Home News ING lowers savings maximiser rate to 1.65%

ING lowers savings maximiser rate to 1.65%

In an email to customers, today ING announced it is lowering its Savings Maximiser rate to 1.65% p.a. from tomorrow, 30 July.

By Harrison Astbury

First published on 29 Jul 2020

ING lowers savings maximiser rate to 1.65%

Source: ING

The rate consists of a 0.10% standard variable rate, which has stayed the same, while the bonus interest rate has been lowered by 15 basis points down to 1.55% p.a.

To get the bonus interest rate each month, customers must deposit at least $1,000 from an external bank account every month into any linked personal ING account in their name, and also make five or more card purchases with a linked ING account (settled, not pending).

ING cited "changing market conditions while maintaining our customers' needs" as reasons for the cut.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

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 ofMay 1, 2025

	Bonus rate of 5.35%Rate varies on savings amount. 0.05^%_p.a.	5.40^%_p.a.	^$546		^$0	^$99,999	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Maximiser Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
FEATURED Savings Maximiser 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 Disclosure
	Bonus rate of 5.10%Rate varies on savings amount. –	5.10^%_p.a.	^$515		^$0	^$99,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances.
Disclosure
FEATURED Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances. More details Disclosure
	4.00^%_p.a.	Intro rate for 4 monthsthen 4.00% p.a. 5.45^%_p.a.	^$499	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
Disclosure
FEATURED High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details Disclosure
	4.45^%_p.a.	Intro rate for 4 monthsthen 4.45% p.a. 5.15^%_p.a.	^$494	4	^$250,000	^$99,999,999		0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
Disclosure
Savings Accelerator Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45% More details Disclosure
	Bonus rate of 4.45%Rate varies on savings amount. 0.55^%_p.a.	5.00^%_p.a.	^$505		^$0	^$99,999	0	2000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	HomeME Savings Account (<$100k)
HomeME Savings Account (<$100k) More details
	Bonus rate of 5.15%Rate varies on savings amount. 0.10^%_p.a.	5.25^%_p.a.	^$531		^$0	^$499,999	0	200	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Growth Saver
Growth Saver More details
	Bonus rate of 4.95%Rate varies on savings amount. 0.05^%_p.a.	5.00^%_p.a.	^$505		^$0	^$499,999	0	1000		$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Virgin Money Boost Saver
Virgin Money Boost Saver More details
	Bonus rate of 4.75%Rate varies on savings amount. 0.10^%_p.a.	4.85^%_p.a.	^$490		^$0	^$99,999	0	100	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details
	Bonus rate of 4.10%Rate varies on savings amount. 1.00^%_p.a.	5.10^%_p.a.	^$515		^$0	^$249,999	0	200	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Online Savings - Premium Saver
Online Savings - Premium Saver More details
	Bonus rate of 4.99%Rate varies on savings amount. 0.01^%_p.a.	5.00^%_p.a.	^$505		^$0	^$99,999	0	100	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver
Bonus Saver More details
	Bonus rate of 4.75%Rate varies on savings amount. 0.10^%_p.a.	4.85^%_p.a.	^$490		^$0	^$49,999	0	10	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	mySaver
mySaver More details
	4.55^%_p.a.	4.55^%_p.a.	^$459		^$0	^$99,999,999	0		0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Simple Saver
Simple Saver More details
	1.25^%_p.a.	Intro rate for 4 monthsthen 1.25% p.a. 5.00^%_p.a.	^$377	4	^$0	^$99,999,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Netsave Account
Netsave Account More details
	1.00^%_p.a.	Intro rate for 3 monthsthen 1.00% p.a. 5.00^%_p.a.	^$301	3	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Online Savings Account
Online Savings Account More details
	Bonus rate of 0.00%Rate varies on savings amount. 3.00^%_p.a.	Intro rate for 3 monthsthen 3.00% p.a. 5.15^%_p.a.	^$409	3	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	HSBC Everyday Savings Account
HSBC Everyday Savings Account More details
	Bonus rate of 4.40%Rate varies on savings amount. 0.40^%_p.a.	4.90^%_p.a.	^$485		^$0	^$249,999	0	50	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Incentive Saver Account
Incentive Saver Account More details
	Bonus rate of 0.00%Rate varies on savings amount. 3.85^%_p.a.	Intro rate for 4 monthsthen 3.85% p.a. 5.15^%_p.a.	^$474	4	^$0	^$249,999	0	0	0.01	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bankwest Easy Saver
Bankwest Easy Saver More details
	Bonus rate of 4.40%Rate varies on savings amount. 0.40^%_p.a.	4.90^%_p.a.	^$485		^$0	^$249,999	0	50	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Incentive Saver Account
Incentive Saver Account More details
