For those who don't know Scott Pape is a pretty prolific financial adviser. Will be announced next week.
Confirmed: https://www.ingdirect.com.au/everyday-banking/calculators/ca…
ING Direct Ending Their 2% Cash Back on Their Everyday Account from 30 September
His_Holiness on 22/07/2016 - 20:56
Last edited 25/07/2016 - 21:22
Last edited 25/07/2016 - 21:22
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meBank
hey who down voted me? I meant ME Bank. Not as in "me".
Haha thanks guys :)
I found transferring from Me bank Savings to transaction account is not instant and it is very frustrating. I use iPhone mobile app.
I guarantee you that as soon as I move back to me bank they will drop their bonus interest rate.. Damn you ING!
So we'll all move to Citi, Rabo or whoever.
Consumer loyalty (AKA apathy) is dead!
Not fond of ME Bank because of the following shortcomings in their Internet banking:
No list of pending transactions. Have to wait several days for any details of MasterCard debit transactions to appear.
Less detail in the transaction list - it's single line and merchant names are often truncated. The entries in ING's transaction list are more informative (e.g. cash out amount is shown where applicable).
There are further aspects (ATM fees, mobile app) in which they're not as good as ING, but those are the two biggies for me.
Agreed, ME Bank Internet banking simply isn't good enough. While I may also leave ING, I won't be moving to ME…
Looks like ME Bank will be unveiling a major revamp of their Internet Banking interface in the next few months.
https://www.mebank.com.au/lps/hello/
Not sure if their mobile app will also be revamped.
@lovepeoplenotmoney: At the moment I'm leaning towards sticking with ING as my main bank. Nice interface, fast processing, decent interest rates and free ATM's. But I'll probably use my AMEX more once the cash back ends.
Does ME Bank offer paywave cashback? I couldn't find on the website.
Or UBank, or Citibank
I saw a Citibank offer a 2-3 months ago that was for 5% cashback but not sure if that was on a credit card
Nope, it was Debit. I signed up to that offer.
Hmm Another pre announcement
If this is correct
Nov 1
The Raccoons are ending their ING Everyday accounts. 😷
Nov 1
The Raccoons are ending their ING Everyday accounts. 😷
You do know that October comes after September, right?
What? Why wasn't I made aware of this? I just don't understand this world anymore; men who are women and women who are men, new months added to the calendar without my knowing, ING cashback that was already reduced being removed completely…
Not in raccoons' calendar.
Yep, I just Hate making Rash decisions!! 😀
Reflect correct sentiment! Made me laugh. But cannot easily type it, cannot remember number of 'o's :-)
15+1, easy. Yeah made me laugh too.
haha you actually counted! Diligent, eh?
Bye ING, I'm goING and leavING for a bank that isn't tryING to cut costs
A business that's not lookING to cut cost? Hmm.. that'll be hard to find.
:'(
A bit disappointing .. a good thing never last.
That's disappointing. No real perks then.
Using any ATM for free is a decent perk?
I use cash out at Woolworths/Coles most of the time anyway.
I'd rather pick up QFF points there and get my cash from an ATM.
How often do you use ATM? I payWave everything now. If I need cash get it from supermarket or find an atm with your bank. ING has to offer free ATM anyway, it would cost them more to buy and distribute their own machines than refund fees. They are an online bank with no branches, there's not really any excuse to remove this offer. They needed it to differentiate themselves. The lower interest rate was a poor move as well.
I mostly use PayWave too and don't carry much cash. But every so often I'm at a pub and I run out of cash. There's usually a little cash machine there. If I wasn't with ING, I could cop the $2 fee or walk to the nearest ATM of my bank. Sometimes I get caught short at restaurants too. No big deal with ING. There's also a 7-11 with a cash machine near my work or the next major bank ATM is two blocks away. Sure I could plan ahead and carry enough cash but I don't have to think about that now.
Besides, it's a good account. App is good, customer service is good, Android Pay support is about to be released. I don't really want anything more.
There is an excuse for removing this offer. They've had to reduce their interchange fees so how are they going to pay for the cashback? They're certainly not going to pay for it with the tiny interest they make off my balance. Are they going to give me hundreds of dollars a year and make a few dollars back? You can't run a bank losing money.
But every so often I'm at a pub and I run out of cash. There's usually a little cash machine there. If I wasn't with ING, I could cop the $2 fee or walk to the nearest ATM of my bank.
haha this!!!
ING has saved me many times on big nights out in the CBD. I just drunkenly stumble to the nearest ATM, usually in some 7-eleven that probably charge more than $2. More money for drinks!
