ING logo

ING Savings Accelerator

Advertiser disclosure
Interest rate
2.85% p.a.(for $0 to $50,000)
Maximum rate
3.35% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review ING Savings Accelerator - last updated: 19 March 2024

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What's hot
  • 4.70% p.a. interest rate for balances between $150k-$500k (T&Cs apply)
  • 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 4.70% p.a. on balances from $150,000 to $500,000. 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.

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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 start from 2.85% p.a. for balances from $0 to $50,000. But if you open up a linked Savings Accelerator account, you could earn an interest rate of 3.75% for balances of between $50,000 and $150,000.

But that’s not all, once you reach a balance of between $150,000 and $500,000 on your Savings Accelerator account, your interest rate will go up again to 4.70%! 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! 

Kick Starter offer: An introductionary savings rate of +0.50% p.a. on top of your base rate for balances of up to $500,000 for the 4 months since account opening. 

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Who is it 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. 

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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 4.70% interest rate.

Details

Rates and fees information correct as at 25 June 2024. 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: 2.85% p.a.
Balances from $50,000: 3.75% p.a.
Balances from $150,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.

Balances from $0: 3.35% p.a.
Balances from $50,000: 4.25% p.a.
Balances from $150,000: 5.20% p.a.
Balances from $500,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.

New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.

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

n/a

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
8.7/10
Price
8.9/10
Features
7.9/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.9/10
Based on 2124 ING savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of ING Savings Accelerator Savings Account

About ING

Thumbnail icon for ING
ING

Savings Maximiser

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

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

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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Macquarie

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

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Rabobank

PremiumSaver

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

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

Yes up to $250,000

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ING

Savings Maximiser

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

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

Yes up to $250,000

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IMB Bank

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

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

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

Yes up to $250,000

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

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

Yes up to $250,000

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

Thumbnail icon for ING
ING

Savings Maximiser

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

Yes up to $250,000

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

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

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

Yes up to $250,000

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

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

Thumbnail icon for Rabobank
Rabobank

PremiumSaver

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

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

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

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

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

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

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

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

2.00% p.a.(for $0 to $250,000)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Rabobank

Notice Saver

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

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

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Westpac

Life - 18-29 years old

2.00% p.a.(for $0 and over)

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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