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Why is ING ditching unlimited free ATMs for a $100 cashback offer?


ING will give customers up to $100 cashback per year on their gas, water and electricity bills when you pay using your Orange Everyday account.

ING has announced a new cashback offer for customers with an ING Orange Everyday account. Starting on 1 December 2021 customers will get 1% cashback on their eligible gas, water and electricity bills when they pay using their Orange Everyday account. This can be paid using direct debit or BPAY.

To be eligible for the cashback offer, customers need to meet the same account conditions that are currently in place for other perks like free ATM withdrawals and bonus interest on your ING Savings Maximiser. These conditions include depositing $1,000 a month and making at least 5 card purchases a month.

You need to meet the eligibility criteria in the previous month before paying your bills for the cashback offer to kick in. If you have met the criteria, the 1% cashback will happen automatically. Just like the current ATM fee rebate, you'll see the new cashback offer automatically credited to your account after you've paid the bill.

For example if you'd met the account criteria in July and paid your $400 electricity bill in August, you'll get $4 credited back in your Orange Everyday account. The cashback offer includes all gas, water and electricity bills paid to an Australian residential address. It is capped at $100 per year.

ING ditching unlimited free ATM withdrawals

As this new cashback offer is introduced, ING will be putting an end to its current offer of unlimited free ATM withdrawals. Currently if you meet the account conditions, customers with an Orange Everyday account can use any ATM in Australia and receive a rebate on the withdrawal fee.

From 1 December 2021, this will now be capped at 5 free ATM withdrawals (or account balance checks) per month. ING said the average customer only uses an ATM a few times a month, as more and more people switch from cash to contactless digital payments. It's also free for anyone with an Australian debit card to use CommBank, Westpac, NAB and ANZ ATMs Australia-wide.

Instead, ING said household utility bills were now more of a pain point for customers. Research commissioned by ING shows 71% of Australian households have noticed the costs of water, gas and electricity bills increase in the last 3 years. At the same time, almost a quarter admit they have never compared utility bills.

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