ING to lift returns for everyday savers with new stepped interest structure

ING Australia has announced it will move the Savings Accelerator (SA) account from a single-rate interest model to a stepped, portion of balance interest model, effective 1 May 2026.

With the current Savings Accelerator, a single interest rate applies to a customer’s entire balance once it falls within a particular tier, meaning that customers whose balances sit just below a tier threshold can receive materially lower returns than those just above it.

The move to a stepped‑rate structure is designed to make ING’s Savings Accelerator fairer and more consistent for customers, ensuring each portion of their balance earns interest at the rate that reflects its tier.

Everyday savers to be rewarded with more interest

With this update, customers with balances under $250,000, the vast majority of everyday savers, stand to benefit most. Many will see their variable interest rate rise from 2.75% or 3.65% p.a. today to 4.60% p.a. from 1 May.

Jennifer Davies, Head of Retail at ING, said:

“We know saving has become increasingly challenging for many Australians. Costs are up, wages haven’t always kept pace, and every dollar matters. That’s why we’re reshaping Savings Accelerator to better support everyday savers and make sure even lower balances are working harder for them. 

By moving to a stepped-rate structure, more customers will soon receive higher interest on a greater portion of their savings. It’s a fairer, more transparent way of rewarding people for saving.”

Current Savings Accelerator Rates & Tiers:

2.75% p.a. on balances between $0 and $49,999.99

3.65% p.a. on balances between $50,000 and $149,999.99

4.60% p.a. on balances above $150,000

The variable interest rates above apply to entire balances.

New Tiers and Variable Savings Rates from 1 May

From 1 May, ING will introduce a stepped-rate structure across four tiers. The first $2 million of any balance will continue to earn 4.60% p.a., and only amounts above $2 million will earn 2.50% p.a. under the new structure.

From 1 May, 2026,

Tier 1: $0–$250,000 at 4.60% p.a.

Tier 2: $250,000.01–$500,000 at 4.60% p.a.

Tier 3: $500,000.01–$2,000,000 at 4.60% p.a.

Tier 4: $2,000,000.01–$5,000,000 at 2.50% p.a.

For example:

A $2,100,000 balance earns Tier 1, Tier 2, and Tier 3 across the first $2 million, with the final $100,000 at Tier 4

ING notes that rates are variable and may change before the new tiers are introduced on 1 May. Rates will be confirmed via the ING app, online banking, and ing.com.au.

For more information visit https://www.ing.com.au/savings/savings-accelerator.html