The Kickstarter offer applies for the first four months of opening a Savings Accelerator Account, for new ING customers.

This introductory rate is now 0.70% higher than the ongoing variable rate, which is what customers receive after the four month period.

On balances above $150,000, the Kickstarter offer will mean a rate of 5.40% p.a.

This is still not the highest introductory savings account rate on market - RaboBank still offers new customers 5.75% p.a for the first four months.

However, this only applies to balances up to $250,000, while the ING rate applies on balances all the way up to $500,000.

The ING product will revert to an ongoing variable rate of 4.70% p.a (which is unchanged), compared to 4.40% p.a at RaboBank.

There are still other savings account products out there where the ongoing rate is higher, including the MEBank HomeME Saver, the BOQ Future Saver and ING's very own Savings Maximiser.

All of these products have conditional maximum interest rates above 5.40% p.a - but this top rate is capped significantly lower than on the Savings Accelerator.

The top rate on the HomeME and the Savings Maximiser only applies on balances up to $100,000, while the Future Saver peaces out at $50,000.

If you're sitting on a block of savings above $250,000, 5.40% p.a is also a higher rate than any current term deposit products on the market (although the top TD rates generally are for terms longer than four months).

For more modest balances though, the Savings Accelerator rates are still well below the other products mentioned above, but requires less admin to maintain the rate.

ING Savings Accelerator rates

Balance Ongoing variable rate New temporary rate with Kickstarter offer
$0-$49,999.99 2.85% p.a 3.55% p.a
$50,000-$149,999.99 3.75% p.a 4.45% p.a
$150,000-$500,000 4.70% p.a 5.40% p.a

How much could you earn?

For those that haven't banked with ING before, these are the potential earnings from switching to the Savings Accelerator on various balances:

Balance Rate (with Kickstarter) Rough balance after four months Earnings
$25,000 3.55% p.a $25,297 $297
$100,000 4.45% p.a $101,492 $1,492
$250,000 5.40% p.a $254,531 $4,531
$500,000 5.40% p.a $509,061 $9,061

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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.

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
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
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
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 $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    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 December 11, 2024. View disclaimer.

    Important Information and Comparison Rate Warning

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