8.4

Finder Score

Great

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Maximum variable rate: 4.95% p.a.
Base interest rate: 4.20% p.a.

Our verdict

The bigger your balance, the more interest you'll earn with an ING Savings Accelerator account.

Finder Awards 2025 winner

Customer Satisfaction Award

For a limited time, new ING customers can get a Kick Starter bonus rate of 0.75% p.a. on their savings rate on balances of up to $500,000 for the first 4 months.

The table below shows the rate you can get depending on your balance. The max rate is the total rate (ongoing plus bonus rate). The ongoing rate is what you'll earn once the 4 month Kick Starter bonus is over.

Balance required	Ongoing rate	Max rate (with bonus)
$150,000–$500,000	4.2%*	4.95%
$50,000–$149,999	3.25%	4%
$0–49,999	2.35%	3.1%

*If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.70%.

Pros

No conditions on your interest. Earn competitive rates without needing to deposit a certain amount each month or meet transaction requirements.
Higher interest rates for larger balances.

Cons

The combined total deposits in all your Savings Accelerator accounts shouldn't exceed $5 million, whether the accounts are in individual or joint names.

Special offer:

Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.75% p.a. on their savings rate on balances of up to $500,000 for the first 4 months. T&Cs apply.

ING offers the serious saver a tiered savings account that could accelerate your financial growth. The ING Savings Accelerator rewards you with higher interest rates for larger balances. These rates are variable and tiered, applied to every cent in your savings account. The Savings Accelerator will need to be linked to another account to allow you to move your money in and out easily.

Details

Key details

Product Name	ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate	4.95% p.a.
Standard Variable Rate	4.20% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Most Loved Savings Account: ING

ING is Australia's most loved brand for savings accounts this year. With the bank consistently offering market-leading interest rates on its popular Savings Maximiser account, it's not hard to see why it came out in the top spot.

Key features

Earn more interest as your balance grows

The higher your savings balance, the higher the rate of interest you can earn. Earn up to 4.95% on balances of $150,000 or more. A lower rate of interest applies to balances less than $150,000.

$0 Monthly account keeping fees

With the Savings Accelerator you are not charged any fees. You could however be charged a fee by the financial institution which holds your linked account.

Interest payments

Interest is calculated daily on the entire account balance of up to $5 million, and paid into the account at the end of the last day of every month.

Up to two account holders available

This is a personal savings account that allows up to two individuals as joint account holders. Compare and review more ING bank products.

How can I access this account?

You can access this account around the clock using internet and phone banking. Set up recurring transfers from your nominated account into the Savings Accelerator to help you build your savings balance.

ING Mobile app available

ING has developed a mobile app that allows you to access your account no matter where you are. This is available for free, both from the App Store and Google Play.

Link to any Australian bank account

You'll be asked to nominate an eligible ING account or an Australian bank account. It must be a personal account with a BSB and account number. Unfortunately, credit cards, passbooks or accounts that don't have a BSB or Account numbers are not accepted.

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How to apply

Both new and existing customers can apply for the ING Savings Accelerator by starting an online application. There are some eligibility requirements that the bank will ensure that you are able to meet before they will issue you the account.

Eligibility

Minimum age. Australians as young as 18 years of age are eligible for this account.
Residency requirements. You must be an Australian resident for tax purposes. United States citizens and tax residents must state this on the application and provide ING with their social security number (SSN) or tax identification number (TIN).

Depository requirements. There is no minimum deposit required to open this savings account.

Documentation needed

You will also need to provide some documentation while filling out your application in order for it to be processed correctly. This will include:

Tax file number. ING will use your tax file number (TFN) or exemption code in order to withdraw the correct withholding tax from your interest earnings.
Identification. Acceptable forms of identification that will allow the bank to verify your identity include a driver's licence, passport or Medicare card.
Linked account details. The account number and name of another banking account, either with ING or other Australian financial institution, in order for the account to be linked to the Savings Accelerator so that you can transfer funds freely.

What happens after I submit my application?

If ING does not need any additional information from you, they will notify you when the account is opened and provide you with the details. If you have opted for a linked account that is not with ING, you will need to complete a direct deposit or deposit a cheque into the Savings Accelerator before it can be activated.

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Macquarie Savings Account	Finder score 8.8 Great	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn 4.85% p.a. for the first 4 months then 4.5% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.	Go to site View details Compare	loading Fetching your data...
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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. ING Savings Accelerator information page
2. ING Savings Accelerator TMD

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Alison Finder

Editorial Manager, Money

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Sed

May 01, 2025

Can I access the interest each month whilst still earning interest for that month.

Sarah Megginson Finder

May 02, 2025

Hi Sed,

To earn bonus interest with ING, there are no conditions you need to meet – you’ll earn competitive rates without needing to deposit a certain amount each month or meet transaction requirements. Interest is calculated daily, but paid monthly. So, you can withdraw the interest each month if you wish, without impacting the interest you’ll earn. Hope this helps!

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jon gaul

October 29, 2024

do these rates pay to SMSF accounts?

Angus Kidman Finder

October 29, 2024

Hi Jon, This particular ING account is aimed at individuals, not SMSF accounts. ING does offer an SMSF term deposit, we’ve summarised its key features in our guide.

Dorothy

September 26, 2024

Can my husband and I have two joint accounts on this product, or would we need to have two single accounts to the value of $500k each ?

Angus Kidman Finder

September 27, 2024

Hi Dorothy, This ING account allows both joint accounts and the ability to hold multiple accounts, but in practice you wouldn’t be able to have two sets of joint accounts. The other main restriction is that the balance across all the accounts can’t top $5 million, and you don’t earn bonus interest on any amount over $500,000. Also remember that amounts above $250,000 aren’t covered by the government deposit guarantee, so you might want to avoid having more than that in any single bank if you’re risk-averse. Hope that helps!

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Ian

April 18, 2024

Hello, Will the 0.5% pa bonus be available to on going loyal customers?

Sarah Megginson Finder

June 27, 2024

Hi Ian,

Currently this offer is only available to new customers. But it might be worth calling ING as an existing customer to see what they can do for you! You can reach them on 13 34 64.

Victoria

December 18, 2023

will I lose my interest for the month if I make a withdrawal?

Jason Loewenthal Finder

January 12, 2024

Hi Victoria,

You won’t lose interest for the month if you make a withdrawal.

I hope that helps.

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 profile

ING Savings Accelerator ($150,000 – $500,000)