This increase sees ING topple Bank of Queensland in the savings account interest rate pecking order according to Savings.com.au market research.

Key points
  • ING's latest increase sees its Savings Maximiser rate reach a market leading 4.80% p.a. effective from 14 February 2023. 
  • Savings Accelerator accounts will also increase by 0.25%. 

Bank of Queensland responded to the RBA's February decision on Wednesday, however flagged no increase to savings accounts. 

ING previously lifted its Savings Maximiser rate to 4.55% p.a. in December following the eighth consecutive RBA cash rate increase.

New and existing ING customers are eligible for the new rate of 4.80% p.a. for balances up to $100,000 from 14 February 2023.

Further, ING will also increase Savings Accelerator account offerings by 0.25% which will see customers with less than $50,000 in their Saving Accelerator will earn an interest of 2.35% p.a., up from 2.10% p.a.

Customers with greater balances of $50,000 to $150,000 in their Saving Accelerator will earn an interest of 3.25% p.a., up from 3.00% p.a., while customers with more than $150,000 in their Saving Accelerator will earn an interest of 3.45% p.a., up from 3.20% p.a.

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ING 4.80% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 4.80% 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.

See more: Which banks are increasing savings rates following February's cash rate rise?

First published on February 2023

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