ING 'puts pressure on competitors' with new savings account

Australians looking to compare savings accounts could see banks put under more pressure to take action on fees due to the introduction of a new product, it has been claimed.

The Orange Everyday offering from ING Direct allows customers to use every cash machine in the country without being charged, while they will also avoid an extra bill if they go over their limit, the Courier Mail reported.

An absence of a monthly levy also makes the deal a tough one for other lenders to match, according to consumer group Choice spokesman Christopher Zinn.

"This will put enormous pressure on the other banks and could force charges down across the board," he told the newspaper.

Customers should note that rather than acting like a savings account, the Orange Everyday pays no interest.

Earlier this year, ING Direct executive director of savings Brett Morgan explained people have been paying high fees for banking services for too long.

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