ING lowers savings maximiser rate to 1.65%

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on July 29, 2020
ING lowers savings maximiser rate to 1.65%

Source: ING

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

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.

Lender

000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Take money out at any time without affecting your bonus rate.
  • Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
  • Get bonus interest on a combined balance of up to $250K across all your Save accounts.

Save Account

  • Take money out at any time without affecting your bonus rate.
  • Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
  • Get bonus interest on a combined balance of up to $250K across all your Save accounts.
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

PremiumSaver (Amounts < $250k)

    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Everyday Savings Account

      0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      mySaver < $50k

        4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        WebSavings Account (New Customer) ($2,000+)

          Rates based on a savings balance of $10,000. Sorted by total interest rate. Refer to providers' websites for bonus rate conditions. Note that the base rate will apply once the introductory term has passed. Rates correct as of August 15, 2022. View disclaimer.

          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.


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          author-avatar
          Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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