Compare ING Direct Everyday Banking and Saving

Information verified correct on December 8th, 2016

Be part of the change by switching to ING Direct.

ING Direct received its Australian banking licence in 1999 and it now has more than 1.5 million customers and over 950 employees. It provides its customers an array of financial services and products like everyday banking accounts, savings accounts, home loans and superannuation solutions.

ING DIRECT Savings Maximiser

ING Direct Savings Account Offer

Apply for the ING DIRECT Savings Maximiser and receive a high interest rate of 2.75% p.a. when you link with an Orange Everyday account and deposit $1,000+ from an external account each month.

  • Maximum Rate: 2.75% p.a.
  • Standard Variable Rate: 1.60% p.a.
  • Bonus Rate: 1.15% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ING DIRECT Orange Everyday Account
Get a $75 cash bonus.
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $1,000 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Ongoing, variable 2.75% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
2.75% 1.60% 1.15% $0 $0 / $0 Open More
ING DIRECT Living Super Cash Hub
Ongoing, variable 1.30% p.a. Available on the entire balance.
1.30% 1.30% 0.00% $0 $0 / $0 Open More
ING DIRECT DIY Super Cash
Introductory rate of 2.75% p.a. for 6 months, reverting to a rate of 2.00% p.a. Available on balances below $1,000,000.
2.75% 2.00% 0.75% $0 $0 / $0 More
ING DIRECT Business Optimiser
Introductory rate of 2.50% p.a. for 6 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
2.50% 1.60% 0.90% $0 $0 / $0 More
ING DIRECT Savings Accelerator
Accelerate your savings with the ING Direct savings accelerator. Get a higher interest rate with a higher balance.
1.90% 1.90% $0 $150,000 / $0 More
Rates last updated December 8th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
ING DIRECT Term Deposit
ING DIRECT Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 Open More
ING DIRECT Business Term Deposit
ING DIRECT Business Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 More
Rates last updated December 8th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ING DIRECT Orange Everyday Account
Get a $75 cash bonus.
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $1,000 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
Rates last updated December 8th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Ongoing, variable 2.75% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
2.75% 1.60% 1.15% $0 $0 / $0 Open More
ING DIRECT Living Super Cash Hub
Ongoing, variable 1.30% p.a. Available on the entire balance.
1.30% 1.30% 0.00% $0 $0 / $0 Open More
ING DIRECT DIY Super Cash
Introductory rate of 2.75% p.a. for 6 months, reverting to a rate of 2.00% p.a. Available on balances below $1,000,000.
2.75% 2.00% 0.75% $0 $0 / $0 More
ING DIRECT Business Optimiser
Introductory rate of 2.50% p.a. for 6 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
2.50% 1.60% 0.90% $0 $0 / $0 More
ING DIRECT Savings Accelerator
Accelerate your savings with the ING Direct savings accelerator. Get a higher interest rate with a higher balance.
1.90% 1.90% $0 $150,000 / $0 More
Rates last updated December 8th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
ING DIRECT Term Deposit
ING DIRECT Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 Open More
ING DIRECT Business Term Deposit
ING DIRECT Business Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 More
Awards that ING Direct has earned
  • 2014 Auscontact Association National Awards. Winner of the Contact Centre of the Year Award.
  • 2014 International Customer Service Professionals (ICSP) People's Choice Awards. Awarded the Customer Service Champion Team Award.
  • 2013 Australian Mobile Awards. ING DIRECT's mobile banking app adjudged a winner.

Who is ING Direct?

ING Direct provides different types of transaction and savings accounts, enabling you to choose in accordance to your requirements. It gives customers easy ways to bank, via online banking, mobile banking, phone banking, as well as a round-the-clock Australia-based customer care centre. Whether you’re looking at easy access or long term savings, ING Direct might have something for you.

You can also view its latest TV campaign with Isla Fisher below.

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What’s internet banking like for ING Direct?

ING Direct provides a mobile banking app and an online banking platform. The mobile app gives you easy access to account balances, you can use it to make bill payments and transfer funds, you can activate new cards or place existing ones on hold, and you can use it to schedule payments. The online platform also gives you the ability to change personal and contact details. Its online security guarantee protects you from liability towards unauthorised transactions. The online banking system makes use of 128-bit SSL encryption to keep transmitted data safe.

Notable features include:
  • An app for Windows enabled mobile devices in addition to apps for devices that use iOS and Android
  • Open new accounts online

Mobile banking app

The mobile banking app lets you store your client number so you can just put your pin in and it logs you on. If you need to check your balance, you don't need to remember what your password is.

Contactless payments with Android Pay

Google's Android Pay is now available for ING customers who have a compatible Android device and the Orange Everyday debit card. This means you can use your phone (or any Android device) to make contactless payments for everyday items.

What about the mobile app?

Image Source: App Store
 
Saving MaximiserOrange EverydayCard overseas
savingingorangeingcard overseas
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What transaction accounts are offered by ING Direct?

  • Orange Everyday

The Orange Everyday transaction account comes with a Visa debit card that you can use in Australia and overseas, at ATMs and EFTPOS terminals alike. You can use all ATMs across Australia more than $1000 in your account as pay each month. This account does not attract any account keeping fees, and offers free access to BPAY.

What high interest savings accounts offered by ING Direct?

This account gives you the ability to earn variable interest every month, no matter how many times you withdraw funds. If you have an Orange Everyday bank account, and your account receives at least $1,000 each month in the form of pay, you stand to get a higher interest rate, for balances up to $100,000. Orange Everyday account holders can access funds in this account instantly, via online, mobile, and phone banking. This account does not attract any ING Direct fees.

