ING cuts rates for its popular Savings Maximiser account to 2.20%
In a move that's sure to disappoint dedicated savers, ING informed customers it will be cutting the bonus rate for its Savings Maximiser account by 0.10%, bringing it down from 1.80% p.a. to 1.70% p.a.
The changes will come into effect today, and will take the maximum rate savers can earn - when they deposit at least $1,000 a month and make a minimum of five settled purchases on their Orange Everyday transaction account - down to 2.20% p.a. The base rate of 0.50% p.a. will remain the same.
ING Savings Maximiser 18 September changes
| Rate | Before | After |
|---|---|---|
| Base rate | 0.50% p.a. | 0.50% p.a. |
| Bonus rate | 1.80% p.a. | 1.70% p.a. |
| Maximum rate | 2.30% p.a. | 2.20% p.a. |
Given that the RBA didn’t make any changes to the cash rate in September, ING’s out-of-cycle decision to reduce interest rates might come as a surprise. But with experts confident that the RBA will pull the lever once more in the coming months, it’s possible ING could be cutting now so they don’t have to later.
And while the ING Savings Maximiser might have lost some of the glimmer it had earlier in the year, before June and July’s RBA rate cuts hacked off 0.50%, it still ranks among the better value savings accounts around. Among savings accounts in our database, the average ongoing bonus rate sits at 1.82% p.a. - much lower than what's currently offered by ING.
And even with the changes in place, Aussies with $50,000 in their Savings Maximiser accounts could be looking at interest in the range of $1,100 a year, so long as they satisfy the monthly conditions.
For an idea of how the new rate stacks up against other offerings on the market, check out the selection below, and be sure to visit our savings account comparison page, where you’ll also be able to filter your search to find the account that best suits you.
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