Quick Guide to ING Savings Accounts

ING Bank is a major player in Australia's savings account space. As at July 2026, it held more than than $56 billion in household deposits, the sixth-largest holding behind those of the 'big five'.

But unlike many of the biggest banks, ING tends to offer highly competitive rates to savers - often some of the highest on market. Here's what to know about the range of deposit products at ING Bank.

ING savings accounts & interest rates

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1 year

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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
ING	ING Savings Booster (balance up to $500k)	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				Sign Up And Get Up To $100 T&Cs* - This Offer Is Available Until 30/09/2026. T&Cs and Eligibility Criteria Apply	Go to site	Compare		Disclosure
ING	ING Savings Maximiser	0.01% p.a. Bonus rate of 5.49% Rate varies on savings amount.	5.50% p.a.	$1,128	–	$0	$99,999		$1,000	$0	$0					More details	Compare

ING savings account details

ING offers three online-only savings accounts, adding a new savings product to its line-up in July 2026.

Savings Booster

ING's new Savings Booster account launched with a market-high introductory interest rate on 27 July 2026.

At the time, ING touted it as "the biggest change to its savings products in 18 years", saying it was a direct response to "changing customer expectations and evolving savings habits of Australians".

Savings Booster offers a four-month welcome rate to new-to-ING customers and pays a monthly Boost rate on top of a lower base rate when account balances are grown by $100 a month (excluding any interest earned).

See also: The different types of savings accounts interest rates

Here's a rundown of how it works:

• Welcome rate for new-to-ING savings  customers on balances up to $500,000
• Boost rate on balances up to $500,000 when account balance is grown by $100 or more each month (excluding interest earned)
• Base rate on all balances up to $2 million (with no interest paid on balance portions over $2 million)

The Boost and base rates still apply after the four-month introductory period for new-to-ING customers.

Jennifer Davies

Head of Retail, ING Australia

Biggest evolution in ING savings in almost two decades

"Interest rates obviously remain incredibly important given the times we're living in and the cost of living challenges facing customers.

But people are also looking for simplicity and convenience and what we've heard from customers is that they don't want to have to worry about remember lots of requirements to earn a good interest rate.

They want a product that just fitted in with their natural savings habit. That's why we designed the Booster around the savings habit of growing your balance by $100 a month.

Some customers just want that set and forget savings product, while others are comfortable taking a more active approach and being rewarded with a higher interest rate so we thought it was time, after two decades, for us to broaden our savings range and give customers another option."

To hear more about the Savings Booster account and ING's savings products strategy, listen to ING Australia's head of retail Jennifer Davies speaking on the Savings Tip Jar podcast.

The Savings Booster requires an active and unrestricted Orange Everyday transaction account in the same name.

See also: What's the difference between a savings account and a transaction account?

Savings Maximiser

Outside of Savings Booster's four-month introductory rate, the Savings Maximiser offers ING's highest interest savings account.

Its top rate consists of a negligible base variable rate (0.01% p.a. at the time of writing) plus a conditional bonus rate which applies if each of the following conditions are met in a given calendar month:

• At least $1,000 is deposited from an external source to any personal ING account in the customer's name (this includes ING personal or home loans)

• Make at least five settled (not pending) ING card purchases, and:

• Grow the nominated Savings Maximiser balance (excluding interest earnings)

The top rate applies on balances up to $100,000. You will need an ING card to achieve the Savings Maximiser's top interest rate.

Savings Accelerator

With an interest rate not as high as the other offerings in ING's savings products suite, the no-conditions Savings Maximiser still carries a decent rate.

At the time of writing, this rate applies to all balance tiers up to $2 million with a lower rate for balance portions over $2 million to $5 million.

While not the market's highest no-conditions interest rate, interest is paid monthly with no deposit requirements or withdrawal restrictions.

No more Kick starter rate

ING Savings Accelerator had offered a boosted interest rate - a Kick starter rate - for the first four months on balances up to $500,000 for new accounts. That offer was not available for accounts opened on or after 21 July 2026. 

Savings Accelerator accounts must have a linked Australian BSB/account number in the same name as the ING account. 

Term Deposits

ING also offer several term deposit products, ranging from three months to two years, at the time of writing.

ING term deposits have a minimum deposit size of $10,000 and the usual penalties for early withdrawal - a reduction in your total interest proportional to how far into the term you withdrew.

ING savings account eligibility

To be eligible for a savings account product with ING:

• You must be 18 years old or over

• You must be an Australian resident for tax purposes

• Have an Australian residential address and phone number

• Hold, or open, an active and unrestricted Orange Everyday transaction account (for Savings Booster customers)

• The accounts must be for personal use (ING provides separate business products)

Note: an ING card is needed to achieve the top rate on the Savings Maximiser account.

Dominic Beattie

Savings.com.au Editor

ING Savings Accounts Review

"ING has long been a gold-standard provider of savings accounts in Australia, consistently offering some of the highest interest rates on the market. 

Beyond the rates, the Dutch-owned online bank is also often praised for the smooth functionality of its app and the valuable perks of its Orange Everyday transaction account - including no international transaction or ATM fees and 1% cashback on eligible utility bills.

Its Savings Maximiser account has been the main staple in its deposit product range for over a decade, and was popularised by The Barefoot Investor - who singled it out in his best-selling book.

However, this account has attracted criticism in recent years for having what some consider to be too many monthly bonus rate conditions (5+ transactions, deposit $1k+, grow the balance) and next to no base rate, meaning you earn virtually no interest in months that you fail to meet even just one of those conditions. 

This critique has ramped up amid the higher-rate environment, with many savers now preferencing accounts with little to no hoops, even if that means earning a lower rate. 

Perhaps this is what prompted ING to substantially rejig its deposit offering in 2026, including an overhaul of its no-strings Savings Accelerator which previously only offered a competitive rate on balances above $150k and the ground-breaking launch of its Savings Booster.

ING now caters for a wider range of savers: the set-and-forgets (Accelerator), the earnest high-interest-chasing hoop jumpers (Maximiser), and those in-between - the Goldilocks savers (Booster).   

For these recent changes, I give the orange lion my roar of approval."