	Bonus rate of 4.45%Rate varies on savings amount. 0.35^%_p.a.	4.80^%_p.a.	^$485		^$0	^$99,999,999	0	200	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Growth Saver Account
Growth Saver Account More details
	Bonus rate of 3.25%Rate varies on savings amount. 0.75^%_p.a.	4.00^%_p.a.	^$403		^$0	^$99,999,999	0	50	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Save up
Save up More details
	0.25^%_p.a.	Intro rate for 4 monthsthen 0.25% p.a. 4.75^%_p.a.	^$327	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver
Bonus Saver More details
	Bonus rate of 4.70%Rate varies on savings amount. 0.05^%_p.a.	4.75^%_p.a.	^$480		^$0	^$499,999	0	20	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account More details
	0.25^%_p.a.	Intro rate for 4 monthsthen 0.25% p.a. 4.75^%_p.a.	^$327	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Hi Saver
Hi Saver More details
	5.00^%_p.a.	5.00^%_p.a.	^$505		^$0	^$19,999	0		0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Mighty Saver
Mighty Saver More details
	Bonus rate of 4.90%Rate varies on savings amount. 0.10^%_p.a.	5.00^%_p.a.	^$505		^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Max eSaver
Max eSaver More details
	1.00^%_p.a.	Intro rate for 3 monthsthen 1.00% p.a. 4.55^%_p.a.	^$278	3	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Maxi Saver
Maxi Saver More details
	Bonus rate of 4.35%Rate varies on savings amount. 0.40^%_p.a.	4.75^%_p.a.	^$480		^$0	^$99,999,999	0	0.01	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Life
Life More details
	Bonus rate of 4.65%Rate varies on savings amount. 0.10^%_p.a.	4.75^%_p.a.	^$480		^$0	^$499,999	0	200	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver
Bonus Saver More details
	Bonus rate of 4.69%Rate varies on savings amount. 0.01^%_p.a.	4.70^%_p.a.	^$475		^$0	^$99,999,999	0	200		$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details
	Bonus rate of 4.30%Rate varies on savings amount. 0.35^%_p.a.	4.65^%_p.a.	^$470		^$0	^$99,999,999	0	0.01	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	GoalSaver Account
GoalSaver Account More details
	Bonus rate of 0.00%Rate varies on savings amount. 0.40^%_p.a.	4.75^%_p.a.	^$40		^$0	^$99,999,999		0		$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	ANZ Save
ANZ Save More details
	Bonus rate of 0.00%Rate varies on savings amount. 3.10^%_p.a.	Intro rate for 4 monthsthen 3.10% p.a. 4.65^%_p.a.	^$415	4	^$0	^$99,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Online Saver
Online Saver More details
	Bonus rate of 4.40%Rate varies on savings amount. 0.10^%_p.a.	4.50^%_p.a.	^$454		^$50,000	^$499,999	0	10	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	mySaver
mySaver More details
	Bonus rate of 4.40%Rate varies on savings amount. 0.10^%_p.a.	4.50^%_p.a.	^$454		^$100,000	^$249,999	0	100	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details
	Bonus rate of 4.39%Rate varies on savings amount. 0.01^%_p.a.	4.40^%_p.a.	^$444		^$0	^$249,999	0	50	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Purple Bonus Saver
Purple Bonus Saver More details
	Bonus rate of 4.30%Rate varies on savings amount. 0.10^%_p.a.	4.40^%_p.a.	^$444		^$0	^$99,999,999	5	100	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details
	Bonus rate of 4.20%Rate varies on savings amount. 0.05^%_p.a.	4.25^%_p.a.	^$429		^$0	^$249,999	0	10	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	SwiftSaver Account (bonus interest paid on balances up to $250k)
SwiftSaver Account (bonus interest paid on balances up to $250k) More details
	Bonus rate of 4.70%Rate varies on savings amount. 0.05^%_p.a.	4.75^%_p.a.	^$480		^$0	^$99,999,999	0	100	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver
Bonus Saver More details
	Bonus rate of 4.30%Rate varies on savings amount. 0.10^%_p.a.	4.40^%_p.a.	^$444		^$0	^$99,999,999	5	100	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details
	4.20^%_p.a.	4.20^%_p.a.	^$424		^$500,000	^$99,999,999	0		0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Qsaver
Qsaver More details
	Bonus rate of 4.20%Rate varies on savings amount. 0.75^%_p.a.	4.95^%_p.a.	^$500		^$0	^$99,999,999	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	AMP Saver Account
AMP Saver Account More details
	Bonus rate of 4.14%Rate varies on savings amount. 0.01^%_p.a.	4.15^%_p.a.	^$419		^$0	^$99,999,999	0	1	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Target Bonus
Target Bonus More details
	4.40^%_p.a.	4.40^%_p.a.	^$444		^$100,000	^$99,999,999	0		0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Pension Plus
Pension Plus More details
	Bonus rate of 4.35%Rate varies on savings amount. –	4.35^%_p.a.	^$439		^$0	^$99,999,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Up Saver Account
Up Saver Account More details
	Bonus rate of 3.95%Rate varies on savings amount. 0.10^%_p.a.	4.05^%_p.a.	^$408		^$250,000	^$499,999	0	100	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Bonus Saver Account
Bonus Saver Account More details

