ANZ vs ING savings accounts
ING is usually stronger if you are happy to meet monthly conditions, while ANZ may suit you better if you want a more mainstream, lower-maintenance option.
By Savings Planner · Guide updated 22 Sept 2026 · Rates checked
See the key differences
As of 2 Oct 2026, ANZ ANZ Progress Saver advertises 3.75% p.a., which requires you to deposit at least $10 each month and make no withdrawals during the month, while ING Savings Maximiser advertises 5.50% p.a. (up to $100,000), which requires you to deposit at least $1,000 each month and make at least 5 card purchases each month and finish the month with a higher balance than you started with.
| Comparison point | ANZ | ING |
|---|---|---|
| Product | ANZ Progress Saver | Savings Maximiser |
| Advertised rate | 3.75% p.a. | 5.50% p.a. |
| Intro offer | None shown | None shown |
| Ongoing rate | 3.75% p.a. | 5.50% p.a. |
| How to earn the best rate | Deposit at least $10 each month. + more | Deposit at least $1,000 each month. + more |
| Linked account needed | None shown | Requires a linked Orange Everyday account. |
| Withdrawal restriction | Make no withdrawals during the month. | None shown |
| Age limits | Available from age 12. | None shown |
| No hoops | No | No |
| Other notes | Available to Australian residents. + more | Conditions are assessed on a calendar-month basis. + more |
When ING may suit you better
ING Savings Maximiser pays a small base rate plus a bonus rate, and the bonus only applies to the first $100,000 in one nominated account. To earn it you need a linked Orange Everyday account and, each month, an external deposit of at least $1,000, five or more settled card purchases, and a higher Savings Maximiser balance than the month before. The bonus is applied the month after you qualify.
That is a lot of moving parts, but for a saver who already banks day to day with ING the rules can be met almost by accident. In the current data the total rate is well above ANZ Progress Saver's, so if you can keep the three conditions every month and your balance sits under the cap, the calculated comparison below will usually favour ING.
When ANZ may suit you better
ANZ Progress Saver has a much shorter checklist: deposit at least $10 in a single transaction and make no withdrawals during the month. There is no card-spend rule, no balance-growth rule and no linked-account requirement, and the account can be opened from age 12. ANZ does not publish a balance cap for the bonus on the reviewed page, so the rate applies to the whole balance in our data.
The catch is the no-withdrawal rule, which turns Progress Saver into a set-aside account rather than a working one: a single withdrawal costs the bonus for that month. If you want a simple, mainstream saver you will not touch, and you would rather give up rate than manage five card purchases, ANZ is the lower-maintenance answer even though ING earns more on paper.
How to decide
Start with the three ING conditions. If any one of them is unrealistic for you, or your balance is above $100,000, the ING rate you would actually earn is lower than the headline and ANZ closes the gap quickly. If you can meet all three, check the calculated result at your balance and time frame.
Both accounts punish a missed month by dropping to a base rate, so the honest comparison is between the rate you will reliably earn on each, not the best case. Neither account currently has an intro offer in our data, so the ongoing rate is the whole story.
Other comparisons with ANZ or ING
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Open Savings PlannerHow we keep this guide grounded
We use the current Savings Planner product dataset to compare savings accounts by rate model, eligibility rules, bonus conditions, balance caps, intro periods, and projected interest where the page uses a calculated scenario.
Rates last checked: .
This guide is general information only and is not personal financial advice. Check the official bank page before acting, especially if the rate, conditions, or eligibility rules matter to your decision.
For independent background, see Moneysmart on savings accounts and the government's Financial Claims Scheme, which protects deposits up to $250,000 per account holder per bank.