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 rate | Account | Any requirements? | |
86 400 | 2.50% (balances up to $100,000) | Save Account | Deposit $1,000 or more a month |
BOQ | 2.50% (balances up to $250,000) | Fast Track Saver Account | Deposit $1,000 or more into a linked Day2Day Plus Account every month |
MyState Bank | 2.50% (balances up to $150,000) | Bonus Saver Account | Deposit $20 or more and make five debit transactions every month |
---|---|---|---|
Up | 2.50% (balances up to $50,000) | Saver Account | Make 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
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Mozo experts choice awards won:
- Young Adult Savings - 2022
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 $250,000Make 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.
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
CompareCompareLife - 18-29 years old
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- Maximum rate
- 2.00% p.a. (for $0 to $30,000)
- standard interest rate
- 0.15% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 1.75% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
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Mozo experts choice awards won:
- Best New Savings Account - 2022
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 $250,000Bonus 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.
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 31/05/22. Offer criteria & T&Cs apply).
CompareCompareBoost Saver with Go Account
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 31/05/22. Offer criteria & T&Cs apply).
- Maximum rate
- 1.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 1.00% only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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Mozo experts choice awards won:
- Regular Saver - 2022
- Kick Start Savings - 2022
- Everyday & Savings Bank of the Year - 2022
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 $250,000Bonus 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.
CompareCompareSavings Account
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.
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.95% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
-
Mozo experts choice awards won:
- Regular Saver - 2022
- SMSF Savings Bank of the Year - 2022
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 $250,000Minimum 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.^
CompareCompareAMP Saver Account
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.^
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 1.35% per annum applies if customers deposit $250 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate of 1.35% p.a. is earned on your account balance the month after you deposit $250 and is paid the following month. Available on balances up to $250,000. Maximum balance per customer name is $5,000,000.
Read our Mozo Review to learn more about the AMP Saver Account
-
Mozo experts choice awards won:
- Best New Savings Account - 2022
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 $250,000Bonus 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).
CompareCompareBoost Saver with Go Account
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).
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 1.35% only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month and enable the Lock Saver feature. If you are between 18 and 25 you need to also deposit $1,000. 32 days notice for withdrawal and T&Cs apply.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
^See information about the Mozo Experts Choice Savings Account Awards
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