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 - last updated 1 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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    Details
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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  • Mozo Expert Choice Badge
    Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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^See information about the Mozo Experts Choice Savings Account Awards

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