Product details
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.
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.
- Product Name
- ING Savings Accelerator
- Maximum Variable Rate
- 2.20% p.a.
- Standard Variable Rate
- 2.20% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Introductory / Bonus Offer Conditions
- Ongoing, 2.20% p.a. applies on balances $150000 and over
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 13
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the ING Savings Accelerator?
Compare the features of various high interest savings accounts with these that are offered by ING, in order to make sure that you are getting the benefits that will help you the most in reaching your savings goals.
Earn more interest as your balance grows
The higher your savings balance, the higher the rate of interest you can earn. Earn up to 2.20% 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.
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.
How do I apply for the ING Savings Accelerator?
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 to apply
- 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 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 required
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.
