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ING Direct Rebating Fees for Australian and Overseas ATMs if You Have Home Loan with Them, Other Conditions Removed

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ING Direct Rebating Fees for Australian and Overseas ATMs if You Have Home Loan with Them, Other Conditions Removed
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Russ on 15/03/2018 - 14:06 campaigns.ing.com.au (259 clicks)
Last edited 15/03/2018 - 14:31 by 2 other users

I received an email from ING today, saying the fee rebate is easier than mentioned in previous deals, if you have your home loan with them. An Orange Everyday account is supplied as standard with their home loans.

Previously, to get the rebate you had to deposit $1000/month and make five card purchases (debit or credit) in the month prior. If you have a home loan with them, it looks like these conditions have been removed.

Email says:

Hi Russ,

We're writing to let you know that we're introducing extra account features through your Orange Everyday that you need to be aware of. For as long as you hold an ING home loan with Orange Everyday you won't need to take any further steps to access these extra account features.

Starting 9 March 2018, in addition to free ATMs around Australia, you will now also have ATM fees rebated worldwide within 5 business days. Plus ING will also rebate our international transaction fee when you shop online and overseas.

For any questions, please contact 133 464.

Referral Links

Referral: random (658)

Until 30/11/2024, referrer and referee will each receive $100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $100/$125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 from an external source into the new Orange Everyday account, deposit any amount into the a Savings Maximiser Account, and make at least 5 (settled) card transactions within any calendar month with the new Orange Everyday card.

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Comments

  • atlinus on 15/03/2018 - 14:50

    If you have a homeloan with them, arent you supposed to be paying/depositing money already to pay for the loan loan on a regular basis.

    • star-ggg on 15/03/2018 - 15:10

      Yes, but you could be direct debiting from any savings account not just the Orange Everyday

    • Russ on 15/03/2018 - 15:31
      +1

      If you have an offset account, you might have that loaded up with money, and make your payments from that account. As long as there is still sufficient balance in your offset account to pay the next month's P&I charge, you don't have to deposit anything. Works very well if your income is sporadic, or if you want to take holidays and don't get holiday pay.

  • Xiaomi on 15/03/2018 - 15:14
    -4

    $1000 a month and 5 transactions is nothing.

    I'm not going to take out a home loan just to save $9/year using an international ATM when I probably couldn't really afford the holiday after buying a house in an inflated housing market anyway.

    • Scab on 15/03/2018 - 15:34

      You should have put your money in a Westpac high yield investment.

      • Wystri Warrick on 15/03/2018 - 18:10

        #comment_upvoted
        Comment appreciated but not upvoted due to restrictions.

    • TrendyTim on 15/03/2018 - 15:39

      Well its not just international ATMs, but Australian ones too, still ING trying to remove features from one product only to make their other crappy products look better.

      • Russ on 15/03/2018 - 15:46

        What features are they removing, from what product?

        • kev98 on 15/03/2018 - 16:00
          +1

          Over the past couple years they have removed the cashback offer on your mortgage payment (1% from memory), removed 2% paywave refund, increased annual fee of home loan package, just to name a few…

    • Devils Advocate on 15/03/2018 - 15:55

      This just in… not every deal applies to everyone. This is clearly directed at people who already have ING home loans.

  • TrendyTim on 15/03/2018 - 15:37
    +8

    ING still trying to polish that turd they dropped on us

    If i wasn't so damn lazy, i'd find another bank.

    • orangetrain on 15/03/2018 - 16:02

      What are the best ING alternatives?

      • [Deactivated] on 15/03/2018 - 16:50
        +2

        looks like ubank ultra is offering 2.87% balanced under $200k

        but pretty ordinary out there, probably due to the large drop in lending at the moment.

      • muwu on 15/03/2018 - 16:53

        UBank
        RAMS
        Aus Unity

      • Trishool on 15/03/2018 - 16:53

        YMMV.

      • Twirtle2 on 15/03/2018 - 19:49

        Switched to ubank

        The sweep functionality is pretty handy. Being able to automatically sweep money from savings to the transactional account to pay direct debits is quite convenient.

        Verifying my identity when first setting up an account was a pain in the ass as you have to go into auspost to get verified.

        UI/UX of the website and Android app is definitely not close to ING/CBA unfortunately. First month does not include any bonus

      • Yola on 16/03/2018 - 12:38

        AMP 3% at call, RAMS 3% but cannot withdraw during the month.

  • Russ on 15/03/2018 - 15:42
    +2

    I'm not suggesting anyone should get a home loan to access this deal. But if you already have an ING home loan, you now know that you can use Australian and overseas ATMs without worrying about most fees.

    Also, if you are considering re-financing your home loan, this may be a factor in your decision, if everything else is equivalent. ING's rates look competitive to me.

    Also, if you're just about to pay off your home loan a few years early, just load up your offset account instead (so nothing will be charged), and keep the account open. That way you'll get this offer for free, until the term of your home loan comes up.

    • donbot on 15/03/2018 - 16:02

      I wouldnt put a lot of weight on ING's promotions for home loans…

      Home loan rebate? That was a great little free kick for paying what you had to… obviously now gone.

      5% rebate on paywave - gone.

      ING made sense for us due to a very short lived promo that we got on to ($1 for LMI @ 90%), so the rest was just a bonus for us as the LMI saving was massive.

      • WaywardOne on 15/03/2018 - 17:58
        +1

        5% rebate on paywave - gone.

        Oh I remember that rebate…nowadays I purchase Woolworths gift cards at 5% discount…but that locks me in to one retailer…oh the memories..

