RateCity.com.au
powering smart financial decisions
RateCity.com.au

ING offers savers lifeline amidst coronavirus crisis

ING offers savers lifeline amidst coronavirus crisis

ING has offered its savers a lifeline amidst the COVID-19 crisis, as more and more Aussies find themselves out of work and/or on a reduced income.

ING is offering customers bonus interest on their Savings Maximiser accounts even if they don’t meet eligibility criteria over the next three months, as long as they met that eligibility criteria in the first three months of 2020.

The announcement should come as some relief for savers who have taken the brunt of the 5 cash rate cuts from the Reserve Bank of Australia since June 2019.

According to RateCity figures, 55 banks have cut rates since the last emergency cash rate cut on March 19. Further, only 6 conditional savings account and 8 standard savings accounts currently have rates at or above inflation.

ING versus the big four banks conditional savers

Savings accountBase rateMaximum rateConditions
ING Savings Maximiser0.10%1.80%Monthly deposit of $1,000 and 5 transactions in linked acct
CBA GoalSaver0.10%0.50%Monthly deposit of $200, no withdrawal
Westpac Life0.40%1.30%Monthly deposit, account balance must have increased
NAB Reward Saver0.05%1.25%Monthly deposit, no withdrawal
ANZ Progress Saver0.011.25%Monthly deposit of $10, no withdrawal

Note: rates based on account balance of $25k.

Head of Retail Banking at ING, Melanie Evans said: “The decision to waive regular eligibility criteria for bonus interest recognises that this is a tough time for many Australians who may not be transacting as often or saving as much.”

“We want to assure customers that we understand what they’re going through and we don’t want them to lose out due to factors outside of their control,” she said.

Other banks offering support for savers

Bank of Queensland and ME Bank are also offering customers similar support.

Bank of Queensland has paused the need to make 5 or more eligible transactions from its linked Day2Day transaction account for the Fast Track Saver and Fast Track Starter Account (kids’ saver). This condition has been paused until 31 August 2020.

Similar to ING, ME Bank customers with an ME online savings account who qualified for bonus interest in any of the past three months, will automatically receive the bonus interest rate (currently 1.80%) for the next three months.

  • If your savings account provider hasn’t announced a relief program that includes savers, or if you’re no longer happy with your savings account rate, it may be worth doing your own research to see what options are out there.

Company
Product

AMP Saver Account

Real Time Rating™

3.70

/ 5

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

1.35%*

% p.a

Base rate

0.10

% p.a

Maximum monthly interest

$18

Real Time Rating™

3.70

/ 5
Go to site

Earn an ongoing total bonus variable rate of up to 1.35% per annum which will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000.

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Company
Product

Growth Saver Account

Real Time Rating™

3.52

/ 5
Maximum rate

1.10%*

% p.a

Base rate

0.10

% p.a

Maximum monthly interest

$15

Real Time Rating™

3.52

/ 5
Go to site

Bonus interest rate applied on balances up to $25,000 when the account holder makes a minimum deposit of $200 and no withdrawals within a calendar month. Otherwise base interest rate will apply

Company
Product

Macquarie Savings Account

Real Time Rating™

3.57

/ 5

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Maximum rate

1.50

% p.a

intro 4 months then 1.00%

Base rate

1.00

% p.a

Maximum monthly interest

$14

Real Time Rating™

3.57

/ 5
Go to site

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Company
Product

Smart Saver Account (Under 25)

Real Time Rating™

3.43

/ 5
Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$14

Real Time Rating™

3.43

/ 5
Go to site

Cashback

$20 bonus when you open a new Smart Saver Account for your child under 14 years using the campaign code "kids20". New customers <14 only. Account must be opened by 30 June 2022. T&Cs apply.

Did you find this helpful? Why not share this news?

This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

Advertisement

RateCity

Related news