ING High Interest Savings Phase Out: Australia's Savings Maximiser Closes to New Applicants

ING will stop accepting applications for Savings Maximiser accounts in Australia from 1 December 2026, ending access to the high-interest product for new applicants while keeping existing accounts open.

The restriction also covers current customers who want another ING Savings Maximiser account. Those who already hold several accounts can keep them, and ING says it will continue to service the product.

The bank says the decision will reduce the number of savings products it offers and make the range easier for customers to manage.

What the December Deadline Means

Applications submitted before 1 December may still be processed, with accounts potentially opening after the deadline. Applicants must complete identity verification and any other steps within ING's specified timeframe.

'Existing Savings Maximiser customers can continue using their account as they do today,' ING said in its customer notice. The bank also says the way customers qualify for interest will remain unchanged.

Jennifer Davies, ING's head of retail, told news.com.au that the decision reflected changes to the bank's savings range. She also confirmed that existing account holders could continue using the product and earning interest.

Savings Booster Offers Fewer Monthly Conditions

The announcement follows ING's July 2026 launch of Savings Booster. That account currently offers eligible customers a maximum annual variable rate of 6.25 per cent for their first four months.

To qualify for the full rate, customers must increase their balance by at least A$100 (about £52.52) each month, excluding interest earned.

The introductory component is available only to customers new to ING personal savings. After four months, the maximum ongoing annual variable rate is 5.65 per cent, provided the balance-growth condition is met.

Unlike Savings Maximiser, Savings Booster does not require five card purchases and a separate monthly external deposit to qualify for its bonus rate. Savings Maximiser currently pays a maximum annual variable rate of 5.75 per cent.

Customers must deposit at least A$1,000 (about £525.20) from an external source into an eligible ING account each month.

They must also make at least five settled eligible ING card purchases and increase their nominated Savings Maximiser balance, excluding interest. Meeting those conditions earns the additional rate in the following calendar month.

A Lower Ongoing Rate Draws Criticism

Savings Booster's ongoing maximum rate is 0.10 per cent below Savings Maximiser's. Its four-month introductory maximum is 0.50 per cent higher, but that welcome rate is temporary and subject to eligibility.

Sally Tindall, a data insights director, told news.com.au that Savings Maximiser had helped drive competition by offering leading savings rates, but she said, 'To see ING kind of take the foot off the accelerator a little bit there, it's disappointing.'

Her criticism concerns ING's withdrawal of a competitive account from new applicants, while ING argues that a smaller product range will simplify its savings offering.

The Barefoot Investor Connection

News.com.au reported that Scott Pape helped popularise ING through the original edition of The Barefoot Investor, which recommended the bank for an automated budgeting system using separate accounts.

Pape has since criticised banks for adding conditions and reducing savings rates. Existing ING Savings Maximiser holders nevertheless retain their accounts under ING's announcement.