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New ing campaign I guess since the atm fee free thing isn’t a draw anymore.
Doesn’t make a lot of sense to me.
Enjoy
Everyday Roundup Campaign/Promotion from ING
Bellpop on 03/10/2017 - 14:35
Last edited 03/10/2017 - 15:18
Last edited 03/10/2017 - 15:18
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Agreed. Bring back the 2% cash back.
It's just come on line, but was happening well before the whole free ATM thing of the last week or so.
Similar to Acorn, but Acorn is for investment purpose and this one is for saving.
How does this work?
I buy something worth 3.50, then I get 1.50 from the bank?
I think it works with your Savings Maximiser account - whereby if you buy something worth $3.50, $5 gets taken out of your Orange Everyday Account; $3.50 to the seller, and $1.50 to your Savings Maximiser.
It also depends on whether you round up to $5 or $1.
At least that's my understanding of how it works…
What the. That sucks
that's what I thought…it's like a forced savings plan. But what's the point? shrugs
this doesn't replace the 2% or even 0.01%……
Now that they don't have to pay ATM fees, they're really racking in everything. wow.
St George invented the rounding feature years ago, they are copying the same business model as Acorns; and rounds the figure spent to the nearest dollar. There is no real benefit, the bank doesn't give you any bonuses, it is your money they are placing aside overall, it's just a script in the background moving money around…
St. George copied it from Bank of America who (I believe) first implemented this in the late-90's.
I can't see Ozbargainers getting excited about it.
This feature is for people who:
- live paycheck to paycheck and find it difficult to save; or
- have little self control and spend whatever is in their main account.
Agreed re self control, but it is a sad thing that there is a level of moron that needs this to save.
Useless idea, wasting marketing budget.
Anyone know someone from the ing marketing team? Tell them to jump from the window.
They like wasting marketing budget anyway. Especially they pay Isla Fisher to be representative of them rather than just giving out incentives to attract customers. The round up thing… I have no idea what it is about when I first saw the email. Plus I no longer use ING to make card purchases since they removed the 2% cashback - better just use Bankwest or other credit cards to collect QFF points. ING is majorly degrading - it was once the best bank, not anymore.
How is this any different to me transferring money to my savings maximiser?
I would however be interested if they come out with a credit card.
They do have a credit card.
Thanks for the reply. Just looked into it. Can see why I did not hear about it.
What a disappointment - no real incentive to switch.
Not sure whats with all the hate? I think is a good idea as long as its optional.
Rounding up my purchases to the nearest $1 seems like a good idea for me. Will help me build up my savings and spend less.
It is basically the digital equivalent of emptying the change from your pocket each day into a jar or piggy bank.
I can't remember the last time I made a purchase with my ING card.
You can't remember? I can! The last time I used my ING card for purchases was when the 2% cashback was still on LOL
I thought they pay the money to me to round up, basically they give nothing and this feature is totally useless. All the money will be in my offset account.
Yeah thought the same, they would pay the rounded up amount.
I remember when I got 5% PayPass back for purchase under $100. Those were the days…
no link
Get a grip. Really what do you expect from banks?
Something back for the billions of dollars they make every quarter?
I personally thought this was a great little idea, obviously in the minority.
I didn't mind it as well. I activated the feature because I thought 'why not give it a go.'
I didn't like the idea. I prefer sweep from ubank to keep minimal amount such as $10 and moves money whenever i make a purchase..
probably might close ing and stick with ubank…
I think that is stupid.