ING introduces new youth bank account
The ING Orange Everyday Youth account has no ATM fees, no foreign transaction fees and offers a competitive interest rate.
ING today revealed the details of its new youth bank account, the ING Orange Everyday Youth account, which will be officially launching to market this week. The account will mirror the bank's popular Orange Everyday account while also offering a competitive ongoing variable interest rate with no deposit conditions when linked to an ING Savings Maximiser.
The new youth account will be for Australians aged 15 to 18. Like ING's existing transaction account, the Orange Everyday Youth account boasts no ATM fees in Australia and overseas as well as no international transaction fees on purchases made outside of Australia or online from international sites.
The youth account will offer a competitive ongoing variable interest rate of 2.80% when linked to an ING Savings Maximiser, with no deposit conditions attached in order to earn the high rate. The existing ING Savings Maximiser also offers 2.80% p.a. though customers need to deposit $1,000 and make more than five debit transactions each month to be eligible for the bonus rate. These conditions will not apply to customers with the new Orange Everyday Youth account.
The new youth account will offer the same digital savings tools offered on the existing Orange Everyday account; Everyday Round Up and If This Then That. The Everyday Round Up tool will enable account holders to round up the value of daily transactions to the nearest $2 or $5 with the difference automatically added to their savings. ING's partnership with fintech If This Then That allows customers to set savings triggers when certain things happen, for example users can elect to send $10 to their savings each day they do 10,000 steps.
The new youth account will offer tap and go contactless payments, as well as mobile payments using Apple Pay and Google Pay. The account details were revealed at a media event in Sydney today, and the account is due to launch to market later this week.