ING Savings Booster review
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- Maximum variable rate
- 6.00% p.a.
- Base interest rate
- 2.25% p.a.
Summary
New ING customers can get a very high rate for the first few months, just by growing your balance by $100 a month.
The ING Savings Booster has one of the highest interest rates of any savings account, with a maximum rate of 6%. But it's only for the first four months, and only for new customers who have never had an ING savings account before.
It works like this. All customers get a base rate of 2.25% on balances of up to $2 million. New and existing customers can also get a boost rate by growing their balance by at least $100 a month, which is a pretty simple requirement. The boost rate is available on balances up to $500,000. Combined, these rates total 5.4%, which is fairly competitive for an ongoing interest rate.
And then there's the welcome rate, which new customers can get for the first four months, which takes the total max interest rate to 6%.
Pros
-
Competitive ongoing rate when you meet the monthly deposit condition
-
Really high intro rate for new customers
-
No ING account-keeping or ongoing fees
Cons
-
Top rate is only for four months and not for all customers
-
Bonus rates only apply up to $500,000
Details
Key details
| Product Name | ING Savings Booster |
| Maximum Variable Rate | 6.00% p.a. |
| Standard Variable Rate | 2.25% p.a. |
| Minimum Age | 18 |
How to apply
There are just a few eligibility criteria to meet, and it should only take a few minutes to open an account.
- You need to be 18 or older to apply.
- You need a valid form of ID (driver's licence, passport).
- You need an Australian phone number and residential address.
- You need to be an Australian resident for tax purposes.
Only one Savings Booster is allowed per customer, for personal use only.
Compare other products from ING
- ING credit cards
- ING home loans
- ING savings accounts
- ING term deposits
- ING superannuation
- ING personal loans
- ING health insurance
- ING car insurance
- ING landlord insurance
Sources
Your reviews
Richard Finder
Senior Money Editor
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