meBank
ING Direct Ending Their 2% Cash Back on Their Everyday Account from 30 September » All Comments
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.
@skywalka:
ME, but it has a condition - for new clients only. Previous clients need to 'request' higher interest. Not sure what does that mean and how easy is it to get approved. ME is 3.35, RAMS 3.15 but no withdrawals and 200 transfer monthly, uBank 3.12 with 200 transfer from an external account.
@Wystri Warrick:
It's not that easy if you have given numbers to friends and family, changing it every time is a pain.
Yeah, no harm keeping the account, whether one will still keep one's savings in it or not, since it is fee-free. Besides, rates change all the time among the banks. Good incentives may come again, who knows?
If not using the account, might be better off closing it. After all, good incentives are usually offered to NEW accounts.
@bluesky: yeah, agree it may differ from bank to bank. Hence my thought is if you are not getting any benefit out of the existing account, closing it sooner might just get you a chance of being "new" again based on whatever criteria at the time when the new incentives come. By hanging on to an account you are not using will just get you zero chance of being "new" again ;)
They have gotten so much business out of the 2% cashback bundled with the reasonably high flexible savings account (sitting at 3%). I believe most of us thrifty people were happy to park our money with ING because of both perks, however with one half of the benefits going (in actual fact the better half of the perk is going), they are going to lose a lot of customers in a downward spiral.
I can understand if they are losing a significant amount of money then it would be an option to let it go, but surely the intangible value of a strong loyal customer base is something they'd want to keep. I'm not a strategy manager at ING, but I hope they have thought this out clearly. The worst thing to do is to hurt both themselves and their customers.
Find pareto efficiency, not purely to maximise short term shareholder value. Play the help me help you game, make the stakeholders happy (such as customers) and they will in turn make shareholders happy (with being loyal customers)
Really do hope some other bank steps up with a cashback feature after this - UBank would be nice
It will be really nice, but I really doubt it. And if they do, it will probably be for the first few months upon new account opening.
Yup, ready for the INGEXIT
Cue the mass exodus from ING.
NNNNNOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!
Well it could actually be a good thing.
Once they realize that they lost a lot of customers they may want to get them back and put back on the 5% rebate offer that brought so many customers to them in first place.ING Direct was bought out by ANZ. So maybe if the ANZ executives see the exodus of customers they will wind up the whole operation and move all the customers over to ANZ accounts. Or maybe that's always been their plan since they bought it? Bait customers with 2% cashback and then switch them all over to ANZ accounts??? But isn't a bait and switch against the consumer protection laws?
ANZ only bought the insurance and wealth management business.
Ah true. My ignorance.
Bait customers with 2% cashback and then switch them all over to ANZ accounts??? But isn't a bait and switch against the consumer protection laws?
I think you need to also bone up on what its truly bait and switch, as I think your concepts aren't correct. A take-over wouldnt be considered as baiting.
@RockyRaccoon: I thought they could be baiting after the take over. Anyway that's just moot now. Because there was no take over and I was only speculating.
This is what happens when people game/abuse the cashback.
Abuse the cashback?
Or use the cashback?Haven't you heard of people splitting their payment into multiple $99 paywave.
Which ING also contacted a number of people about and warned them about doing this.
@Shadowsfury: It's your card and you can decide how you want to use it. Bank can't dictate the terms if the usage is still valid and within the rules. If the bank has issues, it should use a filter, for example, only one transaction as one retailer within one day allowed for cashback. Not sure where it's doable technically though.
@virhlpool: Of course it's technically possible. I believe ING only issued warnings when it was 5% though.
That's abuse?
LOL.
How about we start a Ozbargainer Change.org petition?
I'm sure if you post the link everyone here would sign.
I'm sad that my name was spelt wrong :'(
@Doggiie: sorry Doggiie :(. Was using my phone, didn't notice it until I couldn't edit anymore.
Will you write us a Change.org petition?
Yeah, I ll sign. Why not.
It was good. Now its gone. Safe to say we all made hay while the sun was shining.
Home loan bonus gone, now 2% cash back gone. Something else will take its place.
Had that 2% cash back working really well. Prefer not to overload the credit card and always better to pay for things with cash (another scott pape tip). What to do now…
https://en.wikipedia.org/wiki/Scott_Pape
I was all excited till I read "He currently is a finance presenter for Seven News."Edit: Okay he's listed on ASIC's site https://www.moneysmart.gov.au/life-events-and-you/life-event…
Yes don't be put off by the channel 7 link up. Not a koshy in training. His barefoot investor advice is actually pretty good to take on board.
What to do now…
Switch to another card? If you are looking for one, the one I use mainly is Amex Essential. Reward rate is only 0.741%, but better than nothing. And it is fee-free. Plus sign-up bonus and some card benefits. Info here.
Thanks for that will look into it. Haven't gone for Amex previously. Do you find you get stung with extra transaction fees though?
I am allergic to fees! :-) No, I haven't got stung yet. I think nowadays, Amex is much better than before, with supermarkets and large stores accepting them without fees. So far, I am able to pay most of my purchases/bills without fees using Amex.
In some cases, where Amex is not directly accepted, I use paypal or austpost billpay so I can still use the Amex card. See my comment here.
Anyone know if the next to go will be the 50cent bonus with 200 EFTPOS cash withdrawal? I have gone decently hard with that hard over the last few years.
How much have you made?
when i was out of work, i would cycle $1000 (5 x 200) out and back in, in the same day… solid $2.50, i think i clocked into $30, before i lost the will to do it.
True OzBargain spirit!
+ve@fruit: ultra embarrassing at the checkouts…. got me out of the house tho, i also took the free bread from brumbies bakery, and free sausage sample from butcher, accompanied with the occasional pretend to be interested chat…. pretty sad
You win unclesnake!!!True ozbargainer.
My rewards last financial year totalled 231.99; most of that was the 50c bonus. The year before that was even more. I have recently (re)discovered surveys and they are much better value for time.
lol I wouldn't call them lucrative! I was going to start a everyday finance investing blog and I wrote some reviews below. Apologies for the long post.
Myopinions:
I’ve been a member of myopinions for a seriously long time. There are usually at around 2 surveys you can do per day; the rejection rate is lower than others. Each point is worth 1 cent and the minimum redemption is 2000 points or 20 dollars. Rejection gets you 20points.Redemption is paid to a paypal account then I transfer that to my normal bank account. Turnaround from redemption to actual cash can be as fast as one business day. It’s all really quick and I highly recommend myopinions.
Opinion World:
Been a member for a few months so experience is limited. Usually slightly less surveys than Myopinions but it has a similar rejection rate as Myopinions. No points for a rejection. Also I reckon time per dollar is slightly less value than myopinions. Each point is worth 2 cents and the minimum redemption rate is 500 points or 10 bucks; which is an advantage over My Opinions. Redemption is paid to paypal then transfer that to my normal bank account. Same speed as Myopinions.Pure Profile:
Signed up same time as Opinion World so experience is limited. Quite a few surveys but it has a similar rejection rate. Rejections can yield 5 or 10cents. Time per dollar is probably the best value. Rewards are rated in AUD already so no “points”.Minimum redemption is at 25AUD with a max of 50AUD per 60 days; because of the harsh redemption rules I favour Myopinons and Opinion world first. Payments are made direct to bank and (according to them) can take up to 30 days! As an example I redeemed on 24/05/16; in bank 24/06/16. I redeemed 09/06/16; in bank 25/7/16.
The Pure profile platform feel and layout absolutely kills the other survey sites, pity about the harshness of the redemption to cash process.
Toluna:
Signed up at the same time as Opinions World and Pure profile. I don’t recommend it because the rejection rate is super high, for me anyway and speed of redemption is super slow as well. Redeemed 20 bucks on 23/05/16 hit paypal acct 17/06/16.My final takeaway is that you will not get rich doing this!!! You also need spare time, perhaps you are unemployed, a stay at home mum, or a student or whatever. Important thing to note is that you don’t get taxed on the “income” unlike savings interest. I try and at least get 10 bucks a week in cash value. Pretty easy done whilst watching tv etc. So if you measure that against a 10k chunk of cash 10x52 = 520 a return of 5.2% tax free. My taxation rate is 37% so the return is theoretically much higher. This is not a perfect example of course.
Over the past few months:
MY OPINIONS CURRENT @ $18.84
OPINION WORLD CURRENT @ $24.00 (cbf redeeming)
I also have 25 from Pureprofile should be in my account in a month. 20 bucks on the way from Toluna on the way as well, will hit maybe a month as well.25/07/16 25.00 PUREPROFILE
18/07/16 20.00 MY OPINIONS
06/07/16 12.20 OPINION WORLD
24/06/16 25.00 PUREPROFILE
17/06/16 20.00 TOLUNA
09/06/16 12.40 OPINION WORLD
09/06/16 20.00 MY OPINIONS
16/05/16 10.90 OPINION WORLD
09/05/16 21.00 MY OPINIONS
28/04/16 20.00 MY OPINIONS
14/04/16 20.00 MY OPINIONS
01/04/16 20.00 MY OPINIONS
13/04/16 20.00 MY OPINIONS
I knew this would happen when I heard a few months ago, the reserve bank of Australia would be limiting Visa MasterCard interchange fees, and the interchange fees is where ING pays for this 2% cashback.
