ING Savings Accelerator

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.