Major bank to phase out popular high-interest savings account for new customers
ING has announced it will block customers from creating new savings accounts that give nearly six per cent interest per year.
In a statement to customers sent out, the bank said it would not accept any applications for new Savings Maximiser accounts from December 1.
ING announced the decision to its customers this week. Supplied
The bank said the measures would “include existing Savings Maximiser customers wishing to open additional Savings Maximiser accounts”.
“We are making this change as part of reviewing our savings product range,” it said.
The bank clarified customers who already had Savings Maximiser accounts would not lose access to them, and would still enjoy the higher interest rates on offer.
ING also said its interest rates, which were most recently changed last week, would also remain the same.
As it stands, customers whose Savings Maximiser account contains less than $100,000, who meet certain criteria each month, and have an Orange Everyday Bank account, will continue to receive 5.75 per cent interest per annum on their account.
While it is not one of the big four banks, ING has about 2.3 million customers in the country.
Its growth since coming to Australia in 1999 has come because it offers highly attractive interest rates on its savings accounts.
Taylor Blackburn, personal finance specialist at Finder, told nine.com.au it was disappointing to see ING’s move to discontinue the Savings Maximiser program.
"The Savings Maximiser has been a stalwart in the savings game for many years so it is sad to see it put out to pasture,” he said.
He said the high-interest rates on the account were enticing, but said some customers may have been put off by the efforts they had to go to in order to get the best rate.
ING may look to push customers towards some of its other savings accounts, which have lower requirements to get the best interest rates. AP Photo/Peter Dejong
“The hoops one has to jump through to earn it – make five transactions, grow the balance and deposit $1000 – left some customers wanting.”
A survey of 910 people by Finder in May found 18 per cent of customers were unable to meet the criteria set out by their banks to get the maximum interest rate possible.
For Savings Maximiser customers, this meant they only earned 0.01 per cent interest per annum.
Blackburn said the bank was trying to compete with Australian bank Macquarie, which has similarly high-interest savings accounts but with fewer criteria attached to the rates.
He believes the bank will look to funnel customers to its Savings Booster account, which only requires customers to grow their account by $100 at the end of the month to get access to bonus rates.
Its Savings Booster account starts at 2.50 per cent per annum, but can rise to 6.25 per cent per annum if certain criteria are met.
“We’ve been really pleased with the strong customer response to Savings Booster, which was introduced to give Australians a simple way to earn bonus interest,” an ING spokesperson told nine.com.au.
“Together with Savings Accelerator, it gives customers more choice in finding a savings account that works for them.
“As our savings range evolves, Savings Maximiser will close to new applications from 1 December 2026.
“As of this date, nothing will change for existing customers, they will be able to use their account and earn interest as they do today.”
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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