ING launches new set-and-forget automated savings tool
You could instruct ING to put $20 into your savings account each time you reach your daily step count, or even when the weather reaches a certain temperature.
ING has today launched what has to be one of the most unique savings tools in the market. In an Australian banking first, the bank has partnered with tech company If This Then That (ITTT) to develop an automated savings tool that allows customers to set savings rules when particular activities or actions are completed.
ING customers can set up whatever savings triggers they want. For example, if you're looking for motivation to exercise more, you could set a rule for $20 to be automatically transferred from your ING Everyday Transaction Account into your ING Savings Maximiser Account each time your daily step count is reached. If you're saving for a tropical holiday to Bali, you could tell the tool to transfer $10 into your savings account each time the temperature reaches over 20 degrees.
The beauty of this new functionality is that it's so personalised; you can set up the savings triggers based on what it is you're trying to achieve, and how much you're trying to save. And unlike other automated savings tools, this functionality helps customers meet personal goals outside of their saving, for example, fitness and health related goals.
“While there’s no denying that saving makes you feel good, setting up a savings plan can sometimes feel like a chore. This collaboration with IFTTT is designed to make saving fun and help our customers get ahead with ease," said ING’s head of digital and innovation Chris Barwick.
ING has partnered with fintech ITTT, which is a technology company that gets different apps and devices to communicate and work together, to deliver this new tool to customers. To make this possible ING has opened its APIs to ITTT giving the tech company limited access to some of its technology and data. ING customers need to give permission for the app to access this information.
“This is an example of how by securely opening our APIs to third parties we’re able to help meet the ever changing banking needs of Australians. This partnership opens up new possibilities for our customers to save; it means they can save almost whenever, wherever and however they want," said Barwick.
This new tool follows the launch of ING's Everyday Round Up feature back in August 2017. Everyday Round Up allows customers to opt in to having their daily transactions rounded up and the difference deposited into their savings account. Customers can elect to have their transactions rounded up to the nearest $1 or $5.
“We know from the launch of our Everyday Round Up feature that incidental savings can really add up. Since launch it has helped our customers collectively save on average $2 million a month," said Barwick.
The new feature is available now to all customers with an ING Everyday Transaction Account and linked Savings Maximiser Account.