ING has announced it will increase the interest rates on savings accounts starting 1 July.
The rate for the ING Savings Account will remain at 0.10%, but the loyalty premium will rise from 1.15% to 1.40%, bringing the total annual rate to 1.50%.
The loyalty premium is only awarded for funds that remain untouched for at least twelve months.
For the ING Tempo Savings account, the base rate will increase significantly from 0.75% to 1.6%, while the loyalty premium will remain unchanged at 1.5%.
This makes the total annual interest rate 3.1%, matching the rate announced by Belfius for similar accounts with limited monthly deposits.
At ING, the maximum monthly deposit is set at €500, meaning larger sums of savings cannot be immediately transferred to these accounts.
Currently, NIBC and Argenta lead this monthly savings category with rates of 3%, according to the comparison website Spaargids.
The European Central Bank (ECB) raised interest rates two weeks ago for the first time in 2023, which has prompted movement in the savings market. Some banks had already anticipated the ECB decision by adjusting their rates.
MeDirect, which currently offers the highest total rate for standard savings accounts, announced further increases on Wednesday.