How does it work?
This article explains it
With banks now collecting a smaller cut on transaction surcharges, this means there's less money to purchase frequent flyer points
or in this case, instant cashback for ING paywave
Thanks, this article explained it really well to someone like me who's not so financially minded.
could at least lower it to say 1% instead of scrapping it
Any idea what they are lowering it to?
The RBA will set the interchange fees to a limit of 0.8%
If actually enforced this a great decision.
We're kidding ourselves if we think the extra charges weren't simply passed on to us.
The pessimist in me says the chain supermarkets will do nothing to pass on the savings back to consumers, and so for most cases we will be worse off
Yeah I will leave is they get rid of this.
I was the greatest advocate for them. Not now though.
Same, my whole mindset has changed about them!
I am an ING Direct customer pretty much from the day they came to Australia, back in about 2000. I've always been a big fan of their savings products, as they had no fees, high interest, and the fee free ability to use any ATM is a massive bonus.
I have been using ING's 5%/2% cashback offer for almost everything I buy (apart from Woolworths Group eGift cards). If ING drop the cash back then I will never use the card for PayWave purchases again. A fee free credit card with 55 day interest free period is a much better financial option.
I understand why ING is going to pull the offer, but it won't change my decision.
Definitely not using ING DIRECT if they don't offer Cashback. Will use credit cards instead to earn points.
Leaving as well
My main reason to like ingdirect is the free atm everywhere in Australia :)
MeBank also offer this now.
But ME Bank's services are second-rate compared to ING, e.g. mobile app, customer service.
Thank god someone said it. Amen @daz.
Go and navigate your way around ME's internet banking, folks. Shocking.
Citibank as well I think - although I also read their service/app/site/phone is terribad.
Has this been confirmed by someone who uses ME? While their website says they do, under the T's&C's it says this: ^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.
Yep, will leave if this is the case
Or they could just reduce the cashback?
If they reduce it further, say to 1% or below, there may be no motivation to use it. E.g., I can already get 0.741% with fee-free card, plus I get interest-free days. See comment. So why would I bother to use my own money?
https://www.facebook.com/INGDIRECTAUS/posts/1167222823298937
Just my 2c worth on their FaceBook page…
You do realise as soon as you remove the 2% cash back that you are going to lose so many customers. Every single person I know who banks with ING DIRECT Australia or moved over to ING Direct only did so to get the 2% cash back and by removing this you now are no longer providing anything that we can not get anywhere else. You no longer have the highest interest rate and other banks with higher interest rates have also free ATM withdrawals. You stated the following on another Facebook post "This is why we’re offering referral friend bonuses” I would like to know, how we can refer friends to come over and use something that is not competitive and offers nothing more than other banks (with physical branches)? You also stated that "I can let you know that the 2% cashback is currently under review" so I will wait until the review is complete before I decide but I can tell you now… it was good while it lasted!!!
ING have been giving literally free money for years and now so many people want to jump ship. good luck with that
I can't tell if you're "defending" ING or the customers
Yes.
Wow, thanks for the heads up! I will most probably stop using the card if this happens, although will keep the bank account as it's fee free and relatively comparable for interest rate.
Guys, don't be surprised if ING are ahead of the pack again in the future. Like topping deposit interest rates over Ubank, ME, Rams etc. Or other useful offers.
Right now they have perhaps become uninteresting, but maybe worth keeping your accounts dorment.Agree with this completely. Which is why I won't close the account, since there is no cost in keeping it open.
Why not close the account so that you can take advantage of New sign up bonus in the future.
Won't they have records that you are not New, next time you try to open account?
I thought they even let you keep your login for 5 or 7 years after account closing, for online statements.
(Maybe I am confusing this with another bank)i am not sure if having too many credit cards will affect your credibility ?
Update: ING have softened their tune to say that the 2% cash back is now under review.
that is marketing speak for "we've already decided that we are going to remove the cashback"
Let's hope something in the middle,say maybe 1% cashback apply!
