ING’s new 6% honeymoon rate hits a high note – just don’t ignore the ongoing conditions

ING has today launched a new savings account, offering a market-leading honeymoon rate of 6.00%. However, like so many savings accounts, the rate comes with plenty of strings attached.

While the maximum rate on the account is an impressive 6.00%, after the four-month introductory period the rate drops down to a maximum of 5.40%. 

If at any time a customer fails to meet the monthly requirement to grow their savings balance by a minimum of $100 a month, the rate falls by 3.15%, down to as little as 2.25%. 

This new account is now one of three offered by challenger bank ING – two bonus rate accounts, which include monthly conditions to qualify for the maximum rate, and an unconditional option in its Savings Accelerator.

Source: Canstar. Other conditions apply. See ING website for full details. Note: the Savings Accelerator no longer offers a honeymoon rate.

Market leading rates don’t necessarily guarantee maximum returns

Canstar analysis shows a $50,000 balance that attracts the highest ongoing savings rates in ING’s Savings Booster account could earn $2,873 in interest payments over the next year.

However, if the conditions are not met, then that $50,000 could earn as little as $1,239. 

This assumes the rates remain the same, the conditions are met where specified, however, the calculations are only done on a $50,000 balance and don't factor in additional deposits.

Source: Canstar. Calculations assume monthly conditions are met where specified but the above interest calculations are only done on a balance of $50k for the purposes of an equal comparison.

ING’s move today is likely to be a bid by the challenger bank to reclaim its position as a market-leader in the savings sector and attract more new customers into its fold. 

Household deposits remain an important source of funding for their mortgage books and competition among the banks remains reasonably elevated. 

The latest APRA monthly data for May shows Macquarie Bank continues to grow its household deposit book by the most in percentage terms, accelerating by 36 per cent in the last 12 months of data, while CBA grew by the most in dollar terms at $34.6 billion in the year to May 2026.

Source: APRA monthly banking statistics for May 2026, prepared by Canstar. Household deposits include money in savings accounts, term deposits, transaction accounts, and mortgage offset accounts. 

Savings accounts are not a one-size-fits-all

Canstar’s Data Insights Director, Sally Tindall, says, “A rate that starts with a '6' is bound to turn heads, but savers would do well to read beyond this headline figure.”

“Once the honeymoon ends, the rate drops to a relatively competitive 5.40 per cent, but that's only if you meet the monthly condition. Fall short of adding $100 to your savings balance each month and that interest rate could plummet to as little as 2.25 per cent.

"What’s notable about the new Savings Booster account is that ING has reduced the number of hoops customers have to jump through to qualify for the maximum rate. There's no requirement to make five card purchases or deposit $1,000 every month – savers just need to grow their balance by at least $100. 

“Savings accounts are anything but simple these days. ING’s suite of three different accounts illustrates just how important picking the right savings account actually is, which includes reading all of the terms and conditions.

“If you think you can beat the banks at their own game by setting up automatic transfers to clear bonus conditions or by hopping from one honeymoon account to another, by all means have a go – just know it's not a game for the faint-hearted so check to make sure you’re winning regularly.

“For the rest, understand your limitations and aim to pick a savings account that suits your finances, your financial goals, your lifestyle and your personality.

“In this market, you want to be earning an ongoing rate of at least 5 per cent, not just as a one off, but every single month.”

Source: Canstar. Conditions apply for maximum rates as follows: Westpac Spend + Save conditions: 20+ purchases on bank acct, grow savings balance, base rate 0.10%. ING base rate of 0.05%, AMP is on balances up to $500k. Teachers Mutual savings account is offered across the Teachers Mutual Group, balances up to $50k.