This increase will take ING to the top of the savings account rate pecking order based on Savings.com.au market research.
ING previously lifted its Savings Maximiser rate to 3.60% p.a. last month off the back of RBA's September increase.
ING's decision to lift its Savings Maximiser account by 45 basis points follows a similar move by Macquarie Bank following Tuesday's decision.
New and existing ING customers are eligible for the new rate of 4.05% p.a. for balances up to $100,000 from 11 October 2022.
The offering of 4.05% from ING for Savings Maximiser accounts pips out Bank of Queensland's Future Saver offering of 4.00% p.a. with a higher rate, total overall balance and no age restrictions.
ING's Savings Maximiser rate also beats out the 3.60% p.a. on offer from ubank which will take effect from 1 November 2022.
@savings.com.au From Tuesday October 11, ING will increase its popular Savings Maximiser account to a market-leading 4.05% p.a! 💸 For all the latest savings news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #ing #moneytok #money #banking #bankingnews ♬ original sound - Savings.com.au
To receive ING’s rate of 4.05% 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 applies 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 from 11 October for new and existing customers for balances greater than $150,000, with a rate of 2.80% p.a. - an increase from 2.60% p.a. last month.
See more: Which banks are increasing savings rates following October's cash rate rise?
Advertisement
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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
| FEATURED | Savings Maximiser (<$100k)
| ||||||||||||
Savings Maximiser (<$100k)
| |||||||||||||
| 0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
| No monthly fees | Save Account
| ||||||||||||
Save Account
| |||||||||||||
| 4 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Savings Account (Amounts < $250k)
| |||||||||||||
Savings Account (Amounts < $250k)
| |||||||||||||
| 0 | 2000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
HomeME Savings Account ($0 - $100,000) | |||||||||||||
| 0 | 200 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Growth Saver ($1 - $25k) | |||||||||||||
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Target Saver | |||||||||||||
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
| For customers aged 14-35 years | |||||||||||||
Future Saver Account ( < $50k) | |||||||||||||
| 0 | 500 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Goal Saver
| |||||||||||||
Goal Saver
| |||||||||||||
| 0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Boost Saver | |||||||||||||
| 0 | 0.01 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Reward Saver Account (31 years +) ($0-$100k) | |||||||||||||
| 0 | 100 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver Account (Amounts < $100k) | |||||||||||||
| 0 | 20 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Reward Saver Kick Start (Amounts ≤ $1m) | |||||||||||||
| 0 | 0.01 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Life (< 30 years) (Monthly deposit) | |||||||||||||
| 5 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
NetBank Saver | |||||||||||||
| 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
ANZ Save | |||||||||||||
| 0 | 5 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Young Saver Account | |||||||||||||
| 0 | 50 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Save up | |||||||||||||
| 0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver (<$1 Million) | |||||||||||||
| 0 | 10 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Smart Saver Account (Under 25) | |||||||||||||
- Deposit at least $1,000 + each month from an external source
- Make 5 or more eligible transactions
- Grow your savings balance each month
Image by Mika Brandt via Unsplash
Brooke Cooper
Harrison Astbury
Jacob Cocciolone