At 1%, there is no incentive to use the ING. Even using my fee-free Amex Essential, I am getting 0.741% back, plus interest-free days. I probably will not bother to use ING in that case.
1% is greater than 0.741%. I personally prefer the bigger number.
@dazweeja: Hi, I agree a bigger number is better. But I view the other hard to quantify benefits (e.g. price protection, refund protection, extended manufacturer warranty, chargeback if issues arise etc) to be worth a premium of 0.259% or more, to me at least. Clearly, this valuation is subjective, and vary from person to person.
@dazweeja: As we mentioned earlier. The interest free period fills the rest of the gap. Say 3% interest x 55/365 = 0.4521%
@bluesky:most people don't have to bother with any of that for 99% of the transactions that they are using paywave for.
@squeeb: That percentage only applies assuming you actually get the max interest free days.
In addition to that, if you are earning above the tax-free threshold, any interest you earn gets taxed.. so it's really no more than ~2.6% that you would be basing it off.
Agree. If ING were going to keep the cash back they would categorically state that.
Under review means that it will be removed.
Lowering it to 1% would not be an attractive feature to offer.
They are removing it, got the official mail from them today saying that!
That's a real shame if they're discontinuing the 2% cash back, although of course they have every right to do so. In my case, I also have a home loan with ING which is not at the most competitive interest rate. I was keeping it simply for the convenience of having all my banking with the one institution but if they remove the cash back it might be a good opportunity to find a better deal on the home loan.
Very unfortunate, the RBA decision on the interchange rate is definitely filtering through. Has we seen any benefits from that RBA decision except Airline scrapping their fixed credit card fees yet?
The 2% paywave cashback + 1% mortgage cashback were big factors in me choosing them as our homeloan provider.
Now that both of these will be gone, it's probably time to shop around as their interest rates are not the most competitive
WoW!! They already lowered the original Recruit a friend bonus interest from 3.5% to 3% and now this? Any other banks that offer cashback ? I also have savings account with them, so a bank with better interest rates would be better.
Recruit a friend?
I think they were referring to 'refer a friend'.
I've been trying to recruit friends for years … but they never come back, that's why I surf ozbargain on Friday night's :(
Disappointing news but thanks for the heads up. Was good whilst it lasted.
Will close the ING bank account and revert to ME and/or UBank which both offer better interest rates.
Was using Citibank credit card but have to be careful with their fees. Time to find another credit card too.
Hey Squeeb, if you happen to be looking for a fee-free card, have a look at Amex Essential, which I have included some info here. Like you, previously I was using Citibank credit card, whenever the ING 2% didn't apply. I have now switched to Amex Essential due to the new Citi fees. In particular, I detest the new Citibank DCC (International Merchant) fee, which one doesn't know about, until after the transaction. The Amex card will not have such a charge. I asked OZB community this question recently here and a few have confirmed this.
@Bluesky, Agree. I have a gold Amex which has similar features and rewards to the Essentials card. It also looks like Citibank have increased the number of points required to redeem gift cards, making the points worth 0.25% versus Amex 0.7407% or 0.3704% (utility, phone and government bills). Citibank also introduced points capping. Time to move on to the next deal and not be sentimental about ING or Citibank.
Thanks, didn't know Citibank increased the points for gift cards. But does not surprise me, I have redeemed most of my points since they announce the changes in March.
With respect to Amex point earning on utilities, see my comment here.@bluesky: You have been lucky with your bills. Here is the details that I can see in my offer.
You will get 1 point on all spend, except at the providers below where you earn 0.5 point per $1 spend:
Utilities, which are gas, water and electricity providers Insurance (except insurances offered by American Express) Telecommunications providers, which includes goods and services purchased from phone, mobile and internet service providers. Government, bodies including the Australian Taxation Office, Australia Post, federal/state and local government bodiesPostbill pay may help to get around this but I always ask at the post office and they can let you know if any fees are charged.
"Why isn't my bank giving me free money? What an outrage!"
I sometimes feel like we're too spoiled.
It's the only reason to use a debit card, like ING's product. Otherwise it makes more sense to use a fee free credit card with 55 days interest free. ING's offer has been around for years and people are only voicing their disappointment that it's very likely to be canceled.
I only bothered to exploit this rebate recently (I get most of my perishables cheaper for cash elsewhere) but the most annoying part is that I've been recommending the card to everyone in the last few months based on this rebate and the $75 bonus. Now it looks like I just wanted the mutual $75 bonus…well I wouldn't have rejected it.
