Consumer Finance Awards 2025: Bank of the Year - Savers
ING Bank has been named Money's Bank of the Year - Savers as part of the 2025 Consumer Finance Awards.
- Find out how we chose the winners
- Order your copy of the July awards issue
- Check out more from the 2025 Consumer Finance Awards
Here's a surprising trend. Despite battling a cost of living crunch, Aussies are saving more, not less.
Data from bank regulator Australian Prudential Regulation Authority shows household deposits surged to $1.595 trillion in March 2025, up from $1.571 trillion at the end of 2024. That deserves a collective pat on the back.
But here's the crazy thing. More than one in 10 Australians either hangs onto their savings as hard coin or parks their spare cash in a non-interest earning transaction account. That's like letting valuable interest income slip through our fingers at a time when every dollar counts.
Impressive rates on personal savings are available, if you know where to look. That means now is the time to get your money working by parking it in a high-interest savings account to deliver strong returns and turbocharge its growth over time.
On the score of great returns for savers, ING has come up trumps - for the third year in a row - as the place of choice to grow savings.
What's up for grabs? ING offers several options that account holders can mix and match to maximise their returns and achieve different goals.
First up is ING's Savings Maximiser. It pays a rate of 5.40% (as at mid-May), which is one of the best in the market, according to comparison site Mozo.
You will need to pair the Savings Maximiser with ING's Orange Everyday transaction account, and from there deposit at least $1000 each month, make five eligible transactions, and grow the balance (excluding interest) to earn the full 5.40%. Otherwise the rate drops down to 0.05%.
The maximum 5.40% on ING's Savings Maximiser is only available on balances up to $100,000. This hasn't stopped plenty of Australians pocketing serious returns on their spare cash. Dina Kotsopoulos, head of daily banking at ING explains that in 2024, ING rewarded Savings Maximiser account holders with a total of $735 million in bonus interest.
If you're looking to invest more than $100,000, Kotsopoulos says ING's Savings Accelerator "could be used for those with higher balances". It pays up to 5.15% for the first four months on balances up to $500,000. After that, a variable ongoing rate of up to 4.45% applies.
If dipping into savings is your weak spot, ING has yet another solution. Kotsopoulos points to ING's term deposits as an option "for those wanting to park and grow their savings without topping up their balance - and without the temptation to spend it".
You'll need at least $10,000 to get started with an ING term deposit. Choose from a generous menu of eight terms ranging from three months (rate of 4.35%) to two years (3.80%). There are zero monthly account fees so you can be confident every dollar is earning a return.
As rates ease, it's more important than ever to stay proactive, Kotsopoulos says.
"Look for accounts that reward consistent saving habits."
Why they won
Generous returns that reward savers for putting their spare cash to work.
Top product
Savings Maximiser - a great ongoing rate plus easy access to savings if needed.
Get stories like this in our newsletters.
