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ING announces new highest ongoing savings rate for all adults
ING has today announced it will be increasing the maximum rate on its Savings Maximiser by 20 basis points to 5.00%. When this takes effect next Tuesday (14 March) it will be the highest ongoing savings rate available to all adults.
Bank of Queensland’s Future Saver offers a higher ongoing rate of 5.15%, however, this account is only available to Australians aged 14 – 35 on balances of up to $50,000.
ING savings rate changes: effective 14 March
Account | Old max rate | New max rate | Change |
Source: RateCity.com.au Note: terms and conditions apply for max rate on both accounts.
Savings Maximiser
- Bonus interest with conditions
- App banking
- Online banking
Enjoy a competitive ongoing bonus interest rate with this award-winning savings account when you meet the maximum rate conditions each month.
5.50%*
0.55%
RateCity's database shows 11 banks have announced savings rate changes following Tuesday’s RBA cash rate increase.
- 5.15% is the highest ongoing savings rate for young adults (BOQ Future Saver).
- 5.00% is set to be the highest ongoing savings rate for all adults (ING Savings Maximiser).
- 4.25% will be the highest big four bank ongoing savings rate for all adults, offered by Westpac, NAB, ANZ. (Note: Westpac has a young adults account that will rise to 4.70%).
Current highest ongoing savings rates (excludes kids accounts)
Account | Rate | Conditions for max rate |
5.15% | Ages 14 – 35. Deposit $1K+ and make 5+ purchases in linked bank account. Waived if under 18. | |
5.00% | Deposit $1K+ and make 5+ purchases in linked bank account. Grow bal each mth. | |
4.85% | Deposit $2K+ and make 5+ purchases in linked bank account. 32 days’ notice to access funds. | |
4.75% | Deposit $200+ and no withdrawals / mth | |
4.75% | Ages 18-24. Deposit $500+ and make 5+ purchases in linked bank account. |
Source: RateCity.com.au. Note: ING rate effective 14 March.
Big four bank savings account rates post March RBA
BONUS SAVERS | ||
Account | Ongoing rate | Conditions for max rate |
CBA GoalSaver | 4.15% | Grow balance each mth |
Westpac Life | 4.25% | Grow balance each mth |
NAB Reward Saver | 4.25% | 1 deposit, no withdraw / mth |
ANZ Progress Saver | 3.50% | $10+ dep, no withdraw/mth |
ONLINE SAVERS | ||
Account | Ongoing rate | Intro rate and conditions |
CBA NetBank Saver | 1.85% | 4.25% for 5 mths. No conditions. |
Westpac eSaver | 1.10% | 4.25% for 5 mths. No conditions. |
NAB iSaver | 1.60% | 4.25% for 4 mths. No conditions. |
ANZ Online Saver | 0.85% | 2.65% for 3 mths. No conditions. |
OTHER | ||
Account | Ongoing rate | Intro rate and conditions |
Westpac Spend&Save | 4.70% | Grow bal each mth. 5+ purchases on linked bank account. |
ANZ Plus Save | 4.25% | None |
Source: RateCity.com.au. Note new rates are effective from 17 March.
RateCity.com.au research director, Sally Tindall, said: “It’s encouraging to see ongoing savings rates hit 5.00%, although with only a couple of banks leading the charge, customers aren’t yet spoilt for choice.”
“While it’s disappointing ING didn’t pass on the full 0.25 percentage points, customers with this account are likely to be pretty chuffed their interest rate is now in the ‘5’s,” she said.
“Hopefully, this move from ING will pressure other banks to follow their lead and boost savings rates above this mark.
“A rate of 5.00% is extremely competitive, but it’s still a long way from inflation which is currently sitting at 7.4%. That said, the gap is narrowing with each RBA hike,” she said.
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Product database updated 04 May, 2024
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