Home News ING increases Savings Maximiser to market-leading 5.50% p.a.

ING increases Savings Maximiser to market-leading 5.50% p.a.

ING announced it would increase its popular Savings Maximiser account by the full RBA rate hike, bringing the total rate to 5.50% p.a.

By Harry O'Sullivan

First published on 12 Jun 2023

Fact Checked

ING increases Savings Maximiser to market-leading 5.50% p.a.

The announcement was made late on Friday 9 June while everyone turned off their laptops, and most of Australia - except for Queensland and Western Australia - had their eyes set to the King's Birthday long weekend.

The bonus rate was boosted by the full 25 basis points to 4.95% p.a. while the base rate remains unchanged at 0.55% p.a. bringing the total to a market-leading 5.50% p.a.

To attain the bonus, every month savers must:

Have a maximum balance of $100,000.
Deposit at least $1,000 from an external source.
Make 5+ settled card transactions.
Grow the savings balance.

The rate is applicable from 14 June.

According to Savings.com.au market research, this is the highest savings account rate in the market, with other leaders such as BOQ yet to make an announcement following the RBA's June cash rate decision.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofNovember 21, 2024

	4.35^%_p.a.	Intro rate for 4 monthsthen 4.35% p.a. 5.60^%_p.a.	^$281	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details
	5.00^%_p.a.	Intro rate for 4 monthsthen 5.00% p.a. 5.50^%_p.a.	^$276	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
FEATURED Savings Account A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace More details Disclosure
	4.70^%_p.a.	Intro rate for 4 monthsthen 4.70% p.a. 5.40^%_p.a.	^$271	4	^$250,000	^$99,999,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7% More details Disclosure
	3.75^%_p.a.	Intro rate for 4 monthsthen 3.75% p.a. 4.45^%_p.a.	^$223	4	^$50,000	^$249,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Accelerator
Savings Accelerator More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

ING increases Savings Maximiser to market-leading 5.50% p.a.

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Savings Account

Savings Account

Savings Accelerator

Savings Accelerator

Savings Accelerator

Savings Accelerator

Harry O'Sullivan

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Be Savings Smart.

ING increases Savings Maximiser to market-leading 5.50% p.a.

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Savings Account

Savings Account

Savings Accelerator

Savings Accelerator

Savings Accelerator

Savings Accelerator

Harry O'Sullivan

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Important information

Editorial Integrity

Advertiser Disclosure

Product Coverage and Sort Order

Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure