ING savings and bank accounts
ING offers a range of bank accounts and savings accounts, including a bonus savings account and term deposit. See ING’s latest savings interest rates here.
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ING is a popular choice for Australians looking for a good digital banking experience, competitive rates and low fees. Take a look at the different ING savings accounts and bank accounts in the table below to find the right one for you.
ING savings accounts, bank accounts and term deposits
Quick facts about ING
- ING (previously known as ING Direct) is a subsidiary of the multinational Dutch bank, ING Group.
- In Australia ING operates as an online-only bank with no physical bank branches and no ATMs.
- ING was one of the first fully digital banks in Australia, with a great online banking experience and easy-to-use mobile app.
- ING's bank account and savings account are known for being recommended by financial commentator Scott Pape in his bestselling personal finance book The Barefoot Investor.
- ING was one of the first banks to remove all ATM fees in Australia and is known to offer cash bonus deals to customers for referring friends and family to open an account.
Accounts offered by ING
ING Orange Everyday bank account
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.
- Read our full review of the ING Orange Everyday transaction account.
ING Savings Maximiser
The ING Savings Maximiser account gives you the ability to earn bonus interest every month. Earn 1.35% p.a. when you link to an ING Orange Everyday account and meet the following criteria each month: deposit at least $1,000, make 5+ card purchases and grow your Savings Maximiser balance (excluding interest earned).
- Read our full review of the ING Savings Maximiser account.
Savings Accelerator
This tiered savings account offers higher interest rates for higher balances. 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. This would suit you if you've got a larger savings balance and don't want to commit to the ongoing account conditions required with the Savings Maximiser.
- Read our full review of the ING Savings Accelerator account.
ING term deposit
The minimum deposit you require to open an ING term deposit is $10,000 and the term period can vary from 90 days to 2 years. You can earn a loyalty bonus if you renew the term deposit and don’t withdraw money before the new term deposit reaches maturity. This would suit you if you're looking to lock away your deposit and earn a fixed rate in return.
- Read our full review of the ING term deposit.
Different ways to bank with ING
ING has no bank branches and no ATMs in Australia, but it does offer a few different ways to do your banking.
Bank@Post
If you need to deposit cash into your account you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
ING Internet and mobile banking
You can use ING's Internet banking platform or mobile app to track account balances, pay bills and other direct debits, make BPAY payments, transfer funds between accounts, activate new cards or place existing ones on hold and to schedule payments.
The ING mobile app offers a savings round-up tool called Everyday Round Up, which allows you to round up your transactions to the nearest dollar and add the remainder into your savings. You can search your transactions by keyword, date or amount and make real-time transfers with your own PayID.
Contactless payment options
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.
Pros and cons of banking with ING
Pros
- 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 and 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.
- Round-the-clock customer service. You can speak to an ING representative 24/7 by calling its Australia-based customer service call centre.
- Regulated. ING is regulated by The Australian Prudential Regulation Authority (APRA) and is included in the Australian Government Guarantee Scheme for combined balances of up to $250,000.
Cons
- No branches. ING does not have any bank branches in Australia, other than its customer information centre in Sydney.
- No ATMs. ING also doesn't have any ATMs, but you can use any big bank ATM for free.
- Savings account conditions. ING is known for offering a competitive bonus savings rate. However, the conditions to earn its bonus rate may be difficult to meet for some people and are more complex than other accounts in the market.
How to apply for a ING account online
You can apply for a new ING account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
- You’re over 13 years old
- You’re an Australian resident for tax purposes
- You have an Australian phone number and residential address
Documentation
- Personal details like your name, date of birth, residential address, phone number and email address
- ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
More guides on Finder
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ING Orange Everyday Youth Account
This ING transaction account is for young Australians aged 15-17. It charges no fees and offers easy access to your money via tap and go, Apple Pay and Google Pay.
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ING SMSF Term Deposit
Take control of your super with a flexible account that allows you to manage all of your needs in one convenient place.
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ING Savings Accelerator
The ING Savings Accelerator provides you with a serious incentive to save with an increase in interest rates as your account balance grows.
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ING term deposit
With a loyalty bonus and tiered interest rates, the ING term deposit account can be an effective way to save.
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ING Orange Everyday transaction account
With an ING bank account you'll pay no ATM fees in Australia and overseas and pay no international transaction fees when the account conditions are met. Apple Pay and Google Pay available, plus more perks.
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ING Savings Maximiser savings account
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.
Ask an Expert
Does ING offer investment home loans?
Hi Superman,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Yes, you can learn more about ING’s investment home loans. On the page, you will see a table that compares ING home loans. You can use the built-in filters to only view investment loans. You can then click on the “Enquire now” button to learn more.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
Alternatively, you can speak to a mortgage broker, a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
Hi, I am on student visa at the moment. Is it possible for me to open a savings account with ING?
Hi Kasia,
Thank you for getting in touch with Finder.
I’m afraid that you may not apply for an ING account since you’re on a student Visa. Basically, ING accepts applicants who are Australian residents for taxation purposes. You may refer to our list of bank accounts for international students. You can use our comparison table to help you find the lender that suits you. When you are ready, press the ‘Go to site’ button to apply.
Please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Is ING covered by the Australian Government Guarantee ?
Hi Maree,
Thank you for contacting finder.
Yes, ING Bank is covered by the Australian Government Guarantee Scheme.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Do you offer Term Deposits for Self-Managed Superfunds? If so, how do I apply?
Hello Jenny,
Thank you for your comment.
Yes, ING offers SMSF Term Deposit. Applications are accepted online and can be accessed by visiting ING’s website.
Before submitting an application, please make sure that you meet the eligibility requirements.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
Are there any penalties if you are unable to deposit a $1000 per month with the Orange Everyday account?
Hi Grego,
Thanks for your question.
There are no penalties if you can’t make a deposit of at least $1,000 per month on your ING Orange Everyday Transaction Account. However, you may incur the following fees which are free to those who meet the deposit requirement:
Overseas ATM Withdrawal Fee – $2.50
– ATM Fees by third party ATM operators
– International transaction fee – (2.5% of the amount)
I hope this helps.
Cheers,
Anndy