New and existing ING customers are eligible for the new rate of 5.25% p.a. for balances up to $100,000 from 9 May 2023. 

While ING is now number one in the savings account pecking order, BOQ is yet to release its announcement following the RBA’s decision. If BOQ was to hike its Future Saver account by the 25 basis points, this would see it overtake ING (5.40% p.a.). 

@savings.com.au ING has lifted its Savings Maximiser account rate to a market-leading 5.25% p.a. following the RBA’s May decision. To keep up to date with the latest savings account news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingscomau #savingsaccount #moneytok #ing #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, ING will also increase Savings Accelerator account offerings by 0.25% which will see customers with less than $50,000 in their Saving Accelerator account earn an interest of 2.85% p.a.

Customers with balances from $50,000 to $149,000 will earn an interest rate of 3.75% p.a.

Savings Accelerator customers with balances of more than $150,000 will receive a 30 basis point hike to their accounts, taking the rate to 4% p.a. 

ING 5.25% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 5.25% p.a. customers must:

  • Deposit at least $1,000 from an external source.
  • Make five or more settled card purchases.
  • Grow the balance on the nominated Savings Maximiser account by making sure the balance of the account is greater at the end of the month than the month prior.

The increase will likely apply to the bonus rate. Should savers fail to meet the criteria in a given month, they will see their savings earn the base rate of 0.55% p.a.

See More: Which banks are increasing savings rates following May’s cash rate rise?

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