ING Savings Accelerator

0.25% p.a.(for $0 to $50,000)

No Current Offer

ING Savings Accelerator

0.25% p.a.(for $0 to $50,000)

No Current Offer

Mozo Review   ING Savings Accelerator Review

Last updated: 16 January 2020.

What's hot:
  • 1.50% interest rate for balances over $150,000

  • No fixed term or minimum withdrawal amount

  • Zero account fees

What's not:
  • You need to have at least $150,000 in savings to earn a decent interest rate

Mozo snapshot:

With ING’s Savings Accelerator account, hardcore savers can earn an annual interest rate of 1.50% p.a. on balances over $150,000. If that sounds like you, you’ll be happy to hear that you can distribute that amount over multiple Savings Accelerator accounts, so you don’t have to worry about putting all your eggs, or savings in this case, in one basket.

Key features:

The Savings Accelerator is designed to be a sort of booster account to your current savings account. Once your squirrelling pays off and you manage to reach a higher balance, the account will reward you with a higher interest rate.

Interest rates for ING’s Savings Maximiser account drop to 0.25% p.a. once you smash through that $100,000 savings wall, but if you open up a linked Savings Accelerator account, you could earn an interest rate of 1% p.a. on your $100,000 balance. That’s four times the interest you’d earn if you just left it to sit in your Savings Maximiser account.

But that’s not all, once you reach a balance of $150,000 across all your Savings Accelerator accounts, your interest rate will go up again to 1.50%! So rather than being penalised for saving more, you’ll actually have an incentive to hit those big digits. 

You can also rest easy knowing that you have 24/7 access to your online account and you can make unlimited free transactions at any time. So if you need to shuffle some funds around, you can! And no matter how many Savings Accelerator accounts you open, you won’t be charged any account keeping fees! 

Who it's good for:

The ING Savings Accelerator could be a perfect fit for serious savers who have passed the $100,000 mark with their ING Savings Maximiser and are keen to carry on earning a decent interest rate on their savings. 

Any catches?

To make this account a worthwhile addition to your Savings Maximiser, you’ll need to have at least $100,000 saved. Plus you’ll need at least $150,000 in savings, if you want to achieve the 1.50% interest rate.

Details

Rates and fees information correct as at 21 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.25% p.a.
    Balances from $50,000: 1.00% p.a.
    Balances from $150,000: 1.50% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • unlimited free transactions from internet, phone.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account

  • none

  • none

Customer Reviews

How are ING savings accounts rated by the Mozo community?

Overall customer rating
8.9/10
Price
8.9/10
Features
7.9/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.8/10

Latest reviews of ING Savings Accelerator

  • Overall 8/10
    Great interest rate - watch your savings grow.

    I like this bank because it has incentive to save and the interest rates are ok. It's easy to use with the online interface. ING has been my choice for savings for over 10 years now.

    Read full review

    I like this bank because it has incentive to save and the interest rates are ok. It's easy to use with the online interface. ING has been my choice for savings for over 10 years now.

    Price
    5/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    -1/10
    Less
    Belinda, Queensland reviewed about 1 month ago
  • Overall 10/10
    Great service

    Big interest on my savings

    Read full review

    Big interest on my savings

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Thomas, Western Australia reviewed about 2 years ago
  • Overall 10/10
    Awesome no account fees or atm fees plus paywave

    Cash back bonuses for using paywave. Atm rebates

    Read full review

    Cash back bonuses for using paywave. Atm rebates

    Price
    10/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    5/10
    Trust
    10/10
    Less
    Jodie, New South Wales reviewed almost 4 years ago
  • Overall 10/10
    Quick easy and beneficial.

    The bank has the highest interest rates on a savings accounts, the customer service is very prompt with responses. I feel it takes my money further than other banks.

    Read full review

    The bank has the highest interest rates on a savings accounts, the customer service is very prompt with responses. I feel it takes my money further than other banks.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Abdullah, Victoria reviewed about 4 years ago
  • Overall 9/10
    High interest available with great smartphone app

    ING Direct offers a rate that I believe is the highest on the market currently, and has a very well developed smartphone app that makes it easy to transfer money.

    Read full review

    ING Direct offers a rate that I believe is the highest on the market currently, and has a very well developed smartphone app that makes it easy to transfer money.

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Brendan, Victoria reviewed about 4 years ago
ING

About ING

ING is part of the ING Group, one of the world's largest financial institutions, but it isn't like other banks. ING pioneered branch-less banking in Australia, getting rid of branches and passing on the savings to customers in the form of better rates and lower fees. From high interest savings accounts and term deposits to low rate home loans, ING aims to keep your banking simple.

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