ING to close new Savings Maximiser applications from December
ING will stop accepting applications for its Savings Maximiser account from 1 December, ending new access to a product that has been available for more than 17 years and was popularised by finance author Scott Pape, known as the Barefoot Investor. Existing account holders will be able to keep using their accounts and earning interest under the current terms.
The account currently pays up to 5.75 per cent, subject to customers having an Orange Everyday account, depositing at least $1,000 from outside ING, making five eligible card purchases and increasing their savings balance each month. ING’s newer Savings Booster offers eligible new customers up to 6.25 per cent for four months on balances up to $500,000, then up to 5.65 per cent, with a monthly balance increase required. Canstar’s Sally Tindall said the newer account has simpler conditions but could leave savers earning less.
- ING closes new Savings Maximiser applications from 1 December.
- Existing account holders can keep their accounts and current terms.
- Its newer Savings Booster offers simpler conditions but may pay less after four months.
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ING is an Australian bank that offers savings accounts, where customers earn interest on money they deposit. The Savings Maximiser has been available for more than 17 years and was recommended by finance author Scott Pape, widely known as the Barefoot Investor.
The account’s top interest rate depends on customers meeting several monthly conditions, including depositing money and making card purchases. ING also offers a newer account, the Savings Booster, with a higher introductory rate for eligible customers, followed by a lower ongoing rate.
Both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Closing applications could be a reasonable way for ING to simplify its savings range and direct new customers to the Savings Booster, which offers a higher introductory rate and has fewer conditions. Existing Savings Maximiser customers can keep their accounts, so the change preserves their access while giving newcomers a more straightforward option.
The case against
The closure removes a long-running account that some savers may prefer, particularly those who value its established terms or could earn more under it than under the Booster after the introductory period. Even if existing customers are unaffected, ending new access narrows choice and may make it harder for people to compare accounts suited to their circumstances.
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Originally published by Daily Mail as “ING stops new applications for popular savings account made famous by the Barefoot Investor”.