Money hack: Save money automatically with ING’s new tool
ING customers can round up daily purchases to save money without even thinking about it.
If you haven't yet sacrificed your daily barista-made latte in the name of saving money, then let's face it, it's unlikely you ever will. But what if you could have your cake coffee and eat it too? Well, ING's new tool enables you to do just that. Buy your coffee and add to your savings in one guilt-free swipe, or tap, of your debit card.
The hack
ING has this week officially launched its Everyday Round Up tool, following a several-month trial by selected lucky customers. Customers can use the tool to round up transactions to the nearest $1 or $5, with the difference being sent to their linked ING Savings Maximiser account.
The idea of the new feature is similar to that offered by micro-investing app Acorns. Except instead of adding your spare change into an investment portfolio, ING adds it straight into your high-interest savings account.
Here's how it works:
- You'll need an ING Orange Everyday and Savings Maximiser account. ING customers can go into their Internet banking portal or mobile app and activate the new feature.
- Select if you'd like transactions to be rounded up to the nearest $1 or $5.
- Go about your life as normal, buying your daily lattes. If you purchase a coffee for $3.50 and have selected the $5 round-up option, $1.50 will be sent to your linked ING savings account.
- Earn ING's competitive interest rate on your spare change that was sent to savings, plus earn interest on that interest thanks to the beauty of compound interest. All the interest!
The Round Up tool works for all transactions made with the Orange Everyday account, including Visa debit, Visa payWave, Apple Pay and Android Pay.
finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
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