It would be a shame to go to ME bank over this. They feel amateurish, incompetent and less contactable in comparison. Though having a loaded MasterCard has its benefits.
Ain't keeping account if cashback goes as no point for me.
Good bye ING
https://www.ingdirect.com.au/everyday-banking/calculators/ca…
Time for me to switch to Amex Essential from 1st Oct.
If you already have it, good on you!
If not, you might consider applying via a referrer to get the $75 bonus (instead of $50).
Amex referrer list here
INGdirect will be coming out with Android Pay in the next month or two. Surely these two things are linked. My guess is that they'll move the cashback reward across to users that are using their phone instead of their plastic.
Sucks to be you if you have an iphone.
Please note the 2% cash back promotion is ending. The last cash back payments will be for eligible transactions that hit your account by 30 September 2016 (including any mobile banking transactions).
So unfortunately, that rules out an android pay cashback? :(
Ending on 30.09.16.
It means that the next one in August will be the last $1000 transfer to the ING Orange account to qualify for the rebate in Septenber.
After that…no more.
My guess is that they'll move the cashback reward across to users that are using their phone instead of their plastic.
Don't think so. Once it's gone, it's gone.
The only way they'll bring it back is if they either face consumer backlash (i.e. consumers switch or stop using their debit card) or due to competitive pressures (i.e one of their competitors start offering that)
I called them a few weeks ago and asked if the 2% cash back would also apply to Android pay and they said no.
I'll be using CBA for Debit card from 1/10/16, and have been using CBA for savings (money parked in my sisters offset account earning 3.60%, yes I have access to the acccount in my profile ;) )
I have contacted ME Bank and Challenged them to pick up where ING has dropped off and start offering 2% Paywave rebate to their customers.
I'll update the community once (and if) I get a response.
I'll stay with them, never use savings for PayPass purchases anyway. Just keep cash reserves sitting in there whilst the Amex cops a strong workout. I'm with a lot of banks and ING has hands down been the best for service, customer support and reliability, there transfer speeds interbank are also pretty fast.
Agreed - lose a card - you get a new one in 3 days and the pin is all ready set. Customer service is good. App is good. Transfer speed to other accounts is good. When they went from 5% to 2% I never 'paid' much attention to the rebate any way. Max benefit was $2 and if you are spending that much per day to get good use out of it then it shouldn't effect you anyway. It was a nice bonus that is now over. They still gave me $50 or so to open an account with them. Dont see many other banks doing that.
It's not whether it's just $2 a day, it's that it all adds up by the end of the year. Most people would be making $2k-$5k of personal expenses a year which equates to around $100 of cashback, extra cash anyone would be glad get if it was 'free' and almost effortless.
Now I might be imagining things, but for most big business the average cost of 'acquiring a client' would be about $100 if you add up all the ads/marketing/sales people costs. To ignore the fact that paying ~$100 to a customer to retain loyalty and save on the expenses associated with marketing for new customers is a bit insane in my opinion, but I must be missing the big picture here if ING thinks it's a good idea.
Yeah fair call - looking at my rewards last year I earnt $244.94 on paywave and $129.20 on rebates. So that is a big loss. Regardless - no other bank has ever offered what I had and I'm happy with them and will not be moving unless a competitor arises with a similar deal.
I'd doubt ING would really care about trying to retain the prototypical Ozbargain client. Whenever a company stops giving an incentive to lure new customers, it seems everyone has more business acumen than the people calling the shots - ING will not haemorrhage clients like the Ozbargain analysts suggest.
Besides, the typical Australian is too apathetic and lazy in dealing with anything finance related and are hesitant to change banks or insurers or whatever even if they aren't happy with their policies. ING have been solid for me and if they continue to give a good product and great service I will stay.
never use savings for PayPass purchases anyway.
You can't use Savings account for PayPass anyway. You need to use checking (i.e. Orange Everyday) account. Debit card is for Orange Everyday account and not Savings account, hey.
You're arguing semantics…I have the orange everyday account as well as the savings maximiser.
I thought it would be implied that when I refer to 'savings' I'm generally referring to using currently held cash on hand when you use a debit card as opposed to a credit card where you are using the banks money to be paid back later. I use the debit card to utilise free ATM withdrawals.
