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 26 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    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.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • 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

    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.

    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.

    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.

    Details
  • 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 $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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