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 RateNew RateChange
Base Rate0.75%0.50%-0.25%
Bonus Interest                      1.80%1.80%0%
Total Interest2.55%2.30%-0.25%

Requirements for bonus interest: 

Savings Accelerator

Old RateNew RateChange
Interest Rate >$150K1.95%1.75%-0.20%
Interest Rate $50K<$150K1.50%1.25%-0.25%
Interest Rate <$50K0.75%0.50%-0.25%

Business Optimiser

Old RateNew RateChange
Base Rate                                1.25%1.00%-0.25%
Bonus Interest1.00%1.00%0%
Total Interest2.25%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 16 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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