Frequently Asked Questions (FAQs)

View the current Savings Maximiser rate.

You can apply:

• online - click on apply online now on the Savings Maximiser page
• by downloading a Savings Maximiser application form,
• by phoning us on 133 464 to request an information pack to be sent to you.

We strongly advise you to read the terms and conditions so you can decide whether this product is appropriate for your personal financial circumstances. You will need to accept the terms and conditions prior to opening an account.

You must link an everyday bank account to your Savings Maximiser. The name of the account must reflect the name(s) on the Savings Maximiser application form. (You may only link one bank account to your Savings Maximiser.)

The nominated bank account must be a personal account with an Australian financial institution and have a BSB and Account Number. We are unable to accept a credit card, passbook or account that doesn't have a BSB and account number.

No, you can only link one bank account to a Savings Maximiser account. However, you can open multiple Savings Maximisers to link with different bank accounts if required.

To apply online for a joint ING DIRECT Savings Maximiser or Term Deposit, simply click on apply online now on either the Savings Maximiser or Term Deposit page and follow the instructions to open an account.

During the application process, you will be asked to enter your personal details and whether the account is to be opened in joint names. If you select yes, you will be asked to enter the joint account holder's details.

Please note that a joint Savings Maximiser or Term Deposit must be linked to an existing joint bank account, held in the same names that appear in your application.

The primary applicant (the first name registered) will be provided with a Client Number at the time of application and asked to nominate an Access Code. The secondary applicant will then need to complete their details online. The Access Code allows you and your joint applicant to access your ING DIRECT account(s) via the website or by our interactive phone banking service.

If applying for a joint Savings Maximiser or Term Deposit via a paper application, the joint account holder details will need to be completed and both applicants are required to sign. We will mail both applicants their Client Number and Access Code when the account is opened.

No. A Savings Maximiser must not be opened or operated for business, trade, superannuation or trustee purposes.

If you wish to use an account for these purposes, please apply for the Business Optimiser.

Your interest is calculated daily on the closing balance and added to your account at the end of each month, so you earn interest on your interest. The formula we use is:

Daily closing balance x interest rate (as a percentage) / 365

Please note, differences in interest month to month, when no transactions have occurred on your account, is due to the number of days in each month i.e. March has 31 days and April has 30 days, therefore one day less interest is accrued.

Yes. The interest rate for the Savings Maximiser is a variable rate. Therefore, if we increase or decrease the standard variable rate, it will apply to your Savings Maximiser from the effective date.

View the current Savings Maximiser interest rate.

Our current cut off time is 7pm (Sydney Time).

Requests to deposit money from your external bank account to your account made after the cut off time on a business day will be treated as if made on the following business day.

If a withdrawal is to an external bank account and is made before the cut off time on a business day, the withdrawn funds are generally transferred to your external bank account by the next business day.

For direct debit requests, they will be held for three business days from the date of receipt provided they are received before the cut-off time on a business day. You will not be able to draw on these funds until three business days have elapsed. This time allows for ING DIRECT to receive confirmation from the paying financial institution that the funds are available.

To stop or suspend an electronic transfer, you must contact us on 133 464 before the cutoff time for that day (currently 7pm (Sydney time)).

For Savings Maximiser and Business Optimiser, if the deposit cannot be stopped or suspended, you will need to provide ING DIRECT with a new request to transfer the funds back to your linked bank account once the funds are cleared. Please ensure that the funds have cleared in your external bank account before requesting the transfer to ING DIRECT.

You can elect to view your Savings Maximiser statements online. Just go to Online Banking, select "Online Statements" and "Change Statement Options". Click on the "Online" button and make sure your notification email address is correct.

When the statements are ready, you will receive an email notification to tell you your statement is available to view on the website.

If you wish to name your account e.g. "Holiday" or "Dream Home", simply select the pencil button next to the current account name under "My Finances". There are some options to select from, or you can select "Other" and type in your own name.

If you would like a deposit book for your Savings Maximiser account, please call 133 464 to request one.

We do not provide cheque books for savings accounts. The Savings Maximiser and Business Optimiser have been specifically designed to work together with your existing day-to-day bank account.

