The cut applies to the conditional bonus rate of 1.40% p.a, while the base rate remains unchanged at just 0.10% p.a.
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 December 10, 2023. View disclaimer.
"We're doing this so we can adapt to changing market conditions while maintaining our customers' needs," ING said.
"But we're proud to say that our highest interest rate is still one of the most competitive around, so that we can keep helping your savings grow."
The conditions required to earn the bonus interest rate also remain unchanged, requiring customers to:
Deposit at least $1,000 from an external bank account to any personal ING account in your name; and
Make 5+ card purchases that are settled (not pending) every month.
In a speech on Tuesday, Reserve Bank deputy governor Guy Debelle hinted at negative interest rates and other 'interventions' to assist the economy.
"In the short-term, they (negative interest rates) can contribute to a lower exchange rate," he said.
"In the medium term, the effectiveness can wane including through the effect on the financial system.
"Negative rates can also encourage more saving as households look to preserve the value of their saving, particularly in an environment where they are already inclined to save rather than spend."
"In a speech yesterday the Deputy Governor of the Reserve Bank gave a fairly clear hint that the Board is set to cut the cash rate and other key policy rates at its October Board meeting," Westpac Chief Economist Bill Evans said.
"The theme is likely to be, as we saw in March, a Team Australia moment where the Reserve Bank is directly supporting a bold Federal Budget.
"The prospect of the RBA “sitting back” to assess the Budget, which has been seen as the “norm” in previous years is not appropriate for these unique times."
Should the RBA indeed cut the cash rate further before the end of the year, it's likely savings account rates will fall further.
Looking to compare low-rate, variable home loans? Below are a handful of low-rate loans in the market.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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. *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. Rates correct as of December 10, 2023. View disclaimer.
Brooke Cooper
Alex Brewster
