Got $150k or more in your savings account? It might be time to switch

A little-known detail could be stopping you from making the most of your savings.

No matter how much you have in savings, you want to know you could be getting a better return. But did you know that for larger balances, your savings account might not quite be doing the job?

If you have a savings balance of at least $150,000, it's time to take stock and check that your account is working as hard for you as you're working for your savings.

Explore saving with ING

Access to better interest rates

Many savings accounts will drop their interest rates for savings balances over a certain amount. For some accounts that amount is around $100,000 and for others, it's a little more – but it's always worth checking.

The good news is there are accounts out there for those higher balances.

For a limited time, if you're new to ING, the ING Savings Accelerator account offers a 5.40% p.a. variable interest rate for the first four months, with a 4.70% p.a. variable ongoing rate afterwards.

This interest rate applies to amounts ranging from $150,000 to $500,000.

So if you're sitting on a nest egg and looking to grow it, you might want to consider an account that gives you a competitive rate for your balance.

Start saving today

Streamlined account features

Although interest tends to be the main reason people switch accounts, different account features suit different needs.

Let's go back to the ING Savings Accelerator, which has the following features you might want to look out for.

• No fixed term – Your funds don't need to be kept in the account for a fixed term.
• No minimum withdrawal amount – Though there are different interest rates for different amounts, if you do need to pull money out of your savings, you don't need to commit to a specific amount. It's at your discretion, giving you flexibility.
• Tiered interest rates – The more you have in your savings, the more your interest rate can increase!
• App access – 24/7 access to your funds via online banking and the ING app by transferring money to your linked bank account.

Check how much your savings can grow

It might be that your existing savings account does the job for your balance, but there may be a better offer out there.

ING has a useful tool to assist you in making more informative decisions about where to place your savings long-term.

The ING Savings Calculator may give you an indication about how much you can grow your savings with regular monthly deposits over time.

Even a small difference in savings rates can make a big difference, especially on those hard-earned balances above $150,000.

Learn more about saving with ING today

• Extra info about ING

  *Information and interest rate is current as at the date of publication and is subject to change.

  ING Savings Accelerator Disclaimer:
  Products are issued solely by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Information and interest rates are current at the date of this advertisement. This advertisement does not consider your objectives, financial situation or needs. You should read the product terms and conditions available at ing.com.au before deciding if the product is right for you. If you have a complaint, please call us at any time as we have procedures in place to help resolve any issues you may have.

  This content has been prepared solely by ING and Finder has not verified any of its content and does not make any warranty, representation or guarantee as to the accuracy, completeness, or reliability of its content. Finder disclaims against all liability for any use or reliance upon the promotional content of this email.

  Savings Accelerator

  Information and interest rate is current as at the date of publication and is subject to change.

  Kick starter offer - available on accounts opened from 9 August 2024 until 31 January 2025.
  The variable kick starter rate is an introductory variable bonus rate that applies on top of the ongoing variable rate on balances of up to $500,000 for 4 months from the date of account opening (that is, the date an account number is issued). For accounts opened between 9 August 2024 and 30 September 2024 (inclusive), the variable kick starter rate is a special rate of 0.70% p.a.

  The variable kick starter rate is not available on a Savings Accelerator if any account holder has ever held a personal savings account with ING.

  For balances over $500,000 during the first 4 months, or any balance after the first 4 months, only the ongoing variable rate will apply.

  ING may change, extend or withdraw the current kick starter offer or the kick starter rate (including any special rate) any time. If ING does so, it will provide notice by updating the Savings Accelerator page at ing.com.au. At the expiry of any special rate offer period, the kick starter rate may be lower or higher than the advertised special rate.

  The variable kick starter rate is not payable in conjunction with any other promotional rate.

  The advertised kick starter rate doesn't apply to accounts opened before 9 August 2024 - you can view your current rates through Online Banking or the Mobile App. The combined total deposits in all your Savings Accelerator account(s) shouldn't exceed $5 million, whether account(s) are in individual or joint name(s).

  Combined balances up to $250,000 per account holder are guaranteed by the Australian Government.