ING increases popular savings account rate to 3.10% p.a.

This comes following the decision of the Reserve Bank to lift the cash rate on Tuesday.

ING previously lifted its Savings Maximiser rate to 2.60% p.a. last month off the back of RBA's July decision.

ING’s increase to its Savings Maximiser rate comes into effect from 9 August, competing with the likes of Bank of Queensland’s (BOQ) 3.00% p.a. Future Saver and Westpac’s 3.25% p.a. Spend & Save account.

Westpac’s 3.25% is in fact a better rate than the 3.10% p.a. offered by ING, however to receive the bonus rate Westpac customers need to be aged between 18-29 with a maximum balance of $30,000.

ING's savings account has no age limit with a maximum balance of up to $100,000 to receive the bonus rate.

Each customer can nominate a maximum of one Savings Maximiser account - either single or joint - to receive the additional variable rate.

To receive ING’s rate of 3.10% p.a. customers must:

• Deposit at least $1,000 from an external source.
• Make five or more settled card purchases.
• Grow the balance on the nominated Savings Maximiser account by making sure the balance of the account is greater at the end of the month than the month prior.

ING has also announced an increase to its Savings Accelerator offering for new and existing customers by 0.40% p.a.

This increase applies to balances of $150,000 or more taking the rate to 2.10% p.a.

See more: Which banks are increasing savings rates following August's cash rate rise?

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