ING - $100 for Me and You When You Open an "Orange Everyday" Bank Account!
Last Updated: 09 January 2018 - fixed a broken link and amended some wording. Added a reference to Macquarie Transaction account.
Disclaimer: This post contains a referral. I will earn $100 cash for each person that registers and follows the steps below. However, you will also earn $100 for this which you otherwise would not earn if signing up directly.
ING - $100 for me and you when you open an "Orange Everyday" Account
A few years back, ING had a fantastic product. Admittedly, their product is less attractive now, due to a combination of other competitors offering better products, and their own products offering less.
However, $100 cash is $100 cash. Before I was eligible to sign up for bonus points offered by Credit Cards, these were the kinds of promotions I'd look out for. Thus, to be clear, this post is more about the $100 cash that you can get rather than their ongoing banking product.
Here are the steps to get $100:
- Go to https://ing.com.au/summer100.
- Promo Code: CXH048
- Deposit $1000+ into this Orange Everday account within a calendar month (a transfer from another bank account will do)
- That means a deposit of $300 in December followed by $700 in January would not qualify
- Open and make a deposit into a new Savings Maximiser
- Opening a Savings Maximiser account is relatively easy from their Internet Banking. A Savings Maximiser is simply their "High Interest Savings" account which is linked to your Orange Everyday account.
- Use your Orange Everyday debit card to make 5+ purchases
- Easiest way to do this? Make 5x payments towards your Electricity/Gas, Internet, Private Health Insurance, Phone, Water Bills with the lowest amount possible
- Alternatively, 5x $0.01 transactions (using the "split payment" option) at Coles/Woolworths would suffice!
This must all be completed by 28 February 2018
- If you have held an Orange Everyday Account at any point in time since 1 July 2014, you are ineligible for the $100 cash
- This offer is limited to the first 10,000 eligible participants
- It will probably be difficult for you to know with certainty whether you're one of the first 10k eligible participants, and I do not believe this is published anywhere. I would simply recommend you get in quick!
- The purchases which count towards the 5+ purchases include anything that involve a card, including Android Pay and Apple Pay. This excludes BPay and bank transfers (as these do not involve a card)
ING as an Everyday Transaction Account - Orange Everyday - Review
ING accounts are still "good". I would rate them at slightly above average in the context of general Australian bank accounts.
Here's what's good..
- Fee-free for pretty much everything, including no monthly fee, no dishonour fee.
- A great, user friendly mobile app and Internet Banking interface
- A $0.50 rebate when you get $200+ cashout (i.e. you're "paying" $199.50 to take out $200)
- This is an ongoing benefit which has existed as part of the account for at least a few years
- 24/7 Australian-based Telephone Customer Service
- Have personally used them a few times over the years and they have been very helpful
- Compatibility with both Android Pay and Apple Pay
- Not a single ATM withdrawal fee domestically, provided you meet the eligibility criteria outlined below.
- [As of 10 November 2017] Waiver of international transaction surcharge fees and ATM withdrawals
- Both this benefit and the one above (no ATM withdrawal fee) is only provided if you deposit $1000+ in the previous calendar month
- From 1 March 2018, you will also be required to make 5+ card purchases in the previous calendar month
- The waiver of international transaction surcharges is good, but is no better than a Credit Card like the Bankwest Platinum Zero Mastercard which was mentioned in my "Best Cards for Travelling" post
- The waiver of international ATM withdrawals, on the other hand, is quite special. At this stage, I don't believe there's any other Australian bank account that offers this. The Citibank Plus and Macquarie Transaction Accounts are close, but aren't quite as good because it does not waive ATM fees charged by the ATM. This means whilst Citibank and Macquarie don't charge you for the withdrawal, you may be charged an ATM operator fee (which will be communicated to you prior to making the withdrawal). This ING feature specifically rebates you for any fees charged by the ATM in addition to not charging you from the ING side.
- Foreign exchange rates at this stage are unknown, but I would suspect it would be determined by Visa (as ING Debit Cards are issued by Visa). This means you should get some very reasonable rates.
- Eligible to be linked to a Savings Maximiser, which has a fairly high rate of 2.8% (at the time of posting)
And what's not so good?
- No physical branches
- The $1000+/mth deposit requirement to activate the nationwide free ATM benefit. These benefits are available with other banks (Macquarie, MEBank without this requirement
- This benefit has also been slightly eroded by the recent announcement by the big four banks to no longer charge cardholders of other bank cards ATM fees
- No easy way to physically deposit cash into an ING account, as they have no "Smart ATMs" which allow notes/coin deposits.
Don't forget, whilst I've typed up a bit of a review, the key take away from this post is the $100 cash. For what I estimate to be ~1.5 hours effort, $100 cash is pretty fine!
Any questions, comments? Feel free to leave a comment!