Savings interest rate changes
Here's how interest rates are changing for ING savings accounts and when they become effective.
Variable interest rate
Effective from 14/06/2023
5.50% p.a. highest variable rate (made up of the standard variable rate and 4.95% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.
1. Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super and Orange One)
2. Make 5 or more settled (not pending) eligible ING card purchases
3. Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).
When the criteria is met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.
The standard variable rate is 0.55% p.a.
5.50% p.a. highest variable rate (increased from 5.25% p.a.), made up of:
4.95% p.a. additional variable rate for eligible customers (increased from 4.70% p.a.)
0.55% p.a. standard variable rate (remains unchanged)
Variable interest rate
Effective from 14/11/2023
2.85% p.a.– for balances of $0.00 - $49,999.99. Applies to your total balance.
3.75% p.a.– for balances of $50,000.00 - $149,999.99. Applies to your total balance, not just amounts $50,000 and over.
4.70% p.a.– for balances of $150,000.00 and over. Applies to your total balance, not just amounts $150,000 and over
The combined total deposits in all your Savings Accelerator account(s) shouldn't exceed $5 million, whether account(s) are in individual or joint name(s).
2.85% p.a. for balances of $0.00 - $49,999.99 (remains unchanged)
3.75% p.a. for balances of $50,000.00 - $149,999.99 (remains unchanged)
4.70% p.a. for balances of $150,000.00 and over (increased from 4.35% p.a.)
Fixed interest rate effective from 14/11/2023 – for new and existing customers rolling over on or after this date
4.65% p.a. – 90 day term
4.65% p.a. – 120 day term
5.05% p.a. – 180 day term
4.80% p.a. – 210 day term
4.80% p.a. – 270 day term
4.65% p.a. – 330 day term
5.30% p.a. – 1 year term
4.80% p.a. – 2 year term
Minimum opening deposit of $10,000.