In an email sent to customers, ING said they would be cutting the total variable rate on its Savings Maximiser Account by 15 basis points to 1.35% p.a.
According to ING, the standard variable base rate will be cut by 5 basis points to 0.05% and the additional bonus rate by 10 basis points to 1.30% p.a.
The cuts will come to effect from 11 November 2020.
The conditions to earn the bonus interest rate remain unchanged:
deposit at least $1,000 from an external bank account to any personal ING account in your name
make 5+ card purchases that are settled every money (excludes ATM withdrawals, balance enquiries and EFTPOS cash-out only transactions)
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of September 20, 2024. View disclaimer.
Just under a week after the RBA's announcement, ING said they would be offering a 1.99% p.a. four year fixed-rate (3.43% p.a. comparison rate), similar to what the big four and many other lenders have offered.
The loan is available to new and existing owner-occupiers with a Loan to Value Ratio (LVR) of 80% on principal and interest repayments, from 13 November.
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For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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Denise Raward
Emma Duffy
Harry O'Sullivan
William Jolly
Harrison Astbury
