What did the RBA change and how does it affect ING Bank?

The RBA lifted the cash rate to 3.85% on 7 February. In response, ING Bank is increasing returns on eligible savings products. Higher policy rates usually translate into better savings rates over time, though conditions and caps matter. It also raises banks’ funding costs, which can tighten margins unless loan pricing adjusts.

Which ING customers are most likely to receive the higher rate?

Customers who meet monthly conditions for bonus tiers are most likely to get the top ongoing rate. This can include minimum deposits, limited withdrawals, and activity on linked products. Those who cannot meet these rules may get a lower base rate and should consider an account with fewer conditions for consistency.

How can I compare ING savings rates with other banks?

Focus on the ongoing rate after any intro period. Match products on the same balance and behaviour, including deposit requirements, withdrawal limits, and caps. Check compounding frequency and fees. Independent roundups, like major February updates, can help benchmark ING savings rates against the big four and digital banks.

What risks should investors watch as deposit competition rises?

Rising deposit betas and mix shifts toward higher-cost savings and term deposits can pressure bank margins. Wholesale funding may also reprice higher. If loan growth slows while deposit costs rise, earnings can compress. Watch management commentary on retention pricing, term deposit campaigns, and the balance between margin and volume.

Global Market Insights

ING Bank Australia, February 7: Savings Rates Lift After RBA Hike

ByDanny Kontos February 7, 2026

ING Bank is lifting savings rates after the RBA cash rate hike to 3.85% on 7 February. This move adds momentum to deposit competition, as Australians shop for high-interest savings in Australia with fewer strings and better caps. For investors, stronger deposit pricing can squeeze bank margins and change funding mixes. For households, shifting cash into higher-yield accounts or offsets can boost returns and reduce interest costs. We break down what changed, who benefits, and how to choose the right account.