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ING announces new 2.10% savings account rate: How to get it

Posted: 9 June 2022 11:38 am
News
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ING Savings Maximiser customers are about to earn a whole lot more interest.

After years of savings account rates falling, things are finally on the way up. Some accounts have already started to lift their savings rates after the RBA's first cash rate rise in May, and more are following suit now that the cash rate has been raised a second time.

One of the biggest rate rises we've seen so far is by ING on its popular Savings Maximiser Account. The account currently pays a total bonus rate of 1.35% p.a., which is already one of the best in this low-rate environment. However from 15 June 2022 ING's total bonus rate will increase by 75 basis points up to 2.10% p.a., one of the best rates in the market by far.

How to get ING's 2.10% p.a. bonus rate

The conditions you need to meet to earn ING's new 2.10% p.a. bonus rate are the same as they are currently.

To earn the total bonus rate you need to:

  • Link your Savings Maximiser to an ING Orange Everyday account, and
  • Deposit at least $1,000 per month into either account, and
  • Make 5+ card purchases per month, and
  • Grow your Savings Maximiser balance (excluding interest earned) each month (this just means you're able to make withdrawals, as long as your balance is still higher at the end of the month).

You'll earn the total bonus rate on balances up to $100,000.

Plus, when you meet the bonus conditions, you'll also be able to earn 1% cashback on your utility bills when you pay using your linked ING Orange Everyday account which is a great added perk.

Will more savings accounts lift rates?

Yes, we can be confident that more savings accounts will be lifting their interest rates over the next couple of weeks. It's a great time to be keeping an eye on your savings account and comparing it with others in the market, to make sure you're getting a good deal.

As well as ING's new rate, a few of the best savings rates available at the moment include:

  • Bank of Queensland Future Saver under 35s with 3.00% p.a.
  • Westpac Life under 30s with 2.00% p.a.
  • Virgin Money Boost Saver with 1.60% p.a. (when Lock Saver feature is enabled)

With rates finally on the rise, it's a perfect time to compare savings accounts and switch to one with a better rate. With the cost of living going up, if your money isn't earning interest it's going backwards.

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