FAQ Xtra Savings


Case No. 1.1

You have increased your savings with ING Luxembourg over the past twelve months, so you can take part in the campaign for the current month.

Case No. 1.2
Your savings with ING have decreased over the past twelve months, so you must first restore your savings to the level of a year ago before you can take part in the campaign.

Case No. 1.3
You have already taken part in the Xtra Savings campaign in the previous month and, due to the increase in your savings with ING Luxembourg over the past twelve months, you can also take part in the new Xtra Savings campaign for the current month.

-----------------------------------------------------------------------------------------------------------------

Case No. 1.1: You have increased your savings with ING Luxembourg over the past twelve months, so you can take part in the campaign for the current month.

Let us suppose that

- In May 2014, ING Luxembourg launches a new Xtra Savings campaign that rewards all new deposits to your savings accounts in May 2014.

- Example: Xtra Savings offer for May = 2% annual interest on the amount saved in May, valid for three months (June, July and August).

- On 30 April 2013, the total amount in your savings accounts was EUR 15,000

- On 30 April 2014, the total amount in your savings accounts is EUR 20,000

Since you are a loyal saver and your savings have increased over the past twelve months, you can take part in the special offer for May.

What should you do?

1) Click on 'Activate the Xtra Savings offer' in MY ING

2) Make a new deposit to your savings account (the amount should not be transferred from one of your own savings accounts with ING Luxembourg) in May.

If, for instance, you transfer EUR 5,000 from your account with another bank to your ING savings account, your new balance will be EUR 25,000.

The Xtra Savings offer will therefore apply to the EUR 5,000 deposited as part of the campaign in May, or the increase in the balance between 30 April 2014 and 31 May 2014.

What will you earn under Xtra Savings in example No. 1 after three months?

(5,000 x 2%) x (90/360) = EUR 25, which will be paid into your savings account at the end of the period (i.e. 31 August 2014).

Case No. 1.2: Your savings with ING have decreased over the past twelve months, so you must first restore your savings to the level of a year ago before you can take part in the campaign.

If you do not know your savings balance of one year ago, please contact Contact Center on +352 44 99 1 or your branch, which will provide you with this information. Once you have restored your balance to the level of a year ago, you will come under Case No. 1.1

Let us suppose that

- In May 2014, ING Luxembourg launches an Xtra Savings campaign that rewards all new deposits to your savings accounts in May 2014.

- Example: Xtra Savings offer for May = 2% annual interest on the amount saved in May, valid for three months (June, July and August).

- On 30 April 2013, the total amount in your savings accounts was EUR 15,000.

- On 30 April 2014, the total amount in your savings accounts is EUR 10,000.

Your savings on 30 April 2014 are lower than a year ago. You can therefore take part in the Xtra Savings offer if you transfer the amount required to restore your savings to the level of a year ago. The special Xtra Savings rate will apply to the amount exceeding EUR 15,000.

What should you do?

1) Click on 'Activate the Xtra Savings offer' in MY ING

2) Make a new deposit of more than EUR 5,000 to your savings account (the amount should not be transferred from one of your own savings accounts with ING Luxembourg) in June.

If, for instance, you transfer EUR 8,000 from your account with another bank to your ING savings account, your new balance will be EUR 18,000. The Xtra Savings offer will therefore apply to EUR 3,000, which is the difference between your balance on 30 April 2014 and on 31 May 2014, less the EUR 5,000 required to restore your balance to the level of 30 April 2013. The remaining EUR 15,000 will qualify for the standard interest rate for savings and the interest will be paid at the end of the year.

What do you earn from Xtra Savings in Case No. 1.2?

(3,000 x 2%) x (90/360) = EUR 15, which will be paid into your savings account on 31 August 2014.

What you should remember 

In this case, the special Xtra Savings interest rate only applies to the amount exceeding the balance of your savings account of twelve months ago; the remainder will earn interest at the standard rate for savings accounts.

Case No. 1.3: You have already taken part in the Xtra Savings campaign in the previous month and, due to the increase in your savings with ING Luxembourg over the past twelve months, you can also take part in the new Xtra Savings campaign for the current month.

Let us suppose that

- You took part in the Xtra Savings offer for May 2014 and ING Luxembourg launches a new Xtra Savings campaign that rewards all new deposits into your savings accounts in June 2014.

- Example: Xtra Savings offer for June = 2.0% annual interest on the amount saved in June, valid for three months (July, August and September).

- On 31 May 2013, the total amount in your savings accounts was EUR 15,000.

- On 31 May 2014, the total amount in your savings accounts is EUR 25,000.

Since you are a loyal saver and your savings have increased over the past twelve months, you can take part in the special offer for June.

