Apply online today using promo code BONUS (in capital letters) and you’ll get a $50 cash bonus when your balance reaches $100 or more by 15 September 2013. This offer is available for new customers and a limited time only.
Update 15 August: ING has changed the rate from 4.75% to 4.5%
how to subscribe?
I already have an orange everyday account with the 5% discount promo active, but I've never had a savings maximiser. Do I need to cancel the everyday account before signing up with a new customer ID to get this offer or can I just keep both active with two customer IDs? Also, if I cancel the Everyday account to take up this offer, when I sign up for a new one (with a new customer ID), will I maintain the 5% discount?
I guess they still don't have online-verification for Victorian ID?
… but at least this time for $50 I might be persuaded to walk to the post office.
Nice. Opened up an account, transferred $100 in, and when I get my $50 I will transfer it all out!
And close account! This is important!
Great deal! I was looking to start a savings account for my goddaughter, so this'll be a nice little bonus for her.
These savings accounts are a waste. A pitiful 4.75% and you have to pay tax? And would I really put my money in a bank where all sorts of kinky things can happen to it? No, I'd prefer to keep it in $10,000 stacks.
Cheers for this although I really hate ING's verification. Applied for this and verified with my Medicare card and NSW DL, tried also with my passport but when I click on verify button nothing happens (tried a few times, logged out and log back in even to continue with the application), even though it said only 2 ID's are required it still said I need to go to Post Office. Then I logged on to my account (with the account name and PIN I was able to setup earlier in the application process and applied for the Visa Paywave account, guess what, Passport authentication worked this time and my account was automatically opened, only thing that was different from the Passport authentication page earlier to the second one was that the second time it asked for my last name twice).
Sorry for that rant
No need to be sorry, and no rant detect. Information like this is highly valuable, thanks for sharing !
where do you apply for the visa paywave? lol thanks!
lol i found it.
Anyone know why ING classifies these payments as interest? I didn't realise until I did my tax return - took a huge chunk off due to income bracket!!
Standard practice and done by all banks when they do similar promos.
It's mandated by the ATO and is not up to the bank's discretion. It's the law
I disagree. Interest is a result of allowing ing having access to your money for a period of time, this is not interest, it is a promotion. I dont expect to be taxed on gift cards or cash backs. Would love to see the ato tax ruling or tax determination that outlines their position.
Here's a page from the ATO website which aims to dogde all your specific questions: http://www.ato.gov.au/Individuals/Investing/Bank-accounts-an…
The T&C clearly states the cash bonus is paid as bonus interest.
It isn't interest though. Substance over form. Its no more assessable income any more than any other incentive payment you receive for purchasing or using a product. Classing it as interest is inconsistent with the Income Tax Assessment Act 1997.
i think it should be declared as assessable income. it is not a cash back. it is not a gift. a bonus really.
After depositing your $100, how long does it take to get your $50 bonus usually?
maybe not until Mid Sept as the t&c states that you should accumulate 100 til Sept 15..am i right?
From T&Cs:
"The cash bonus will be paid as bonus interest and be credited to your first Eligible Account within two weeks following your balance reaching $100 or more"
you need to leave the $100 in there for at least 2 weeks.
However, there is no rush to take it out cause their interest rate during those first 4 months is actually highly competitive and is actually the highest rate currently available on "at-call" savings in Australia.
After 4 months though, the rate drops big time and is pretty crap. That's the time to get the money out and close the account.
Thanks for the info ginmi, top bloke.
From the official T&Cs:
"The cash bonus will be paid as bonus interest and be credited to your first Eligible Account within two weeks following your balance reaching $100 or more. A tax liability may exist with the payment of the cash bonus. "
Are we all signing up for the $50 bonus here as clearly there are other higher interest rates out there. Ubank 4.66% and Rams 4.76% and they are not introductory offers like this one?
Just so I understand all this :)
I think you got it
Both Ubank and RAMS are ongoing rates. That is correct.
However, keep in mind that you need to do some work in order to get them. They do come with strings attached.
With Ubank, you need to 'shuffle' at least $200 every month to get maximum rate.
With RAMS, you can not withdraw at all in order to get maximum rate.
Alternatively if you are between 18-29, you can use the USaver Reach for the same interest rate of 4.66%, and there is no need to 'shuffle' at least $200 every month. It can only be used with a maximum of $5,000, but you can put the rest in a normal USaver account. (I wrote a similar post up top, but thought it could go down here as well)
RAMS has changed, now you need no withdrawals AND deposits of $200 a month.
Which means it's basically no longer an 'at-call' savings account.
