This comes following the decision of the Reserve Bank to lift the cash rate on Tuesday.

ING previously lifted its Savings Maximiser rate to 2.60% p.a. last month off the back of RBA's July decision.

ING’s increase to its Savings Maximiser rate comes into effect from 9 August, competing with the likes of Bank of Queensland’s (BOQ) 3.00% p.a. Future Saver and Westpac’s 3.25% p.a. Spend & Save account.

Westpac’s 3.25% is in fact a better rate than the 3.10% p.a. offered by ING, however to receive the bonus rate Westpac customers need to be aged between 18-29 with a maximum balance of $30,000.

ING's savings account has no age limit with a maximum balance of up to $100,000 to receive the bonus rate.

Each customer can nominate a maximum of one Savings Maximiser account - either single or joint - to receive the additional variable rate.

To receive ING’s rate of 3.10% 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.

ING has also announced an increase to its Savings Accelerator offering for new and existing customers by 0.40% p.a.

This increase applies to balances of $150,000 or more taking the rate to 2.10% p.a.

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

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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.

Rates
Features
Conditions
Other
Provider
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

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 April 29, 2025. View disclaimer.

Important Information and Comparison Rate Warning

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