ING increases savings rate to 2.60% as banks finally deliver for savers

ING has today announced it will be increasing the interest rate on its Savings Maximiser to 2.60 per cent – the new highest ongoing savings rate in the market for all adults, effective 12 July.

ING holds the fifth largest value of deposits from households, according to APRA.

Other banks have announced significant increases to their savings rates following Tuesday’s double cash rate hike:

• ubank is increasing its Save account by 0.50% to a max ongoing rate of 2.35%, from 1 August.
• MyState is increasing its Bonus Saver by 0.50% to a max ongoing rate of 2.10%, from 18 July.
• Suncorp is increasing its Growth Saver by 0.70% to a max ongoing rate of 2.00%, from 13 July.
• ANZ Plus is increasing its new Save account by 0.5% to 2.00%, effective 15 July. This is the highest ongoing savings rate with no monthly terms and conditions.
• Macquarie Bank is increasing the rate on its transaction account by 0.25% to 1.75%, effective 14 July. This is the highest ongoing rate offered on a transaction account in Australia.

RateCity.com.au research director, Sally Tindall, said: “For the first time in what feels like forever, savers finally have options – and decent ones at that.”

“Already 10 banks have announced they’ll offer savings rates of 2 per cent or more following the July double cash rate hike. That’s fantastic news,” she said.

“While none of these accounts come within a whiff of inflation, at least they’re moving in the right direction.

“For savers who don’t mind jumping through a few hoops, ING remains a standout, with a maximum ongoing rate of 2.60 per cent from next Tuesday. The last time ING offered a savings rate over this mark was back in June 2019.

“ING hasn’t skimped on a single basis point in passing these rate hikes on to its Savings Maximiser account. The bank should be congratulated for this.

“There are now also decent options on the table for savers who don’t like the fuss of trying to meet complicated terms and conditions to qualify for the maximum rate.

“ANZ Plus’ new Save account will soon offer a flat rate of 2 per cent on balances up to $250,000, with no tricky terms and conditions to catch savers out.

“Macquarie has hiked the rate on its transaction account to 1.75 per cent, so customers can earn a decent rate of interest on any spare change they have in their everyday account.

“It’s a refreshing change in a savings sector that had become riddled with complicated fine print,” she said.

Savings accounts: highest ongoing rates on RateCity.com.au – post July hike

Source: RateCity.com.au. Notes: terms and conditions apply for maximum rates.

Current highest ongoing savings rates on RateCity.com.au for young adults

Source: RateCity.com.au. Notes: terms and conditions apply for maximum rates.

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