New and existing ING customers are eligible for the new rate of 4.55% p.a. for balances up to $100,000 from 13 December 2022.

This increase puts ING behind BOQ’s leading market rate of 4.75% p.a. according to Savings.com.au research.

However, unlike BOQ, ING offers a higher total balance and has no age restrictions. 

@savings.com.au ING has lifted their popular Savings Maximiser account rate to 4.55% p.a. for balances up to $100,000. For more on all the savings account movements, head to Savings.com.au! #ing #ingbank #savings #savingsrates #ausfinance #banking #bankingtips ♬ original sound - Savings.com.au

ING has also announced a 25 basis point increase to its Savings Accelerator rate for new and existing customers.

From 13 December, the following variable rates will be available:

  • Customers with less than $50,000 will earn 2.10% p.a.
  • Customers with $50,000 to $100,000 will earn 3.00% p.a.
  • Customers with balances greater than $150,000 will earn 3.20% p.a.

ING 4.55% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 4.55% 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.

For Savings Maximiser accounts, the standard variable rate of 0.55% is applied when eligibility criteria isn’t met or when the balance is above $100,000.

See Also: Which banks offer savings accounts above 4%?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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