@dazweeja:
Also with the pub sentiment, one time trying to withdraw cash at the pub I clicked check balance 3 times rather than withdrew cash, each balance check cost $2.50 but was automatically reimbursed by ING.I hardly use cash, maybe an ATM cash withdrawal once a year
I think ME bank have fee free ATM withdraw with any bank in AU
http://mebank.com.au/personal/bank-accounts/everyday-transac…
No reason to use ING then.
absolutely I'll be closing my account.
No fees at pub atms.
Free ATMs, a good savings interest (3%)?
ME Bank offer Free ATM's and a better savings interest (3.35%)
Oh well.. back to regular credit card points and exchanging them for giftcards then.
Can you recommend a card to do this with?
I think it doesnt matter that much. Generally Amex is better for collecting points. But I did a calculation before. The points system only gives back at most about 1% back. Not as good as the ING. Although I have been using cashrewards 5% off woolies gift cards for groceries and fuel.
Yes, good point about the woolies gift cards. Especially since one can buy with whatever credit card, and still get the credit card points.
Can you or anyone tell me what the validity is for the woolies and coles egiftcards bought through cashrewards? Thanks.
Amex Platinum Edge although there is a $195 annual fee however you get a free return domestic flight every anniversary year.
At major supermarkets you get 3 points for every dollar spent. With a $100 wish card costing 13500 points, I estimate the $ per point value to be $0.0074. So at 300 points for $100 spend at the supermarket I worked out the cashback to be 2.23% at supermarkets. That's why at supermarkets I use the amex over the ING. For every other purchases with paywave <$100 I would use the ING.
Even better thing to do is use the amex to buy a wish card through cashrewards for 5% off. And you still get the triple points as the purchase gets recognised as a supermarket merchant.
Mod: Referral solicitation is not permitted
Very good analysis. I already have the Amex essentials card and it is awesome how I get credits back!!
Where's my lawyer I'll SUE! I KNOW MY RIGHTS!
Is she your lawyer too?
Nnnooooo. Goodbye ING.
a real shame, I've already referred so many friends. looks like ME bank will be better with their 3.35% p.a. savings account vs ING's 3.00% considering they both have unlimited ATM withdrawals.
How can previous Me bank users obtain the high interest by openning a new account? On the site it says it needs to be 'requested'. Is it easy to be approved for it as a previous user?
It's easy. Just give them a call. The hard part is remembering to do the weekly paywave.
Is it easy to be approved for it as a previous user?
*SUPER Easy**. Call, or better yet, send them a secure message through online banking and you'll get the deal within a day or two.
I am yet to come across a single case of an existing customer who has been refused.
Just remember you do need to meet the eligibility criteria of at least one paywave purchase per week.
Seems to be confirmed via their Facebook.
ING DIRECT Australia We won't be removing the ATM rebates, rest assure Emily. I can confirm the 2% promotional Paywave rebate will be removed at the end of September, all of our customers will get notification via email on Tuesday^Hayley
Further confirmation by the ING Direct rep in a discussion thread on the OzB Facebook page:
We’re sending communications via email 26/27/28/29 July 2016 to advise that the 2% cashback promotional offer will end 30th September 2016 for both new and existing customers. This gives customers two months usage of the 2% cashback promotional offer before the promotion will be withdrawn. ^Lorraine
We will be removing our endorsement of the Orange Everyday account as the best transaction account in Australia for domestic use.
I've instructed my researchers today to start looking for suitable alternatives but personally, I am leaning towards ME Bank at this stage.
While I agree that both their app and Internet Banking interface are inferior to ING's, they have improved on both in leaps and bounds (especially when it comes to the Android app).
With regards to ATMs, they offer fee-free withdrawals on Westpac & Bank of Melbourne ATMs and fee-rebates within 30 days for all other ATMs in Australia
free ATM access terms and conditions.
^Free access at any ME ATMs and our preferred ATM network of Westpac, St.George, BankSA and Bank of Melbourne ATMs. Open your new Everyday Transaction Account & receive a refund on fees incurred at all other ATMs in Australia within 30 days of the transaction. We may change or withdraw this offer at any time.http://mebank.com.au/personal/bank-accounts/everyday-transac…
Do you know whether like ING there is any deposit in the previous month required to "activate" the fee free ATM benefit, or is the only activation required the weekly PayWave thing for the bonus 1.80% interest on the savings account?
ATM benefit does not require deposit for activation based on what I can see.
http://mobile.mebank.com.au/lps/osa/high-online-savings-acco…
Pretty sure it applies on its own, no need further action - like deposit etc.
They will lose a lot of business. Not many will use the Orange debit card any more.