By making the direct deposit to ING DIRECT from your linked account, we can verify that the account details that you provided in your application are correct. When this has been confirmed you can then perform a direct debit of your linked account.

It?s not always possible to verify identification details electronically. If this is the case, we will ask you to send us identity verification documents.

View the current interest rates for ING DIRECT Personal Term Deposits.

You can choose from a variety of terms including 30, 90, 180 days, as well as 1 and 2 year terms.

In addition, we have recently introduced 120, 210, 270 and 330 day terms.

If you choose to renew your Personal Term Deposit (for the same or a different term), at maturity we’ll reward you with a Loyalty Bonus. The Loyalty Bonus is added to the standard Personal Term Deposit interest rate applicable at each renewal.

Online Application

You can apply for any of our ING DIRECT Personal Term Deposits online. Simply click on apply online now on the Personal Term Deposit page.

Note: You may be asked to verify your identity at Australia Post.

Paper Application

You can apply for some of our ING DIRECT Personal Term Deposits by completing a Personal Term Deposit Application Form. You can request one by:

• downloading a Personal Term Deposit application form;
• phoning us on 133 464 to request an information pack to be sent to you.

Note: Paper applications for the 120, 210, 270 and 330 day terms will be available shortly.

We strongly advise you to read the terms and conditions booklet so you can decide whether this product is appropriate for your personal financial circumstances. You will need to accept the terms and conditions prior to opening an ING DIRECT Personal Term Deposit.

You must choose to renew your Term Deposit prior to maturity in order to qualify for the Loyalty Bonus.

You may link an external bank account or an existing ING DIRECT Savings Maximiser, Savings Accelerator or Orange Everyday to your Personal Term Deposit. The name(s) on the linked account must reflect the name(s) on the Personal Term Deposit application (you can only link one account to your Personal Term Deposit.)

If linking to an external bank account, it must be a personal account with an Australian financial institution and have a BSB and Account Number. We cannot accept a credit card or account that does not have a BSB and account number.

Yes, you can link an existing Savings Maximiser, Savings Accelerator or Orange Everyday account to an ING DIRECT Personal Term Deposit (as long as it is in the same name(s) as your Savings Maximiser, Savings Accelerator or Orange Everyday account). Alternatively, you can choose to link a Personal Term Deposit to an external bank account held with an Australian financial institution which has a BSB and account number and is in the same name(s).

To apply online for a joint ING DIRECT Personal Term Deposit, simply click on apply online now on the Personal Term Deposit page and follow the instructions to open an account.

During the application process, you will be asked to enter your personal details and whether the account is to be opened in joint names. If you select yes, you will be asked to enter the joint account holder's details.

Please note that a joint Personal Term Deposit must be linked to an existing joint bank account, held in the same names that appear on your application.

The primary applicant (the first name registered) will be provided with a Client Number at the time of application and asked to choose an Access Code. The secondary applicant will then need to complete their details online. Your Access Codes allows you and your joint applicant to access your ING DIRECT account(s) via online, mobile or phone banking.

If you are applying for a joint Personal Term Deposit via a paper application, the joint account holder details will need to be provided and both applicants are required to sign and agree to the terms and conditions of the account. We will mail both applicants their Client Number and Access Code once the account is opened. Paper applications are currently only available for 30, 90, and 180 day, and 1 year and 2 year Term Deposits.

No. If you have already opened a Personal Term Deposit, the interest rate will remain fixed for the duration of the term. The interest rate that applies to an ING DIRECT Personal Term Deposit is the interest rate that is current on the date the Personal Term Deposit is opened.

If you wish to close your Personal Term Deposit before the maturity date, interest will be calculated from the date the account was opened, to the date the account is closed. The interest rate applied to your Personal Term Deposit will be the interest rate on the day we opened your account, less the interest rate reduction specified below -

30 Day to 2 Years Personal Term Deposit

Personal Term Deposit	Rate Reduction
30 Day PTD	0.25% p.a.
90 Day PTD	0.50% p.a.
120 Day PTD	0.75% p.a.
180 Day PTD	0.75% p.a.
210 Day PTD	1.00% p.a.
270 Day PTD	1.00% p.a.
330 Day PTD	1.00% p.a.
1 Year PTD	1.00% p.a.
2 Year PTD	2.00% p.a.

