Compare ING everyday banking and saving
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ING received its Australian banking licence in 1999 and it now has more than 1.7 million customers. It offers a full suite of banking products including everyday banking accounts, savings accounts, home loans, credit cards, personal loans and superannuation solutions.
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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?" |
|---|---|---|
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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.
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 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?
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 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.
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 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.
Eligibility
- 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 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.
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. 😃
The answer to your question is yes. You can learn more about their investment home loans here. On that 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 is 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 us 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 student Visa. Basically, ING accepts applicants who are an Australian resident for taxation purposes. You may check out this page to compare banks that accept international students and know your savings account options.
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 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 chat box 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
we want to open a joint account where we can deposit on a weekly basis.
this account will solely be for paying rent, bills etc
which account is easy friendly
low or no fees
direct debit into utilities etc
Hi Isa,
Thanks for leaving a question on finder.
We have a comparison of savings account with direct debit that can be used for paying utilities if you click HERE.
Cheers,
Joel
I opened an account many years ago and still have a small amount of money which I would like to retrieve. I have a number and a pin. Can you help?
Hi Sandra,
Thanks for your inquiry. Please note that we are not affiliated with ING Direct or any company we feature on our site and so we can only offer a general advice.
Unfortunately, your old account might be closed due to inactivity. You might like to get in touch with ING Direct directly on 133 464 and give them your details. They can further help you on this request.
Best regards,
Rench
Since you guys have no branch how will withdrawing money without no card while you wait for a new one work? And second I have my bank account plus a savings account and another savings account for my daughter who is 4 years old now how can I do that with you guys and is it possible to that?
Hi Roddie,
Thank you for your inquiry.
Withdrawals can be made for free from any ATM in Australia, regardless of the bank, so long as you deposit your pay of $1,000 monthly.
I hope this information has helped.
Cheers,
Harold
I see where a debit card is with the orange everyday account but we want a credit card. Is it possible to have one as well
Hi Phillip
Thanks for your question.
ING is still preparing to launch their first credit card this year.
If you are looking to apply for a credit card, you may compare your options on this page.
Cheers,
Anndy
I have a current home loan with ING. Do ING do personal loans OR extend home loans so that the client can purchase a motor vehicle or conduct home renovations?
Hi Jim,
Thank you for your inquiry.
Sorry for the delayed reply. I’m afraid that there’s no personal loan product offered by ING Direct. But if you want to discuss your personal loan options with other lenders, please check this page for your comparison. Meantime, if you want to know which lender offers car loan, please click this link.
In case you also need to find out the lenders that offer home loan for renovation, they are listed here. Alternatively, you can contact ING Direct to confirm if you can extend your current home loan with them.
Cheers,
May