Up vs ING

digital bank comparisonBoth offer innovative features, but is Up or ING a better fit for you?

If you're looking for a new transaction and savings account or you want an additional account to manage your everyday banking, both ING and Up are good options to consider.

Up is a new digital bank, created by technology company Ferocia and backed by Bendigo and Adelaide Bank. ING is one of Australia's original online banks and offers a range of products but has no branches.

Both offer useful features to help you manage your money. Compare them side by side here to find out which is right for you.

Verdict: Up vs ING

  • Best for spending insights: Up
  • Best for payment options: Up
  • Best for use as a joint account: ING
  • Best for saving: ING
  • Best for bill splitting: Up
  • Best for travel: Up and ING
  • Best for security and support: Up and ING
Up ING
Account type Transaction account and linked savings account Transaction account and optional linked savings account
Spending analysis and insights
  • Winner

Transactions in your Up account will list the merchant name, location and logo of the business and time of the transaction. Your spending will be automatically categorised, you'll get a weekly spend figure and you can see real-time reports into your spending.

You can check your transaction history for the last three years, search your transactions by keywords or time periods and select which account balances you see in the app.
Payment options
  • Winner

Up lets you pay with Apple Pay, Google Pay, Garmin Pay and Fitbit Pay.

ING offers Apple Pay and Google Pay.
Joint account You can't use Up as a joint account.
  • Winner

ING's account can be used as a joint account.

Bill splitting
  • Winner

Up's conversational payments feature lets you make payments and track history of payments using a WhatsApp-style messaging interface.

You can make payments using the ING app and let the recipient know you've paid them using SMS or email.
Savings account Up offers a round-up feature to help you save automatically and lets you create multiple savings accounts that can be tied to your goals. Currently, a bonus interest rate of 2.75% applies for the first 4 months if you sign up before 1 February 2019.
  • Winner

If you link the ING Savings Maximiser to your ING Orange Everyday account, you can earn 2.80% if you deposit $1,000 each month and make at least 5 purchases on your card that are settled each month. You can also set up regular round-ups from your transaction account.

Travel benefits
  • Tie

You won't be charged fees for international purchases online or in-store but a $5 international ATM fee applies.

  • Tie

There is an international transaction fee of 2.5% and an international ATM fee of $2.50 but these will both be refunded as long as you deposit $1,000 per month and make at least 5 card purchases per month that are settled.

Security and support
  • Tie

Lock and unlock your card instantly and contact Up at any time through the app.

  • Tie

Lock and unlock your card instantly and contact ING at any time through the app.

Fees to consider
  • $0 monthly fee
  • 12.28% overdraft rate
  • 0% currency conversion fee
  • $5 international ATM fee
  • 0.75% standard interest rate
  • 2.75% bonus interest rate
  • $0 account-keeping fee
  • $2.50 overseas ATM fee (refunded if you deposit $1,000 per month and make at least 5 card purchases per month that are settled)
  • Any ATM fees you are charged by ATM operators will be refunded 100% if you deposit $1,000 per month and make at least 5 card purchases per month that are settled
  • 2.5% foreign currency fee (refunded if you deposit $1,000 per month and make at least 5 card purchases per month that are settled)
  • 1.00% base variable interest rate for the ING Savings Maximiser
  • 2.80% bonus interest rate if you deposit $1,000 per month and make at least 5 card purchases per month that are settled)
More Up full review ING full review

The verdict

The transaction accounts from both ING and Up offer convenient features designed to make managing your money easier. However, there are a couple of key differences. For example, Up comes out on top for giving you insights into your money and offering a more diverse set of payment options. Its innovative conversational payments interface also lets you easily manage payments to friends.

ING stands out with its savings account offering. If you link the ING Savings Maximiser to your Everyday account you can continually earn the bonus 2.80% rate if you make monthly deposits of $1,000 (such as your salary) and make at least 5 purchases on your card each month that are settled. You can also set up regular round-ups from your transaction account. Up's savings account offering wasn't far behind though, also offering a bonus interest rate of 2.75% for the first 4 months of your account being open and letting you create multiple accounts tied to your savings goals. Both ING and Up let you set up round-ups.

Up and ING also tied for travel benefits. Up charges no international transaction fees online or in-store but does charge you a $5 international ATM fee. ING does have international fees but these will be waived if you meet the minimum deposit and purchase conditions. So, depending on how you use your account, one of these options should allow you to spend fee-free internationally.

The accounts are both good offerings and the slight differences in travel and savings offerings, as well as ING being available as a joint account, may help you decide between the two. If neither of these accounts sound like they meet your needs, you can compare more digital banks here and more bank accounts from traditional providers here.

Elizabeth Barry

Elizabeth is the Fintech Editor for finder and writes about innovations in financial products and services – think banking products that are easier to access, faster, cheaper and personalised. She started writing about personal finance over five years ago and found it was her passion (which was a surprise to no one more so than herself).

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