ING the first to crack the 6% offer level for savers in this business cycle

ING Bank has an offer that will probably catch your attention.

They offer 5.40% in an incentive saver rate, made up of a base rate of 2.25% and a bonus rate of 3.15%.

That is at the high end of competitive bonus savings plans.

But there's more.

If you are not already an ING client or don't have an existing ING bonus saver account, they are topping that 5.40% rate with an extra +0.60% as a 'welcome' booster rate, taking the total for the first four months to 6% pa.

After the four months, the account reverts to the 5.40% rate.

At that level it is better than any main bank offer, even better than the best offer from Macbank.

The ING offer has some limits. It only applies to a balances up to $2 mln. And you need to have or open an Orange Everyday account.

Meanwhile Greater & Newcastle Bank has raised its six month term deposit rate by +10 bps to 5.10%.