ING, Ubank join savings interest rate cut frenzy: Where’s the best deal now?
The cuts keep coming: ING and Ubank are the latest big banks to cut their savings account rates, so what are your options now?
Last week we saw big banks including Macquarie, Bank of Queensland, Westpac and NAB announce cuts to their savings rates following the RBA rate cut.
Now ING and Ubank, both popular amongst savers, have announced cuts to their own savings interest rates too.
ING's rate changes
ING has cut the maximum ongoing bonus rate on its Savings Maximiser Account down from 5.00% p.a. to 4.80% p.a.
This is made up of a 0.05% p.a. variable base rate and a 4.75% p.a. variable bonus rate, and is available on balances up to $100,000.
While the RBA cut the official cash rate by 25 basis points this month, and most banks have cut their savings rate by the same amount, ING has only cut its rate by 20 basis points.
There are no changes to the monthly criteria for bonus interest: you still need to deposit $1,000 per month, make 5 debit transactions and grow your balance.
Ubank's rate changes
Ubank has cut the ongoing bonus rate on its Save Account by 25 basis points down from 4.60% p.a. to 4.35% p.a.
This ongoing bonus rate is available on balances up to $1 million, and to earn it you need to deposit $500 per month.
In July Ubank changed its interest rate structure to introduce a special 5.00% p.a. welcome rate for new customers for the first 4 months. This welcome rate has remained unchanged (but isn't available to existing customers).
Don't want to jump through any hoops?
Check out these savings accounts with no conditions to meet.
What are your options now?
Here are 4 of the best ongoing interest rates in the market now.
1. ING Savings Maximiser
Even with this latest rate cut from ING, its new 4.80% p.a. ongoing bonus rate is one of the best in the market (if you can meet the account conditions).
2. Rabobank Premium Saver
The Rabobank Premium Saver Account offers an ongoing bonus rate of 4.80% p.a. on balances up to $250,000 when you deposit $200 per month.
3. BoQ Future Saver
If you're ages under 35, this account offers an ongoing bonus rate of 4.85% p.a. on balances up to $50,000. Like ING, you need to deposit $1,000 and make 5 transactions per month.
4. BCU Bank Boss Saver Account
You can earn an ongoing bonus rate of 4.75% p.a. on balances up to $100,000 when you deposit $500 and make 5 purchases per month.
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