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 22 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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