Category: Money Matters
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Sub category: Saving
9 May 2018

How to set goals by personalising your accounts

Saving for your goals can sometimes feel like a bit of a juggling act, especially when you’re not sure which money needs to be going towards your South America trip, which should go to your home deposit, and which should be for that new car.

It can seem overwhelming, but don’t fear! That’s where our savers can help. We’ve looked at a great day-to-day budgeting technique with Jason, now meet Sarah, who sets up different savings accounts and names them as a practical way of organising her goals.

Here’s how you can set up your big goals and keep track of them.

Step 1: Decide what you’re saving for

The first step to defining your goals is getting clear on what you want, and often that means doing more than just thinking about it. Write down what you want to achieve with your saving plan as well as how much you need, and have each goal at the front of your mind during the savings process.

Step 2: Choose your account type

When you consider where each savings goal is going to go, consider which type of account will help you best achieve your goals.

With ING, you can chose between a Savings Maximiser and a Savings Accelerator, which both have different benefits.
• Savings Maximiser – Offers our highest variable rate for eligible customers on one account for balances up to $100,000, and there are no penalties on withdrawals. All your money goes towards reaching your savings goals.
• Savings Accelerator – This is a good choice when you already have a large sum saved up towards your goal. The interest rate gets higher the higher your balance is, with the highest variable rate coming in at balances of $150,000 or more.

Step 3: Set up your accounts and name them

With ING, it’s an easy process to set up a new account online. Check out how to do it step by step in our last edition of Meet the Savers. 

Once you’ve got your accounts up and running, name them after your goals, like “New Car,” “Tasmania Honeymoon” or ““Fishing Boat”.

Step 4: Plan your contributions

Decide how much and how frequently you need to contribute to each of these accounts, and be realistic about it. This will help you keep your goals separate.

Use timelines to prioritise. Maybe one goal is more pressing than another, so you can intentionally focus on this over others.

It’s worth mentioning that the highest variable interest rate you can earn with your Savings Maximiser can only apply to one of your savings accounts on balances up to $100,000, with the remainder earning a lower variable rate. Make sure your priority savings goal receives it. You can give us a call on 133 464 to change which account receives the high variable interest rate.

For more information on setting up accounts, read on here.

Now that you’ve got the inside scoop on goal-setting, it’s time to move our attention making sure savings always goes on in the background. For the next big tip, we’re introducing you to someone who keeps their savings under control with automatic payments.

Savings Maximiser
Information and interest rates are current as at the date of publication and are subject to change.

The additional variable rate can only apply when you also have an Orange Everyday. The additional variable rate currently 1.65% p.a. (that is added to the Savings Maximiser standard variable rate) applies on one Savings Maximiser per customer for the next calendar month when you perform the following during the current calendar month:
• deposit at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One), and
• also make at least 5 card purchases using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).

Card purchases includes in store credit or EFTPOS purchases, online purchases, regular card payments, payWave, Apple Pay, and Google Pay transactions made with an Orange Everyday Visa card, Orange One or Orange One Platinum Visa card or Nil Interest Visa card provided with an eligible ING home loan. Card purchases made in store or online this current calendar month which settle next calendar month do not count towards the 5 card purchases needed this current calendar month.

When determining if you are eligible under the offer, we also take into account the behaviour of any of your joint account holders or additional cardholders. The offer applies to a maximum of one nominated Savings Maximiser account held in your name (either single or joint account).

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. If you have multiple Savings Maximiser accounts, visit online banking or call us on 133 464 to check or change which Savings Maximiser account receives the additional variable rate (if eligible). ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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