ING cuts key savings rate as household deposits hit new record high
14 Nov 2025
ING has today cut the rate on its key savings account by 0.05 percentage points, despite the fact the cash rate has remained on hold since August.
The bank has cut the maximum rate on its Savings Maximiser from 4.80% to 4.75% for customers who meet the monthly bonus conditions. For those who don’t qualify, the base rate has been cut from 0.05% to just 0.01%.
ING has also increased the introductory rate on its Savings Accelerator account to 5.00%, but only for new customers for the first four months. The ongoing rate on this account remains unchanged at 3.95%.
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| ING savings rate changes | |||
|---|---|---|---|
| Old max ongoing rate | New max ongoing rate | Change % pts | |
| Savings Maximiser | 4.80% | 4.75% | -0.05% |
| Savings Accelerator | 3.95% | 3.95% | No change to ongoing rate |
Source: Canstar. Notes: terms and conditions apply to qualify for max rate.
ING is not the only bank giving savings rates a trim
Rate tracking shows in the past two months, a handful of banks have adjusted some savings rates, including:
- ANZ cut the maximum rate on its Progress Saver, Plus Growth Saver and Plus Progress Saver accounts by 0.10%-points.
- Bendigo Bank decreased its Reward Saver bonus rate by 0.05%-points.
- Westpac, St George, Bank of Melbourne, Bank SA cut the base rate on their bonus saver accounts by 0.15%-points, but boosted the bonus rate by the same amount, impacting customers who don’t meet the monthly terms and conditions.
- IMB cut the bonus rate on its main saving accounts by 0.25%-points, increasing the new customer 4-month introductory rate by the same amount instead.
- In better news, NAB increased the maximum ongoing rate on its Reward Saver by 0.05 percentage points and the introductory rate on its iSaver by the same amount.
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| Highest ongoing savings accounts on the Canstar database | |||
|---|---|---|---|
| Account | Max ongoing rate | Monthly conditions | Base rate if not met: |
| Westpac Life
Spend&Save |
5.00% | Grow balance, make 20+ purchases /mth. For 18-34 year olds | 0.25% |
| BOQ Future Saver | 4.85% | Deposit $1k and make 5+ transactions in linked bank acct. Balances up to $50k for 14-35yr olds | 0.05% |
| MOVE Bank Growth Saver | 4.75% | Deposit $200 & make no withdrawals. Balances up to $25k. | 0.10% |
| ING Savings Maximiser | 4.75% | Deposit $1k, make 5+ purchases in linked bank acct + grow savings balance. Balances up to $100k. | 0.01% |
| Rabobank PremiumSaver | 4.65% | Grow balance by $200. | 0.60% |
| BCU Boss Saver | 4.65% | Deposit $500, make 5+ purchases in linked bank acct. Balances up to $100k. | 0.20% |
| P&N Bank Savvy Saver | 4.65% | Deposit $500, make 5+ purchases in linked bank acct. Balances up to $100k. | 0.20% |
Source: Canstar. Notes: Excludes kids and intro rate accounts. Table sorted by max rate then base rate.
Household savings hit a new record high
Household savings climbed to a new high of $1.66 trillion in September, after Australians piled an extra $12 billion into their accounts in a single month.
Analysis of APRA Monthly Authorised Deposit-taking Institution (ADI) Statistics for September, released 31 October, shows households grew their savings by 1% in the month, and 9% compared to the same time last year.
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| APRA total deposits by households – September 2025 | ||
|---|---|---|
| Amount | Monthly change | Year-on-year change |
| $1.66 trillion | +$12.7 billion
+1% |
+$141.2 billion
+9% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, released 31 October 2025, prepared by Canstar. Deposits from households include term deposits, transaction accounts, mortgage offsets and savings accounts.
Canstar’s spokesperson, Laine Gordon, says, “ING’s decision to shave its Savings Maximiser rate comes at a time when the cash rate hasn’t budged for months. It’s a reminder that banks will adjust their savings products based on competitive pressures, not just RBA moves.”
“While a 0.05 percentage point cut might seem small, it chips away at the value of these accounts, particularly when ING has also dropped its base rate to a wafer-thin 0.01 per cent for anyone who misses the monthly conditions.
“Banks know Australians are sitting on record-high deposits, and we’re seeing that play out in the market. Some are quietly trimming ongoing rates, while boosting short-term intro offers designed to lure in new customers.
“The fact household deposits hit a fresh high of $1.66 trillion in September suggests customers are keeping their money parked, however, that doesn’t mean they’re getting the best return. These small cuts add up over time.
“Anyone relying on the bonus rate needs to check the monthly hurdles. Across the market, we’re seeing banks tweak conditions or widen the gap between bonus and base rates, which can leave customers earning next to nothing if they slip up.
“On the flipside, there are still standout ongoing rates above 4.75 per cent, but many come with tight conditions or are limited to younger Australians.
“With deposits rising and competition heating up, don’t assume your bank will keep you at a top rate. Take a few minutes to compare, even a small lift in your rate can make a meaningful impact over the course of a year.”
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
