Fee free ING wants to take on big 4

ING says while the big banks are scrapping penalty fees, its’ new transaction account will go one step further and scrap almost all bank fees. ING says it plans to scrap monthly account fees, ATM charges and most international transactions fees from the new account which it hopes will see it capture a slice of the transaction account market.

Latest figures from the prudential regulator APRA show that ING has largely recovered from the outflow of funds that it suffered last year as fear gripped many bank customers. ING’s household deposits of $16.3 billion are now largely in line with where they were last October.

ING has 1.2 million customers with savings accounts, which is slightly less than Bendigo Bank’s 1.3 million accounts. ING also has about 350,000 mortgage customers.

Source: The Sheet