ING Australia announces it will increase its standard variable Savings Maximiser interest rate by 0.50%, taking it from 0.05% per annum to to 0.55% per annum. This move means eligible* new and existing Savings Maximiser customers could earn a variable interest of rate of 3.10% per annum to help boost their savings.

There will also be rate increases across ING Australia’s Savings Accelerator offerings (for new and existing customers) including a 0.40% per annum increase for balances of $150,000 or more taking the rate from 1.70% per annum to 2.1% per annum. The rates for balances below $150,000 will increase by 0.50%.

In addition the bank will increase all variable home loan rates for new and existing residential customers by 0.50% per annum.

All variable savings and variable home loan rate increases will be effective from 9 August 2022.

-ENDS-

Notes to editors

For more information contact Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au.

*The rate increase of 0.50% per annum will apply to the standard variable rate for all Savings Maximiser customers from 9 August 2022. The additional variable rate currently 2.55% p.a. (that is added to the Savings Maximiser standard variable rate currently 0.05% p.a applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

• deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One);
• also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions); and
• ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, we do not take into account any interest earned on your account in the month.

Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.

Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

Information and interest rates are current as at the date of this publication and subject to change.

Read the product terms and conditions available at ing.com.au before deciding if the product is right for you. ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

About ING

ING changed the way Australians bank 22 years ago by launching the country’s first branchless bank. ING now offers Australians home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.

ING is Australia’s most recommended bank according to RFi XPRT Survey, October 2021 – March 2022 (n = 32,001) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution (MFI) with 6% of the market share according to RFi XPRT Survey, October 2021 – March 2022 (n = 32,001). MFI is defined as the bank that the consumer says is their main financial institution.