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ING announces new highest ongoing savings rate for all adults

ING announces new highest ongoing savings rate for all adults

10 Mar, 2023 - 4 min read

ING has today announced it will be increasing the maximum rate on its Savings Maximiser by 20 basis points to 5.00%. When this takes effect next Tuesday (14 March) it will be the highest ongoing savings rate available to all adults.

Bank of Queensland’s Future Saver offers a higher ongoing rate of 5.15%, however, this account is only available to Australians aged 14 – 35 on balances of up to $50,000.

ING savings rate changes: effective 14 March

Account

Old max rate

New max rate

Change

Savings Maximiser

(balances up to $100K)

4.80%

5.00%

0.20%

Savings Accelerator (balances over $150K)

3.45%

3.70%

0.25%

Source: RateCity.com.au Note: terms and conditions apply for max rate on both accounts.

Savings Maximiser

Bonus interest with conditions
App banking
Online banking

Enjoy a competitive ongoing bonus interest rate with this award-winning savings account when you meet the maximum rate conditions each month.

Maximum rate p.a.

5.50%*

Base rate p.a.

0.55%

More details

FeaturedAustralian Credit Licence: 229823 ING terms and conditions

RateCity's database shows 11 banks have announced savings rate changes following Tuesday’s RBA cash rate increase.

5.15% is the highest ongoing savings rate for young adults (BOQ Future Saver).
5.00% is set to be the highest ongoing savings rate for all adults (ING Savings Maximiser).
4.25% will be the highest big four bank ongoing savings rate for all adults, offered by Westpac, NAB, ANZ. (Note: Westpac has a young adults account that will rise to 4.70%).

Current highest ongoing savings rates (excludes kids accounts)

Account	Rate	Conditions for max rate
BOQ Future Saver	5.15%	Ages 14 – 35. Deposit $1K+ and make 5+ purchases in linked bank account. Waived if under 18.
ING Savings Maximiser	5.00%	Deposit $1K+ and make 5+ purchases in linked bank account. Grow bal each mth.
Virgin Money Boost Saver	4.85%	Deposit $2K+ and make 5+ purchases in linked bank account. 32 days’ notice to access funds.
Move Bank Growth Saver	4.75%	Deposit $200+ and no withdrawals / mth
Great Southern Bank Goal Saver	4.75%	Ages 18-24. Deposit $500+ and make 5+ purchases in linked bank account.

Source: RateCity.com.au. Note: ING rate effective 14 March.

Big four bank savings account rates post March RBA

BONUS SAVERS
Account	Ongoing rate	Conditions for max rate
CBA GoalSaver	4.15%	Grow balance each mth
Westpac Life	4.25%	Grow balance each mth
NAB Reward Saver	4.25%	1 deposit, no withdraw / mth
ANZ Progress Saver	3.50%	$10+ dep, no withdraw/mth
ONLINE SAVERS
Account	Ongoing rate	Intro rate and conditions
CBA NetBank Saver	1.85%	4.25% for 5 mths. No conditions.
Westpac eSaver	1.10%	4.25% for 5 mths. No conditions.
NAB iSaver	1.60%	4.25% for 4 mths. No conditions.
ANZ Online Saver	0.85%	2.65% for 3 mths. No conditions.
OTHER
Account	Ongoing rate	Intro rate and conditions
Westpac Spend&Save (18-29 yrs)	4.70%	Grow bal each mth. 5+ purchases on linked bank account.
ANZ Plus Save (15 yrs+)	4.25%	None

Source: RateCity.com.au. Note new rates are effective from 17 March.

RateCity.com.au research director, Sally Tindall, said: “It’s encouraging to see ongoing savings rates hit 5.00%, although with only a couple of banks leading the charge, customers aren’t yet spoilt for choice.”

“While it’s disappointing ING didn’t pass on the full 0.25 percentage points, customers with this account are likely to be pretty chuffed their interest rate is now in the ‘5’s,” she said.

“Hopefully, this move from ING will pressure other banks to follow their lead and boost savings rates above this mark.

“A rate of 5.00% is extremely competitive, but it’s still a long way from inflation which is currently sitting at 7.4%. That said, the gap is narrowing with each RBA hike,” she said.

Compare savings accounts

Maximum rate condition

3.55%

intro 4 months then 2.85%

2.85%

Not applicable

More details

Savings Accelerator (Kick Starter offer)

Promoted
Intro offer rate
App banking
Online banking
Linked account required

4.10%*

0.01%

*Make a single deposit of $10 or more and no wi...

Progress Saver

Bonus interest with conditions
App banking
Online banking

3.65%

intro 3 months then 1.40%

1.40%

Not applicable

Online Saver

Intro offer rate
App banking
Online banking
Linked account required

5.00%

0.35%

Not applicable

Reward Saver

App banking
Online banking

Product database updated 15 Jan, 2025

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Alex Ritchie

Personal Finance Editor

Alex Ritchie was a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over six years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.