Savers hit again as ING slashes Savings Maximiser account rate by 0.25%

ING has become the latest bank to announce a substantial cut to one of its savings account products in the fallout from last week's RBA interest rate decision, with the online bank reducing rates on its Savings Maximiser account. 

The bank took the decision to cut 0.25% off the Savings Maximiser standard variable rate, meaning that the maximum interest rate savers can now get with the account has fallen from 2.20% to 1.95%. 

The changes, which are effective today, come just three weeks after ING made an out-of-cycle cut of 0.10% to the Savings Maximiser interest rate. 

Today’s move also follows previous reductions of 0.25% after the June RBA cut and 0.25% after the July RBA cut. 

In fact, the maximum interest rate on the ING Savings Maximiser account has dropped from  2.80% in October 2018 to 1.95% today - a 0.85% difference in just a year. 

RELATED: Which banks have cut savings account and term deposit rates after the October RBA cut?

“It’s not surprising to see banks respond to the latest Reserve Bank cash rate cut with rate reductions of their own as they attempt to balance their books and maintain their profit margins,” said Mozo Banking Expert, Peter Marshall. 

“Unfortunately for savers, this downward interest rate trend is likely to continue if the RBA decides to pull the lever again with another interest rate cut later this year or in early 2020.”     

Where to now for savers?

ING isn't alone in dishing out a hit to savers, with CommBank and ME among the other notable banks to make have announced cuts to their respective savings account rates following the October RBA decision

In fact, the average ongoing bonus savings account rate in the Mozo database (for a balance of $10,000) now sits at just 1.76% - a figure that’s only likely to drop further as more banks reduce their savings rates in the coming days and weeks. 

So with all the current rate cut action, where are some of the most rewarding places for Australians to stash their cash at present?   

Here are some of the highest ongoing savings account bonus rates currently* in the Mozo database.

Maximum rateAccountAny requirements?
86 4002.50% (balances up to $100,000)Save AccountDeposit $1,000 or more a month
BOQ2.50% (balances up to $250,000)Fast Track Saver AccountDeposit $1,000 or more into a linked Day2Day Plus Account every month
MyState Bank2.50% (balances up to $150,000)Bonus Saver AccountDeposit $20 or more and make five debit transactions every month
Up2.50% (balances up to $50,000)Saver AccountMake 5+ card purchases each  month using a linked Up debit card

Eyeing off a savings account switch of your own? Take a look at some of the great offers below, or head over to Mozo’s dedicated savings account comparison table for an even wider selection of accounts.

*Correct as of October 9, 2019. 

Compare Savings Accounts - last updated 14 May 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Life - 18-29 years old
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.00% p.a. (for $0 to $30,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

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    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.00%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

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  • Mozo Expert Choice Badge
    Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.95% p.a.(for $0 to $250,000)
    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Introductory variable rate of 1.35% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 0.95%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.

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    AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.35%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).

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^See information about the Mozo Experts Choice Savings Account Awards

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