Compare ING everyday banking and saving
Be part of the change by switching to ING.
In this guide you can compare ING's savings accounts, term deposits and everyday banking accounts.
Compare ING savings and everyday accounts
Who is ING?
ING 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. However, ING is an online only bank so it doesn't have any bank branches in Australia.
- ING SWIFT code: INGBAU2S
What’s internet banking like for ING?
ING 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.
Mobile banking app
ING's mobile banking app lets you keep track of all your different ING accounts in one place. For example if you have an ING Savings Maximiser and an ING Orange Everyday, you can transfer money from the everyday account into the savings account instantly whenever you need. The mobile app also gives you a detailed list of your transactions and spending history, and it clearly shows you how much interest you've earned on your savings each month.
|Make and Receive Payments||Transactions||Ask Siri "What's my balance?"|
Image Source: App Store
Contactless payments offer by ING
ING offers Apple Pay, Google Pay and Samsung Pay to customers with an Orange Everyday debit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items, instead of using your physical debit card.
What transaction accounts are offered by ING?
- ING 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 as well as online. You can use all ATMs across Australia and globally for free when you deposit more than $1,000 in your account each month, plus make 5+ card purchases a month. This account does not attract any account keeping fees, and offers free access to BPAY.
What high interest savings accounts offered by ING?
- Savings Maximiser
The ING Savings Maximiser account gives you the ability to earn interest every month, no matter how many times you withdraw funds. If you have an Orange Everyday bank account, and you deposit at least $1,000 each month and make 5+ card purchases a month, you'll receive a higher bonus 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 fees.
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 timesIt takes up to 3 business days to process a cheque. However, ING processes things like salaries and refunds quite quickly, usually within the same working day.
What term deposits are offered by ING?
- Personal term deposit
The minimum you require to open an ING 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.
What other services are offered by ING?
ING offers an array of financial services including:
- Everyday banking. ING provides an everyday banking account that charges no account keeping fees, plus offers free ATM access around Australia and globally if the account conditions are met.
- 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 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. 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 Self Managed Super Fund (SMSF) or its Living Super account
- Business solutions. ING offerings for businesses include savings accounts, term deposits, and commercial loans.
What are the main benefits of banking with ING?
ING customers can look forward to the following benefits:
- Regulated. The Australian Prudential Regulation Authority (APRA) regulates the functioning of ING, and as an ING bank account holder you receive protection through the Australian Government Guarantee Scheme for combined balances of up to $250,000.
- Commitment to sustainability. ING plays an active role in addressing community needs, and it uses its expertise and skills to benefits its community partners. As of now ING supports three key community partners: Cerebral Palsy Alliance, The School for Social Entrepreneurs, and United Way.
- Minimal fees. ING aims to keep its fees as low as possible, and you can look forward to fee free ATM transactions around the world, no foreign transaction fees, low fees with superannuation solutions, low or no ongoing account keeping fees with home loans, and fee free savings accounts.
- Easy access to funds. ING 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.
What are the pros and cons of ING accounts?
- No account keeping fees. ING Orange Everyday, Savings Maximiser, Savings Accelerator, and term deposit accounts don’t attract any ongoing account keeping fees.
- No ATM or foreign transaction fees. When the account conditions are met, you can access free ATM withdrawals around the globe plus have any foreign transaction fees charged by ING waived.
- 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 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 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 internet banking is good, where their transaction list is very detailed.
- 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 doesn't provide this service. However, you can still deposit cheques into your ING account.
How do I apply for a ING savings account online?
You need to compare the accounts offered by ING against others to make sure they suit your personal financial needs and your unique situation. If you decide one of the ING accounts suits your needs, you can apply for a new ING account online, and the process does not take much time, provided you have all the formation close at hand.
- You’re over 13 years old
- You’re an Australian resident for taxation purposes
- You have an Australian phone number and residential address
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 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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