ING has implemented additional criteria for customers to earn interest on their savings account balance.
From 1 March 2021, customers' Savings Maximiser balance will need to be higher at the end of the month than it was at the end of the previous month to earn the bonus interest.
The original criteria to earn the bonus interest rate will remain unchanged:
- 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 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.
Should this criteria not be satisfied, customers will only earn the standard variable base rate of 0.05% p.a.
The bonus interest rate currently sits at 1.30% p.a, taking the total variable rate to 1.35% p.a.
The new criteria is not an uncommon one, with Westpac's under 30's 3% bonus interest rate also requiring you to grow your balance each month.
Earlier in November, ING cut the interest rate on its Savings Maximiser account, from 1.50% p.a. to 1.35% p.a.
It also cut at the end of September by 15 basis points and by the same margin less than two months prior to that.
At the time of the most recent cut, ING said its savings account was still highly competitive in the current market.
"We're doing this so we can adapt to changing market conditions while maintaining our customers' needs," ING said in an email to customers.
"But we're proud to say that our high interest rate is still one of the most competitive around, so that we can keep helping your savings grow."
According to Savings.com.au research, ING previously had one of the highest interest rates on the market, and still does when not factoring in non-introductory accounts.
ING's most recent savings account cut came in the wake of the Reserve Bank's decision to cut the cash rate to 0.10%.
ING did not pass this on to variable home loan rates, instead offering a 1.99% p.a. four year fixed-rate (3.43% p.a. comparison rate).
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