From 11 October, ING's popular Savings Maximiser account total interest rate will be 4.05% p.a.
This represents a 45 basis point increase over the old rate - ahead of Tuesday's RBA cash rate increase of 25 basis points.
To qualify for the total bonus rate, savers must: deposit $1,000 per month in the linked Everyday account, make five settled debit card transactions, and ensure the balance is higher at the end of the month.
The maximum balance is $100,000.
Should savers fail to meet the criteria, the base rate of 0.55% p.a. applies. The base rate also applies to balances over $100,000.
With this move, ING now stands atop the pile of the leading interest rates in the savings account space - ahead of BOQ's 4.00% p.a. rate for under-35s.
This follows ING's rate increases of 50 basis points in September; 50 basis points in August; 50 basis points in July; and 75 basis points in June.
Since May, ING has increased the savings maximiser rate by 270 basis points (2.70%) - ahead of the RBA's 250 basis points of tightening.
From the end of April through August (the latest available data), regulator data shows ING increased its collective household deposit size by nearly $2 billion to just under $45 billion.
Top Savings Account Rates
|Bank||Total Rate Including Bonuses||Date Applicable||Notes|
|ING||4.05% p.a.||11 October||Max bal $100k, deposit $1000/mo, 5 card transactions, higher balance at end of month|
|BOQ||4.00% p.a.||Ages 14-35, Max bal $50k, deposit $1000/mo, 5 card transactions|
|Macquarie||4.00% p.a.||6 October||Four month intro rate, reverts to 3.20% p.a. after, max bal $250k|
|Australian Mutual Bank||4.00% p.a.||Ages 0-18, max bal $5k|
|Westpac||3.75% p.a.||18 October||Ages 18-29, max bal $30k, deposit $2k per month, 5 card trans, grow balance|