ING vs Macquarie: Savings accounts compared

Take a look at the ING Savings Maximiser and Macquarie Savings Account side by side to see which is best for your hard-earned cash.

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By

Alison Banney

Updated

Fact checked

Key takeaways

  • ING Savings Maximiser has a higher ongoing bonus rate than the Macquarie Savings Account.
  • You need to meet a lot of monthly conditions to earn ING’s bonus rate, while Macquarie has no conditions to meet.
  • The Macquarie Savings Account pays interest on much larger balances than the ING Savings Maximiser.

ING Savings Maximiser vs Macquarie Savings Account

ING Savings MaximiserMacquarie Savings Account
Account structureEarn an ongoing variable bonus rate each month the account conditions are met.Earn an introductory, variable bonus rate for 4 months, followed by an ongoing variable base rate.
Introductory bonus rateNoYes: 4.85% p.a. for 4 months on your first account.
Ongoing variable rate
  • 5% p.a. (with conditions), or
  • 0.05% p.a. (when conditions aren’t met).
4.5% p.a. (with no conditions)
Conditions to earn interestTo earn the ongoing variable bonus rate of 5% p.a. you need to:

  • Hold an ING Orange Everyday Account, and
  • Deposit $1,000 per month into an ING account in your name, and
  • Make 5+ transactions from your ING Orange Everyday account each month, and
  • Grow your Savings Maximiser balance throughout the month.

If the conditions aren’t met one month, you’ll earn the base rate of just 0.05% p.a. for that month.

None! .
WithdrawalsYou can make withdrawals, but to earn bonus interest your balance needs to be higher at the end of the month than it was at the start (excluding interest).You can make withdrawals and still earn interest.
Balance limitsEarn a 5% p.a. ongoing variable bonus rate on balances up to $100,000.Earn a 4.85% p.a. introductory , variable bonus rate on balances up to $250,000.

Then, earn a 4.5% p.a. ongoing variable rate on balances up to $2 million.

Linked bank accountYou need to hold an ING Orange Everyday transaction account.You need to hold a Macquarie Transaction Account.
Government GuaranteeYes - your deposit up to $250,000 is covered under the Australian Government Guarantee.Yes - your deposit up to $250,000 is covered under the Australian Government Guarantee.
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So, which account is right for you?

Here are some questions to ask yourself to help you decide which savings account might suit you better.

Is the interest rate my top priority?

If your main priority is earning as much interest as possible, ING Savings Maximiser might suit you better.

It has one of the highest ongoing bonus rates available in the market at 5% p.a.

Want to earn more interest?

Compare more high interest savings accounts now.

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How big is my balance?

If you’ve got a large amount of cash, the Macquarie Savings Account might suit you better.

It pays the ongoing variable rate of 4.5% p.a. on balances all the way up to $2 million. In comparison, ING Savings Maximiser only pays its ongoing variable rate on balances up to $100,000 and anything above this will only earn the base rate of 0.05% p.a.

However if you’ve got a smaller balance and looking to maximise the amount of interest you can earn, ING might be the better pick.

Can I meet some conditions, or do I want a set-and-forget account?

If you don’t want to worry about meeting any monthly requirements or jump through any hoops, then the Macquarie Savings Account will suit you better.

Macquarie has no conditions to meet to earn interest, while ING has quite a few monthly requirements.

Keep in mind if you are happy to meet the monthly conditions, you’ll be rewarded with a higher interest rate with ING.

Want a no-hoops savings account?

Compare more savings accounts that have no conditions.

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Will I need to make withdrawals?

If you want to be able to move money out of your savings from time to time, you can do this with either account.

However, ING requires you to grow your savings balance by the end of the month in order to earn the bonus rate. This means you can take money out when you need to, but you’ll need to replace it (plus a little extra!) by the end of the month.

Frequently asked questions

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Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 657 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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