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.
^See information about the Mozo Experts Choice Savings Account Awards
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