ING cuts Savings Maximiser account rate to 1.65%, still ahead of the competition

By Katherine O'Chee ·
Fact Checked
Advertiser disclosure
couple on sofa checking their savings account balance on a laptop

It’s been another bleak week for at-call deposit rates, as ING becomes the latest bank to take the axe to its high interest savings offer. 

Coming into effect Thursday, ING’s 15 basis point cut brings the maximum rate available on its Savings Maximiser account down to 1.65%.

Still, to earn this new maximum rate, customers must fulfil a couple of monthly conditions: deposit at least $1,000 into their linked ING bank account and make at least five transactions using their ING debit card. 

This move comes just days after Xinja also reduced the maximum rate on its Stash savings account by 15 basis points to 1.65%.

Savings rates: Where can I find the best value? 

Savers may feel like they’re running out of places to put their money, but there’s a silver lining. 

For one, despite ING’s rate slash, its Savings Maximiser account remains well ahead of most competitors. In fact, ING’s maximum rate is still double the average ongoing savings rate in the Mozo database, which sits at 0.82%. 

In addition, five providers in the Mozo database have ongoing maximum savings rates above 1.65%, as of 30 July 2020. For more details about each account, click on the linked reviews below.

Savings account
Maximum rate
Monthly conditions
Westpac Life (18-29 years old)^
3.00% (Balances up to $30k)
Grow balance with at least 1 deposit, plus 5 transactions with linked Westpac card
Bank of Queensland Fast Track Starter Account^^2.50% (Balances up to $10k)Min. $200 deposit (paused until 31 August 2020), plus 5 transactions with linked BOQ card
Australian Unity Active Saver1.75% (Balances up to $500k)Min. $250 deposit, plus no withdrawals
MyState Bank Bonus Saver Account
1.75% (Balances up to $250k)
Min. $20 deposit, plus 5 transactions with linked MyState Bank card
86 400 Save Account
1.70% (Balances up to $100k)
Min. $1,000 deposit

^Only available to 18-29 year olds.
^^Only available to 14-24 year olds; alternatively, the BOQ Fast Track Saver Account has no age restriction but a lower maximum rate of 1.65%.

As for savers who don’t mind going another mile for a great deal, they could also consider accounts with competitive intro rates.

Just bear in mind, these rates are only available for a limited time after you sign up. So you’ll need to be proactive about switching accounts once that initial period is over if you want to keep earning the highest interest possible. 

For instance, with HSBC’s Serious Saver, you could earn 2.10% interest on balances of up to $1 million for the first four months, as long as you make no withdrawals. After that, the maximum rate falls to 0.55% (further conditions also apply).

Keen for a better return on your cash stash? Check out these deals below, or jump on over to our savings account comparison table for more options.

Compare savings accounts - last updated 16 October 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. 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. No monthly fees. 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
  • 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.

    Go to site
    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Go to site
    Details
  • 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

^See information about the Mozo Experts Choice Savings Account Awards

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