If you have a 3, 4 or 5 year Personal Term Deposit please call us on 133 464 for the applicable rate reduction.

When your Personal Term Deposit matures you have the choice of:

• renewing your Personal Term Deposit for the same term
• renewing your Personal Term Deposit for a different term
• closing your Personal Term Deposit

If you decide to renew to a new term, the interest rate will be the rate applicable at the new commencement date. You can choose to add funds before your Personal Term Deposit renews.

You will also receive a Loyalty Bonus if you decide to renew your Term Deposit (for the same or a different term).

If you wish to change your maturity instructions or add to your deposit amount, you must do so at least two business days before the maturity date (online or by calling us on 133 464).

If you wish to name your account e.g. "Holiday" or "Dream Home", simply select the pencil button next to the current account name under "My Finances - Account Summary". There are some options to select from, or you can select "Other" and type in your own name.

You are not able to make a partial withdrawal from your Personal Term Deposit. You can withdraw all your funds during the term, whereby your Personal Term Deposit will be closed and the funds transferred to your linked bank account. The interest rate that applies to your account will reduce (refer above for the rate reduction in "What interest rate do I get if I redeem my Personal Term Deposit early").

You can change your maturity option by logging in to online banking at ingdirect.com.au and selecting "Move My Money" and "Personal Term Deposit Maturity Options". You will be able to view your current maturity option and have the opportunity to change it, up to two business days prior to the maturity date.

You are not permitted to deposit money into a Personal Term Deposit during the term. However, you are able to add funds if you have decided to renew for another term. You can nominate this amount in your maturity instructions and the amount will be transferred at maturity from your linked account.

It's not always possible to verify identification details electronically. If this is the case, you may be asked to verify your identity at Australia Post.

The ING DIRECT Savings Accelerator is the most recent addition to our personal savings products. The Savings Accelerator is all set to reward you for saving more. With balances of $50,000 and over, your whole balance earns a high variable rate which is aligned with the interest rates in the professional money markets. Even if your balance falls below $50,000, you can rest easy knowing that your savings will still earn a competitive variable rate. View the current Savings Accelerator rates.

View the current Savings Accelerator rates.

If your account balance is $50,000 or more, you move to the higher rate. Importantly, the interest rate is applicable to the whole balance.

When the account balance falls below $50,000, a lower interest rate will be applied to the entire balance, although you will continue to earn a competitive interest rate on your savings. Once your account balance increases above $50,000, you will earn a more rewarding interest rate on your entire balance. If your balance is below $50,000 on a regular basis, then it might be worth considering our Savings Maximiser.

You can apply:

• online:

  • if you're an existing ING DIRECT client, log in to Online Banking and go to 'My Applications' to complete the express online Application!
  • if you are not a client yet, you can apply online now.

• by downloading a Savings Accelerator application form,
• by phoning us on 133 464 to request an information pack to be sent to you.

You should read the terms and conditions booklet to find out whether the Savings Accelerator is appropriate for your personal financial circumstances. You will need to accept the terms and conditions prior to opening an account.

You must nominate an eligible ING DIRECT account (e.g. Savings Maximiser) or an external bank account to link to your Savings Accelerator. The name of the account must reflect the name(s) on the Savings Accelerator application.

The nominated bank account must be a personal account with an Australian financial institution and have a BSB and Account Number. We are unable to accept a credit card, passbook or an account that doesn't have a BSB and Account Number.

Once you have opened your Savings Accelerator, you can also nominate this account as the linked bank account for an ING DIRECT Personal Term Deposit.

No, you can only nominate one linked bank account for each Savings Accelerator account. However, you can open up to nine Savings Accelerators and nominate a different linked bank account for each if required.

To apply online for a joint ING DIRECT Savings Accelerator, and you and/or the joint account holder are existing ING DIRECT clients, log in to Online Banking and go to 'My Applications' to complete the express online application! If you are not a client yet, you can apply online now.

