ING cuts max interest rate on its Savings Maximiser account to 2.55%

author-avatar By on June 17,2019
ING cuts max interest rate on its Savings Maximiser account to 2.55%

Photo by Stoica Ionela on Unsplash

The ING Savings Maximiser savings account – popular among readers of the Barefoot Investor – has had its maximum interest rate lowered by 25 basis points to 2.55% per annum.

ING has chosen to pass on the full 25 basis point Reserve Bank rate cut to its savings account customers, taking its main savings account product to a new, lower interest rate of 2.55%.

Effective today, the base rate of the Savings Maximiser is now 0.75%, while the remaining 1.80% is the bonus interest rate.

To get the bonus interest rate, customers must:

  • Deposit at least $1,000 per month
  • Have a linked Orange Everyday bank account
  • Make 5+ card purchases with their linked account

An ING spokesperson told Savings.com.au:

“We review our rates regularly to ensure we are best placed to provide our customers with simple, effective banking products.”

Source: ING.

ING had previously announced it would be passing on the full 25 basis point rate cut to all variable home loan products, for both new and existing customers.

But these home loan rate cuts will not be effective until the 25 June, while the savings account changes are effective as of today (17 June 2019).

Current high-interest savings account rates

Provider
Total interest
rate p.a.
Base interest
rate p.a.
Bonus interest
rate p.a.
 
1.85% 0.20% 1.65% More details
1.85% 0.15% 1.70% More details
1.85% 0.25% 1.60% More details
1.85% 0.10% 1.75% More details
1.80% 0.10% 1.70% More details

*Data accurate as at 22 May 2020. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions.

Who else has cut savings account rates?

Since the RBA rate cut, a few institutions have changed rates, but there haven’t been as many changes to savings account rates compared to home loans or term deposits.

Of the major banks, NAB and Commonwealth Bank have both moved.

NAB has passed on the full rate cut to its savings account products – most notably, the NAB Reward Saver now has an interest rate of 2.05% (bonus rate 1.75%).

CommBank’s GoalSaver account has also had its total interest rate slashed by 25 basis points, from 1.65% to 1.40%.

Its NetBank Saver account does have a higher rate at 2.20%, but this is only an introductory rate for the first five months. This rate has actually been cut by 31 basis points – more than the cash rate cut.

ANZ and Westpac – the two big banks to not pass on the full 25 basis point cut to home loans – have yet to formally announce changes to their savings accounts.

Other savings account products to have their rates cut in recent weeks include:

  • Bank of Queensland’s Fast Track Saver Account: 2.75% p.a. (down 25 basis points)
  • Suncorp’s Growth Saver Account: 2.30% p.a. (down 30 basis points)
  • Citi’s Ultimate Saver: 1.40% p.a. (down 25 basis points)
  • ME’s Online Savings account: 2.60% p.a. (down 25 basis points)

Many of the other accounts with among the highest savings account rates on the market are yet to experience rate changes.

But given how closely savings account rates are tied to the cash rate, more rate cuts in the comings weeks shouldn’t be ruled out.


Latest Articles

author-avatar
William Jolly joined Savings.com.au as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

Get free insights & tips monthly

By subscribing you agree to the Savings Privacy Policy

Loading data please wait...

{{returnData.productName}}

Overview

Current Rate

{{returnData.currentRate | percentage:2}}

Comparison Rate*

{{returnData.comparisonRate | percentage:2}}

Rate Type

{{returnData.rateType}}

Advertised Rate

{{returnData.advertisedInterestRate}}

Comparison Rate*

{{returnData.comparisonRate}}

Monthly Repayment

{{returnData.monthlyRepayment}}

Interest Type

{{returnData.interestType}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Bonus Interest Rate

{{returnData.bonusInterestRate | percentage:2}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Introductory Rate

{{returnData.introductoryRate | percentage:2}}

Introductory Term

{{returnData.introductoryTerm}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Term

{{returnData.term}}

Advertised Interest Rate

{{returnData.advertisedInterestRate | percentage:2}}

Interest Frequency

{{returnData.interestFrequency}}


Fees and Features

Ongoing Annualised Fee

{{returnData.annualFee}}

Upfront Fee

{{returnData.upfrontFee}}

Offset Account

Redraw

Principal & Interest

Interest Only

N/A{{returnData.interestOnly}}

Max loan to value ratio (LVR)

{{returnData.maxLVR | percentage:0}}

Lump sum repayments

N/A

Additional repayments

Maximum Loan Term

{{returnData.maximumLoanTerm}}

Upfront Fee

${{returnData.upfrontFee}}

Ongoing Monthly Fee

{{returnData.ongoingFees}}

Early Repayment Fee Applies

N/A

Vehicle Types

{{returnData.vehicleType}}

Maximum Vehicle Age

{{returnData.maximumVehicleAge}}

Pre Approval Available

N/A

Online Application

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Minimum Deposit

{{returnData.minDeposit | currency : '$' : 0}}

Upfront Fees

{{returnData.upfrontFee | currency : '$' : 0}}

Annual Fees

{{returnData.annualFee | currency : '$' : 0}}

Notice Period to Withdraw

{{returnData.noticePeriodToWithdraw}}

Online Application

N/A

Automatic Rollover

N/A

Maturity Alert

N/A