I always forget I have to be super explicit and pedantic on ozbargain though, where everyone gets stumped with labels…So I'll rephrase…I never use my orange everyday debit card to make payWave purchases that debits my orange everyday transactional account that you like to call a 'checking account'. I use my diamond awards CBA issued American Express that uses an allocated pool of funds that CBA grants me access too.
if I ever have to use money from my orange everyday account at an eftpos terminal, I press savings, hey.
I always forget I have to be super explicit and pedantic on ozbargain though, where everyone gets stumped with labels…So I'll rephrase…
Everyone on Ozbargain learns this everyday. Good for all of us. Cheers, mate!
if I ever have to use money from my orange everyday account at an eftpos terminal, I press savings, hey.
Why wouldn't you use PayWave in such cases? Just curious, hey.
I think the machines PayPass option wasnt working so I had to insert, I always choose to tap my cards anyway. I hear people don't like it because the transaction doesn't come up on their account instantly. Heaps of people have weird financial habits though, like those that use their credit card and then transfer the money over straight away have always stumped me.
Also didn't mean to come across as a jerk, you seem a pretty cordial bloke.
Heaps of people have weird financial habits though, like those that use their credit card and then transfer the money over straight away have always stumped me.
It's a compulsive disorder symptom of a kind. Some people have high obsession for ticking off their laundry list as fast as possible, one of the item on the list being payment for credit card. I have seen such people.
An eloquent explanation. I prefer to look at the time-value of money, paying your debt 55 days later is better than the same day.
I guess it's official for me. Got the email today. And we just transferred our entire though measly homeloan deposit savings to ING :((
Put it in a vanguard account
At long they don't remove the ATM rebate I will stay with them.
I save around $20 a month from ATM fees ( 10 x $2) adds up . and those greedy $3.90 at airports and pubsReward -
Financial year ending 30 June 2016 -
Cash Withdraw Rebate - $ 213.45
Visa paywave Rebates - $148.39You don't need to withdraw money 10 times a month though. It means that you withdraw it once every 3 days on average. Quite frequent! You can increase withdrawal amount and reduce frequency.
10 time a month is pretty low. Not everywhere I go have EFTPOS.
I don't like walking around with money in my wallet. I find when I have note , I just spend it . where if i have to walk to ATM and get cash out it better because I have to think if it worth the walk LOL .
I get $20 out when I Need it. so Monday, Wednesday , Friday lunch + Weekend pub/cafe/outing Etc
If I was with another bank and getting charge every time - maybe then I would change my banking habits
You are one funny man, who withdraws $20 every 3 days and also inspires someone like me to develop that habit.
Don't you have a Woolies nearby? You do not even need to buy anything.
Double whammy. Received this within half an hour of the ING email.
We're writing to let you know of a change to the flybuys program that will affect linked Medibank members.
From 1 September 2016, flybuys and Medibank linked members will no longer be eligible to collect 1 point for every $3 spent on health insurance premiums.
bugger!
…and interest rates are speculated to drop soon.
At the time of me signing up with ING, i was weighing up the citibanks 4% cashback for a limited time, or the 2% ING for unlimited time. Unlimited time sounded much better and im surprised they are gutting it now as I would have been better off with the citibank 4% for a limited time. But it was a great promotion and ive saved a lot of money from it. First time i really used a card for every purchase as i usually liked to pay by cash. Im sure they calculated people like me slooting with whoevers got better deals. ING have been great for everything else though!
Hi NAME,
Over the last three years our 2% cash back promotion has helped customers get ahead by putting money back into the pockets of thousands of Orange Everyday customers.
Keeping cash back however would mean making changes to some of the other services/benefits our customers have access to:
Free ATMs everywhere in Australia
No monthly account fees
Our easy to use mobile banking app
Our 24/7 customer care service
To continue to offer these services we've decided to bring the cash back promotion to an end on 30 September 2016.Rest assured that as Australia's most recommended bank we still believe your Orange Everyday account will continue to deliver the best value, service and convenience.
John Arnott
Executive Director, CustomersNo monthly account fees
Our easy to use mobile banking app
Our 24/7 customer care serviceAs if these are so special and people cared for these more than 2% cashback. Either banks actually don't understand their customers or they pretend not to.
They did a survey, presumably this was their findings.
They did? How come I didn't get to participate?
@fruit: I got invited too, I didn't bother to do the survey, thinking I am quite happy with the debit card 2% cashback.
Not sure if anyone has seen Macquarie Bank's new offer. http://www.macquarie.com/au/personal/bank-accounts
I was looking around for something new too. There are no monthly, ATM or international fees. There is interest on your bank account and a bonus interest rate on savings. The savings bonus is for 6 months though. They also give you a 50c rebate for cashout like at Woolies - not sure if anyone else does this. They also have Android Pay which looks pretty cool.
