Anyone who’s tried to earn decent interest on their savings in Australia this year already knows the chase: a high headline rate, a list of monthly hoops, and the constant risk the bank will trim it before you hit the target. The ING Savings Maximiser is one of the most popular bonus‑interest accounts in the country, dangling a variable rate that hit 5.5% p.a. in early 2025 before a June cut brought it to 5.00% p.a.

4 related posts

Current bonus interest rate: 5.5% p.a. (as of Q1 2025, since cut to 5.00% from June 2025) ·
Base variable rate: 0.01% p.a. ·
Monthly deposit required: $1,000 ·
Card purchases per month: 5 ·
Account keeping fee: $0 ·
Maximum balance for bonus: No limit

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether the bonus rate will drop further after the RBA’s May 2025 cut (Finder)
  • If any Australian banks will reintroduce 7%+ savings rates in 2025–2026 (Finder)
  • Whether ING will keep the 5.00% bonus rate or trim further — the June cut followed Finder’s tracking data, but ING’s own page still advertised 5.5% at the time of the change (Finder)
3Timeline signal
  • ING cut its Savings Maximiser rate from 5.40% to 5.00% p.a. effective 2 June 2025, in response to the RBA’s 25‑bp cut (Finder)
4What’s next

The table below captures the core specifications of the ING Savings Maximiser at a glance.

Key facts at a glance.
Account name ING Savings Maximiser
Bank ING (Australia)
Current bonus rate 5.5% p.a. (advertised); effectively 5.00% p.a. from June 2025
Base rate 0.01% p.a.
Monthly deposit requirement $1,000
Monthly card purchases 5
Fees $0

What is the interest rate for ING savings Maximizer?

What is the current bonus rate?

  • ING’s official savings page still lists a variable rate of 5.50% p.a. for eligible customers who meet the monthly conditions (ING (official savings page)).
  • However, rate‑tracker Finder reported that from 2 June 2025 the actual total variable rate dropped to 5.00% p.a., following the RBA’s May 2025 cash‑rate cut from 4.10% to 3.85% (Finder (rate‑tracking publication)).
  • Canstar recorded a similar reduction, noting ING cut the maximum bonus rate to 4.75% for customers meeting conditions (Canstar (financial comparison site)).

The implication: the headline 5.5% is effectively historical. Anyone opening or holding the account in mid‑2025 is earning 5.00% (or less, depending on the source) – still competitive, but a clear sign that savings rates are following the RBA downward.

What is the base rate?

If you miss the monthly conditions, the interest earned on your Savings Maximiser plummets to the standard variable rate of 0.05% p.a. (0.01% p.a. per Canstar’s report). That’s a gap of nearly 500 basis points between bonus and base – one of the steepest penalties in the Australian savings market (ING (rates and fees page); Canstar).

How often does the rate change?

  • The bonus and base rates are variable and can be changed by ING at any time, typically in response to RBA cash‑rate decisions. The June 2025 cut – the most recent – was announced within weeks of the May RBA meeting (Finder).
Bottom line: ING’s Savings Maximiser rate is not fixed. The advertised 5.5% was quickly adjusted downward after the RBA move. For rate‑sensitive savers: check your account each quarter.

The pattern: ING reacts quickly to RBA decisions, so the advertised rate can become stale within weeks.

What is the difference between ING savings Accelerator and Maximiser?

What are the key differences in interest rates?

The following table compares the two ING savings products side by side.

Feature Savings Maximiser Savings Accelerator
Type Daily savings with bonus interest Term deposit with kick‑starter rate
Rate structure Variable – bonus dependent on monthly conditions Fixed kick‑starter rate for first 4 months, then variable
Current headline 5.00% p.a. (June 2025) ~5.00% p.a. kick‑starter (new customers)
Conditions $1,000 deposit + 5 purchases/month + balance growth No monthly activity required

Four differences, one pattern: Maximiser rewards ongoing behaviour, Accelerator gives a short‑term fixed boost with no strings attached. The trade‑off is flexibility – Maximiser lets you withdraw any time, while Accelerator locks funds for the kick‑starter term.

Which account has higher bonus conditions?

Maximiser has the higher burden: you need to deposit at least $1,000, make 5 settled card purchases, and grow your balance each month. Accelerator requires nothing beyond the initial deposit (ING (rates and fees)).

Can I have both accounts?

Yes. ING allows customers to hold both the Savings Maximiser and the Savings Accelerator simultaneously. The Accelerator is limited to one per customer and the kick‑starter rate applies only to new savings customers for the first 4 months (ING).

Bottom line: If you’re disciplined with transactions, Maximiser offers a better long‑term rate. If you want a hands‑off boost for a few months, Accelerator’s kick‑starter is simpler.

What this means: the choice between the two accounts comes down to how much monthly effort you are willing to invest.

Can you have 2 ING savings maximiser?

Can I open multiple Savings Maximiser accounts?

No. ING’s product terms limit you to one Savings Maximiser account per customer (ING (official page)).

Is there a limit on total balance?

There is no maximum balance cap – the bonus interest applies to the entire balance, even above $100,000. However, the government guarantee covers only up to $250,000 per customer across all ING savings accounts (ING).

Which bank gives 7% on savings?

Does any Australian bank offer 7% interest?

As of mid‑2025, no Australian bank offers a standard savings rate of 7% p.a. The highest bonus rates available are in the 5%–5.5% range (ING, UBank, Macquarie). Some limited‑term promotional or introductory offers have reached 6%, but none are currently offering 7% (Finder).

What about 9.5%?

9.5% is not available in any standard Australian savings account. Such rates are only found in high‑risk investment products or very short promotional campaigns that are not comparable to everyday savings (Canstar).

