ING cutting max Savings Maximiser rate to 2.20%

ING Australia has emailed Savings Maximiser customers today informing them that the bonus rate they can earn on top of the 0.50% p.a. base rate will be reduced by 10 basis points from 1.80% p.a. to 1.70% p.a. on Wednesday 18 September.

To earn this bonus rate of interest, customers must:

• have a linked Orange Everyday transaction account,
• deposit at least $1,000 a month to any personal ING account (excluding Living Super and Orange one),
• make more than five settled card purchases each month,
• have a balance under $100,000

This rate reduction will take the maximum interest rate on ING’s Savings Maximiser account down from 2.30% p.a. to 2.20% p.a.

It’s the third rate cut ING’s Savings Maximiser customers have endured since mid-June, when the bank reduced the max rate by 25 basis points from 2.80% p.a. to 2.55% p.a in the aftermath of the RBA’s June cash rate cut.

Just three weeks later, the direct bank reduced the max rate again in early July to 2.30% p.a.

However, these two rate cuts applied to the Savings Maximiser’s base rate – this month, only the bonus rate will be cut.

With the RBA expected to cut the cash rate again by at least another 25 basis points before the end of 2019, ING’s Savings Maximiser customers will hope this month’s out-of-cycle subtraction means their accounts will be spared from receiving the next rate cut in full. Time will tell.

Once regarded as one of Australia’s highest-interest savings accounts, ING’s Savings Maximiser will now slip further behind other deposit products on the market.

Notably, these include products from some of Australia’s newest banks, 86 400 and Up Bank (backed by Bendigo Bank):

Time period1 year

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 21, 2024
	–	5.50%p.a.	$1,128		$0	$100,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Rate varies on savings amount	Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)
FEATURED*Rate varies on savings amount Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) More details
	Bonus rate of 4.95%Conditions apply. 0.55%p.a.	5.50%p.a.	$1,128		$0	$100,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Maximiser (<$100k) Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions Grow your savings balance each month
Savings Maximiser (<$100k) Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions Grow your savings balance each month More details
	Bonus rate of 5.30%Conditions apply. 0.05%p.a.	5.35%p.a.	$1,097		$0	$250,000	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Boost Saver
Boost Saver More details

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Savings Account (Amounts < $250k)

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• A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
• No withdrawal notice periods or interest rate penalties
• Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Total interest earned$1,001

4.75 % Base interest rate

5.35 % Max interest rate

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Important Information and Comparison Rate Warning

The max rates listed above are also conditional upon meeting similar bonus criteria to that of ING’s Savings Maximiser account, such as:

• 86 400 Save Account: Deposit $1,000+ each month, balance under $100,000
• BOQ Fast Track Saver: Deposit $1,000+ each month to linked ‘Day2Day Plus’ transaction account, balance under $250,000
• MyStateBank Bonus Saver: Deposit $20+ each month, make 5+ VISA debit card transactions each month from linked account, balance under $150,000
• Up Saver: Make 5+ debit card or digital wallet purchases from your Up Everyday Account, balance under $50,000
• UBank USaver with Ultra: Deposit $200+ each month into USaver Ultra or linked USaver account from a non-Ubank account, hold a USaver Ultra transaction account, balance under $200,000
• RAMS Save Account: Deposit $200+ each month, make no withdrawals, balance between $200 and $500,000