ING Bank is a major player in Australia's savings account space. As of March 2025 it held about $52.3 billion in household deposits, the sixth largest book of any Australian bank. Unlike many of the biggest banks though, ING tends to offer highly competitive rates for savers - often some of the highest on market. Here's what to know about the current range of deposit products at ING Bank.
ING Savings Accounts
ING currently has two retail savings account products, as well as term deposits. The accounts can be linked to an Orange Everyday transaction account, which is optional, but you'll need it to earn the top rate on the Savings Maximiser.
Savings Maximiser
The Savings Maximiser is ING's high interest savings account. Its top rate consists of a nominal base variable rate (0.05% p.a. at the time of writing) plus a conditional bonus rate, which applies if each of the following conditions are met in a given month:
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At least $1,000 is deposited from an external source to any personal ING account in the customers name
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The customer needs to make at least five settled card purchases, and:
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Grow the nominated Savings Maximiser balance (excluding interest earnings)
The top rate applies on balances up to $100,000.
Savings Accelerator
While not quite as high as the Savings Maximiser, the Savings Accelerator still has a decent rate compared to the rest of the market as of April 2025. Customers new to ING can benefit from the KickStarter Offer for the first four months - a 0.70% boost to the ongoing variable rate on balances up to $500,000.
The advantage the Accelerator has compared to the maximiser is the higher maximum balance. The highest ongoing variable rate is for balances greater than $150,000, and applies all the way until the balance exceeds $5 million.
- Bonus rate for the first 4 months from account opening
- No account keeping fees
- No minimum balance
Term Deposits
ING also offer several term deposit products, currently with the following term lengths:
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Three months
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Four months
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Six months
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Seven months
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Nine months
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Eleven months
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One year
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Two years
ING term deposits have a minimum deposit size of $10,000 and the usual penalties for early withdrawal - a reduction in your total interest proportional to how far into the term you withdrew.
ING savings account eligibility
To be eligible for a savings account product with ING:
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You must be 18 years old or over
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You must be an Australian resident
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Meet the minimum deposit requirements ($10,000 for term deposits, higher deposits have higher rates on the Savings Accelerator)
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You'll need to provide your full name, date of birth, email, address and phone number
ING Savings Account Review
"ING is one of the gold-standard high-interest savings account providers, and arguably re-ignited the savings account rate war about a decade ago.
The Savings Maximiser has featured one of the top rates in the market for many years now, and ING has diligently moved it up with RBA rate rises, and thankfully been slower to move it down when the RBA goes down, too. The Savings Accelerator also offers competitive rates for higher balances north of $150k.
There's a lot of incentive to move your banking across to ING, with its Everyday account being feature-packed. This includes zero foreign currency conversion fees, ATM fee refunds, and 1% cashback on eligible utility bills. This makes ING a worthy companion both overseas and domestically.
However, there's a lot you need to do to get all these perks. This includes depositing $1,000 a month, and making five settled card transactions. To get the top Savings Maximiser interest rate you also need to grow the savings balance, while the top rate only applies to a $100k balance.
If you fail to meet the criteria your house of cards collapses in that month. It's not enough to simply park money at ING, but actively use the accounts as well.
ING's app does the basics, but has been left in the dust by competitors, who all offer faster, more secure, and more intuitive banking services.
Overall ING is worth a look for its high savings rates - if you can do the legwork.
-Harrison Astbury, InfoChoice Research Analyst
Picture by Cardmapr.nl
Harry O'Sullivan
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