ING to stop new Savings Maximiser applications on 1 December: what changes for savers
ING is closing its Savings Maximiser to new applications, including requests for extra accounts. Existing accounts stay open, but the bonus rate still has monthly conditions.
Verified brief
The story in 60 seconds
From 1 December 2026, ING Australia will stop accepting new Savings Maximiser applications. Existing accounts remain open, and applications submitted before the cutoff may still be processed afterward. We explain the current rate conditions and what to check before choosing an alternative.
This brief and the full story below are based on the disclosed sources. SearchTrends Daily’s interpretation appears later under “Our take.”
Full reporting
The complete story
ING Australia says it will stop accepting applications for new Savings Maximiser accounts on 1 December 2026. The cutoff also applies to existing customers who want an additional Maximiser account. Applications submitted before that date can still be assessed afterward, provided customers complete required checks and activation within ING’s deadlines. An application is not an approval. The bank’s own customer notice is explicit about the distinction that matters most: existing accounts are not being shut down. Customers can continue to deposit, withdraw, manage linked accounts and earn interest under the applicable terms. If an account holder closes a Maximiser after the cutoff, however, the bank says they will not be able to apply to reopen one. ING attributes the decision to simplifying its savings range. Finder independently reported the change on 14 October. The current advertised Maximiser rate is 5.75% a year on up to A$100,000 for an eligible nominated account, according to ING’s 9 October rate notice. That is a variable, conditional rate, not a return every holder automatically gets. Eligibility for the following month requires an Orange Everyday account, at least A$1,000 deposited from an external source into eligible ING products, five settled card purchases and growth in the nominated Maximiser balance excluding interest. ING lists a 0.01% standard variable rate when the extra rate does not apply. The bank says existing interest rules are not changing because applications close, although variable rates can change separately.
Source perspectives
What other reporting adds
These are the reports, official records, and trend observations used to build the story. The note under each link explains exactly what it contributes.
Primary ING notice for 1 December 2026 cutoff, existing-account treatment and pre-cutoff application windows.
Read original source ↗ING AustraliaInterest rate announcement, 9 October 2026Primary rate notice for the conditional Savings Maximiser and Savings Booster rates and qualifying terms.
Read original source ↗FinderING closes Savings Maximiser to new applicants: what nextIndependent reporting published 14 October 2026 confirming the closure and consumer implications.
Read original source ↗Wikimedia CommonsING Bank sign, 2008, by R/DV/RSSource and creator credit for archival hero image; it does not depict a current Australian branch or notice.
Read original source ↗Creative CommonsCreative Commons Attribution 2.0 licenseReuse terms for R/DV/RS archival ING sign photo; attribution and license disclosed.
Read original source ↗SearchTrends Daily opinion
Our take
Analysis
What the evidence and search signal suggest
Our analysis: this is a product-availability change, not evidence of a forced migration of existing savers. It may steer new customers toward ING’s newer savings products, but ING has not said that Maximiser balances will automatically move. A higher headline introductory rate on another account may last only four months, while the ongoing return, balance cap and monthly hurdles can matter more over a year. Those comparisons depend on individual circumstances and on rates that can change.
Analysis and commentary are SearchTrends Daily’s interpretation. They are intentionally separated from the sourced account above.
Meaning
Why this matters
For current account holders, the headline can sound like an instruction to move money or close an account. ING says neither is required. The practical risk is assuming that an existing account has been cancelled, or that its advertised bonus rate is unconditional. For prospective applicants, the 1 December cutoff is a real deadline, and existing customers who want another Maximiser face the same deadline. A comparison with a different savings account should use the rate a customer is likely to qualify for, the balance cap and the rules for keeping it, rather than the largest number in an advertisement.
Background
How we got here
Savings Maximiser has long been part of ING Australia’s retail savings range. ING now also markets Savings Booster and Savings Accelerator. As of the reviewed 9 October rate notice, Savings Booster offers a 5.65% ongoing variable rate and, for eligible new savings customers, a 6.25% introductory variable rate for four months on balances up to A$500,000; its boost condition requires the balance to grow by at least A$100 in a calendar month. These are different products with different eligibility rules and balance limits. The Maximiser’s bonus applies to one nominated account and to balances up to A$100,000. The bank had also changed Savings Accelerator to a stepped interest structure earlier in 2026. Photo credit: archival ING sign photographed by R/DV/RS in 2008, via Wikimedia Commons, CC BY 2.0. The photograph is illustrative and does not show an Australian branch or a 2026 account notice.
Outlook
What is likely to happen next
ING says it will continue processing timely applications after 1 December if required identity verification and activation are completed within its stated windows. Customers with an existing account need not act solely because of the cutoff; those considering a new or additional account should verify the current terms and deadline directly with ING. Rates are variable, so the next material development could be a rate or terms change rather than another closure announcement. We will update this report if ING revises the cutoff or the treatment of existing accounts.
A conditional editorial assessment based on the evidence available at the review date, not a guaranteed outcome.
Live record
Updates to this story
No material updates yet.
Commentary
What we think
SearchTrends Daily opinion: ING’s clear assurance that existing accounts remain open is the most useful fact in this announcement. The bank should keep that distinction prominent as the deadline approaches, because a closure to new applications is easily mistaken for closure of the product itself. Savers deserve a side-by-side explanation of the conditions that determine their actual interest, not only the top advertised rates.