ING ups its savings rate to 5.25% in wake of recent RBA hike

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

AccountOld RateNew 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

AccountOld RateNew 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.

Savings account comparisons on Mozo - last updated 18 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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    Details
  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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^See information about the Mozo Experts Choice Savings Account Awards

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