- ING has announced 0.40% p.a. increases to its Savings Accelerator savings account interest rates
- This is a much larger rate increase than the Reserve Bank's 0.25% hike to the cash rate on Tuesday
- ING will also lift rates 0.25% on its Savings Maximiser savings product
The Dutch-owned online bank announced its interest rate increases on Wednesday afternoon, going big on rate hikes for Savings Accelerator customers and lifting the maximum rate on Savings Maximiser accounts to 5.00% p.a. from 10 February.
The Savings Accelerator is ING's no-condition savings account product that pays tiered interest according to account balance.
All current Savings Accelerator rates will see a 0.40% lift for new and existing customers from next Tuesday, including the Kick Starter welcome rate* (stated first in the table below) for new to ING customers that applies for four months as well as ongoing rates, as follows:
| Balance | Old rates | New rates |
| $0-$49,999 | up to 3.15% p.a.* 2.10% p.a. ongoing | up to 3.55% p.a.* 2.50% p.a. ongoing |
| $50,000-$149,999 | up to 4.05% p.a.* 3.00% p.a. ongoing | up to 4.45% p.a.* 3.40% p.a. ongoing |
| $150,000 and over | up to 5.00% p.a.* 3.95% p.a. ongoing | up to 5.40% p.a.* 4.35% p.a. ongoing |
*The Kick Starter introductory rate applies on balances up to $500,000 from the date the account is opened.
Savings Maximiser also sees rate hike
ING's other popular savings product, the Savings Maximiser, will see a 0.25% lift to the variable interest rate for new and existing customers, taking its top rate to 5.00% p.a., also from 10 February.
This will be made up of a 4.99% p.a. bonus rate and a standard variable rate of 0.01% p.a. if bonus conditions aren't met.
To earn the top rate on a Savings Maximiser account, savers must:
- Deposit $1,000+ from an external source into any personal ING account in their name
- Make 5+ card purchases (settled, not pending)
- Grow their nominated Savings Maximiser balance (excluding interest paid)
within a calendar month to earn bonus interest on one account on balances up to $100,000.
ING is the sixth largest holder of Australian household deposits after the big four banks and Macquarie Bank.
See also: Guide to ING savings accounts
What are other banks doing with savings accounts?
So far banks and deposit-takers have been slow to move on announcing interest rate increases on savings account products but this is par for the course when the cash rate rises.
Savings account cuts tend to be more swiftly applied when the cash rate falls.
Macquarie Bank and NAB's digital-only brand Ubank have so far announced they will pass on 0.25% increases to their savings products.
See also : Which banks are lifting savings rates after the RBA's February rate rise?
This will take Macquarie's ongoing Savings Account rate to 4.50% p.a. on account balances up to $2 million with no conditions attached.
New customers will receive a variable four-month welcome rate of 4.85% p.a. on balances up to $250,000.
See also: Guide to Macquarie Bank savings accounts
Ubank will lift its everyday bonus rate on its Save account to 4.60% p.a. for balances up to $1 million - a monthly balance growth requirement (not including interest payments) applies to receiving the bonus rate.
Save's four-month welcome rate will also jump 0.25% to 5.35% p.a. on balances up to $1 million for eligible customers who joined from 11 November 2025.
See also: Guide to Ubank savings accounts
Ubank's changes will take effect from 10 February while Macquarie's will kick in from 20 February.
ING home loan rates will also rise
ING has also joined larger home lenders in announcing it will pass on a 0.25% p.a. increase on all variable home loan rates for new and existing customers, effective from 10 February.
To check when your lender is passing on the cash rate increase, check our running update of home loan rate announcements.
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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. | $1,097 | – | $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. | $1,134 | 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. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
