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- New highest ongoing savings rate hits 5.50%
New highest ongoing savings rate hits 5.50%
ING has announced it is increasing the maximum rate on its Savings Maximiser by 0.25 percentage points to 5.50 per cent in two days’ time.
From 14 June, this will be the new highest ongoing savings rate in Australia.
However, to qualify for the maximum rate, customers need to meet the bank’s monthly terms and conditions which includes depositing $1,000 into an ING account (savings or banking), making five or more purchases on an ING debit or credit card and growing the balance in your savings account each month.
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.
5.50%*
0.55%
Making the announcement late on Friday, ING will also pass on the full hike to its variable mortgage customers.
ING savings rate changes: effective 14 June
| Account | Old max rate | New max rate | Change |
| Savings Maximiser (balances up to $100K) | 5.25% | 5.50% | 0.25% |
| Savings Accelerator (balances over $150K) | 4.00% | 4.35% | 0.25% |
Source: RateCity.com.au. Notes: terms and conditions apply for max rate on both accounts. Data accurate as of 12/06/2023.
RateCity.com.au’s database shows:
- Ten banks have announced savings rate changes following last Tuesday’s RBA hike.
- 5.50% is currently set to be the highest ongoing savings rate when effective on 14 June (ING Savings Maximiser).
- 4.75% will be the highest big four bank ongoing savings rate for all adults at this stage, offered by NAB. (Note: Westpac has a young adult account offering 5.00%).
- Westpac and ANZ have not yet announced any increases to their savings accounts, despite confirming their home loan rates will be rising by 0.25 percentage points.
BOQ could chase ING down for title of highest savings rate
While ING is set to claim top spot on Wednesday with an ongoing rate of 5.50 per cent, Bank of Queensland could one up ING in coming days if it passes on the full hike to its Future Saver account for young adults, which is currently sitting at 5.30 per cent.
Current highest ongoing savings rates (excludes kids accounts)
| Account | Rate | Max balance for highest rate |
| ING Savings Maximiser (from 14 June) | 5.50% | $100K |
| BOQ Future Saver – ages 14 - 35 | 5.30%* | $50K |
| Move Bank Growth Saver | 5.25%* | $25K |
| Virgin Money Boost Saver | 5.10%* | $250K |
| Great Southern Bank Goal Saver – ages 18-24 | 5.10%* | $50K |
Source: RateCity.com.au *bank is yet to announce its June RBA hike. Monthly conditions apply for max rate. Excludes kids savings accounts. Data accurate as of 12/06/2023.
RateCity.com.au research director, Sally Tindall, said: “Customers with an ING Savings Maximiser account will be delighted to see their rate climb into the mid-5’s on Wednesday.”
“At 5.50 per cent, this rate is still below inflation, but the target is now finally within striking range,” she said.
“ING’s move puts pressure on its competitors to pass on the RBA’s twelfth cash rate hike to savers.
“Just 10 banks on our database have announced increases to at least one of their savings rates, out of almost 90 different banks in the market – that’s a pretty disappointing result so far.
“CBA should be congratulated for announcing it will pass on the full hike to every one of its key savings accounts. NAB is increasing just one of its savings accounts, while Westpac and ANZ have not announced a single hike for their savings customers at this stage.
“The other big banks are likely to increase more of their savings rates but they’re playing a game of ‘wait and see’ to decide what they can get away with,” she said.
Big four bank savings rates – post June RBA hike
BONUS SAVERS
| Account | Max ongoing rate | Conditions for max rate |
| CBA GoalSaver | 4.65% | Grow balance each mth |
| Westpac Life | 4.50% | Grow balance each mth |
| NAB Reward Saver | 4.75% | 1 deposit, no withdraw/mth |
| ANZ Progress Saver | 4.00% | $10+ dep, no withdraw/mth |
ONLINE SAVERS
| Account | After June hike | Conditions |
| CBA NetBank Saver | 4.75% for 5 mths then 2.2% | None |
| Westpac eSaver | 4.50% for 5 mths then 1.10% | None |
| NAB iSaver | 4.50% for 4 mths then 1.85% | None |
| ANZ Online Saver | 3.10% for 3 mths then 1.35% | None |
OTHER
| Account | After June hike | Conditions for max rate |
| Westpac Spend&Save
(18-29 yrs) | 5.00% | Grow balance each mth. 5+ purchases on linked bank account. |
| ANZ Plus Save (15 yrs+) | 4.50% | None |
| CBA Youth Saver
(below 18 years) | 4.75% | Grow balance each mth. |
| Westpac Bump
(below 18 years) | 4.50% | Grow balance each mth. |
| ANZ Progress for Kids
(below 18 years) | 4.00% | $10+ dep, no withdraw/mth |
Source: RateCity.com.au. CBA and NAB changes effective 16 June.
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Product database updated 22 Nov, 2024
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