How to earn 6% interest with ING Savings Booster (and what’s the catch?)
Key takeaways
- ING has launched the ING Savings Booster, giving you the chance to earn up to 6% p.a. on your savings.
- It's a brand new account (on top of their existing suite of options), offering a bonus rate for growing your balance by $100 or more each month.
- The 6% p.a. rate is only available on balances up to $500k, and only to new customers; existing customers can get up to 5.4% p.a.
ING has often led the market with some of the highest interest rates on savings accounts available, and it's in the top spot again with Savings Booster – its "biggest change to savings products in 18 years".
There are no other mainstream savings accounts on the market right now offering a 6% return, though many hover nearby in the high 5s.
So how does ING's new Savings Booster work – and is there a catch?
3 variable interest rates stack together:
- 2.25% p.a. = Base rate
- 0.60% p.a. = Welcome rate
- 3.15% p.a. = Boost rate
- Total = 6.00% p.a.
How to qualify for ING's 6% interest rate
- 6.00% p.a. Rate is available for 4 months only. After that, the 0.60% Welcome rate falls away and you can earn up to 5.40% p.a. (on balances up to $500,000), provided you keep meeting the conditions of the Savings Booster account.
- It's for new customers to ING. Newcomers can earn up to 6.00% p.a. for the first 4 months with this account. Existing customers can get up to 5.40%, which is still a strong ongoing rate, but loyal customers might be miffed they miss out on the extra cash.
- You have to boost your account balance. To unlock the Boost rate, you must grow your balance by $100 or more by the end of each month, not including any interest earned.
- You need a linked Orange Everyday account. ING requires you to have an Orange Everyday transaction account in the same name(s) in order to open a Savings Booster.
- Got more than $500,000? Your rate changes. Any savings above $500k, up to $2 million, attract the Base rate only. Anything above $2 million earns 0% interest.
Is this one of Australia's best savings accounts?
The headline-grabbing 6% rate is a great bonus if you're new to ING.
But it's the ongoing rate of up to 5.40% p.a. that really stands out. It's among the highest savings rates on the market, and the conditions are relatively easy to meet.
If you're paid monthly, you could set up a $100 automatic transfer into your Savings Booster each payday and let your savings grow.
Bottom line: If you're chasing the highest savings rate without constantly switching banks or keeping an eye on the conditions you need to meet, ING's Savings Booster is one of the strongest options available. Just don't get too attached to the 6%, as it's only around for the first 4 months, and rates can change at any time.
Unlock 5-6% interest rates
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(Note: all figures are variable rates, not fixed or guaranteed; ING can change them at any time with notice.)
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