In an email sent to customers, ING said they would be cutting the total variable rate on its Savings Maximiser Account by 15 basis points to 1.35% p.a.

According to ING, the standard variable base rate will be cut by 5 basis points to 0.05% and the additional bonus rate by 10 basis points to 1.30% p.a. 

The cuts will come to effect from 11 November 2020. 

The conditions to earn the bonus interest rate remain unchanged: 

  • deposit at least $1,000 from an external bank account to any personal ING account in your name
  • 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.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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 on 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 4.7%
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 on 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 $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

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
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly

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 November 14, 2024. View disclaimer.

Important Information and Comparison Rate Warning

ING said the Savings Maximiser rate was still highly competitive in the savings account market. 

"We're doing this so we can adapt to changing market conditions while maintaining our customers' needs," ING said in their 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."

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ING last cut the Savings Maximiser rate at the end of September by 15 basis points, taking the rate from 1.65% p.a. to 1.50% p.a.

It had made another 15 basis point cut less than two months prior to that. 

The most recent cut comes in the wake of the Reserve Bank (RBA) cutting the cash rate by 15 basis points, taking it to a record low 0.10%. 

Most lenders haven't passed on this cut to variable rates, ING included, instead dropping the rates on their fixed-rate loans. 

Just under a week after the RBA's announcement, ING said they would be offering a 1.99% p.a. four year fixed-rate (3.43% p.a. comparison rate), similar to what the big four and many other lenders have offered. 

The loan is available to new and existing owner-occupiers with a Loan to Value Ratio (LVR) of 80% on principal and interest repayments, from 13 November.