High Interest Savings Account (<$250k)

Product Features

Bonus rate for the first 4 months from account opening
No account keeping fees
No minimum balance

Total interest earned$499

4.00 % Base interest rate

5.45 % Max interest rate

Intro rate for

then

4.00%

More details

Important Information and Comparison Rate Warning

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 May 1, 2025. View disclaimer.

Important Information and Comparison Rate Warning

ING is just one of the many banks to slash interest rates for savers in many months, with the highest 'ongoing' rates now hovering around the 1.80% p.a. mark.

Introductory rates are slightly higher (as seen in the table above), and a few weeks ago Westpac created waves when it introduced a 3.00% p.a. account for under-30s.

In May 2019, the ING total interest rate was as high as 2.80% p.a.

Harrison Astbury

Harrison is Savings.com.au's Assistant Editor, and also Editor & Research Analyst of sister comparison site InfoChoice.com.au. He is also the co-host of the Savings Tip Jar podcast alongside Dominic Beattie. Prior to joining the group in 2020, Harrison has since 2015 been lending his expertise to other publications in mining, financial comparison, and traditional newspaper media.

Articles

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the InfoChoice Group. In the interests of full disclosure, the InfoChoice Group are associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property · Performance Drive

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 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

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.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

ING lowers savings maximiser rate to 1.65%

Savings Maximiser

Savings Maximiser

Save Account

Save Account

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Savings Accelerator

Savings Accelerator

HomeME Savings Account (<$100k)

HomeME Savings Account (<$100k)

Growth Saver

Growth Saver

Virgin Money Boost Saver

Virgin Money Boost Saver

Bonus Saver Account

Bonus Saver Account

Online Savings - Premium Saver

Online Savings - Premium Saver

Bonus Saver

Bonus Saver

mySaver

mySaver

Simple Saver

Simple Saver

Netsave Account

Netsave Account

Online Savings Account

Online Savings Account

HSBC Everyday Savings Account

HSBC Everyday Savings Account

Incentive Saver Account

Incentive Saver Account

Bankwest Easy Saver

Bankwest Easy Saver

Incentive Saver Account

Incentive Saver Account

Growth Saver Account

Growth Saver Account

Save up

Save up

Bonus Saver

Bonus Saver

MyState Bank Bonus Saver Account

MyState Bank Bonus Saver Account

Hi Saver

Hi Saver

Mighty Saver

Mighty Saver

Max eSaver

Max eSaver

Maxi Saver

Maxi Saver

Life

Life

Bonus Saver

Bonus Saver

Bonus Saver Account

Bonus Saver Account

GoalSaver Account

GoalSaver Account

ANZ Save

ANZ Save

Online Saver

Online Saver

mySaver

mySaver

Bonus Saver Account

Bonus Saver Account

Purple Bonus Saver

Purple Bonus Saver

Bonus Saver Account

Bonus Saver Account

SwiftSaver Account (bonus interest paid on balances up to $250k)

SwiftSaver Account (bonus interest paid on balances up to $250k)

Bonus Saver

Bonus Saver

Bonus Saver Account

Bonus Saver Account

Qsaver