During the application process, you can request that the Savings Accelerator account is to be opened in joint names. Please note that a joint Savings Accelerator must be linked to an existing joint bank account, held in the same names that appear in your application.

If you are new ING DIRECT clients, the primary applicant (the first name registered) will be provided with a Client Number at the time of application and asked to nominate an Access Code (as long as their identity can be verified). The primary applicant will also be given an application reference and access code for the secondary applicant who will then need to complete their details online.

If you are new ING DIRECT clients and applying for a joint Savings Accelerator via a paper application, both account holders will need to complete the appropriate steps and both applicants are required to sign the application form. Once your Savings Accelerator is opened we will mail each applicant their Client Number and Temporary Access Code.

No. A Savings Accelerator must not be opened or operated for business, trade, superannuation, trustee purposes or on behalf of a deceased estate.

If you wish to use an account for these purposes then it might be worth considering our Business Optimiser.

The Savings Accelerator offers tiered interest rates. The tiered interest rate that will apply to your entire account balance will depend on your daily closing balance. To view the current interest rates, please refer to Savings Accelerator rates.

Interest is calculated daily on the closing balance and credited to your account at the end of each month, so you earn interest on your interest. The formula we use is:

Daily closing balance x interest rate (as a percentage) / 365

Please note, there may be differences in interest from month to month even when no transactions have occurred on your account, this is due to the difference in the number of days in each month i.e. March has 31 days and April has 30 days, therefore one day less interest is accrued.

Yes. The interest rates for the Savings Accelerator are variable rates. Therefore, if we increase or decrease the standard variable rates, it will apply to your Savings Accelerator from the effective date.

View the current Savings Accelerator rates.

From a linked ING DIRECT account

Deposits to or withdrawals from a linked ING DIRECT account will occur immediately.

From a linked external bank account

Our current cut off time is 7pm (Sydney Time).

Requests to deposit money from your external bank account to your Savings Accelerator made after the cut-off time on a business day will be treated as if made on the following business day.

If a withdrawal is to an external bank account and is made before the cut-off time on a business day, the withdrawn funds are generally transferred to your external bank account by the next business day.

For direct debit requests, they will be held for three business days from the date of receipt provided they are received before the cut-off time on a business day. You will not be able to draw on these funds until three business days have elapsed. This time allows for ING DIRECT to receive confirmation from the paying financial institution that the funds are available.

To stop or suspend an electronic transfer, you must contact us on 133 464 before the cut-off time (currently 7pm Sydney time).

If the transaction cannot be stopped or suspended, you will need to provide ING DIRECT with a new request to transfer the funds back to the original account once the funds are cleared.

You can elect to view your Savings Accelerator statements online. Simply:

1. Log in to 'Online Banking'

2. Select 'Online Statements' and 'Change Statement Options' from the 'My Finances' menu

3. Click on the 'Online' button and make sure your notification email address is correct.

When the statements are ready, you will receive an email notification to tell you your statement is available to view on the website. Please note: if you decide to receive online statements, you'll stop receiving paper statements in the mail. You can change your email address and statement delivery options at any time.

If you wish to name your account e.g. "Holiday" or "Dream Home", simply select the pencil button next to the current account name under "My Finances" when you log in to your accounts via Online Banking. There are some options to select from, or you can select "Other" and type in your own name.

If you would like a deposit book for your Savings Accelerator account, please call 133 464 to request one.

We do not provide cheque books for savings accounts. The Savings Accelerator has been specifically designed to work together with your existing everyday bank account or Savings Maximiser.

By making the direct deposit to ING DIRECT from your linked account, we can verify that the account details that you provided in your application are correct. When this has been confirmed you can then make direct debits from your linked bank account using our Interactive Service.

It's not always possible to verify identification details electronically. If this is the case, we will ask you to send us identity verification documents.

Yes, you can, it's easy to do. Simply:

1 Log in to 'Online Banking' anytime to set it up

2 Select 'Move My Money'

3 Click on 'Automatic Savings Plan' (ASP) and follow the prompts.

Or call 133 464 and we'll help you setup an ASP over the phone.