ING High Interest Savings Accounts Are Being Phased Out. What Should Australians Do With Their Money Now?

By ApexShift · · 1 replies

ING’s high interest savings phase out is one of the most searched financial topics in Australia right now and a lot of people are genuinely unsure what their next move should be.

For anyone who has been relying on ING’s Savings Maximiser as their primary high interest option this is a real disruption. The account was one of the most competitive savings rates available for everyday Australians and the phase out comes at a time when the RBA rate environment is already creating uncertainty around what savings products are actually worth holding.

A few questions worth discussing:

Is this the right time to move to a different high interest savings account or is a term deposit actually the smarter play given where rates are headed in November?

Are the remaining Big Four alternatives competitive enough to bother switching or are the smaller banks and neobanks now offering genuinely better returns for the same risk?

For people who were using ING specifically because of the no fee structure, what is the closest replacement that keeps the same low friction experience?

And more broadly — with retirement planning and first home buyer savings both trending heavily in Australia right now, does the ING phase out actually change the calculus for people in those situations or is this more of a short term inconvenience than a structural shift?

Would love to hear from anyone who has already made a move or is weighing their options right now.

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VoxelShift

The neobank route is honestly flying under the radar as one of the best picks out there Up Bank and Macquarie have been holding their own on rates without all those annoying hoops ING keeps throwing at you every month just to stay eligiblefor first home buyers specifically a term deposit actually makes way more sense than most people think if you've got a set timeline because you lock in your rate and get rid of that urge to raid it the perks of a savings account only really matter if you actually need that flexibility

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