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Maximum variable rate: 4.80% p.a.
Base interest rate: 4.80% p.a.

Our verdict

Earn interest on your balance each month with no deposit conditions to meet or withdrawal restrictions.

ING's Savings Accelerator keeps things simple. You earn 4.8% on balances up to $2 million, with no monthly deposit requirements.

While it's not the highest rate on the market, it's a decent one, especially if you have a larger balance, and it doesn't require much work to get it.

Pros

Simple to earn interest.
No monthly account fees.

Cons

Rate is not the most competitive.

ING offers the serious saver a tiered savings account that could accelerate your financial growth. Rates are variable and tiered, applied to every cent in your savings account. The Savings Accelerator will need to be linked to another account to allow you to move your money in and out easily.

Details

Key details

Product Name	ING Savings Accelerator
Maximum Variable Rate	4.80% p.a.
Standard Variable Rate	4.80% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Most Loved Savings Account: ING

ING is Australia's most loved brand for savings accounts this year. With the bank consistently offering market-leading interest rates on its popular Savings Maximiser account, it's not hard to see why it came out in the top spot.

Key features

Reasonable interest rate

Earn up to 4.8% on balances of $500,000.01-$2,000,000

$0 Monthly account keeping fees

With the Savings Accelerator you are not charged any fees. You could however be charged a fee by the financial institution which holds your linked account.

Interest payments

Interest is calculated daily on the entire account balance of up to $5 million, and paid into the account at the end of the last day of every month.

Up to two account holders available

This is a personal savings account that allows up to two individuals as joint account holders. Compare and review more ING bank products.

How can I access this account?

You can access this account around the clock using internet and phone banking. Set up recurring transfers from your nominated account into the Savings Accelerator to help you build your savings balance.

ING Mobile app available

ING has developed a mobile app that allows you to access your account no matter where you are. This is available for free, both from the App Store and Google Play.

Link to any Australian bank account

You'll be asked to nominate an eligible ING account or an Australian bank account. It must be a personal account with a BSB and account number. Unfortunately, credit cards, passbooks or accounts that don't have a BSB or Account numbers are not accepted.

Launch savings calculator

How to apply

Both new and existing customers can apply for the ING Savings Accelerator by starting an online application. There are some eligibility requirements that the bank will ensure that you are able to meet before they will issue you the account.

Eligibility

Minimum age. Australians as young as 18 years of age are eligible for this account.
Residency requirements. You must be an Australian resident for tax purposes. United States citizens and tax residents must state this on the application and provide ING with their social security number (SSN) or tax identification number (TIN).
Depository requirements. There is no minimum deposit required to open this savings account.

Documentation needed

You will also need to provide some documentation while filling out your application in order for it to be processed correctly. This will include:

Tax file number. ING will use your tax file number (TFN) or exemption code in order to withdraw the correct withholding tax from your interest earnings.
Identification. Acceptable forms of identification that will allow the bank to verify your identity include a driver's licence, passport or Medicare card.
Linked account details. The account number and name of another banking account, either with ING or other Australian financial institution, in order for the account to be linked to the Savings Accelerator so that you can transfer funds freely.

What happens after I submit my application?

If ING does not need any additional information from you, they will notify you when the account is opened and provide you with the details. If you have opted for a linked account that is not with ING, you will need to complete a direct deposit or deposit a cheque into the Savings Accelerator before it can be activated.

Go to site More info

Compare other products from ING

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. ING Savings Accelerator information page
2. ING Savings Accelerator TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

ING Savings Accelerator ($150,000 – $500,000)

Pros

Cons

Most Loved Savings Account: ING

Key features

Reasonable interest rate

$0 Monthly account keeping fees

Interest payments

Up to two account holders available

How can I access this account?

ING Mobile app available

Link to any Australian bank account

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other products from ING

Sources

Sources

Your reviews

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