New and existing ING customers are eligible for the new rate of 4.55% p.a. for balances up to $100,000 from 13 December 2022.

This increase puts ING behind BOQ’s leading market rate of 4.75% p.a. according to Savings.com.au research.

However, unlike BOQ, ING offers a higher total balance and has no age restrictions. 

@savings.com.au ING has lifted their popular Savings Maximiser account rate to 4.55% p.a. for balances up to $100,000. For more on all the savings account movements, head to Savings.com.au! #ing #ingbank #savings #savingsrates #ausfinance #banking #bankingtips ♬ original sound - Savings.com.au

ING has also announced a 25 basis point increase to its Savings Accelerator rate for new and existing customers.

From 13 December, the following variable rates will be available:

  • Customers with less than $50,000 will earn 2.10% p.a.
  • Customers with $50,000 to $100,000 will earn 3.00% p.a.
  • Customers with balances greater than $150,000 will earn 3.20% p.a.

ING 4.55% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 4.55% 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.

See Also: Which banks offer savings accounts above 4%?


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