Best I can find
If you want to optimise interest on your savings it seems you need a portfolio of savings accounts to ensure you meet the conditions of those accounts each month. Best unconditional rate savings account I can find is Macquarie Bank. But by putting say 80% of my savings with ING and drip feeding it each month to ensure I meet the criteria and can absorb ebbs and flows in my savings, I earn more interest.
Their growing conditions as other reviews state do seem unreasonable. On the other hand they offer a higher interest rate than other banks outside of age restricted or temporary rates, so I am prepared to cut them some slack.
Was very good now not
Been happy with ING for many years. Got all my family to change to ING luckily none of them have $100.000.00 to put into Maximiser. The interest I earned supplimented my pension I tried to reach your criteria but failed even if I did this month it is not sustanable I need it to live on.Whats the good of saving more money if I can't afford to live now.Will you lift the 20k transfer limit on removing our money from ING I Have to waste my precious time researching banks again luckily lot's of advice from other disatisfied customers,My super pens...ion went into Maximiser have to change that too. Strange the only people who can afford Maximiser are retirees living on limited earnings if we had a lot of money wouldn't have too. ING member I spoke to sounded as unhappy about the situation as I was for which I'm sorry must have had a lot of complaints more to come Sorry
ING penalises Retirees!
After a month of trying to meet INGs criteria of increasing the balance by as little as $1 to gain the bonus rate of 1.3% on top of the pathetic 0.05% using my pension of $2500 I FAILED, So I GIVE UP and admit defeat.
ING like Westpac with its 3% offered to young people IMO are gambling on their customer base being able to deposit $1000, buy 5 cups of latte on the OE card and increase savings.
Maybe they can explain how retirees and pensioners can live off their life savings held in Super AND increase their balance in their savings maximiser?...
more and more conditions
Once again ing have added another condition to be able to earn bonus interest. Next one will be the sun will have to rise in the west to get it. Way things are going they'll be losing my business
Stop playing games and making us jump through hoops to get the good rate
They are progressively adding more conditions that annoy more and more people.
The recent condition that you need to increase the balance every month (even above $100k - which is where the bonus rate no longer applies) is very frustrating for people with already $100k.
Why make us play games? All of these stupid conditions can be gamed. Just stop adding them.
I still remember the good old days of 6-7% interest, and no hoop jumping.
Everytime you add a condition, you annoy even more customers, and my guess is you see a spike in calls to the ...call centre (both from complaints, but also from people that want to increase their daily transfer limit above the $20k that is allowed online, so they can transfer money out as fast as possible rather than making 5 x 20k transfers over 5 days).
Targeting pensioners and people out of work.
I changed to ING after the recommendation in "The Barefoot Investor" and had been very happy with them. No longer! ING's new requirement to now have a greater savings balance as the end of the current month as compared to the previous month is truly annoying and somewhat underhand. As self-funded retirees, there is no way we can achieve this as it is a fine balance between income and expenditure. I feel this would be the same situation for anyone on the dole or pension. Why should we jump through hoops trying to work out a way to get around this situation eg transferring money between accounts etc.
Where to go now? Scott Pape is recommending Ubank, Up or ME Bank.
New Savings maximiser bonus interest requirement is both petty & devious
(ReviewDate = 24 Mar 2021) ING's new requirement to now have a greater savings balance as the end of the current month as compared to the previous month is truly annoying and somewhat underhand. Plus the way it is worded is ambiguous, i.e. It doesn't include the interest about to be paid for this month but it does include all interest paid last month.
They should raise the 100K cap eligible for bonus interest if they are going to do this sort of thing.
New changes in March makes it bad
The updated terms to get bonus interest is hard if you do not grow your account balance you won't have your bonus interest. ING used to be good, not anymore.
