ING Savings Accelerator

The bigger your balance, the more interest you'll earn with an ING Savings Accelerator account.

ING offers the serious saver a tiered savings account that could accelerate your financial growth. The ING 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.

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Shirley Liu

Last Updated Dec 31, 2020

1.20% p.a.

Maximum variable rate

0.35%p.a.

Base interest rate

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Product Name	ING Savings Accelerator
Maximum Variable Rate	1.20% p.a.
Standard Variable Rate	0.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

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.

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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.

Key features

Earn more interest as your balance grows

The higher your savings balance, the higher the rate of interest you can earn. Earn up to 1.2% p.a. on balances of $150,000 or more. A lower rate of interest applies to balances less than $150,000.

$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.

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ING Savings Accelerator