ING’s market-leading savings rate slashed – time to switch?
ING has quietly revealed it will be cutting the interest rate on its popular Savings Maximiser account by a big 0.40% p.a.
ING has revealed to customers it will be cutting the interest rate offered on its hugely popular high interest svaings account, one week after the RBA cut the official cash rate.
While the RBA cut the cash by 25 basis points during its May meeting, from 4.10% p.a. to 3.85%, ING will be cutting its total Savings Maximiser rate by as much as 40 basis points.
What are the ING savings account rate cuts?
ING told customers via a pop up message in the mobile banking app that it would be changing the interest rate on some of its savings acconuts. Further digging on ING's website relealed the full detials of the rate cuts.
The ING Savings Maximiser Account total variable rate will drop from 5.40% p.a. to 5.00% p.a. as of 2 June 2025. This is made up of a standard variable rate of 0.05% p.a. and a bonus variable rate of 4.95% p.a.
The account conditions to earn the bonus rate have not changed. You need to deposit $1,000, make 5 card transactions and grow your Savings Maxmiser balance each month.
The ING Savings Accelerator Account, which is designed to reward larger balances, will cut its total variable rate by 25 basis points. For balances between $150,000 and $500,000 new customers will get 4.90% p.a. for 4 months (down from 5.15% p.a.) then 4.20% p.a. ongoing (down from 4.45% p.a.) with no monthly conditions to meet.
Time to compare?
Check out current high interest savings account rates now.
Time to switch from ING?
Despite this rate cut being quite big, it's probably not time to switch your savings from ING.
Although a 40 basis point cut is quite big in one move, ING only cut its Savings Maximiser rate by 10 basis points following the RBA's previous rate cut in February. Many other savings accounts passed on the full 25 basis point cut that month.
Even with this latest rate cut ING is still ofering a market-leading interest rate. However, if you feel the account conditions are too ticky to meet there are a few other accounts offering similar rates.
- Ubank Save Account offers 4.85% p.a. when you deposit $500 a month.
- Move Bank Growth Saver offers 5.25% p.a. when you deposit $200 a month and make no withdrawals (but this is only for balances under $25,000)
- Westpac Life Account (for under 30s) offers 5.00% p.a. when you grow your balance and make 5 card purchases per month (this is for balances under $30,000)
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