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 - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    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. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% 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.

    Go to site
    Details
  • placeholder
    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.

    Go to site
    Details
  • placeholder
    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

    Go to site
    Details
  • placeholder
    Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.70% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

    Go to site
    Details

^See information about the Mozo Experts Choice Savings Accounts Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.