There was a previous thread about Macquarie's changes here: https://www.ozbargain.com.au/node/249337.
ING already gives 50c rebate for withdrawals/cash outs of $200 or over; this is not as good as Macq's $100 cash outs, but Macq only pays on cash outs and not on ATM withdrawals, and there is an annual limit. Also Macq's interest rates are very bad.
Interesting. But it says minimum deposit $4000 per month.
Which rules it out as a viable offer for some of us.
The no international fee's is pretty good for me, but $4k….lol am a student. Can you link where it states this?
You can get their standard account without a minimum deposit. They have two products, this is the basic one with no minimum deposit: http://www.macquarie.com/au/personal/bank-accounts/transacti…. Looks like you still get the same benefits apart from the insurances and concierge services.
Oh man, I'm such a big ING fan, switched 2 years ago and even moved my super over.. their internet banking platform is really good too.. what to do what to do..
The end of 2% cashback on is the begin of the new 2% cashback on their credit card? I know they've been working on the credit card since last year. Fingers crossed.
I was very recently sent a survey that asked about this card. In the benefits proposed in the survey, there was no mention of rewards in the form of cashback or points. It just seemed like another no annual fee, 55 day interest free card. Not to say what was revealed in the survey would be the final product offering though.
Their card which was proposed attracted a moderate annual fee ($69 i think?). This fee would highly dilute the benefits of the cashback. I'll be going back to my fee free rewards credit cards (Citi Signature and AMEX Discovery).
isn't Citi Signature $395 pa?
Personally, I have given up on Citibank CC (even though it is fee-free) - mainly due to uncertainty with the DCC/International Merchant fee, where purchases billed in AUD can still cop this fee, if the merchant is foreign. Problem is you don't know who is foreign and who is not until the fee is added. Besides, someone recently said that they have increased the points for redeeming gift cards again, reducing the reward value even further! In your case, the AMEX Discovery might yield better value - perhaps worth your while to do a comparison.
@samojed: It's attractiveness has decreased ever since a raft of "enhancements" have come into effect in March. In particular, the International Merchant/DCC fee. Many merchants are foreign even if one wouldn't have thought so, e.g. Microsoft Australia.
Gutted. Was putting $1300 per month in there and using Paywave saved about $300 a year, a $1 a day.
Kind of of got comfy with it, like an old pair of shoes and now don't know where to turn.
Didn't even know my PIN number - the card only got used for transactions under $100.
Am not one of those who uses it for free cash withdrawals - I mean who uses cash these days?
Feels like my favourite pet died.
I'm gonna sit here staring into the distance until one of you helpful OzBer's points me in the right direction towards a new deal.Have a look at this and see if this suits you. Not going to be as good as ING, but better than nothing. It is what I will resort to, until something better comes around. Hope this helps!
Glad im not the only one who doesnt know there pin. I don't remember setting one up.
If you sometimes return an item for refund, you will need a pin.
i just got an email confirming the scrapping
Their FB page is littered with the same pro-forma response to complaints from customers:
"The decision to remove the cash back promo wasn't an easy one and was only done after extensive research with our customers. When speaking with customers, we found that what they really valued most from their everyday transaction account was free ATM access Australia wide and no monthly account keeping fees."
Would love to meet the clowns who they so extensively researched
Ugh. This is the worst form of corporate marketing speak.
Winding back benefits to customers "wasn't easy" (yeah right, I'm sure the CEO can't sleep at night). 'When speaking with customers/customers told us' is a terrible weasel statement. I bet ING only listened to the opinions that benefited their chosen point of view. "what they really valued most" - I'm surprised ING didn't add adjectives like 'excited, passionate, and pleased'.
If they asked me I would rank the cash back as the number 1 reason to use the card, followed by the ATM access. No account keeping fees? Many banks already offer this.
Can ING put forward one genuine customer who said "I want the 2% cash back removed"?
I'm a genuine customer that couldn't care less about the 2% cash back…but I wouldn't shoot myself in the foot and declare that I want it removed lol. What sort of 'genuine' customers have you met?
I did a survey. Must be one of those clowns that prefer free ATMs… One that isn't a penny pinching miser
Got an email asking about survey for a proposed ING Credit Card with 1% Cashback and $49 annual fee.
Under these terms, cashback benefits accrue only after $4900 spend. Could still be attractive for those with big annual spend. But not everybody.
