ING phases out high-interest Savings Maximiser from December 1
ING will stop accepting new applications for its Savings Maximiser account from December 1. Existing customers will keep their 5.75% interest rate.
ING has announced it will block customers from opening new Savings Maximiser accounts from December 1. The move is part of the bank's review of its savings product range.
Existing account holders will retain access and continue earning 5.75% annual interest on balances less than $100,000 if they meet certain monthly criteria. Current customers cannot open additional Savings Maximiser accounts after the deadline either.
Interest rates remain unchanged from last week's announcement. A Finder finance specialist said the move was disappointing.
The Savings Maximiser had been a standout product for years, he noted. However, some customers may have been put off by the requirements.
They had to make five transactions, grow the balance, and deposit at least $1,000 each month. ING is expected to steer customers toward its Savings Booster account.
It requires only a $100 monthly increase to qualify for bonus rates of up to 6.25%.
- 2.3 million
- ING customer base
- 5.75 percent
- Current interest rate
- less than $100,000
- Account limit for rate
- December 1
- Deadline for new applications
Why it mattersFor the about 2.3 million ING customers, this is a change. Those wanting to start fresh cannot access one of Australia's better-paying savings accounts. They will have to turn to less generous rivals or ING's alternative product.
AustraliaAustralian savers with ING are affected immediately if they wanted a new Savings Maximiser account; existing customers keep their rate, but new savers will need to use other accounts or other banks to get comparable returns.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
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