We're all chasing the highest interest rate for our savings.
And if you've been looking into high-interest accounts in Australia, the ING Savings Maximiser has probably popped up on your radar.
But is it actually worth the hype?
And more importantly, can you handle those pesky conditions they make you jump through each month?
Disclosure: This article is not intended to be financial advice and information should be taken as educational only. Read the disclaimer.
What You'll Learn in This Article
- The exact ING Savings Maximiser interest rates and how they compare to other high-yield savings accounts
- The complete breakdown of bonus interest requirements (and how to avoid losing your bonus rate)
- How easily you can access your money compared to other accounts
- Whether you can have multiple Savings Maximiser accounts
- How much you could actually earn with $10,000
- How the ING bank app and savings account features stack up against competitors like uBank and Up Bank
Current ING Savings Maximiser Interest Rate and Bonus Requirements
As of March 2025, the ING Savings Maximiser offers two distinct interest rates:
- Base rate: 0.55% p.a. – This is what you'll earn if you don't meet the monthly requirements
- Maximum rate: 4.85% p.a. – This applies to balances up to $100,000 when you satisfy all conditions
That's a massive difference of 4.30% – which means meeting the bonus interest requirements is absolutely critical if you want your money to work for you.
The Three Critical Requirements for Bonus Interest
To receive the maximum ING Savings Maximiser interest rate of 4.85%, you must meet ALL THREE of these conditions every single month:
- Deposit at least $1,000 monthly – This must go into any ING account in your name (not necessarily the Savings Maximiser itself)
- Make 5+ card purchases – These must be settled (not pending) transactions using your linked ING Orange Everyday debit card
- Grow your balance each month – Your Savings Maximiser balance at the end of the month must be higher than it was at the end of the previous month (excluding interest)
If you miss just one of these requirements, your interest immediately drops to the base rate of 0.55% for that month.
There's no partial bonus – it's all or nothing.
The Balance Growth Requirement
That third condition is the one that trips up most people.
I've been using the ING Savings Maximiser for years, and I can't tell you how many months I've missed out on the bonus rate because I needed to take some money out mid-month.
Here's what makes this requirement particularly challenging:
- If you withdraw ANY amount during the month, you must deposit back that amount PLUS additional funds to show growth
- The balance is compared from the last day of the previous month to the last day of the current month
- Even a $1 withdrawal means you'll need to deposit $1.01 or more to maintain eligibility
- Emergency expenses can instantly disqualify you from earning the higher rate
This single condition can transform your ING Savings Maximiser from a high-interest account to a basic savings account earning minimal interest.
How Good Is the ING Savings Maximiser, Really?
The ING Savings Maximiser has been an account I’ve been using for years, but whether it's “good” depends entirely on your banking habits.
The Good
- Competitive high-yield savings account interest rate when conditions are met
- No monthly account fees
- User-friendly ING bank app
- Round-the-clock customer support
- Seamless integration with ING Orange Everyday account
The Not-So-Good
- The “grow your balance” condition is a major headache
- Bonus interest only applies to balances up to $100,000
- Need to open an Orange Everyday account as well
- Other high-interest savings accounts may offer higher rates with fewer conditions
In my experience using the account, the main advantage is the app's simplicity and the decent rate when you can meet all conditions. But that “grow your balance” requirement is a real sticking point if you actually need to, you know, use your money occasionally.
Accessing Your Money: How Flexible Is It?
One question I hear often is whether you can easily access your money in the ING Savings Maximiser.
The short answer is yes – but there's nuance to understand.
Unlike term deposits with lock-in periods, the ING bank savings account lets you withdraw your money whenever you want.
There are no penalties for withdrawals, which is great.
However, there's a massive catch that many people miss: withdrawing might affect whether you meet the “grow your balance” condition for that month.
This means if you're regularly dipping into your savings, you might find yourself earning the much lower base rate more often than you'd like.
I've been caught out by this multiple times, especially in months where an unexpected expense came up.
If you're someone who needs regular access to your savings (which is, let's face it, most of us), this is something to seriously consider before choosing ING.
Can You Have multiple Savings Maximiser Accounts with ING?
Yes, you can have up to nine ING Savings Maximiser accounts linked to your Orange Everyday account.
This is particularly helpful if you're saving for multiple goals and want to keep your funds separate.
I've set up different accounts for things like:
- Holiday savings
- Home deposit
- Emergency fund
- Car replacement
The good news is that the bonus interest applies to all your Savings Maximiser accounts if you meet the monthly criteria.
