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New highest ongoing savings rate hits 4.80%
ING has today announced it will be increasing the interest rate on its Savings Maximiser to 4.80 per cent – the new highest ongoing savings rate in the market for all adults.
This move by ING puts pressure on other savings market leaders, including Virgin Money and Bank of Queensland, to pass on the RBA’s 0.25 percentage point increase to customers.
The bank will also increase its Savings Accelerator, as well as variable home loan rates by 0.25 percentage points, effective 14 February.
ING savings rate changes: effective 14 February
| Account | Old max rate | New max rate | Change |
| Savings Maximiser | 4.55% | 4.80% | 0.25% |
| Savings Accelerator (balances over $150K) | 3.20% | 3.45% | 0.25% |
Source: RateCity.com.au. Notes: terms and conditions apply for max rate on both accounts.
NAB announces savings changes
Australia’s third largest retail bank has today announced its savings changes on the back of Tuesday’s RBA hike.
Unsurprisingly, NAB will match CBA and Westpac by lifting the maximum ongoing rate on its bonus saver account, Reward Saver, to 4 per cent - an increase of 0.75 percentage points.
It’s iSaver account will increase by 0.25 percentage points for both new and existing customers.
NAB savings rate changes: effective 17 February
| Account | Old max rate | New max rate | Change |
| Reward Saver | 3.25% | 4.00% | 0.75% |
| iSaver | 3.75% for 4 mths then 1.10% | 4.00% for 4 mths then 1.35% | 0.25% |
Source: RateCity.com.au. Notes: terms and conditions apply for max rate on both accounts.
RateCity.com.au research director, Sally Tindall, said: “Over the last six months, ING has been one of the most consistent performers when it comes to passing on rate hike to its savings customers.”
“This is great news for customers with a Savings Maximiser account, but also for competition in the savings sector because it puts pressure on other banks to follow suit,” she said.
“At 7.80 per cent, inflation is still streaks ahead of even the highest savings rates, however, the gap between the two is finally starting to close.
“If the Reserve Bank issues at least two more cash rate hikes and inflation comes back down, as expected, we could see the highest savings rates surpass inflation within the year.
“Meanwhile, Australia’s third largest retail bank has matched its big bank competitors, posting one ongoing rate of 4 per cent for its Reward Saver customers.
“The big banks can’t help themselves. They’re willing to boost one account but only at the expense of another. It’s a practice that’s unlikely to stop unless customers start voting with their feet by switching,” she said.
Current highest ongoing savings rates
| Account | Rate | Conditions for max rate |
| ING Savings Maximiser | 4.80% | Deposit $1K+ and make 5+ purchases in linked bank account. Grow bal each mth. |
| BOQ Future Saver | 4.75% | Ages 14 – 35. Deposit $1K+ and make 5+ purchases in linked bank account. Waived if under 18. |
| Virgin Money Boost Saver | 4.60% | Deposit $2K+ and make 5+ purchases in linked bank account. 32 days’ notice to access funds. |
| Move Bank Growth Saver | 4.50% | Deposit $200+ and no withdrawals / mth |
| Westpac Spend&Save | 4.35% | Ages 18 – 29. Grow savings balance and make 5+ purchases in linked bank account each mth. |
Source: RateCity.com.au. Note: ING rate effective 14 February 2023
Big four bank savings rates – post February RBA hike
| BONUS SAVERS | ||
| Account | Today | Conditions for max rate |
| CBA GoalSaver | 4.00% | Grow balance each mth |
| Westpac Life | 4.00% | Grow balance each mth |
| NAB Reward Saver | 4.00% | 1 deposit, no withdraw / mth |
| ANZ Progress Saver | 2.50% | $10+ dep, no withdraw/mth |
| ONLINE SAVERS | ||
| Account | Today | Intro rate and conditions |
| CBA NetBank Saver | 1.60% | 4% for 5 mths. No conditions. |
| Westpac eSaver | 0.85% | 4% for 5 mths. No conditions. |
| NAB iSaver | 1.35% | 4% for 4 mths. No conditions. |
| ANZ Online Saver | 0.60% | 2.40% for 3 mths. No conditions. |
| OTHER | ||
| Account | Today | Conditions for max rate |
| Westpac Spend&Save (18 to 29 yrs) | 4.35% | Grow balance each mth. 5+ purchases on linked bank account. |
| ANZ Plus Save (15 yrs+) | 4.00% | None |
Source: RateCity.com.au. CBA rates effective 10th February. Westpac Life and eSaver rates effective 21st February. NAB rates effective 17th February. ANZ Plus Save rate effective 14th February.
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Product database updated 09 May, 2024
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