Devious and most disappointing, ING is so desperate that they are willing to trade their reputation for profit only
My partner and I have separate ING Savings Maximiser accounts. We also used to love the flexibility and fairness of this Saving Maximiser account. But ING seems to be getting greedier. Initially, they implemented ‘make 5+ card purchases a month’ and now this unrealistic ‘grow their nominated Savings Maximiser balance’ scheme makes it impossible to consistently achieve their criteria’s. So, they are statistically implementing criteria’s to make it almost impossible to achieve your interest which is best for their bottom line to increase their Hu...gh profitability while deviously giving it a positive spin... O! we are helping you save. Devious and most disappointing, what a shame ING is so desperate that they are willing to trade their reputation for profit only.
Thumbs down to the changes that take effect in March. Now changing banks.
I have banked with ING for about 20 years, but with the changes to the interest earning conditions that take effect on March 1, I am looking at other banks and will be pulling all my savings out. I used to love the ING savings maximiser account, but not any more! Very disappointed!
Was good until they added another requirement for bonus interest.
Was good until they added another requirement for bonus interest. "from 1 March 2021 we'll be introducing one new additional requirement that you'll need to be aware of, and it's that your savings need to grow each month."
I have been with ING for a number of years.
This year there have been a few rate cuts, with ING I will be checking around now to see what others are saying about UBank. We do not work anymore and the rates over the years have not been kind for those who are not working and rely on their Savings as well as those who are indeed working like to see their savings grow and not go the other way. ING have always been good but the rate changes are making us change our mind like others as to what we do next.
Was good. Now not so much
I really liked my Savings Maximiser. It was easy to use and ING are good to bank with. However the rate has dropped over the last year and for the last 2 months Ove been missing my bonus, despite meeting their requirements.
Ive moved to a different provider where the rate is guaranteed
Used to love but disappointed with savings maximiser
The rate on the Savings Maximiser has been reduced 5 times in the past 12 months. I am really disappointed and not sure what is going on with ING but they are definitely not what they were a few years ago.
The Almost No Interest Savings Account
The interest rate has gone down 3 times over a short period of time to such a rediculously low rate that you couldn't call it a savings account anymore. Very disappointed with ING. I will be looking for alternatives.
Interest Rate Dropped 1% in 9 Months
Used to be great account perks and no fees, yet they drop the interest rate rapidly and drastically. Looking for better options. Used to be good support, now I've been waiting 25 minutes on the phone. Blocked my account for no reason and I not cannot access my funds.
Cannot open a Youth Savers Account without a tax assessment or other bank account
So you cannot open a youth savers account without a statement from another bank account or a tax assessment notice. So how do young people start out? obviously not with ING. Why would you open an ING account if you already have one, and to start working you need account for salary so you don't have an tax assessment until you start working. I cannot imagine there are many youth accounts with ING. Not something they support.
Left ING 2 days ago, savings int rate gone down
ING has gone downhill. They kept slashing their savings interest rates and on top of that, you have to use your debit card at least 5x a month to get the full interest rate. Moved to Ubank for better interest rates without the ridiculous conditions ING has. Will never look back.
Liability o interest rate due to false notification
Yep, they were good - but with this 5 transaction rule - and no notification that I wasnt meeting it - I have not been getting the interest since Feb - then ING send a customer email saying saying that high interest rate has dropped which implies that I was still getting it - only cause I called I was told I am not - I believe that I am liable.... better banks out there.....
Opening children saving maximizer
Don’t even go there. I have told them we are not going to do business with them. Here is the event:
What a hassle opening minor children accounts. They need to provide iD including residential iD. Who is going to give an iD fir child with residential address on it. They don’t have it so ING refused to let them open their individual accounts. I am not going to give my business to jerks who are asking the minors to open an account by them self and provide iD. I am going to report to Banking Ombudsman.
Questions & Answers
Would you give me a loan for 90.0000 and i will pay it back after may 12th
Does ING cover the $250,000 Bank guarantee when it comes to insurance?
For your insurance I would recommend going to Westpac or RACV.
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