From interest rate to app access, we'll show you the features you could consider in a high-interest saving account.
Sponsored by ING. When you sign up for a Savings Maximiser Account, you could earn up to 5.50% p.a. variable interest rate (standard variable rate 0.55% p.a and 4.95% p.a additional variable rate). Terms and conditions apply.*
Trying to grow your savings in 2024? Not all savings accounts are created equal – you want to make sure you've got the right features in place for your needs.
👋 Hey there!ING have sponsored this article, so we'll be using some examples of its products throughout. However, you should always do your own research. Make sure to carefully read the terms and conditions before signing up for any financial products.
1. A high interest rate
A high interest rate is one of the key features of any savings account. It directly affects your ability to grow your wealth.
Let's look at ING Savings Maximiser as an example. You could earn up to 5.50% p.a.* – it is one of the highest rates in the market at the time of writing if you meet eligibility criteria.
There are some conditions you need to meet in the previous month to earn the highest variable interest rate the following month. Let's break them down.
Each month, you'll need to deposit at least $1,000 from an external source to any personal ING account in your name.
You'll also need to carry out at least 5 eligible transactions with an ING card every month.
Last but not least, you'll also need to grow your Savings Maximiser balance so that the balance of your account is higher than it was at the end of the previous month, excluding interest.
To give you an idea of how much earning at this rate can boost your savings over time, you can check out the ING Savings Calculator.
2. Rounding up your spending to add to your savings
If you're getting serious about saving, you probably already have a budget in place. And if not, no problem – you can find a budget planner right here on Finder.
Setting aside cash each pay period is a great way to get your savings started, too – but there are also ways to kick it up a notch.
If you've got an ING Orange Everyday account and use the Visa Debit card it comes with, you're able to round up** eligible transactions to the nearest $1 or $5 of your money.
This difference is then transferred straight to your ING Savings Maximiser account so you can top up your savings account regularly, without even thinking about it.
3. Low (or no) account fees
It's always worth keeping an eye on the fees you pay for a long-term savings account. After all, you don't want fees chipping away at your funds for no reason!
The good news is that it's possible to find accounts that charge either very low – or no – fees.
One example is ING's savings account, which doesn't charge any ING fees on the Savings Maximiser account.
Shopping around for an account with minimal fees can be a good way to make sure that you're maximising your savings potential, and not having it undermined by unnecessary fees.
4. Daily interest calculation
Savings accounts can vary in how often interest on your balance is calculated.
With this said, opting for a daily interest calculation can be beneficial.
This is because it allows you to more effectively capitalise on compound interest and on seeing more rapid growth when you make deposits.
The ING Savings Maximiser is one account that calculates interest daily and pays monthly. So whenever you make a deposit, you're able to immediately start earning extra interest on your money, without having to wait.
5. App access to your balance
Before you sign up for an account, check whether it also includes app access to your funds.
The ING Savings Maximiser allows you to track your benefits – and check whether you're on track to qualify for bonus interest – via the ING app***.
Having on-the-go access to your balance can help you stay on track with your savings more easily, and help you get real-time insights into how your wealth is growing.
The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:
deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One);
also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions); and
ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.
Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.
Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate or the additional variable rate offer at any time with notice. The additional variable rate is not payable in conjunction with any other promotional rate.
Information and interest rates are current as at the date of publication and are subject to change.
**Everyday Round Up
Everyday Round Up applies to card purchases using your Orange Everyday bank account. You must opt in to Everyday Round Up and select the round up amount (nearest $1 or $5). When you spend with your Orange Everyday card, we'll transfer the extra amount from your Orange Everyday to your eligible home loan (e.g. Mortgage Simplifier or Orange Advantage) or Savings Maximiser account. A round up will not be debited if doing so would reduce your Orange Everyday balance below $20. Full details at ing.com.au.
***The Apple App Store is a trademark of Apple Inc., registered in the U.S. and other countries. Google Play is a trademark of Google LLC.
This does not consider your objectives, financial situation or needs. You should read the product terms and conditions available at ing.com.au before deciding if the product is right for you. Products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
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Sponsored by ING. When you sign up for a Savings Maximiser Account, you could earn up to 5.50% p.a. variable interest rate (standard variable rate 0.55% p.a and 4.95% p.a additional variable rate). Terms and conditions apply.*
