ING Will Close Savings Maximiser to New Applicants

Beginning 1 December, the lender will stop accepting new applications for its popular Savings Maximiser product.

Updated on Oct. 14, 2026 in Saving

Isometric editorial illustration of a minimalist ceramic savings bank on a plinth, representing Australian banking strategy shifts. — ING will close its Savings Maximiser account to new applicants on 1 December 2026 as it pivots toward its Savings Booster offering. AI Illustration. Upload story photo >

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Should banks be allowed to discontinue popular high-interest savings accounts for new customers?

ING will block all new applications for its Savings Maximiser accounts starting 1 December 2026. Existing customers with current holdings will retain their account access and interest rates.

Why it matters

The bank is currently reviewing its savings product range as it shifts focus to compete with high-interest offerings from rival lenders like Macquarie. The move is expected to funnel future customers toward the bank's Savings Booster account.

Eligible Savings Maximiser accounts currently earn 5.75% per annum, while those missing eligibility criteria drop to 0.01%. Meanwhile, the Savings Booster account offers rates between 2.50% and 6.25% depending on balance growth.

The players

ING Bank

This international financial institution has served approximately 2.3 million customers in Australia since 1999.

Macquarie

This is a major Australian financial services group that competes directly with ING in the high-interest savings account market.

Finder

This personal finance comparison platform provides research and surveys regarding Australian banking products and customer eligibility.

The details

ING is transitioning its strategy to push customers toward the Savings Booster account, which requires a monthly balance growth of $100 to qualify for higher rates. While 2.3 million customers operate within the Australian market, a recent Finder survey of 910 people revealed that 18% of users frequently fail to meet the strict criteria necessary to earn maximum interest.

1999: ING entered the Australian market.
May 2026: Finder conducted a survey of 910 people.
Last week: ING last changed its interest rates.
1 December 2026: Savings Maximiser closes to new applications.

Market Dynamics

This decision reflects a broader consolidation of retail banking products aimed at streamlining portfolios against rising industry benchmarks. It signals a shift toward incentivised growth products as ING seeks to maintain competitive parity in the Australian savings sector.

Existing account holders will see no changes to their current rates or access, meaning there is no immediate action required for current savers. However, those looking to open new high-interest accounts will need to consider the requirements of the Savings Booster product moving forward.

The takeaway

Savers should regularly review the specific monthly growth requirements of their accounts to avoid the minimal 0.01% interest tier. Ensuring you meet deposit and growth criteria is essential to maintaining the competitive annual rates advertised by the bank.