  • Savings Accelerator

This tiered savings account offers higher interest rates for balances starting at the $50,000 mark, and you’ll earn even more interest when your balance exceeds $150,000. You don’t have to pay any ongoing account keeping fees, and there is no minimum withdrawal amount or fixed term. You can access money in your account via online, mobile, and phone banking. What also helps is that the Australian Government guarantees combined savings balances up to $250,000 per customer.

Cheque processing times
It takes up to 3 business days to process a cheque. However, ING Direct processes things like salaries and refunds quite quickly, usually within the same working day.

What term deposits offered by ING Direct?

  • Personal term deposit

The minimum you require to open an ING Direct term deposit is $10,000, and term period can vary from 90 days to two years. The term of the deposit tends to affect the interest you earn, with longer terms offering better rates. You stand to earn to a loyalty bonus if you renew the term deposit and don’t withdraw funds before the new term deposit reaches maturity. At maturity, you can close the term deposit, renew the principal and interest, or withdraw the interest and renew just the principal.

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What other services are offered by ING Direct?

ING DIRECT offers an array of financial services including:

  • Everyday banking. ING DIRECT provides an everyday banking account that offers free ATM access around Australia and no account keeping fees.
  • Savings. You can choose between two distinct savings accounts as per your needs. Plus, if you can put some money away for a fixed time period, you can even consider opening an ING DIRECT term deposit.
  • Home loans. No matter what kind of home loan you’re looking for, chances are you’ll find a suitable one when banking with ING DIRECT. Your options include fixed rate and variable rate loans, equity loans, construction loans, and lines of credit.
  • Superannuation. If you’re paying unnecessary fees towards your superannuation, you can consider moving funds from your superannuation to an ING DIRECT Self Managed Super Fund (SMSF) or its Living Super account
  • Business solutions. ING DIRECT’s offerings for businesses include savings accounts, term deposits, and commercial loans.
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What are the main benefits of banking with ING Direct?

ING DIRECT customers can look forward to the following benefits:

  • Regulated. The Australian Prudential Regulation Authority (APRA) regulates the functioning of ING DIRECT, and as an ING DIRECT bank account holder you receive protection through the Australian Government Guarantee Scheme for combined balances of up to $250,000.
  • Commitment to sustainability. ING DIRECT plays an active role in addressing community needs, and it uses its expertise and skills to benefits its community partners. As of now ING DIRECT supports three key community partners: Cerebral Palsy Alliance, The School for Social Entrepreneurs, and United Way.
  • Minimal fees. ING DIRECT aims to keep its fees as low as possible, and you can look forward to fee free ATM transactions, low or no fees with superannuation solutions, low or no ongoing account keeping fees with home loans, and fee free savings accounts.
  • Easy access to funds. ING DIRECT lets you access your money when and where you need it. Access to funds, depending on the kind of account you have, can come through ATMs, EFTPOS terminals, Australia Post, online banking, mobile banking, and phone banking.
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What are the pros and considerations of ING Direct accounts?

Pros

  • No fees. ING Direct’s Orange Everyday, Savings Maximiser, Savings Accelerator, and term deposit accounts don’t attract any ongoing account keeping fees.
  • Easy account access. While you can access funds in your everyday account using a Visa debit card that is payWave enabled, you can also access the account using phone banking or ING Direct’s online and mobile banking platforms. With the other accounts, you can turn to online, phone, and mobile banking.
  • Round-the-clock customer service. You can expect to speak to an ING Direct representative at any time of the day or night by calling its Australia-based customer service call centre.
  • Positive feedback. Users have commented that ING Direct's internet banking is good, where their transaction list is very detailed.

Cons

  • No branches. This Sydney-based financial institution does not have any branches other than its customer information centre in Sydney, and some people who prefer the in-person approach might view this as a shortcoming.
  • No cheque book available. For those of you who prefer using cheques, ING Direct doesn't provide this service. However, you can still deposit cheques into your ING Direct account.
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How do I apply for a ING Direct savings account online?

You can apply for a new ING Direct account online, and the process does not take much time, provided you have all the formation close at hand.

Eligibility

To apply now, simply click on the ‘Go to Site’ button, but only after ensuring that you meet the following eligibility criteria.

  • You’re over 13 years old
  • You’re an Australian resident for taxation purposes
  • You have an Australian phone number and residential address

Documentation

To complete the application you have to provide the following information.

  • Personal details like your name, date of birth, residential address, phone number, and email address
  • Documents to complete the required ID check

Before you consider opening an ING Direct bank account, take into account that you can find similar features in accounts offered by other financial institutions, so compare a few before making up your mind.

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Read more on this topic

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.75%

Standard Variable Rate

1.60
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01

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2 Responses to Compare ING Direct Everyday Banking and Saving

  1. Default Gravatar
    Myriah | August 31, 2016

    I am an Australian moving to Amsterdam for three months. f I was to apply for an ING Direct Orange Everyday account – what sort of fees would I incur for ATM withdrawals in Amsterdam?

    • Staff
      Clarizza | August 31, 2016

      Hi Myriah,

      Thanks for your comment.

      Withdrawals made overseas using your Visa debit card will incur a charge of $2.50 per transaction plus a currency conversion fee. This is not including any fees that may be charged by the institution that owns the ATM overseas.

      Clarizza

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