From 1 March 2021, customers' Savings Maximiser balance will need to be higher at the end of the month than it was at the end of the previous month to earn the bonus interest. 

The original criteria to earn the bonus interest rate will remain unchanged: 

  • deposit at least $1,000 from an external bank account to any personal ING account in your name; and
  • make 5+ card purchases that are settled every money (excludes ATM withdrawals, balance enquiries and EFTPOS cash-out only transactions)

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory 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
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
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 $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
More details
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    More details
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      More details
      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        More details
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          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 July 27, 2024. View disclaimer.

          Should this criteria not be satisfied, customers will only earn the standard variable base rate of 0.05% p.a.

          The bonus interest rate currently sits at 1.30% p.a, taking the total variable rate to 1.35% p.a. 

          The new criteria is not an uncommon one, with Westpac's under 30's 3% bonus interest rate also requiring you to grow your balance each month. 

          Earlier in November, ING cut the interest rate on its Savings Maximiser account, from 1.50% p.a. to 1.35% p.a. 

          It also cut at the end of September by 15 basis points and by the same margin less than two months prior to that. 

          At the time of the most recent cut, ING said its savings account was still highly competitive in the current market. 

          "We're doing this so we can adapt to changing market conditions while maintaining our customers' needs," ING said in an email to customers. 

          "But we're proud to say that our high interest rate is still one of the most competitive around, so that we can keep helping your savings grow."

          According to Savings.com.au research, ING previously had one of the highest interest rates on the market, and still does when not factoring in non-introductory accounts. 

          ING's most recent savings account cut came in the wake of the Reserve Bank's decision to cut the cash rate to 0.10%. 

          ING did not pass this on to variable home loan rates, instead offering a 1.99% p.a. four year fixed-rate (3.43% p.a. comparison rate).