The ING Group is a large multinational financial corporation based in Amsterdam in The Netherlands. It wholly owns ING Bank (Australia) Limited, which was founded in 1999 as ING Direct, and is the bank we’re most familiar with in Australia. The bank is entirely digital, with no branches to visit and no ATMs. It was the first bank to offer a fee-free high-interest online savings account and now employs more than 1,700 people in Australia.
If you’re looking to open a new bank account, Savvy can help you with simple-to-understand comparison information. We compare bank accounts from a variety of banks and give you this comparison information free of charge to assist you to make the best financial decisions for you and your family.
*Please note that Savvy does not represent ING for their banking products.
ING offers a limited range of personal bank accounts, but their special offers and interest rates are highly competitive and their fees relatively low.
An Orange Everyday account is a transaction account offering a 1% cashback on eligible utility bills and no international transaction fees. The cashback offer is limited to up to $100 per financial year and can be claimed when utility bills are paid using BPAY with a Visa credit or debit card linked to the account. The condition is that at least $1,000 is paid into an ING account in your name each month and at least five card purchases are made in that month. The cashback offer is automatic for those having an ING home loan.
For teens and younger people, there’s also an Orange Everyday Youth bank account for 15- to 17-year-olds with no monthly fees and five free ATM withdrawals per month. These are single accounts only, with no joint accounts offered. Once the customer reaches 18 years of age, the account is automatically transferred to an adult Orange Everyday account. You can shop online and overseas with no ING international transaction fees.
Round Up feature explained
If you have an Orange Everyday account, a linked debit card and a savings account, you can take advantage of the round up feature on offer. This works by rounding up every purchase made on your card to either $1 or $5 and transferring the rounded-up amount to your linked savings account.
For example, if you choose to round up to the nearest $1 and you buy a cup of coffee for $3.60, the remaining $0.40 is transferred into your savings account. If you’ve set your round up to the nearest $5, $1.40 would be transferred to your nominated savings account.
This round up feature will take place every time you use Visa payWave, Apple Pay or Google Pay to make a purchase unless the round up reduces your account balance to less than $20. The feature can be turned on and off using the online banking or mobile app.
For savings accounts, there’s a Savings Maximiser account and Savings Accelerator account. A Savings Maximiser account offers a base interest rate of 0.05% p.a. and a high bonus interest rate of 1.3% p.a. if at least $1,000 is deposited into any of your active ING accounts each month, five card purchases are made and the account balance is higher than the previous month.
There are zero account fees and you can access your funds by transferring your money into your linked everyday transaction account, where you can access it via your debit or credit card if you require cash or use BPAY or payWave to pay for shopping. There’s an account limit of $100,000 to qualify for their high bonus interest and you’ll be able to open as many as nine Savings Maximiser accounts at any given time.
A Savings Accelerator account offers an interest rate of 0.05% p.a. for balances from $0 to $50,000, 0.35% p.a. for balances of $50,000 to $150,000 and 0.65% p.a. for balances of $150,000 and over. There are no deposit conditions to receive these interest rates and no maximum deposit limits. Interest is calculated daily and paid monthly.
ING offers a smaller range of term deposits than other major high street banks, but their interest offerings are highly competitive. Up to a 120-day term and a minimum $10,000 deposit, the interest rate is 0.05% p.a., rising to:
For a two-year term, the rate is 0.25% p.a.
All ING accounts are opened online. The application process will take around 10 minutes. To proceed with an application, you’ll need to be:
Round up function offered
ING’s round up feature, which rounds up transactions to the nearest $1 or $5 and automatically transfers the remainder to your savings account, can be a smart way to supercharge your savings
High interest rate on savings at 1.35% p.a.
An interest rate starting with a one doesn’t sound like a good interest rate for your savings, but in Australia in 2022, most interest offerings start with a zero, making ING stand out
Cashbacks on utility bills
A 1% cashback is offered when you pay your utility bills using your ING credit or debit card linked to a transaction account up to a limit of $100 per financial year
No bank branches
ING is a digital online bank, so there aren’t any bank branches to visit if you need assistance. However, there is an Australian phone support centre open 24/7 to answer enquiries
Limited range of services
ING offers a more limited range of personal banking products; for instance, there’s no account suitable for pensioners, concession card holders or children aged under 14 years
No dedicated ATMs
ING doesn’t offer a dedicated network of ATMs; however, withdrawals of cash at any Australia Post office are free