Spend over $94 a week and it's worth it
…compared with using ING debit card, after 2% abolished.
Coles reward mastercard has 1% return and comes with a very sweet 2 years price protection insurance (can easily get back $100s each year), so I wouldn't go for that.
You made a good point. What I said about benefits accruing after $4900 spend, is only compared with still using ING debit card, after 2% is abolished.
Most people can use some other card. So let's take me for example, since I use the Amex Essential which is fee-free and gives 0.741% already, I will have to spend $18,920 or more before this ING card will give me any real monetary benefits.
@Raven2000
Do you pay 1% of balance for the price protection insurance or do you always make sure you have a closing balance =$0?
How do you make sure? Do you transfer more money to the card to put it in positive balance?Just make sure your closing balance is $0. Couple of days before the statement is generated, pay it all off.
@raven2000:
There is still a cost for the price protection insurance even though it is not much. You pay the closing balance 30 days before the due date. Loss of interest is about 0.25%.
Well worth it if you can claim back $100 each year.
This sux. I loved that extra reward!! Bad move ING.
I've found their customer service and banking app the best out of all the banks i've been with. I'll only move on if they don't support ApplePay in the near future. Tired of transferring money to my ANZ account.
Judging from the large amount of comments on this post many/most Ozbargainers are not happy at all with the end of the 2% rebate.
Of course it is undeniable that it is ING's prerogative and right to end it. By the same token it is the customers' prerogative and right to close the account if they are not happy.
I believe that the Ozbargain community is large enough that if everyone rung ING on the 1st of October to close the account that would send a very clear and unmistakable message.
The power of many…I don't disagree it would send a very powerful message with the community that we have.
However, when I think of the stereotypical ozbargainer, I can't imagine they would make much money off us.. I honestly have this hunch that by losing a lot of us who use it with the primary purpose of the 2% cashback they may possibly save money.
How would they make money from an ozbargainer? I can imagine they might be able to earn off one who has put in a large amount into the Savings maximiser (can therefore reinvest), and maybe those who don't have credit cards and use it for online purchases.
These are the two primary things that I can imagine that ozbargainers would be able to contribute to the actual profit margins of ING. Otherwise, I'm sure individually speaking, they are not making money off individual transactions where they have to pay 2% cashback.
Tldr: I think ING Direct might save money by not having a lot of ozbargainers as customers.
They're going to lose money with people moving their home loans elsewhere. They should be keeping the deal for people with home loans at least.
@hetzjagd: But curious, will many people be prepared to move home loans due to this? Is this not a lot of hassles (changing home loan provider)? Won't the rate have to be a lot better elsewhere first?
In my case I am looking at moving not solely because of this but its one of the factors along with other banks introducing more competitive rates. I'm still yet to establish what the cost of moving the loan will be and whether that will negate any other benefits
Better to tell them now, before October 1st. It would be easier for ING to not go through with it than them doing it and then trying to undo it.
@skywalka
They will not listen to your complaint now. Unless we all close the account now, but then we would lose the last 2 months of 2% rebate.
I agree with Illumination that ING probably does not make a lot of money out of us Ozbargainers, but still 1000 or more accounts closed in one day would raise some concerns amongst executives…and they do no know that they are all thrifty Ozbargainers closing the accounts!@maxi:
I emailed them and told them since they won't be the best deal in town I'll have to take my business elsewhere. I'm still banking with them until October 1.
I made my feelings known to them. I encourage everyone to do the same.
"Keeping cash back however would mean making changes to some of the other services/benefits our customers have access to:
Free ATMs everywhere in Australia
No monthly account fees
Our easy to use mobile banking app
Our 24/7 customer care service"I would rather not have their shitty 24/7 support. And you consider having an app a service? It is a necessity!
Classic marketing technique of listing things which are already expected of them in order to make it sound like they're doing you a huge favour.
Free ATMs everywhere in Australia is the only solid example i agree with and that's the reason it's on the top of their list.
closed.
Still 2 more months' use … this must be a protest statement :-)
almost closed too.
Called them to increase my daily limit to transfer my entire savings to citibank
CSR was asking why are you transferring all savings, and I said cuz cash back promotion ending soon…
She told me she will lodge my feedback!
I've sent my complaints through the secure message, online contact and phone call. Hope ING direct will reconsider their move or at least offer alternatives such as cap the cash back amount every month if they receive enough complaints.
Outrage! Which other bank should I consider?