ING introduces new Everyday round up feature
ING customers can opt to have transactions rounded up with the difference automatically added to their savings.
ING has today launched a new feature to its popular transaction and savings accounts, Everyday round up. The feature will allow customers to opt in to having their daily transactions rounded up and the difference deposited into their savings account. The feature is currently in testing phase and will be offered to all customers later this year.
The concept is similar to that offered by micro-investing app Acorns, where investors can have their daily purchases rounded up to the nearest dollar amount they choose and the difference invested in the share market on their behalf. The concept has become popular with millennials as a 'set-and-forget' investment strategy that doesn't require much time or effort.
ING customers can choose to have transactions debited to their Orange Everyday account rounded up to the nearest $1 or the nearest $5. The remaining money would be deposited into their linked savings account, either the ING Savings Maximiser or ING Savings Accelerator. For example, if $3.50 was debited for a coffee, the remaining 50c or $1.50 would be sent to savings.
The feature is designed as a form of forced savings. However, if the customer has less than $20 in their Orange Everyday account, the roundup wouldn't occur. ING customers can activate Everyday round up via their mobile banking app or online banking, and select if they'd like transactions to be rounded up to $1 or $5.