ING cuts Savings Maximiser account rate to 1.65%, still ahead of the competition
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 Saver | 1.75% (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 - rates updated daily
Bonus Saver Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.20% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Bonus 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.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Boost Saver with Go Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.20% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Boost Saver with Go Account
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
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
Grow Saver
Maximum ratestandard interest rateGovt Deposit Guarantee0.65% p.a. (for $0 and over)0.10% p.a.(for $0 and over)Yes up to $250,000Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
Grow Saver
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.
- account fee per month
- $0.00
- Maximum rate conditions
- Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Grow Saver
Serious Saver
Maximum ratestandard interest rateGovt Deposit Guarantee0.30% p.a. (for $0 to $1,000,000)0.15% p.a.(for $0 and over)Yes up to $250,000Bonus rate for first 3 months, reverting to 0.15% rate after
Serious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for first 3 months, reverting to 0.15% rate after
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Serious Saver
Fast Track Saver Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.05% p.a. (for $1 to $250,000)0.05% p.a.(for $1 and over)Yes up to $250,000Ongoing 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.
Fast Track Saver 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.
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Saver Account
^See information about the Mozo Experts Choice Savings Account Awards
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