ING ups bonus rates for savings customers
The Dutch-owned bank bucks the trend of rate cuts for online accounts.
Following the RBA's decision to leave rates on hold last Tuesday, many of Australia's major banks reduced their term deposit (TD) and savings account rates.
Bucking the trend, ING increased its Savings Maximiser additional variable rate and Primary Bank Bonus.
ING bumped up the additional variable rate by 25 basis points, from 1.15% to 1.40%.
The additional variable rate is only available to customers with an Orange Everyday account and applied in conjunction with the Savings Maximiser standard variable rate (1.60%).
Primary bank customers, those who hold an ING transaction account and deposit at least $1,000 every month, get the bonus benefit of combining both rates for their savings account (3.00%).
ING also raised interest rates on its Tier 3 (balances $150,000 and over) Savings Accelerator accounts.
The bank boosted rates by 0.45%, from 1.90% to 2.35%.
|Product||Old Rate||New Rate|
|Savings Maximiser additional variable rate||1.15%||1.40%|
|Savings Maximiser Primary Bank Bonus||2.75%||3.00%|
|Savings Accelerator - Base||1.50%||1.50%|
|Savings Accelerator - Tier 2||1.75%||1.75%|
|Savings Accelerator - Tier 3||1.90%||2.35%|
If you're curious as to how changes in the cash rate affect you, check out our in-depth explanation.
Visit our RBA cash rate page for the latest news, updates and forecasts on the upcoming announcement.