The ING DIRECT Savings Accelerator rewards you with higher interest rates for larger balances. These 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.
If you are sitting on a nest egg and want to grow that balance securely and quickly, then this is an account worth taking a closer look at.
What are the features of the ING DIRECT Savings Accelerator?
Compare the features of various high interest savings accounts with these that are offered by ING DIRECT, in order to make sure that you are getting the benefits that will help you the most in reaching your savings goals:
- 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.
- Availability. This is a personal savings account that allows up to two individuals as joint account holders.
- Accessibility. 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.
- Mobile app. ING DIRECT 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.
- There is $150000 minimum balance
- 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).
How do I apply for the ING DIRECT Savings Accelerator?
Both new and existing customers can apply for the ING DIRECT Savings Accelerator by clicking “Go to Site” and opening the secure application page. There are some eligibility requirements that the bank will ensure that you are able to meet before they will issue you the account:
- Minimum age. Australians as young as 13 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 DIRECT with their social security number (SSN) or tax identification number (TIN).
- Depository requirements. There is no minimum deposit required to open this savings account.
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 DIRECT 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 DIRECT or other Australian financial institution, in order for the account to be linked to the Savings Accelerator so that you can transfer funds freely.
Barring that ING DIRECT 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 DIRECT, you will need to complete a direct deposit or deposit a cheque into the Savings Accelerator before it can be activated.