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ING Savings Accounts

Name: ING Savings Accounts
Creator: Savvy
Published: 2022-06-17T14:37:33+09:30

Find out more about ING savings accounts and compare them with Savvy today.

Written by , updated on October 4th, 2023

ING Bank Australia Ltd is a subsidiary of one of the largest banking and financial services corporations in the world, the Internationale Nederlanden Groep based in Amsterdam, Netherlands.

It’s now the largest online mortgage lender outside of the big four banks in Australia, with its bright orange lion logo a familiar sight to many Aussies. It offers a range of online banking products including transaction and savings accounts, business accounts, term deposits and a host of other products across different areas.

Compare ING savings accounts with other competitors right here with Savvy to help you find out who can offer the best deal for your savings. We can help you decide which account is right for you by providing easy-to-read comparison information. Start comparing your options with Savvy today so you can begin to grow your savings before you know it.

*Please note that Savvy does not represent ING Bank for their savings accounts products. All product information and rates are correct as of June, 2022.

More about ING savings accounts

What savings account products does ING offer?

Savings Maximiser Account

This is ING’s version of a high interest rate savings account which has multiple conditions you’ll need to satisfy to gain the 1.30% p.a. bonus interest rate in addition to the base interest rate of 0.05% p.a. These conditions require you to:

have a linked Orange Everyday transaction account with a debit card
deposit a minimum of $1,000 each month from an external source into any ING account in your name
make a minimum of five card purchases with your linked Orange debit card
grow your account balance compared to the previous month

If you satisfy these conditions, you’ll receive the total 1.35% p.a. interest rate on your account the following month. If you want to find out how this generous high interest rate will help to boost your total savings, use Savvy’s savings calculator to find out how an interest rate of 1.35% p.a. could make a difference to your funds.

Savings Accelerator

This is a savings account with tiered interest, meaning the rate you earn will be in proportion to your account balance. The tiered rates of interest offered are as follows:

$0 to $49,999.99: 0.05% p.a.
$50,000 to $149,999.99: 0.35% p.a.
$150,000 and over: 0.65% p.a.

The minimum age to open either a Savings Maximiser or a Savings Accelerator account is 13 and there are no account-keeping or transaction fees and no minimum deposit requirements or other conditions associated with this account.

Personal Term Deposits

ING offers a range of term deposits starting from three months up to two years. They don't offer terms shorter than three months and have no long-term deposits (more than two years) to offer their customers.

The minimum deposit accepted is $10,000, which is higher than many of ING’s competitors, who offer minimums ranging from $1,000 to $5,000. The term deposit rates on offer are:

90 and 120-day terms – 0.25% p.a.
180-day term – 0.50% p.a.
210-day term – 0.55% p.a.
270-day term – 1.50% p.a.
330-day term – 0.70% p.a.
one-year term – 2.00% p.a.
two-year term – 2.50% p.a.

What savings options does ING offer for businesses?

ING is also business-focused and offers a range of savings products designed for businesses. However, these are aimed primarily at larger businesses, rather than small enterprises, sole traders or startups.

However, sole traders, partnerships, incorporated associations, self-managed super funds (SMSFs) and not-for-profit organisations can open a business account as long as they can meet the minimum balance requirement.

Business Optimiser Account

This is a variable rate savings account which currently offers a welcome interest rate of 1.00% p.a. for the first six months for balances of at least $50,000 (across Optimiser and Term Deposit accounts) up to $1 million. After this period, this interest rate reverts to a standard rate which is currently 0.10% p.a. (unless otherwise negotiated with a business manager). A maximum of four people is permitted to have access to operate the Business Optimiser account via online or mobile banking.

Business Term Deposits

A range of term deposits are offered for businesses starting at 90 days and reaching up to two years for deposits from $10,000 (although the $50,000 minimum across Optimiser and Term Deposit accounts still applies). However, the interest rates offered on business term deposits are considerably lower than for personal term deposits. For example, the 90-day rate is just 0.05% p.a., or 0.07% p.a. for terms from 120-days to 180 days. The very top rate offered is 0.3% p.a. for a two-year term, which compares unfavourably with the 3.65% p.a. rate offered by AMP Bank for the same term.

Wholesale Term Deposit

These term deposits are available for SMSFs, government organisations, public companies, cooperatives, not-for-profit organisations and religious organisations. They are offered for amounts starting at $500,000 up to a maximum of $25 million. Terms are available from as short as one month up to five years, and you can choose between a fixed interest rate (which is negotiable with your business manager), or a variable interest rate to take advantage of market rate increases.

How do I open an ING account?

Savings accounts can be opened online or over the phone (as ING doesn’t have physical branches to visit). You’ll need to provide the following information:

your full name, residential address, email address and phone number
at least two forms of ID including your passport or driver’s licence, plus one other form of ID

In addition, you’ll need to:

be an Australian resident for taxation purposes
be over 13 years of age
provide your tax file number or exemption code (to avoid being charged the maximum marginal tax rate)
provide details of a linked Orange transaction account or your existing client number

Once you’ve finished the online application process, you’ll be sent a confirmation email giving further instructions to open your account. You can download the ING mobile app and start banking.

Pros and cons of ING savings accounts

PROS

High interest on savings

The interest offered on the Savings Maximiser account is generous compared to other competitors and can really help give your savings a boost.

No fees or charges

No fees are charged on any ING savings accounts, so you are free to make as many transactions as required without fees or charges nibbling away at your savings.

Round up to boost your savings

If you link your Savings Maximiser account to an ING Orange transaction account, you’ll be able to use the round-up feature to boost your savings by having the rounded-up additional amounts from each debit card transaction paid directly into your savings account.

CONS

Minimum savings deposit

The need to deposit at least $1,000 a month into your Savings Maximiser account or other ING accounts could prove a barrier for some people.

Need to link to transaction account

ING requires all savings accounts to be linked to their transaction account so that funds can be transferred in and out of the savings account. This means you’ll get an additional transaction account whether you want one or not.