Key points
  • ING has adjusted interest rate offerings on its Savings Accelerator no-conditions savings product
  • Its top ongoing rate will apply to balance portions up to $2 million but is not the highest non-conditional rate on the market
  • Deposit rates have lifted alongside the cash rate so far in 2026 with the Reserve Bank widely expected to raise the cash rate again next week

Dutch-owned online bank ING is the sixth-largest holder of Australian household deposits after the big five banks.

This is largely on the back of its high-interest Savings Maximiser account, currently paying 5.25% p.a. on balances up to $100,000 when bonus interest rate conditions are met.

See also: The different types of savings account interest rates

ING's no-conditions Savings Accelerator account had been paying its top ongoing interest rate (4.60% p.a.) on much higher balance amounts - from $150,000 up to $5 million.

This was likely suiting those with larger deposits quite well.

Balance tiers take effect

But in March, ING announced the returns on large deposit amounts in Savings Accelerator accounts was set for change with the introduction of interest rate tiers on Friday 1 May.

As foreshadowed, ING's Savings Accelerator account now pays its top ongoing rate - remaining at 4.60% p.a. - on amounts up to $2 million.

Any balance greater than $2 million and up to $5 million will now earn 2.50% p.a.

According to the Savings.com.au database, the Savings Accelerator account is paying one of the market's highest introductory rates to new customers, currently 5.65% p.a. for the first four months on balances up to $500,000.

After that, the rate reverts to the ongoing interest rates under the new structure:

  • 4.60% p.a. - balance portion up to $2 million
  • 2.50% p.a. - balance portion from $2 million to $5 million

Are there better hoop-free rates on the market?

The short answer is yes, there are better ongoing, non-conditional rates on the market but it depends on how much cash you're depositing.

Community First Bank's online Easy Street Flex Saver account is currently paying an ongoing rate of 4.80% p.a. on balance amounts up to $3 million.

AMP Bank GO's relatively new online GO Save Account has shaken up the no-hoops market with its current ongoing rate of 4.85% p.a. on balances up to $500,000 and 4.00% p.a. on amounts over $500,000 up to $5 million.

Macquarie Bank's popular no-strings Savings Account currently has an ongoing rate of 4.75% p.a. on balance amounts up to $2 million with the rate falling to 2.50% p.a. on balance portions over $2 million.

There are a number of other banks currently matching Macquarie's 4.75% p.a. on their no-hoops accounts but the rate applies to lower balance amounts.

Teachers Mutual Bank is a new player in that space, after upping the top rate on its online, no-conditions Essential Saver account to 4.75% p.a. this week on balances up to $1 million.

The product is open to teachers, education graduates, and family members.

Other savings account movements

There have also been other savings accounts rate increases this week which could be seen as curious in the lead up to an expected cash rate hike on Tuesday.

It may be that some of the smaller banks are getting in early to make adjustments to their savings rates, possibly handing down smaller - or perhaps no - rate rises in the wake of a cash rate increase.

In some cases, it seems the adjustments were more administrative, including for merger partners Bank Australia and Qudos Bank who've moved to bring their savings products in line with each other.

In effect, it's seen Qudos Bank lift its top Bonus Saver rate by 35 basis points to 4.85% p.a. (from 4.50% p.a.) on balances up to $100,000 when bonus conditions are met.

Bank Australia has also adjusted a range of rates and balance tiers to keep products across the two brands equitable.

Australian Military Bank also raised the top rate on its Online Saver account by 25 basis points to 4.60% p.a. when bonus conditions are met.

Where to next for savings account rates?

Those holding cash have seen deposit rates shoot up in 2026 and it's a sound bet they're set to head higher given this week's inflation data.

Savings account and term deposit rates have lifted accordingly across the market as the Reserve Bank raised the cash rate in both February and March.

With Westpac economists forecasting there will be another three interest rate increases to come this year, some savings accounts may feasibly deliver returns above 6% p.a. by the second half of 2026.

But there are many variables that will come into play, including global conflict, fuel supplies and prices, and the threat of stagflation when high interest rates exist alongside low productivity and higher unemployment.

The Reserve Bank's monetary policy board meets to decide whether to raise the cash rate again next week, delivering its verdict on Tuesday 5 May.

The current climate presents an opportune time to take advantage of higher deposit rates by checking whether you are making the most of your cash holdings with your current savings account product.

See also:

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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.

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
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
  • Government backed protection.
  • $0 monthly account keeping fees.
  • 100% Australian-based support.
 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
 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
 Disclosure
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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