ING vs Ubank: Savings accounts compared

ING Savings Maximiser vs Ubank Save Account

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.

Its variable bonus rate of 4.8% p.a. Is available ongoing every month you meet the account conditions. In comparison, Ubank’s variable bonus rate of 5% p.a. is only available for the first 4 months before dropping to 4.35% p.a.

How big is my balance?

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

It pays both the introductory bonus rate and ongoing bonus rate on balances all the way up to $1 million.

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

What account conditions can I commit to meeting?

If you’re wanting the savings account that makes it easier to earn bonus interest, that is Ubank Save. All you need to do is deposit $500 per month with Ubank, whereas ING requires you to jump through a few more hoops.

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

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.

Ubank doesn’t currently have this requirement - but it has confirmed that it will introduce this on its Save account from October 2025.

Frequently asked questions

• Is Ubank owned by NAB?

  Yes, Ubank is owned by NAB. Ubank also merged with digital bank 86 400.

• Is ING a good bank for savings?

  ING is a very popular choice for savings accounts, due to often having one of the highest interest rates in the market. ING Savings Maximiser was named Highly Commended in the Finder Banking Awards, and was voted Most Loved in the Customer Satisfaction Awards. ING was also named as the savings provider of the year.

• Does Ubank have bonus interest?

  Yes, Ubank offers 2 bonus interest rates. You can earn a bonus rate of 5% p.a. for the first 4 months, and then an ongoing bonus rate of 4.35% p.a. when you deposit $500 per month.

• How do I get bonus interest at ING?

  To earn bonus interest with an ING Savings Maximiser 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.

• Which bank is safer, Ubank or ING?

  Both Ubank and ING are fully licensed banks included in the Australian Government Guarantee scheme. Your deposit up to $250,000 is protected under this scheme with both banks.

• Can I have both ING and Ubank savings accounts?

  Yes, you can have a savings account with both ING and Ubank. As long as you meet the monthly account conditions for both accounts you will be eligible for bonus interest with each.

Written by

Alison Banney

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 655 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living