The bad news?
The $100,000 maximum for the highest interest rate is applied across all accounts combined, not per account.
Also, remember that you still need to grow the combined balance of all your Savings Maximiser accounts to get the bonus rate.
So if you withdraw from one account but deposit more into another, what matters is the net change across all accounts.
Is Your Money Safe with ING?
When considering any high yield savings account, safety is a legitimate concern.
Can you ever lose your money with a high yield savings account?
Not with ING.
The good news is that ING is covered by the Australian Government's Financial Claims Scheme, which protects deposits up to $250,000 per account holder.
This means even in the unlikely event that ING faces financial difficulties, your money (up to this limit) is guaranteed by the government.
ING has been operating in Australia since 1999 and is a subsidiary of ING Group, a global financial institution.
Its longevity and backing give it a solid reputation for security.
How Much Will $10,000 Make in a High Yield Savings Account?
Let's get to what many of you are really wondering – how much will you actually earn if you deposit $10,000 in the ING Savings Maximiser?
With the current maximum rate of 4.85%, your $10,000 would earn approximately $485 after one year (before tax), assuming you maintain the balance and meet all conditions every month.
But here's the reality check: if you miss the conditions for just 3 months of the year (which is easy to do), your effective annual return drops to around $389.
That's nearly $100 less!
Here's how that compares to other popular high yield savings accounts:
| Bank | Interest Rate | Annual Earnings on $10,000 | Monthly Requirements |
|---|---|---|---|
| ING | 4.85% | $485 | Deposit $1k, 5 purchases, grow balance |
| uBank | 5.10% | $510 | Deposit $200 monthly |
| Up Bank | 4.35% | $435 | Make 5 transactions monthly |
| Macquarie | 4.90% | $490 | No monthly requirements |
Of course, these calculations assume you maintain the balance for a full year and meet all conditions every month (except for Macquarie, which has no ongoing requirements).
How the ING Bank Savings Maximiser Stacks Up Against the Competition
While ING was once the undisputed king of high-interest savings accounts in Australia, the competition has heated up considerably.
Here's how it compares to some other popular options:
ING vs. uBank
uBank currently offers 5.10% with a much simpler condition – just deposit $200 each month. No purchase requirements, no need to grow your balance. The main differences are:
- uBank has a higher interest rate
- uBank has simpler conditions
- ING has a more established banking app
- ING offers ATM fee rebates if you meet certain conditions
Read my full comparison on the two banks here.
ING vs. Up Bank
Up Bank's offering includes 4.35% when you make 5 transactions each month. Where Up really shines is in its modern app experience and saving tools. Comparing the two:
- ING offers a higher interest rate
- Up Bank has more innovative saving features
- Up Bank's transaction requirement is easier than ING's combined requirements
- Up Bank has no “grow your balance” condition
ING vs. Macquarie
Macquarie's high interest savings account is currently offering 4.90% with no ongoing requirements after you open the account.
This means:
- Macquarie has a slightly higher rate than ING
- Macquarie has no monthly hoops to jump through
- ING's app is generally more user-friendly
- Macquarie lets you keep your existing bank for everyday transactions
Who Should Choose the ING Savings Maximiser?
The ING bank Savings Maximiser is best suited for:
- People who can comfortably meet the monthly deposit and transaction requirements
- Savers who rarely need to withdraw from their savings
- Those who like having multiple savings buckets for different goals
- Anyone who wants to combine their everyday banking and savings in one place
However, you might want to look elsewhere if:
- You need flexible access to your savings
- You can't consistently grow your account balance month-to-month
- You have more than $100,000 to save
- You prefer fewer hoops to jump through for your bonus interest
The Bottom Line
The ING Savings Maximiser remains a solid choice in 2025, but it's no longer the automatic go-to it once was.
With new digital banks offering competitive rates with fewer hoops to jump through, it's worth shopping around before committing.
What I particularly like about ING is the clean, simple app experience and the ability to have multiple savings buckets, but where it falls short is that frustrating “grow your balance” requirement.
I've lost my bonus interest more times than I care to admit because I needed to use some savings mid-month.
Ultimately, the best high yield savings account for you depends on your specific financial habits and needs.
Take the time to compare not just the headline rates, but also the conditions attached to them.
If you're someone who regularly contributes to savings but also occasionally needs to access that money, you might be better off with uBank or Macquarie, where the conditions are less restrictive.