Points from other credit cards return about 1% plus up to 60 days interest free credit would be worth about 0.25% (count on 30 days on the whole closing balace and earning 3% on the money in an online savings account)= about 1.25% return on other credit cards (Coles Master card). So the loss is really only 0.75%.
Plus you can use the credit card for transactions over $100 unlike payWave.
You can use the Orange debit card for transactions over $100, you just can't use payWave for the transaction - which I thought was standard for all payWave transactions, no matter which institution.
You need to payWave for the 2% cashback with Orange, limiting the cashback to transactions <$100. Credit card will get you around 1% wether you payWave or not.
You can use contactless for any amount. Amount under $100 do not require a PIN and are eligible for the ING cash back. Try tapping your card next time for a >$100 transaction.
@fruit: Thanks for the tip - I didn't know (never tried) you could tap+PIN instead of inserting the card.
@fruit: I didn't know that .. I always insert the card, when amount is >100. This is so much easier … Thanks for tip :-)
Can you recommend a specific card?
Westpac probably has the best deal going at the moment. If you're not already a customer, you can open a Classic account for free (provided you deposit $2000), which removes the annual fee.
Alternatively, ME Bank seems to have a better rate on savings account.Sure, check out the AMEX Essential, no-fee, gets 0.741% back (not as good as ING 2% of course), can use as cash to offset card (no need to get vouchers), also eligible for all the AMEX cashbacks. Application bonus $75 via referrer ($50 without), most cases I know of gets instant approval and no need to supply evidence, income requirement also not that high.
It is my main card used, except when ING 2% applies. Once ING 2% gone, definitely so. If you are into redeeming flights with Qantas, then Amex Discovery card - also fee-free, but a lower 0.569% or 0.667% if redeemed as cash rewards.
For more info, have a look at my analysis here.
Note: There are also plenty of other good info/deals on Amex cards with fees, by other OzB members, some with fee-free 1st year, travel insurance, free flight etc. My analysis is only on fee-free cards.
Hope this helps.
Thanks for that.
So this has 55 days interest free. I'm seriously considering this if ING pull the plug. I'll be sure to use your referral code if I do.
Thanks again.
Does the amex essential give you 3 points per $ at supermarkets? Because then the cash back works out to 2.23% at supermarkets. This can also be stacked with cashrewards wish card 5% discount.
Amex platinum edge does this, but there is an annual fee, which I feel is still good value because of the free domestic return flight a year. See my post here
One AMEX Point on Essential card is different from One AMEX Point on Platimum Edge card.
One AMEX Point on Essential card only equals 0.75 Velocity Point.
@Neoika: Yes, I was always having problems comparing different point systems. That is why, I decided to work out how much the Amex fee-free cards are worth as a percentage, when redeemed as cash-equivalent rewards. This being my preferred redemption method. That way, I can easily compare them to say, ING 2%.
Those redeeming as flights will attach higher valuation for their points. I often hear OZB members say they value FF points at 1c/pt or higher.
So with referrer you get $75 after you spend $500?
Thanks.@so3n: Do you know if there are any limitations to the free domestic flight? Like can it be used over peak periods like Christmas/New Year.
Check out the T&C's here https://www.americanexpress.com/au/content/platinum-edge-cre…
All flights are restricted to selected classes within the Saver Fare family and are subject to availability. The complimentary flight is offered on selected destinations only and not valid for flights with Virgin Australia partner airlines or any codeshare flights. Virgin Australia and American Express cannot guarantee that seats or tickets will be available on the dates or at the times you may wish to fly. Seat availability may be limited to certain dates and/or flights and it may be more difficult to book seats around public holidays, school holidays or special events. Some flights may not have any seats available for this promotion. Route availability is subject to change without notice. Baggage in excess to the 23kgs included in the promotion will attract additional fees, see virginaustralia.com for more information. The offer is subject to the American Express Flight Offer Conditions and air travel is subject to Virgin Australia Terms and Conditions of Carriage.
Been with ING Direct for 11 years. Back then they had 8% interest on the savings maximiser and they had no transaction accounts.
Hoping they do a backflip. But otherwise I don't see any big incentive to keep my account with them? I will just revert to putting expenditure on the credit card like I did before they had 2% cashback.
There is still a reason to keep ING account though -> 3% interest rate on savings account.
UBank and ME Bank are higher
But changing bank accounts every now and then is a pain. I just shifted to ING a few months ago.
That's true. Depends how much you have in there, if it's a significant amount, might be worth switching. Otherwise no big deal sticking with ING.
Im holding off changing my bank until RBA announce another rate cut or not in August. Hard to say who will have the most competitive rate until the dust settles again.
And RAMS.
Outrage! Which other bank should I consider?