From 1 March 2021, customers' Savings Maximiser balance will need to be higher at the end of the month than it was at the end of the previous month to earn the bonus interest. 

The original criteria to earn the bonus interest rate will remain unchanged: 

  • deposit at least $1,000 from an external bank account to any personal ING account in your name; and
  • make 5+ card purchases that are settled every money (excludes ATM withdrawals, balance enquiries and EFTPOS cash-out only transactions)

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

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

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
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

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 $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
Disclosure
010000$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
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

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 12, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Should this criteria not be satisfied, customers will only earn the standard variable base rate of 0.05% p.a.

The bonus interest rate currently sits at 1.30% p.a, taking the total variable rate to 1.35% p.a. 

The new criteria is not an uncommon one, with Westpac's under 30's 3% bonus interest rate also requiring you to grow your balance each month. 

Earlier in November, ING cut the interest rate on its Savings Maximiser account, from 1.50% p.a. to 1.35% p.a. 

It also cut at the end of September by 15 basis points and by the same margin less than two months prior to that. 

At the time of the most recent cut, ING said its savings account was still highly competitive in the current market. 

"We're doing this so we can adapt to changing market conditions while maintaining our customers' needs," ING said in an email to customers. 

"But we're proud to say that our high interest rate is still one of the most competitive around, so that we can keep helping your savings grow."

According to Savings.com.au research, ING previously had one of the highest interest rates on the market, and still does when not factoring in non-introductory accounts. 

ING's most recent savings account cut came in the wake of the Reserve Bank's decision to cut the cash rate to 0.10%. 

ING did not pass this on to variable home loan rates, instead offering a 1.99% p.a. four year fixed-rate (3.43% p.a. comparison rate).