ING

You may know ING more for its comedic ads starring Billy Connolly and more lately Isla Fisher, however if you haven’t looked into this bank beyond Ms Fisher popping a kid’s balloon, then you should give it some further thought.

ING has been trading in Australia since 1999 and is part of ING Group, one of the world’s biggest financial institutions. It currently has a customer base of 1.7 million people and a full suite of banking and finance products.

ING was the first bank to move into the branchless-banking space, which allowed it to lower fees and rates and pass on savings to customers on the majority of its products.

ING offer online banking, mobile banking, phone banking and a round-the-clock Australia-based customer care centre.

For those who want to support a bank that has an excellent record in sustainable initiatives, ING is dedicated to steering its portfolio towards ethical causes.

Its products include everyday banking accounts, savings accounts, home loans, credit cards, personal loans and superannuation solutions.

ING

You may know ING more for its comedic ads starring Billy Connolly and more lately Isla Fisher, however if you haven’t looked into this bank beyond Ms Fisher popping a kid’s balloon, then you should give it some further thought.

ING has been trading in Australia since 1999 and is part of ING Group, one of the world’s biggest financial institutions. It currently has a customer base of 1.7 million people and a full suite of banking and finance products.

ING was the first bank to move into the branchless-banking space, which allowed it to lower fees and rates and pass on savings to customers on the majority of its products.

ING offer online banking, mobile banking, phone banking and a round-the-clock Australia-based customer care centre.

For those who want to support a bank that has an excellent record in sustainable initiatives, ING is dedicated to steering its portfolio towards ethical causes.

Its products include everyday banking accounts, savings accounts, home loans, credit cards, personal loans and superannuation solutions.

Commercial Fixed

Variable
Rate
Comparison
Rate

Fixed Rate Loan (Investor)

Variable
Rate
Comparison
Rate

Mortgage Simplifier ($150k+ where LVR >90% - O/Occ) P&I

Variable
Rate 2.79
Comparison
Rate 2.82

New Commercial Borrowings $1M ≤ $3M - LVR > 70%

Variable
Rate 3.69
Comparison
Rate 3.76

New Commercial Borrowings $1M ≤ $3M - LVR ≤ 70%

Variable
Rate 3.19
Comparison
Rate 3.26

New Commercial Borrowings $500k < $1M - LVR > 70%

Variable
Rate 4.19
Comparison
Rate 4.26

New Commercial Borrowings $500k < $1M - LVR ≤ 70%

Variable
Rate 3.74
Comparison
Rate 3.81

Orange Everyday

Max Interest rate($10,000) Base Interest rate($10,000)

Orange Everyday Youth

Max Interest rate($10,000) Base Interest rate($10,000)

Savings Accelerator (Balances > $150,000 earn a variable interest rate of 0.65% p.a.)

Max Interest rate($10,000) Base Interest rate($10,000) 0.35

Business Term Deposit (online)

90 Days

0.05
1 Yr Paid
Annually 0.25

Term Deposit (online)

90 Days

0.05
1 Yr Paid
Annually 0.22

Bank accounts

ING has two bank accounts: Orange Everyday Bank Account and Orange Everyday Youth Bank Account.

1. Orange Everyday Bank Account

There are no monthly fees for this account, meaning more money in your pocket. ING has an attractive ATM fee policy, with customers able to access ATMs for free everywhere in Australia. Over 3.5 million ATMs can also be used internationally and if you are charged, ING will rebate the ATM fee within 5 days, if you deposit $1,000 or more per month into your account and make over five card purchases each month. Speaking of fees, there are also $0 ING international transaction fees on online or overseas purchases. This only applies if you deposit $1,000+ per month and make five or more card purchases each month.

2. Orange Everyday Youth Bank Account

The Orange Everyday Youth Bank Account is for teenagers aged 15-17. Similar to the Orange Everyday Bank Account, there are no monthly fees, an excellent variable interest rate for accounts holding $100,000 or more, the use of free ATMs anywhere in the world including rebates of the ATM fee and no international transaction fees for international online purchases. Best of all, the fine print is understandable.

Savings accounts

1. Savings Maximiser

The Savings Maximiser account is available to customers who deposit $1000 or more per month, make five or more settled card purchases and can grow their nominated Savings Maximiser balance (excluding interest) to access a range of benefits. By meeting these requirements, you can combine your Savings Maximiser with an Orange Everyday account and access all benefits associated with the bank account.

2. Personal Term Deposit

ING’s Personal Term Deposit offers a high interest for all balances above the minimum $10,000 deposit (maximum $10 million). There are no fees, meaning every cent you deposit is interest bearing. Savings up to $250,000 are guaranteed by the Australian Government. Terms can range from 90 days to two years.

