ING DIRECT Savings Accelerator

ING DIRECT Savings Accelerator

Maximum Variable Rate


Standard Variable Rate


ING DIRECT offers the serious saver a high interest savings account that could accelerate your financial growth.

  • The higher your balance, the higher your interest rate
  • No ongoing fees
  • Deposits protected by the Government Guarantee

Product details

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.

Product Name
ING DIRECT Savings Accelerator
Maximum Variable Rate
1.90% p.a.
Standard Variable Rate
1.90% p.a.
Introductory / Bonus Offer Conditions
1.90% p.a. applies on balances over $150,000 and over
Monthly Fee
Minimum Opening Deposit
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
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 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.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

Ask a question