The Kick Starter offer is an additional 0.50% p.a that is added on to the ongoing variable Savings Accelerator rate for the introductory term, up to balances of $500,000.
For example, the ongoing variable rate on balances up to $50,000 is 2.85% p.a., which becomes 3.35% p.a for the first four months.
"This is all about giving new savers an opportunity to kick start their savings with ING," an ING spokesperson told Savings.com.au.
This offer is only available for new customers who have never had a personal savings account with ING before, and can be changed or withdrawn by ING with notice.
The maximum rate available on the ING Savings Accelerator is now 5.20% p.a, for balances between $150,000 and $500,000 when the Kick Starter offer applies, which reverts back to the standard variable rate of 4.70% p.a.
This remains 55 basis points behind RaboBank, which offers a 5.75% p.a introductory rate for the first four months on balances up to $250,000, but this reverts to 4.40% once this period is up.
Should savers have a balance lower than $150,000, lower interest rates apply.
The highest rate at ING remains the Savings Maximiser account, which currently returns 5.50% p.a provided all conditions are met in a given month.
Although the top rate on the Accelerator product is lower, and only for four months, the Maximiser requires users to (every month): Deposit $1,000 in the linked Everyday account, make five settled debit card transactions on the Everyday account and grow the balance.
The top rate on the Savings Maximiser applies on the account balances up to $100,000, with just the standard variable rate (0.55% p.a) applying on anything above this.
With a higher deposit requirement, the Accelerator product could suit those who have already accumulated large amounts of savings and don't want to deal with deposit criteria.
The top basic rate on the Savings Accelerator is still among the higher unconditional ongoing savings account rates available at the moment, although Australian Unity remains the market leader at 5.20% p.a.
The ongoing rate is five basis points behind Macquarie Bank's Savings Account, where the ongoing variable rate is 4.75% p.a after the introductory period, where rates are 5.35% p.a.
At Macquarie though, these rates only apply up to $250,000, which is at the cap of the government's deposit guarantee.
New Savings Accelerator Rates
| Balance | Basic variable rate | Rate with Kickstarter Intro Offer applied |
| $0-$49,999 | 2.85% p.a | 3.35% p.a |
| $50,000-$149,999 | 3.75% p.a | 4.25% p.a |
| $150,000-$500,000 | 4.70% p.a | 5.20% p.a |
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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.
Picture by Ingo Stiller on Unsplash
Harry O'Sullivan
Denise Raward
