ING ups its savings rate to 5.25% in wake of recent RBA hike
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Savers will find themselves jumping for joy as ING has announced a 0.25% increase to their Savings Maximiser account for new and existing customers up to a whopping 5.25% p.a (effective from 9 May 2023).
The decision to raise the rate follows off the back of the RBA’s decision to resume its rate hike, raising the cash rate by 25 basis points up to 3.85%.
Banks increase their variable savings rate
ING isn’t the only bank to announce an increase to their savings rate with CommBank raising its savings account interest rate by 0.25% with accounts like NetBank saver's 5-month introductory rate rising to 4.50% .
Westpac has also announced similar rate rises with 18-29 year olds able to get a rate as high as 5.00% p.a. for their Spend&Save account.
Commbank savings rate raise
| Account | Old Rate | New Rate |
| NetBank Saver (5 Month Introductory rate) | 4.25% p.a. | 4.50% p.a. |
| Youthsaver (bonus interest rate) | 4.25% p.a. | 4.50% p.a. |
| GoalSaver (bonus interest rate) | 4.15% p.a. | 4.40% p.a. |
*correct as of 5/5/2023
**effective from 12 May 2023
Commbank savings rate raise
| Account | Old Rate | New Rate |
| Westpac Life (bonus interest) | 4.25% p.a. | 4.50% p.a. |
| Westpac eSaver (5 Month Introductory rate) | 4.25% p.a. | 4.50% p.a. |
| Westpac’s Spend&Save (18-29 year olds) | 4.70% p.a. | 5.00% p.a. |
*correct as of 5/5/2023
**effective from 12 May 2023
What interest rate hikes mean for savers
For savers, interest rate hikes mean savings accounts can help you grow your stash of money quicker than before. If you’re looking to build a rainy day fund, or saving towards something bigger like a car or home loan.
Looking for your next savings account? At Mozo, you can compare between a bunch of high-interest savings account providers so that you can get the account that works for you.
^See information about the Mozo Experts Choice Savings Account Awards
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