Updated 24 May 2026 — rates from CDR APIs
ING vs Macquarie Savings Account
ING's conditional 5.50% is 0.50% higher than Macquarie's unconditional 5.00%. But ING has a $100,000 balance cap, requires three monthly conditions, and needs a linked transaction account. Macquarie asks for nothing. Here's when each account wins.
ING
Savings Maximiser
5.50% p.a.
ongoing rate (conditions required)
- ✕ 3 conditions per month
- ✕ Rate applies up to $100,000 only
- ✕ Requires Orange Everyday account
- ✓ Highest conditional rate available
Macquarie
Macquarie Savings Account
5.00% p.a.
ongoing rate — 5.35% for first 4 months
- ✓ Zero conditions — ever
- ✓ No balance cap
- ✓ No linked account required
- · 5.35% intro rate for first 4 months (then 5.00%)
Head-to-head comparison
| ING Savings Maximiser | Macquarie Savings Account | |
|---|---|---|
| Ongoing rate | 5.50% | 5.00% |
| Intro rate | None | 5.35% for 4 months |
| Rate if conditions missed | 0.01% | N/A — no conditions |
| Number of conditions | 3 | 0 |
| Balance cap on bonus rate | $100,000 | None |
| Linked account required | Yes (Orange Everyday) | No |
| Best no-conditions alternative | Savings Accelerator — 4.80% | This account is already no-conditions |
Rates current as of 24 May 2026. Always verify directly with the bank before opening an account.
What the rate difference means in dollars
| Balance | ING annual interest | Macquarie annual interest | Difference |
|---|---|---|---|
| $50,000 | $2,750 | $2,500 | ING +$250 |
| $100,000 | $5,500 | $5,000 | ING +$500 |
| $200,000 (above ING cap) | $5,510 | $10,000 | Macquarie +$4,490 |
ING figures assume all conditions met every month. Macquarie figures use ongoing rate only (excludes intro period).
What if you miss ING conditions?
On $50,000, meeting conditions every month earns $2,750/year with ING. Miss one month — ING pays 0.01% that month — and your annual total drops to ~$2,521. Macquarie's full year: $2,500. ING still wins if you miss once. Miss twice, and ING falls to ~$2,293 — Macquarie now pays more despite the lower headline rate. Break-even is roughly 1–2 missed months per year.
The $200,000 reversal
ING's bonus rate only applies to the first $100,000. Above that, balances earn 0.01% — effectively nothing. At $200,000 with conditions met, ING earns around $5,510/year. Macquarie applies its full 5.00% to the entire $200,000 (no cap), earning $10,000/year. At large balances, Macquarie wins by a significant margin — and the gap widens with every dollar above $100,000.
The surprising wrinkle: ING's own no-conditions account beats Macquarie
If you don't want any conditions at all, ING's Savings Accelerator pays 4.80% p.a. with zero requirements and no balance cap — slightly more than Macquarie's ongoing 5.00%. The Macquarie advantage only exists during its 4-month intro period (5.35%), after which ING Accelerator pulls ahead. See ING Savings Accelerator →
Choose ING if…
- → Your salary lands in an ING account and you already spend on an Orange Everyday card — the three conditions practically meet themselves every month.
- → Your balance is under $100,000 and you can reliably meet conditions. The 0.50% rate advantage compounds to real money — $500/year on $100k.
- → You're already in the ING ecosystem — the linked Orange Everyday account is a prerequisite you've already met.
- → You expect to meet conditions at least 10–11 months per year. One or two missed months still keeps ING ahead on an annual basis.
Choose Macquarie if…
- → Simplicity matters more than squeezing out the last 0.75%. Macquarie asks for nothing — no linked account, no minimum deposit, no card purchases.
- → Your balance exceeds $100,000. Macquarie applies its full rate with no cap; ING earns near-zero on anything above $100,000.
- → Your income is variable — freelancers, self-employed, or anyone who can't guarantee a monthly deposit from an external source.
- → You're parking a lump sum and don't want to think about it. Macquarie earns its rate automatically, every month, forever.
Want no conditions at all?
If you'd rather not track conditions, both ING and Macquarie have unconditional options. The comparison may surprise you.
ING — no conditions
Savings Accelerator
4.80% p.a.
No monthly conditions. No balance cap. No linked account required.
View account →Macquarie — no conditions
Macquarie Savings Account
5.00% p.a.
No conditions. 5.35% intro rate for first 4 months for new customers.
View account →On an ongoing basis, ING Savings Accelerator pays -0.20% more than Macquarie — making it the better no-conditions pick for most savers once Macquarie's intro period expires.
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