ING previously lifted its Savings Maximiser rate to 3.10% p.a. last month off the back of RBA's August decision.
ING's new Savings Maximiser rate of 3.60% p.a. for balances up to $100,000 will become one of the highest savings rates available based on Savings.com.au market research.
New and existing ING customers are eligible for the new rate of 3.60% p.a. from 15 September 2022.
The offering of 3.60% from ING for Savings Maximiser accounts remains on par with Virgin Money's 'Lock Saver' offering of 3.60% p.a., yet does not require customers to lock away savings for a set period.
ING's Savings Maximiser rate also beats out the 3.35% p.a. on offer from ubank which will take effect from 1 October 2022.
To receive ING’s rate of 3.60% 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.
For Savings Maximiser accounts, the standard variable rate of 0.55% is applied when eligibility criteria isn’t met or when the balance is above $100,000.
ING has also announced an increase to its Savings Accelerator rate for new and existing customers for balances greater than $150,000, with a rate of 2.60% p.a. - an increase from 2.10% p.a.
See more: Which banks are increasing savings rates following September's cash rate rise?
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| 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 |