What should you do?

1) Click on 'Activate the Xtra Savings offer' in MY ING

2) Make a new deposit to your savings account (the amount should not be transferred from one of your own savings accounts with ING Luxembourg) in June.

If, for instance, you transfer EUR 10,000 from your account with another bank to your ING savings account, your new balance will be EUR 35,000.

The Xtra Savings offer will therefore apply to the EUR 10,000 deposited as part of the campaign in June, or the increase in the balance between 1 June 2014 and 30 June 2014.

What do you earn from Xtra Savings for June in example 2 at the end of three months?

(10,000 x 2%) x (90/360) = EUR 50, which will be paid into your savings account at the end of the period, i.e. 30 September 2014, while the interest for the previous campaign will have been paid into your account in the previous month.

What you should remember

You will notice that each new deposit to your savings account can only qualify for an Xtra Savings offer once.

If you decide to take part in several consecutive offers, you need to activate the offer for each of the campaigns.

We use the Last In, First Out method, which means that amounts withdrawn are always booked against the most recent deposit.

If the most recent deposit does not cover the amount of the withdrawal, it will then be booked against the previous deposit. And so forth.

Case No. 2.1: You make a withdrawal during the period of the Xtra Savings.

Let us suppose that

- In May 2014, ING Luxembourg launches a new Xtra Savings campaign that rewards all new deposits to your savings accounts in May 2014.

- Example: Xtra Savings offer for May = 2% annual interest on the amount saved in May, valid for three months (June, July and August).

- In May, to qualify for the special Xtra Savings rate of 2%, you make a new deposit of EUR 5,000 to your savings account.

- On 16 July, you withdraw EUR 4,000 from your savings account.

What do you earn from Xtra Savings in case No. 2.1 at the end of three months?

- for the period from 1 June 2014 to 15 July 2014 (45 days):

(5,000 x 2%) x (45/360) = EUR 12.50, which will be paid into your savings account.

- for the period from 16 July 2014 to 31 August 2014 (45 days):

(1,000 x 2%) x (45/360) = EUR 2.5

or EUR 15 for the entire period.

What you should remember

You are not 'penalised' because you make a partial withdrawal from your Xtra Savings, but you will receive interest at the Xtra Savings rate pro rata temporis.

Case No. 2.2: during the period of your Xtra Savings, you make a deposit followed by a withdrawal.

Let us suppose that

- In May 2014, ING Luxembourg launches a new Xtra Savings campaign that rewards all new deposits to your savings accounts in May 2014.

- Example: Xtra Savings offer for May = 2% annual interest on the amount saved in May, valid for three months (June, July and August).

- On 15 May, to take part in the Xtra Savings campaign at 2%, you make a new deposit of EUR 5,000 to your savings account.

- On 5 July, you make another deposit of EUR 500 to your savings account.

- On 16 July, you withdraw EUR 1,000 from your savings account.

How is your interest calculated taking account of the deposits and withdrawals made during the period of your Xtra Savings?

The withdrawal of EUR 1,000 will be deducted from the deposit made on 5 July in an amount of EUR 500 and from your Xtra Savings deposit of 15 May in an amount of EUR 500.

The interest on your Xtra Savings will be calculated as follows:

- for the period from 1 June 2014 to 15 July 2014 (45 days):

(5,000 x 2%) x (45/360) = EUR 12.50, which will be paid into your savings account.

- for the period from 16 July 2014 to 31 August 2014 (45 days):

(4,500 x 2%) x (45/360) = EUR 11.25

or EUR 23.75 for the entire period.

Yes, there is an upper limit of EUR 250,000 per person per campaign.

This means that there is an upper limit of EUR 500,000 on a new deposit for an account opened in the names of two people.

The standard rate for your savings account.

No, Xtra Savings offers only apply to savings accounts in euros.

Articles that might interest you

Comment pouvons-nous vous aider ?

My ING - Votre banque en ligne

Connectez-vous et réalisez vos opérations où et quand vous le souhaitez.

  • My ING, la banque en ligne pour les particuliers
  • My ING Pro, la banque en ligne pour les professionnels

My Team - Votre Contact Center

Aide sur la banque en ligne, informations sur nos produits, nos services ou toutes autres questions, votre Contact Center est accessible du lundi au vendredi de 08h00 à 18h00.

Contact pour la presse

My Experts - Votre réseau d'agences

Un réseau de 16 agences à votre disposition.

We use cookies to enhance your experience. Basic cookies are essential for the proper working of this website. For example, they save your language preferences. They also help us gather anonymous information about the use of our site. More information in our Cookie Policy

I don't agree I agree