ING Direct bank of Australia offers three main savings accounts, all of which bear interest and are free of fees. Two types of savings accounts bear a higher interest rate if the customer satisfies certain requirements.
The most basic account, the Savings Maximiser, offers a lower interest rate to any amount deposited. A higher interest rate applies to customers who also have an ING Direct Orange Everyday bank account and automatically deposit $1,000 or more per month.
The Personal Term Deposit guarantees a certain rate of interest for a 180-day term with a minimum deposit of $10,000. The account includes a bonus if customers roll over their money for a new 180-day term.
The Savings Accelerator account offers a three-tier interest-rate program. The highest rate is paid to accounts with a minimum balance of $150,000, a middle rate applies to accounts with balances of $50,000 to $149,999.99, and the lowest rate applies to accounts with up to $49,999.99. There is no requirement to keep money in the account for a specified period as there is with Personal Term Deposit, but the rate of interest is not as high.
INGDirect.com.au lists current interest rates, which are subject to change, for the various accounts.