Types Of Bank Savings Accounts
Transactional account
A transactional account is a bank account you use for money you expect to spend in the near future. With a transaction account you can generally access your money using debit cards, ATMs, or the Internet.
Savings account
A savings account is a bank account which you use for money you don't plan to spend in the near future. Most savings accounts pay interest on your balance. A convenient way to save is with an online savings account whereby you do all of your activities on the internet or via the phone (saving you time and effort).
ING’s Savings Booster is an online savings account which offers a Base rate that applies to balances up to $2 million, and a bonus interest rate called the Boost rate on balances up to $500,000 when you grow your balance by $100 or more each month (excluding interest earned for the current month). No interest applies to portion of balance above $2 million.
ING's Savings Accelerator is an online variable rate tiered savings account with no monthly requirements, just big rates so you can do your savings thing sooner. Interest will be calculated daily on the portion of an account balance in each balance tier, using the applicable rate for that balance tier.
ING's Savings Maximiser is an online variable rate savings account which offers a bonus interest rate on your balance up to $100,000 when you:
- Deposit at least $1,000 from an external source to an Orange Everyday, Savings Maximiser, Savings Accelerator, Personal Term Deposit, ING Personal Loan or ING Home Loan in your name,
- Make 5 or more settled (not pending) eligible ING card purchases.
- Grow your nominated Savings Maximiser balance (excluding interest earned for the current month).
When the criteria is met in a calendar month, the bonus rate will apply in the next calendar month.
Term deposit
A Term Deposit is a fixed interest rate account that you put money in for a set period of time. You agree not to use the money in your account for a specific period of time in return for a fixed rate of interest.