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 account||Base rate||Maximum rate||Conditions|
|ING Savings Maximiser||0.10%||1.80%||Monthly deposit of $1,000 and 5 transactions in linked acct|
|CBA GoalSaver||0.10%||0.50%||Monthly deposit of $200, no withdrawal|
|Westpac Life||0.40%||1.30%||Monthly deposit, account balance must have increased|
|NAB Reward Saver||0.05%||1.25%||Monthly deposit, no withdrawal|
|ANZ Progress Saver||0.01||1.25%||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.