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?