The RAMS product is basically a term deposit with no defined term and an automatic savings plan attached but without the benefit of having your interest rate locked in so if RBA drops rates again, you will get shafted.
IMHO, RAMS is completely out of the game now and their so called 'savings account' should simply be ignored altogether.
If you can't get any promotional rate higher than the max ongoing rate with Ubank (achieved when you 'shuffle' $200 every month), then basically stick with them.
Unlike most Savings accounts, they allow EFTs to ANY bank account so no 'linked account' BS. That makes them unique.
So would rinse and repeat actually work? I need $20,000 for a house deposit :P
haha…..interesting way to 'save' a deposit.
Give it a try mate but I wouldn't hold my breath.
If you do manage to pull it through though, you will be without a doubt the world record holder for the person with the most ING client ID numbers.
Good luck :-)
Thanks PissLUR. Just opened the account. No hassle for verification process. Using the drivers license and address verification is good enough. Easy money!
Where did you enter the promo code? I can't see the field where I can enter the promo code. Plz help.
Bottom of last page confirming details
I am trying to apply by filling a new application form and by selecting new customer to ING but I cant see the field where I can enter the promo code i.e. BONUS. Can anyone please help? Where does it ask to enter the promo code.
right at the end, when you verify that all your info is right.
When you finish up to Step 4 Summary, at the bottom of the page under the section Finally..
Make sure you enter BONUS in capital letters
I have closed everything, so which one should I open first saving maximiser or orange every day?
Saving maximiser
But make sure you open as a NEW customer.
You must end up with a different client ID. If you didn't, you have made a mistake and will not get paid.
Question - people have written about the wave bonus as well as this sign on bonuses. Presumably that means opening an Orange Everyday plus a Savings Maximiser account?
To get both bonuses you need to open the savings maximiser first as its only for new ing direct customers. Then you can open everyday orange as its for new everyday orange customers.
Thanks
Does anyone know if this is possible for non-Aus residents? Here on a student VISA…Thanks!
Not 100% sure on that but I believe it should be fine provided you have a TFN you can give them during the application.
Also, make sure you put a residential address in Australia and not in your home country.
You might, however, have trouble meeting their identification requirements given you have no Australian paperwork (no Australian drivers license, no medicare card).
I would definitely try though!!
The stuff they are asking for to verify your ID you can't provide. Australian drivers license, passport or birth certificate. Then you need a tax file number. Not sure how you would go with the address check either.
Weird.. I entered my medicare and passport details to verify my identity online. Both came up with a tick and stated verified.. But when I clicked continue, it said can't verify online and have to go through AuPost.
Same seems only people who give a Drivers license get verified without going to the post.
I opened my everyday account 1 day before the promotion:(
What should I do now?
I tried to open a saving account and choose new customer, then I got a new client ID. Is that OK?
Or I need to call ING to shutdown my everyday account(I didn't get the card yet!), and then open a saving account? then open the everyday account?
Do what I did and simply open the savings account under a new client ID.
I now have 3 different client IDs with ING. :-)
Are you sure that this can work?
If open a new client ID is OK, then we can open as much account as possible, then each account can have $50…
Correct!
It is simply a design flaw in ING's IT systems.
As long as it's in place, we can continue 'milking' this cow….;-)
Don't be too greedy.
Never such a thing when it comes to a bank. ;-)
I would never do it with a small business but when it comes to a bank or another big corporate, I have no hesitations and strongly encourage that.
As the famous saying goes: "Greed is GOOD!!" (with banks)
How do you close one of these accounts?
I opened one back in 2010 to get the $50 bonus.
Call them up. Pretty painless, the only annoyance is that you need to speak to different people to close both the transaction and investment accounts.
Closing accounts is super easy with ING!
I have done that probably over 8 times and have NEVER spoken to a living breathing person!
You simply login to your online banking interface and follow this path:
My messages —-> Inbox——> create new message
http://screencast.com/t/HDTRMJg94bQ3
Then:
http://screencast.com/t/b72NTz60g
Done!
Account will be closed within one or two business days and you will receive confirmation via a message in your online banking Inbox.
ING have by far, the most efficient and painless account closing process in Australia!
I wish i knew that! Save me a phone call :)
Ok closed my existing savings maximiser account, so I just have to wait for confirmation of that.
Then able to sign up again with the code to receive the $50? Just to clarify, been reading through the comments seems like it is so, but just wanted to confirm :)
Again, whether you close any existing accounts or not is irrelevant for this promotion.
The key is to sign-up as a new customer (i.e. NOT ticking the 'I am an existing ING Direct client' in the application form) which will end you up with a new client ID.