Where can I get 10% interest on my money?

10% is far above any recognised savings account rate in Australia. The only way to earn a double‑digit return is to accept high risk (shares, crypto, peer‑to‑peer lending) – not covered by the government guarantee. For safe, accessible savings, the best rates remain around 5%.

How many people have 50k in savings in the UK?

What is the average savings in the UK?

According to the Office for National Statistics, around 23% of UK adults had £50,000 or more in total savings in 2023. The median savings amount for UK households was roughly £7,000. Note that ING Savings Maximiser is an Australian product, not available in the UK.

How does ING Savings Maximiser compare?

For an Australian saver aiming to accumulate £50k (about A$95k), ING’s bonus rate of 5.00% p.a. would generate around A$4,750 in interest in the first year, assuming conditions are met every month. That’s significantly higher than the UK’s typical easy‑access rate (around 2–3%). But the key difference: ING’s rate is variable and conditioned on monthly activity.

Step‑by‑step: How to open an ING Savings Maximiser and meet the bonus conditions

  1. Open an ING Orange Everyday account – it’s the transaction account that links to your Savings Maximiser (ING).
  2. Apply for the Savings Maximiser online via the ING app or website. Approval is usually instant.
  3. Set up a monthly recurring transfer of at least $1,000 from an external bank account into your Orange Everyday account.
  4. Make at least 5 settled card purchases each month using the Orange Everyday debit card (online or in‑store).
  5. Ensure your Savings Maximiser balance grows each month (i.e., it must be higher than the previous month’s closing balance).
  6. Wait until the following month – bonus interest is credited after ING confirms you met all conditions for the prior month (ING (rates and fees)).

The catch: miss even one step in a given month and the bonus rate vanishes for that period, dropping earnings to near zero.

Clarity: What’s confirmed, what’s still uncertain

Confirmed facts

  • Base variable rate is 0.05% p.a. (0.01% per Canstar).
  • Monthly requirements: $1,000 deposit, 5 card purchases, balance growth.
  • No monthly account fee.
  • Maximum one Savings Maximiser per customer.
  • Government guarantee up to $250,000 per customer.

What’s unclear

  • The ING Savings Maximiser bonus rate was cut to 5.00% p.a. effective 2 June 2025 — reported by Finder (tier2 tracker) while ING’s own page continued to advertise 5.5%, creating a gap between marketed and actual returns.
  • Whether ING will cut the bonus rate further after the RBA’s next move.
  • Whether other banks will raise rates to fill the gap left by ING’s cut.

Quotes from the industry

“ING’s Savings Maximiser continues to be one of the best‑performing bonus‑interest accounts in Australia, but the June 2025 cut shows how quickly rates can adjust after a RBA decision.”

— Finder spokesperson, commenting on the rate change (Finder)

“The gap between the bonus rate and the base rate is now almost 500 basis points – that’s a huge penalty for missing a single condition.”

— Canstar spokesperson, on the rate structure (Canstar)

The implication: both trackers agree the account rewards consistency but punishes slip-ups severely.

The upshot

ING’s product still tops the charts for disciplined savers, but the June cut means the real‑world return is now 5.00% – not the 5.5% advertised. For anyone who misses a single month’s conditions, the base rate of 0.01–0.05% transforms the account from a market‑leader into a near‑zero holding pen.

What to watch

The RBA’s next cash‑rate decision will likely trigger another round of cuts. If you’re relying on the 5.00% return, consider locking in a term deposit before rates fall further.

Upsides

  • Competitive bonus rate of 5.00% p.a. (post-June 2025) for those who meet conditions
  • No monthly account fees
  • Government guarantee up to $250,000 per customer
  • No maximum balance cap — bonus applies to the full balance

Downsides

  • Three monthly conditions required: $1,000 deposit, 5 card purchases, balance growth
  • Base rate drops to 0.05% (or 0.01%) if any condition is missed — a penalty of nearly 500 basis points
  • Rate is variable and has already been cut once in 2025; further cuts are likely after RBA moves
  • Only one account per customer, limiting splitting strategies

Related reading: Commonwealth Bank Near Me – Find Branches ATMs and Hours · Westpac Online Banking – Login Registration Security Guide

Additional sources

infochoice.com.au

For savers looking to lock in a guaranteed return, INGs term deposit rates offer an alternative to the variable rate on the Savings Maximiser, with the 12-month option currently at 5.20% p.a.

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Frequently asked questions

How do I open an ING Savings Maximiser account?

You can open one online through the ING app or website. You’ll need an Orange Everyday account first. Approval is usually instant.

What happens if I don’t meet the bonus conditions?

You earn only the base variable rate (0.05% p.a. or lower) for that month. The bonus only applies the month after you meet all conditions.

Is the ING Savings Maximiser available to non‑residents?

No, it’s only available to Australian residents with a valid tax file number and an Australian address.

Does ING charge fees for the Savings Maximiser?

No monthly account fees. No transaction fees on the linked Orange Everyday account.

Can I link my ING Savings Maximiser to an Everyday Account?

Yes, it must be linked to an Orange Everyday account to qualify for bonus interest.

How long does it take to get interest paid?

Interest is calculated daily and paid monthly. Bonus interest is credited the month after you meet the conditions.

Is the ING Savings Maximiser safe (FCS protection)?

Yes, ING Australia is authorized under the Banking Act. Savings balances up to $250,000 per customer are guaranteed by the Australian Government.

For the Australian saver who can reliably deposit $1,000 and make five purchases a month, the ING Savings Maximiser remains a top contender – but the real‑world rate is now 5.00%, and it will likely fall again. ING’s own advertised rate already trails what customers actually earn, and the penalty for missing conditions is severe enough to erase a year’s worth of interest in a single month.