The rate increase will be added to the additional variable rate on eligible Savings Maximiser accounts from the 14th of March.

Currently, the standard variable rate is 0.55% p.a, but customers who meet certain criteria in a given month earn the additional variable interest rate, previously 4.25% p.a, now 4.45%, so the highest rate of return will become 5%.

Customers can hold different accounts, but can only earn the additional rate on one.

The market leading savings account in Australia remans Bank of Queensland's Future Saver (available for those under 35), where the top rate of return is 5.15% p.a.

Deposit amounts to Savings Maximiser Accounts above $100,000 are subject to the standard variable rate (0.55% p.a).

Again, BOQ have ING outgunned, with deposits of up to $250,000 allowed in the Future Saver.

@savings.com.au ING announce the rate of return on their Savings Maximiser account is now 5%. For the latest in savings accounts head to savings.com.au #fintok #fintokaustralia #finance #ing #savingsaccounts #money ♬ original sound - Savings.com.au

Eligibility

To qualify for the monthly additional variable rate, you'll need to do the following in the calendar month:

  1. Deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One).
  2. Make at least 5 settled card purchases using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out.
  3. Ensure the balance of the Savings Maximiser account is higher at the end of the month than the start

More to come for savers?

ING are the second bank to break the 5% threshold, but may not be the last.

Banks and other ADI's are under pressure to deliver the full extent of increases to the cash rate to savers after an ACCC investigation into the subject was announced in February.

This update from ING comes among a steady stream of announcements of increases to savings account rates following Tuesday's monetary policy decision.

With at least one more rate hike widely anticipated, it's very plausible that other providers will bring up rates to compete with ING and BOQ at above 5% in the coming months.

Keep checking savings.com.au for all the most current updates.

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
4001$product[$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
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
Disclosure

Savings Account

  • 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
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    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 October 22, 2024. View disclaimer.

    Important Information and Comparison Rate Warning