application further if you’re fulfilling their edibility criteria.
- First and foremost, ING will need all of your information from 2 separate forms of ID. This could be your passport, birth certificate or driving licence. If ING isn’t satisfied or unable to verify you via documents you provide, be ready for verifying your identity in person.
- The other one is Account Details – only apply if you’re already having an account with ING, you’ll be asked to show up your account number and your client number.
- Now give your personal details such as your name, DOB as well as Australian address alongside telephone number.
- Be noted, Tax File Number isn’t mandatory, however, if you don’t give your TFN to the bank, chances are the highest marginal rate will prevail on your transactions where tax is applicable.
The Final Note
After getting your application completed, you can submit it to ING online. And if you’re verified electronically, your account will be opened with immediate effects. We would recommend you to call ING customer support at 1800 635 428 and request them to proceed with your application as ING is an online bank with no virtual branch.
