ING savers hit with another rate cut
Today, popular digital bank, ING slashed interest rates by 0.25% across most of its savings accounts products following the RBA decision last week.
ING have dropped rates on the Savings Maximiser, Savings Accelerator and Business Optimiser accounts, for both new and existing customers.
However, the amount of bonus interest savers make on the Savings Maximiser and Business Optimiser accounts has remained unchanged, as long as minimum account requirements are met.
Savings Maximiser
Old Rate | New Rate | Change | |
---|---|---|---|
Base Rate | 0.75% | 0.50% | -0.25% |
Bonus Interest | 1.80% | 1.80% | 0% |
Total Interest | 2.55% | 2.30% | -0.25% |
Requirements for bonus interest:
- Linked with an Orange Everyday Bank Account
- Deposit $1,000 a month
- Make 5 purchases on your ING credit or debit card
Savings Accelerator
Old Rate | New Rate | Change | |
---|---|---|---|
Interest Rate >$150K | 1.95% | 1.75% | -0.20% |
Interest Rate $50K<$150K | 1.50% | 1.25% | -0.25% |
Interest Rate <$50K | 0.75% | 0.50% | -0.25% |
Business Optimiser
Old Rate | New Rate | Change | |
---|---|---|---|
Base Rate | 1.25% | 1.00% | -0.25% |
Bonus Interest | 1.00% | 1.00% | 0% |
Total Interest | 2.25% | 2.00% | -0.25% |
Requirements for bonus interest:
- Only for new customers for the first 6 months of opening the account
- Linked to an ING transaction account
RELATED ARTICLE: Big banks go easy on savers following RBA rate cut
ING is part of a long list of banks cutting rates on savings accounts, as 66 providers in Mozo's database have slashed rates since the first RBA decision back in June.
“Interest rates on savings accounts are at an all time low, so more rate cuts is bad news for Aussie savers,” Mozo Director, Kirsty Lamont said.
“It’s important for savers to be savvy now more than ever, and continue to meet any bonus interest requirements on their savings accounts whenever they can so they’ll actually benefit from an account that offers a higher special rate.”
It’s not all bad news!
While ING have cut interest rates on savings accounts, for customers who want to lock their funds away, some term deposit rates have spiked.
On both personal and business term deposits of 330 days, interest rates have gone up by 80 basis points, from 1.50% p.a. to 2.30% p.a.
“For savers with a serious financial goal who don’t need access to their funds for a little while, term deposits may be a beneficial alternative to savings accounts, considering recent rate cuts,” Lamont said.
“If you pick a good deal, a term deposit can see you earn a solid interest rate over a specific period of time, without the continuous depositing conditions on some savings accounts.”
But if you don’t want to lock your savings away, there’s still good rates on savings accounts if you know where to look. Jump over to our savings account comparison table to weigh up providers.
Savings account comparisons on Mozo - last updated February 25, 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 $250,000Bonus 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.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
CompareCompareBonus 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
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 $250,000No 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.
CompareCompareSerious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- No withdrawals in the month. Bonus rate for first 4 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
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 $250,000Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
CompareCompareOnline Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- 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 Online Saver
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 $250,000Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
CompareCompareFlexi Saver
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
- account fee per month
- $0.00
- Maximum rate conditions
- Increase balance by at least $300 in the month (excluding interest)
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
Read our Mozo Review to learn more about the Flexi Saver
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 $250,000Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
CompareCompareHero Saver
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Hero Saver
^See information about the Mozo Experts Choice Savings Accounts Awards
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