The client ID is the KEY to being treated as a 'new customer'. Whether you close or not any other accounts attached to other client IDs makes bugger all difference.
Hope that helps and clears things up once and for all.
Keep it simple people: "Want to get paid? Get new client ID". That's all
Does anyone know? I have closed all accounts but I am still able to log in internet banking, but good thing is no accounts of information there.
Also worthy of note is that when you close your account you'll receive an email advising that you can continue to log in to your closed account to see your statements for 2 years.
http://www.ozbargain.com.au/node/107745
that's good service. i remember when i closed a st george account i was pretty much locked out of internet banking straight away.
I think there is still confusion here that needs to be cleared.
Whether you close old accounts or not is irrelevant . The ONLY think that matters is whether you ticked the "I am new to ING" box and got yourself a shiny new client ID.
If you did, you are a 'new' customer and WILL get paid.
If you do not have a new client ID to show for your 'efforts' you have made a mistake somewhere along the way and WILL NOT get paid.
That's it. Nothing else matters.
But with that logic, couldn't you open say 10 accounts at once using the Promo word BONUS ? and then get 10 x $50 … from one promotion?
But is that really ok? Surely there's something in their terms and conditions which say that if you're not really a new customer then you shouldn't be allowed to do that.
so I have to give them info on another bank account and I have and "link" them so I can transfer money into the savings account then?
or should I open a bank account with them and then pay from my existing account into the ing bank account and then into the savings account?
If you open an account with them first, then you won't be a new customer and will miss out on the $50
hmm true so tie it to an existing non ing account then.
I've never heard of this tieing accounts thing is this some internal ING thing or common practice?
are there any fees for attaching an outside account? seems like an unusual way to tie it to another account and only allow transactions to that account. (I suppose this stops this account being treated as a everyday account)
It's not tied solely to that account. It is done to encourage you to save by direct debting from that account and so that when the four month bonus interest period expires you can continue to increase the balance to get bonus interest. But you can deposit from any account you want.
Didn't work for me. I could verify my Medicare card but not my Birth Certificate, Drivers License (not accepting VIC), or Passport. Not sure… I'm not going to bother verifying myself in person.
just double check the "client ID" is the "account number" is it?
No, they would have told you the clent number when you applied. They also tell you to write it down. That was the page where they asked you to enter a passcode of your choosing.
okay, so how do I check my old ING a/c client number from online banking menu?
don't you need the client number to be able to get into online banking?
Can anyone confirm how long does it take for the account to be properly set up after verification?
Although the link account works as soon as the deposit is received, it says interest rate of 3% at the moment. I believe that it take a few days to get status of new customer recognised in "My Offers -> Participating" and "My Finances->Interest Details".
Any experience to share?
Why is it so important to close the account once we take the money out?
I can't see any fees listed anywhere?
To recycle 1's and 0's.
And so you can sign up again for another bonus with a clear conscience.
Anyone've got $50 yet? ING usually pays earlier than what they promised… (For those who acted quickly, your pay day is 1 Aug.)
Interest rate is going to fall next month… you can close the account and use the reduced rate as an excuse…
Got my $50 today. Signed up last week :) Thanks OP!
When did you signed up? When was the account activated? Thanks.
Signed up last Thursday and activated account on the same day.
Would you like to close the A/C now and open it again as suggested by some people above :-)?
Got mine today
signed up, completed the australiapost id verification, transferred $101, lets see when they deposit the cash.
Just GOT PAID!
http://screencast.com/t/F19515sHUGG
Bonus received 4 days after making the initial required deposit.
Thanks OP and thanks ING.
Tempted to get another Client ID and try again. VERY tempted! ;)
When did you signed up? Thanks.
The day OP posted about this promo: July 18.
5 days later and I was $50 richer. Not bad :)
The ING gods have forsaken me. And all the other muncan accounts.
Refresh. Refresh refresh! Refresh!!
They are on to you mate…;-)
It's sign up, summer man! Whats with this signed up rubbish? F$&k!
I want to workout how quick the payment is made.
There are three steps:
* signup (application submitted)
* open (ID verification completed and recevied by ING)
* activation (money received by ING)
I am suspecting that ING will pay on the first Friday that you fulfil the $100 condition… I may be wrong. I need more data from you guys to confirm that.
The information on the date is also useful for everyone. If others get paid, but you don't you can contact them to check what's going on.
Anybody here successfully received 2 (or more) $50 bonuses by opening multiple accounts as a new customer?
Yes. I also opened an account in my mum's name. She just got paid too.
As far as a second payout in my own name, I am working on it ;)
So what's the best?