- ING will take no new applications for its Savings Maximiser account from 1 December 2026
- It follows the launch of ING's "new flagship" Savings Booster product in July
- Current Savings Maximiser customers can continue to operate their accounts as usual
Launched in 2008, the Savings Maximiser had been the online bank's flagship deposit product, and was popularised by personal finance identity The Barefoot Investor.
See also: Quick Guide to ING's Savings Accounts
The bonus savings account consistently offers one of the highest interest rates on the market (currently 5.75% p.a. on balances up to $100,000), albeit conditional on the account-holder meeting the bonus-interest requirements, including:
- a minimum $1,000 monthly deposit from an external source (to a range of ING products)
- five or more settled card purchases a month, and
- monthly balance growth (excluding interest)
See also: Different types of savings account interest rates
Those who fail to meet all conditions receive the base rate of 0.01% p.a.
The uptake of Savings Maximiser has been a major driver of ING's position as sixth-largest holder of Australian household deposits, behind the big four and Macquarie Bank.
Market shift to simpler savings accounts
However, the writing was likely on the wall for Savings Maximiser when ING announced its new Savings Booster product in July.
At the time, ING marketed the new addition as the biggest change to its savings line-up in 18 years, offering an eye-catching introductory rate to new-to-ING customers with only one condition to achieving the top rate - a $100 monthly balance growth requirement.
ING was likely responding to changing consumer preferences for simpler savings products that pay decent interest with fewer strings attached to earning it every month.
'No-strings' savings success
This is the model Macquarie Bank used to rapidly attract household deposits with its popular no-conditions Savings Account.
Macquarie now holds 6.6% of Australia's household deposit market, seeing 35% growth in deposits over just the last 12 months.
See also:
- Macquarie raises savings account rates, but there's a catch
- Macquarie to end welcome rate on popular savings account
Other recently launched no- or low-condition savings products include AMP's digital GO Save and Judo Bank's Personal Savings Account.
See also: AMP GO Save launches new interest rate set-up
ING also offers a no-conditions savings product with its Savings Accelerator, currently with an ongoing interest rate of 5.05% p.a. on balances up to $2 million and 2.95% p.a. on balance portions over $2 million.
When it launched, the Savings Booster offered a 'middle path' between ING's two existing savings products, featuring a higher ongoing rate than the Accelerator and fewer conditions to earning it than the Maximiser.
No new applications for Savings Maximiser accounts will be taken from 1 December 2026 while current Maximiser customers can continue to use their accounts as usual.
ING's Savings Booster currently boasts a market-high introductory rate of 6.25% p.a. for new-to-ING customers, made up of:
- 0.60% p.a. variable welcome rate for four months to new ING savings customers on balances up to $500,000
- 2.50% p.a. base rate on balances up to $2 million
- 3.15% p.a. "boost" rate if balance is grown by at least $100 in a calendar month (excluding interest paid) on balances up to $500,000
This sees an ongoing rate of 5.65% p.a. when the balance growth requirement is met.
See also:
- Savings account rates crash through 6%
- Which banks are lifting savings rates after the September RBA rate rise?
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3.00% p.a. | 6.25% p.a. Intro rate for 3 months then 3.00% p.a. | $769 | 3 months | $0 | $49,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
0.05% p.a. Bonus rate of 5.55% Rate varies on savings amount. | 5.60% p.a. | $1,149 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
5.30% p.a. | 5.30% p.a. | $1,086 | – | $0 | $99,999,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.50% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.25% p.a. Intro rate for 4 months then 5.65% p.a. | $1,186 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Disclosure | ||||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
