ING vs Macquarie vs ubank: Three Approaches to High Interest Savings

Three of the most popular high interest savings accounts in Australia take three very different approaches to earning the headline rate. ING promises the highest number but demands the most from you. Macquarie keeps things simple. ubank sits in between.

Here's how they compare — and which one is likely to suit you.

ING Savings Maximiser: highest rate, most conditions

The ING Savings Maximiser advertises an ongoing rate of 5.25% — currently among the highest available for a savings account in Australia.

To earn that rate every month, you need to meet a set of monthly criteria:

• Deposit at least $1,000 into any ING account in the calendar month
• Make at least 5 settled card purchases using your ING Orange Everyday debit card
• Grow your Savings Maximiser balance (not counting interest)

If you miss any of these in a given month, the bonus drops away. The base rate without the bonus is 0.01% — effectively nothing.

There's also a balance cap: the bonus rate only applies to balances up to $100,000. Any amount above that earns the base rate only.

Who it suits: Regular salary earners who can reliably deposit $1,000 or more each month and are willing to use an ING debit card for day-to-day spending. If your pay goes in and you tap your card a few times a week, you'll hit the criteria without much effort. If your income is irregular or you'd rather not maintain a linked everyday account, the conditions become a genuine risk.

Macquarie Savings Account: no conditions, no complications

The Macquarie Savings Account currently pays 4.75% with no monthly conditions attached. No minimum deposit, no card purchases, no balance growth requirement. Open it, transfer money in, earn the rate.

That simplicity has real value. There's no risk of a bad month costing you the bonus. The rate is consistent regardless of your spending habits or income timing.

Macquarie also doesn't require a linked transaction account. You don't need to switch your everyday banking to access the savings rate.

Who it suits: Savers who want a reliable, hands-off rate without managing criteria — retirees, freelancers, or anyone with variable cash flow who can't guarantee a monthly deposit. Also well-suited to a secondary account where a lump sum sits long-term and you don't want to think about conditions.

ubank Save account: minimal condition, solid rate

ubank's Save account pays 4.85% with one condition: grow your total Save balance by at least $1 each month (net of deposits, not counting interest).

That's as close to unconditional as a bonus saver gets. As long as you're adding anything to the account — even a single dollar — you earn the full rate. No minimum deposit amount, no card purchases required, no linked everyday account needed.

The $1 growth condition essentially means: keep saving, even a little. For most savers with a goal in mind, that's no barrier at all.

Who it suits: Savers who want a near-unconditional rate with a genuinely easy bar to clear. Particularly good for emergency funds or goal-based savings where you're regularly adding to the balance anyway. If you're contributing anything at all each month, you qualify.

The 0.5% question

The gap between ING (5.25%) and Macquarie (4.75%) is 0.5 percentage points. On $50,000, that's $250 per year. On $100,000, it's $500. That's real money — but only if you reliably meet ING's conditions every single month.

Miss one month's criteria and you earn 0.01% for that month. On $50,000, that single bad month costs roughly $200 compared to what ING's headline rate promised. Miss two or three months across a year, and the advantage over Macquarie narrows substantially.

ubank sits in the middle at 4.85% — 0.4 percentage points below ING, but with a condition so easy to meet that the effective rate is close to guaranteed for anyone actively saving.

Which one to choose

The decision comes down to one question: how confident are you that you'll meet ING's conditions every month?

• Confident you'll hit ING's criteria consistently: Open the Savings Maximiser. Set up the Orange Everyday debit card for regular spending. The extra 0.4–0.5% is worth the setup.
• Variable income or don't want a linked account: ubank at 4.85% with a $1 growth condition is the next best rate without meaningful conditions. Strong choice for most savers.
• Want simplicity above all: Macquarie at 4.75% with no conditions and no linked account requirement. Reliable, straightforward, and competitive.

It's also worth noting that rates on all three accounts change regularly. The gap between them can shift month to month as lenders respond to RBA decisions.

What to do right now: Check current rates on AUSavingsPulse before you decide — the numbers above reflect current rates but may have moved. Then pick based on your honest assessment of whether you'll meet ING's conditions. A guaranteed 4.85% beats a theoretical 5.25% you'll miss half the time.

This is general information, not financial advice. Always check current rates and product terms directly with the provider before opening an account.