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

RateBeforeAfter
Base rate0.50% p.a.0.50% p.a.
Bonus rate1.80% p.a.1.70% p.a.
Maximum rate2.30% 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.

Savings account comparisons on Mozo - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Go to site
    Details
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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Go to site
    Details
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    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Go to site
    Details
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    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

    Go to site
    Details
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    Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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