ING is an Australian online bank with no retail branches — accounts are managed through the ING app and online banking. It offers two savings accounts: the Savings Maximiser, which pays a competitive rate when you meet monthly conditions, and the Savings Accelerator, which pays a competitive rate with no conditions at all.
The Savings Maximiser earns its bonus rate on balances up to $100,000. To qualify each calendar month you need to deposit at least $1,000 from an external source into any personal ING account, make 5 or more settled card purchases on a linked ING card, and grow your nominated Savings Maximiser balance (not counting interest earned that month). You must also hold an Orange Everyday transaction account — the Savings Maximiser cannot be opened without one.
Two things are worth knowing. The bonus rate applies the following calendar month after you meet the conditions, not the month you meet them. The balance growth requirement also means you cannot simply park a lump sum — your balance must end higher than it started each month. Any balance above $100,000 earns the base rate of 0.01% p.a.
The Savings Maximiser suits savers with a regular salary, existing card spending, and balances below $100,000 who can reliably meet all three conditions every month.
The Savings Accelerator pays its advertised rate with no monthly conditions — no deposit requirements, no card purchase counts, no balance growth obligations. New ING savings customers earn a bonus kickstarter rate for the first four months on balances up to $500,000.
The Savings Accelerator suits savers who want simplicity, hold balances above $100,000, or cannot guarantee meeting conditions every month.
Both accounts are covered by the Financial Claims Scheme up to $250,000 per account holder per ADI.