ING Savings Maximiser Account

The ING savings maximiser account is tailored to meet the needs of a specific brand of new age customer. Launched in 2000, the ING Savings maximiser account was the first online savings account amongst Australia's banks.

Today, nearly every bank with a presence in Australia offers an online saving service. The key positives of ING's account are its high variable interest rate, no minimum deposit, no minimum balance, no fees and no fixed term. The ING variable rate currently sits at 5.85% which isn't the highest rate in the market (Bank west offer 6%) but the overall package makes it a favourite among investors with a lower initial deposit amount. The interest rate offered to investors in this account does not change. Whether you are investing $1 or $1 million, you will receive the same rate. This sits well for those with a low amount with which to invest however, larger account holders may feel there are better options out there for larger amounts. This may well be the case but it is worth doing your homework before making a decision with lifetime savings.

Rate Detective can assist you with this decision. However, one point worthy of mention relating to the ING Savings Maximiser Account, this account is purely a savings account that must be linked to your current transaction account of your existing bank. We at Ratedetective.com.au don't necessarily see this as a negative as it often helps the account holder to save. After all that what it's all about!

So, to summarise, ING offers a comparatively high yielding online account that benefits all account holders equally. I know we at Ratedetective.com.au always say it but... .. make sure you do your homework! Of course we think this is a good product but there are many others online savings accounts available so have a look at what they have to offer.

We at Rate Detective believe the emergence of online accounts will continue and due to the low cost associated with these products, we anticipate that rates will become even more competitive as time goes by! Let's hope so anyway!!

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Published on July 7-th, 2007 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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