ING scrap foreign ATM fees, introduce minimum '5 card purchase' requirement
Article by Tom Watson
As of tomorrow, March 1, ING will introduce a host of changes to its banking products - including the removal of international transaction and ATM fees and a new minimum requirement for its popular savings account.
The changes, which were announced late last year, will affect customers using the Mozo Experts Choice award-winning Orange Everyday and Savings Maximiser accounts, as well as the Orange One credit card.
In a statement at the time of the announcement ING’s Australian head of retail banking, Melanie Evans, suggested that the bank was hoping the initiatives would incentivise Australians to make ING their financial institution of choice.
“We want to reward our customers for making ING their main bank so today we’re announcing that eligible Orange Everyday account holders will pay no fees for domestic or global ATM withdrawals,” she said in November.
“We’re also dropping our fees for transactions made overseas or on international websites.”
According to figures from the bank, ING customers are spending an increasing proportion of their money either overseas or on international purchases made online, with a 17% increase in international spend in the three years to November 2017.
And from March 1, ING will make it easier for Orange Everyday Account and Orange One Credit Card customers to spend overseas by dropping fees from foreign ATMs as well as on international transactions made overseas or online.
The only caveat is that customers will now need to make at least five card purchases each month on top of the existing requirement of depositing at least $1,000 (from an external source) into their Orange Everyday Account each month.
“We introduced no domestic ATM fees for qualifying Orange Everyday account customers in 2009. Fast forward to 2017 and we’re taking it a step further for our customers who are now spending more internationally,” said Evans.
Tightening conditions on the Savings Maximiser
While existing customers who use ING as their main transactional bank are likely to benefit from the changes, other customers who have traditionally made use of the bank’s popular Savings Maximiser Account as a ‘set and forget’ option for their savings may not be so happy.
As of tomorrow, savers will also be required to make five card purchases each month - in addition to the existing $1,000 minimum deposit - in order to receive the maximum special interest rate of 2.80% (on balances up to $100,000). Those who can’t meet the new account conditions will instead receive the base 1.15% interest rate.
So it may be time to dust off that ING branded visa debit card in order to grab the maximum 2.80% bonus rate for your savings, or if you’re looking for a ‘no strings attached’ alternative, check out the offers below or compare a range of options over at Mozo’s savings accounts comparison hub.
Highest ‘no strings attached’ savings account rates*
As of writing (February 28), these are the savings accounts that currently have the highest ongoing interest rates in the Mozo database without substantial requirements.
- 2.30% - Queenslanders Credit Union GoSaver Online Account
- 2.20% - Move Express Saver
- 2.10% - AMP Saver Account
- 2.05% - Illawarra Credit Union Saver
- 2.00% - Auswide Bank Online Saver
*Rates are based on a $10,000 account balance