ING Savings Accelerator ($150,000 – $500,000)
- Maximum variable rate
- 5.40% p.a.
- Base interest rate
- 4.7%p.a.
Our verdict
The bigger your balance, the more interest you'll earn with an ING Savings Accelerator account.
For a limited time, new ING customers can get a Kick Starter bonus rate of 0.7% p.a. on their savings rate on balances of up to $500,000 for the first 4 months.
The table below shows the rate you can get depending on your balance. The max rate is the total rate (ongoing plus bonus rate). The ongoing rate is what you'll earn once the 4 month Kick Starter bonus is over.
| Balance required | Ongoing rate | Max rate (with bonus) |
|---|---|---|
| $150,000–$500,000 | 4.7%* | 5.4% |
| $50,000–$149,999 | 3.75% | 4.45% |
| $0–49,999 | 2.85% | 3.55% |
*If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.70%.
Pros
-
No conditions on your interest. Earn competitive rates without needing to deposit a certain amount each month or meet transaction requirements.
-
Higher interest rates for larger balances.
Cons
-
The combined total deposits in all your Savings Accelerator accounts shouldn't exceed $5 million, whether the accounts are in individual or joint names.
Details
Key details
| Product Name | ING Savings Accelerator ($150,000 - $500,000) |
| Maximum Variable Rate | 5.40% p.a. |
| Standard Variable Rate | 4.70% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
2023 Transaction Account Customer Satisfaction winner
ING
ING took the top spot in our Transaction Account category this year, with 92% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.50 out of 5. Find more about Finder Banking Satisfaction Awards 2023.
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Alison Finder
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Angus Kidman Finder
October 29, 2024
Hi Jon, This particular ING account is aimed at individuals, not SMSF accounts. ING does offer an SMSF term deposit, we’ve summarised its key features in our guide.
Dorothy
September 26, 2024
Can my husband and I have two joint accounts on this product, or would we need to have two single accounts to the value of $500k each ?
Angus Kidman Finder
September 27, 2024
Hi Dorothy, This ING account allows both joint accounts and the ability to hold multiple accounts, but in practice you wouldn’t be able to have two sets of joint accounts. The other main restriction is that the balance across all the accounts can’t top $5 million, and you don’t earn bonus interest on any amount over $500,000. Also remember that amounts above $250,000 aren’t covered by the government deposit guarantee, so you might want to avoid having more than that in any single bank if you’re risk-averse. Hope that helps!
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Ian
April 18, 2024
Hello, Will the 0.5% pa bonus be available to on going loyal customers?
Sarah Megginson Finder
June 27, 2024
Hi Ian,
Currently this offer is only available to new customers. But it might be worth calling ING as an existing customer to see what they can do for you! You can reach them on 13 34 64.
Victoria
December 18, 2023
will I lose my interest for the month if I make a withdrawal?
Jason Loewenthal Finder
January 12, 2024
Hi Victoria,
You won’t lose interest for the month if you make a withdrawal.
I hope that helps.
Michael
May 05, 2023
Hello there, my name is Michael, I am Irish and currently living/working in Australia. I am looking to set up a savings account that I can use to store money and also transfer back to my irish bank account if needs be.
My question is regarding the cost of international transfers specifically back to Ireland. My current bank account with commbank is charging a percentage per transfer which is making it not financially viable to transfer back home for me. If you had any advice I would be really appreciative.
Thank you very much
Michael
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Raj Lal Finder
May 10, 2023
Hi Michael,
We do have a few options here to help you out. We have a guide on how to compare money transfer platforms. The guide helps show what fees you should be aware of and how long it takes. Here is the link https://www.finder.com.au/international-money-transfers
Also we have another page, which also compares transaction accounts with low foreign transaction fees and some providers charge a flat fee for international money transfer. For example HSBC charges a flat fee of $8 to transfer overseas and the account has other benefits. Here is the page https://www.finder.com.au/bank-accounts/debit-cards-low-foreign-transaction-fees.
Thanks
Raj
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jon gaul
October 29, 2024
do these rates pay to SMSF accounts?