ING has announced that its Savings Maximiser account will no longer be available to new applicants from 1 December 2026, though existing account holders may continue using it, the bank said in a statement. The Savings Maximiser currently pays a variable rate of 5.75% per annum to eligible customers, made up of a standard variable rate of 0.01% per annum and an additional variable rate of 5.74% per annum.
The highest ongoing savings rate in Australia has reached 6.00%, a level not seen in well over a decade, following rate increases by BOQ and Newcastle Permanent, according to Canstar. BOQ's Future Saver account at 6.00% is available only to customers aged 14 to 35, and Newcastle Permanent's account is restricted to savers aged under 25.
Both require monthly conditions to be met and apply only on balances up to $50,000. Among savings accounts available to all adults without monthly conditions, the highest rate is 5.50% per annum from AMP, but only on balances up to $50,000.
To earn the higher Savings Maximiser rate, account holders must deposit a minimum of $1,000 from an external source, complete five or more settled eligible card purchases, and grow their nominated balance each month. Failing any condition drops the rate to a base of 0.01% per annum.
ING described its shift away from the Savings Maximiser, which was introduced in 2008, as a move toward more streamlined and simpler offerings. New customers at ING can access 6.25% per annum on the Savings Booster for the first four months on balances up to $500,000, with the rate falling to 5.65% per annum after that.
Following the September RBA hike, three of the four major banks lifted their bonus saver headline rates by the full 0.25 percentage points, but not one of the major banks lifted the base rates attached to their bonus saver accounts, Canstar said. Across the Canstar database, the September hike produced a mean rise to the bonus portion of savings rates of only 0.20 percentage points, with some banks declining to pass on the full increase at all.
Canstar research found that four in ten customers holding a bonus saver account fail to receive the maximum rate in any given month. Sally Tindall, Canstar data insights director, told Yahoo Finance that customers with a bonus saver should review whether they are meeting account conditions each month, and that savers who repeatedly fail to meet bonus conditions should consider automating their account activity or switching to an account with fewer requirements.
Savers who hold a Savings Maximiser account can continue using it as before, but prospective new customers will need to consider alternative products. Those who do not meet the monthly conditions on bonus saver accounts may receive a base rate as low as 0.01% per annum rather than the advertised headline rate. For those under 35 who can meet monthly conditions, the highest ongoing savings rate is 6.00% per annum, while for all adults without conditions the best available rate is 5.50% per annum on balances up to $50,000.
Official statements: Canstar, ING
Reporting: Yahoo Finance
Background: Yahoo Finance
Written by Pick & Scroll News from the reporting and documents linked above.
