We don't want to see an interest rate drop on a savings account to be posted as a "deal", do we? So here is the forum post for ING Savings Maximiser interest rate cut announcement.
As first noted by Ziggy28 in the long running (9 June 2023 - 27 February 2025) 5.50% deal post,
"ING’s Savings Maximiser account will see just a 10-basis point cut to its highest variable rate to 5.40% p.a., down from 5.50% p.a., effective Friday 28 February. But the online bank will change the fundamentals of the account, raising the bonus interest rate by 40 basis points to 5.35% p.a. (up from 4.95% p.a.). At the same time, it’s taken the axe to the standard base rate, slashing it by 50 basis points from 0.55% p.a. to 0.05% p.a."
Effective from 28/02/2025
5.40% p.a. variable rate (made up of the standard variable rate of 0.05% p.a. and 5.35% p.a. additional variable rate) for customers who also have an Orange Everyday Bank account and do these things each month.
- Deposit at least $1,000 from an external source to any personal ING account in their name (excluding Living Super and Orange One)
- Make 5 or more settled (not pending) eligible ING card purchases
- Grow their nominated Savings Maximiser balance (excluding interest earned for the current month).
When all 3 criteria are met in a calendar month, the benefits and additional variable rate will apply in the next calendar month. Available on one account for balances up to $100,000.
The standard variable rate of 0.05% p.a. is a decrease from 0.55% p.a.
The additional variable rate of 5.35% p.a. is an increased from 4.95% p.a.
Ing has now the highest rate 'considering with all the hoops to get it, it should be that way.
To those who has just open Ing, note the interest is earnt for next month balance not the first month. So if you do those things on March, you still get only 0.05% for March.