ING cuts rates for its popular Savings Maximiser account to 2.20%

By Niko Iliakis ·

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.
  • 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
  • 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

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

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

    Go to site
    Details
  • Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

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

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

    Go to site
    Details
  • Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Go to site
    Details
  • Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

    Go to site
    Details

^See information about the Mozo Experts Choice Savings Accounts Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.