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

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 25 July 2024 Important disclosures
  • 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 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details
  • 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
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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