3. Tiered Savings

The Tiered Savings account offers a high variable interest rate on balances over $50,000. Rates are even higher on balances over $150,000. All rates apply to the overall balance in your account. Customers can access this account 24/7 and there is no fixed term, no fees, nor any minimum withdrawal amount. Like all accounts, you can access the Tiered Savings account via mobile banking, online banking or the ING banking app. You can link any eligible ING account or link this account to your Term Deposit.

Note: ING also offers a range of business accounts including: Business Optimiser, Business Term Deposit and Wholesale Term Deposit.

Credit cards

To make things simple, ING has two credit card options: Orange One Low Rate and Orange One Rewards Platinum.

1. Orange One Low Rate

The Orange One Low Rate credit card is packed full of value and includes a low interest rate, no annual fee and no ING International Transaction Fees for eligible customers when you shop overseas or online. Note there is no balance transfer option on this card.

2. Orange One Rewards Platinum

The Orange One Rewards Platinum credit card allows customers to earn up to $30 per month or $360 per year cashback. Cashback is linked to the Orange Everyday account. The cashback option eliminates points, redemption for gift cards and any bonus categories. If you deposit $1000 or more into this account, international fees are waived if you shop online or overseas. A payment plan can be set up to help you pay off your card over time at a lower interest rate. To be eligible for this card you must be over 18 and earn $36,000 or more.

ING Personal Loans

Again, ING keeps things simple, with an easy to use Personal Loan that allows customers to roll their debts into one low rate ING Personal Loan. There are no ongoing or early repayment fees and like all ING products interest rates remain low. There are also no monthly or annual fees, however an establishment fee may apply. Fortunately, for ING customers, the $100 establishment fee is waived if you have an active Orange Everyday account at the time that you apply for the loan. It is also waived if you ask the bank to open an Orange Everyday account when you establish your ING Personal Loan. You must be over 18, an Australian citizen, have an Australian residential address, a good credit rating and earn over $36,000 or more to open a Personal Loan. There are no early break fees.

Home Loans

There are three basic home loans to choose from:

1. Orange Advantage

The Orange Advantage is a variable rate home loan with a 100% interest offset facility. When you deposit funds into your linked Orange Everyday bank account, you can pay off your home loan faster. If you combine your Orange Advantage home loan with a Fixed Rate home loan, ING will the $499 Fixed Rate home loan application fee. This is applicable to owner occupier borrowings. There are no switch fees or variations fees and ING offers the first valuation of any deal is free. There may be discharge fees. One of the benefits of this account is a round-up of eligible Orange Everyday card purchases to the nearest $1 or $5. What this means is the difference is put straight into your Orange Everyday account enabling you to pay down your Mortgage Simplifier or Orange Advantage home loan faster.

2. Mortgage Simplifier

This low variable interest rate home loan comes with no ongoing monthly or annual fees and allows you to make extra repayments for free. You can use the redraw facility and even pay bills with available funds via BPAY®. As with the Orange Advantage, this home loan also has a round-up option on eligible Orange Everyday card purchases to the nearest $1 or $5. When you add an Orange Everyday card, you can access ATMs across Australia at no cost and receive a rebate on fees from any ATM worldwide within 5 business days, this includes ING international transaction fees. This is a great low rate fixed loan for new home purchase or refinancing.

3. Fixed Rate Home Loan

Like any fixed rate home loan, you have the certainty of knowing how much you pay and when. Where this loan differs is in the term of the loan. ING’s Fixed rate Home Loan is only available for those looking for a short term loan of between one and five years. You can combine this owner-occupier home loan with an Orange Advantage (100% interest Offset) home loan and receive a fixed interest rate discount that applies to ING’s advertised fixed interest rates. There are no monthly or annual fees and you can make additional repayments up to $10,000 per settlement anniversary.

Other products

ING offers a range of insurance and superannuation products.

Products include:

  • ING car Insurance
  • ING Travel Insurance
  • ING Motorcycle Insurance
  • ING Home and Contents Insurance
  • Living Super – a superannuation option that allows customers to diversify their investment options. You can mix and match investments to meet your individual needs, invest directly in shares and keep online tabs on your account. The Living Super product has won a number of awards including the Super Ratings ‘Gold Ratings for Super and Pension’ in 2020.

Pros

  • No or very low fees
  • Cashback on the Orange One Rewards Platinum credit card
  • Low interest rates
  • Excellent user experience on app and online banking options
  • Simple, easy to use products
  • Customer friendly superannuation product

Cons

  • No balance transfer option on the Orange One Low Rate credit card.
  • No branches
  • No cheque book