9 June 2023: ING Australia announces it will increase its highest ongoing variable savings interest rate by 0.25% per annum. This move means eligible* new and existing Savings Maximiser customers could earn a variable interest of rate of 5.50% per annum to help boost their savings.
In addition there will be a 0.35% per annum rate increase for Savings Accelerator customers with balances of more than $150,000. This will take the rate to 4.35%.
The bank will increase all variable home loan rates for new and existing customers by 0.25% per annum.
All variable rate increases will be effective from 14 June.
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Notes to editors
For more information visit www.ing.com.au/rates-and-fees/interest-rate-announcement.html or contact:
- Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au
*The rate increase of 0.25% per annum will apply to the additional variable rate for eligible Savings Maximiser customers from 14 June 2023. The additional variable rate currently 4.70% p.a. (that is added to the Savings Maximiser standard variable rate currently 0.55% p.a) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:
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- Deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One)
- Make at least five card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions)
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- Ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, we do not take into account any interest earned on your account in the month.
Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.
Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.
Information and interest rates are current as at the date of this publication and subject to change.
Read the product terms and conditions available at ing.com.au before deciding if the product is right for you. ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
About ING
ING changed the way Australians bank more than 22 years ago by launching the country’s first branchless bank. ING now offers Australians home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services. ING is:
- Australia’s most recommended bank according to RFI Global’s XPRT Survey, October 2022 - March 2023 (n = 31,961) when compared to customers of 20 other banks operating in Australia
- Australia’s fifth largest main financial institution (MFI) with 6% of market share according to RFI Global’s XPRT Survey, October 2022 - March 2022 (n = 31,961). MFI is defined as the bank that the consumer says is their main financial institution.
- Canstar’s Bank of the Year and has been since 2020. Recognised for outstanding value across home loans, savings, credit cards, personal loans and customer satisfaction. (Canstar 2023)
