ING increases Savings Maximiser to market-leading 5.50% p.a.
The announcement was made late on Friday 9 June while everyone turned off their laptops, and most of Australia - except for Queensland and Western Australia - had their eyes set to the King's Birthday long weekend.
The bonus rate was boosted by the full 25 basis points to 4.95% p.a. while the base rate remains unchanged at 0.55% p.a. bringing the total to a market-leading 5.50% p.a.
To attain the bonus, every month savers must:
- Have a maximum balance of $100,000.
- Deposit at least $1,000 from an external source.
- Make 5+ settled card transactions.
- Grow the savings balance.
The rate is applicable from 14 June.
According to Savings.com.au market research, this is the highest savings account rate in the market, with other leaders such as BOQ yet to make an announcement following the RBA's June cash rate decision.
See Also: Which banks are increasing savings rates following the RBA announcement?
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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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $269 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $302 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $296 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