  • danielh on 15/03/2018 - 15:57

    Slightly off topic but I thoroughly enjoy using my CBA Amex card for overseas purchases (eg. via Amazon US) and not having to pay for those pesky international transaction fees. Really useful for my OzBargaining. :-)

    I assume the same will apply if I use it overseas but not sure about overseas ATM fees and withdrawals etc.

    • Gandalf the Thrifty on 15/03/2018 - 16:13

      I wouldn't get too attached. The other big banks have dropped Amex cards eg anz, westpac so CBA will probably follow

      • danielh on 15/03/2018 - 16:18

        Yeah, I've been asking them about that and I think they like being the only Bank that still has it so I think they will hold onto that status for a while longer. Bit like how all the old Big 4 accounting firms hived off their consulting divisions but Deloitte stayed true and so for the last 10 years, all those accounting firms have been trying to rebuild their consulting divisions again.

    • [Deactivated] on 15/03/2018 - 16:55

      that's forex transactions, not cash withdrawl. Many OS banks charge you a fee to use their ATM (and then add that to your withdrawl amount - just like bank did until recently too) & then there's often a OS withdrawl fee on top. 28deg don't charge forex fees either, but they intro'd a OS withdrawl fee a few years ago.

      This sounds like to refund the OS ATM fee. Not sure if they still charge you a OS withdrawl fee.

  • tfb on 15/03/2018 - 16:21

    Make sure you check your statements for the rebates if you don't have a home loan with them. I just discovered I've been charged the foreign transaction fees when they should have been free. The reason they gave was the payments I made to the ING account (to cover the required $1,000 pm) weren't showing as credits - these were the new instantaneous payments I made from another bank.

    They have today said they will fix it up. Good thing too as I would have lost my bonus interest for March!

  • atlinus on 15/03/2018 - 16:24
    +1

    Ubank 2.87%, just deposit 200 to get bonus interest. No need to make purchase. Can do withdrawal. Same policy ever since unlike ING that keeps changing and making it harder to get bomus interest.

    RAMS, 3% but no withdrawals

    Citibank, 2.85% intro for 4momths but you can always open a new account every 4months to get bonus interest. Citibank transaction account/card i use overseas to take out money from atm and also to purchase from overseas merchants

    I try to zero out my transaction account as it does not earn interest. I can transfer only if i need to make purchase but not needed as i use cash or credit card which i always pay in full monthly.

    • Scab on 15/03/2018 - 16:53

      This guy banks.

    • [Deactivated] on 15/03/2018 - 17:00

      Ubank transaction a/c does give 1.81% interest. and it looks like you can setup "sweep" where you set a limit & if it goes over it, then it moves your money back to your Ultra (high interest) account at the end of each day.

  • arctan on 15/03/2018 - 17:30

    Citibank has 2.85% rate for 4 months.

    • WaywardOne on 15/03/2018 - 18:03
      +1

      I know this is very un-ozbargain-ish, but when I'm rate-hunting I only look for on-going interest. As many banks don't yet seem to have implemented payid (at least none that I use), transferring wads of cash between accounts is both risky (in case of typo) and costly (often daily transfer limits). Also 0.1 % interest equals less than a dollar a month of interest (On $100,000 principle).

  • aaronaldo on 15/03/2018 - 20:14

    Too little too late. Been with them for over 10 years. Just switched to Macquarie for transaction account and ubank for savings.

    • megadeth on 28/03/2018 - 20:47

      does macbank refund foreign atm fee?

      • aaronaldo on 28/03/2018 - 20:54
        +2

        It does, but a little bit trickier. You need to use arms that are part of the mastercard network and make sure you choose credit instead of savings.

  • WillKillfor5Cents on 15/03/2018 - 20:25

    Is this only if you have home loan??? I did not have any home loan and I received an e-mail TODAY 15 March 2018 stating the below:

    "Every month you deposit your pay of $1,000 or more, Orange Everyday gives you back the following month. Yeah!"

    No mention of the 5x tap??? Have they changed their mind? I have almost transferred all my money to my Macquarie Account now.

    What is going on? But their website is saying 5x tap…

  • muwu on 15/03/2018 - 20:50
    +1

    I had ING for a while, maybe 2-3 years. Their interest rates where pretty competitive and still are relatively so, but they have become increasingly complex in the eligibility for that "bonus" interest rate, to the point where it's ridiculous, having to use their card for transactions a certain number of times each month. On top of that, they only max out at 100k for earning that "bonus" rate, and minimum deposits of 2k each month is much higher than others (usually ~$200).

    I just ditched ING last month - who told me they're focusing their business on transactions rather than savings (for an account called "Savings Maximiser," go figure!).

    I've used UBank for maybe a decade, and have maxed out their deposit limit for the top rates for quite a few years now. They are head-and-shoulders the best, always the accounts I recommend anyone - always one of the best interest rates, great costumer service, simple and easy banking, great online UI, subsidiary of NAB.

    I also use RAMS (~2yrs) and Aus Unity (only a month) who offer good rates and high maximum deposits.

  • rogsamsy on 15/03/2018 - 21:56

    Rabo 3.05% for 4 months (new accounts, up to 250K)
    HSBC 3% for 4 months (new accounts, no withdrawals, up to 1mil)

  • Jad on 16/03/2018 - 08:13

    No mention of the bonus interest for Savings Maximiser… I guess 5x transactions/month still required to get this?

  • Shad on 19/03/2018 - 16:46

    do they have $100 joining bonus still active?

    • Russ on 20/03/2018 - 01:15
      +1

      Most recent email I received from ING (16/3/18) said "refer a friend and you can both get $25".

      Previous email said "Final days! Refer your friends before 28 February", and that was a $100 offer.

      • Shad on 20/03/2018 - 13:47
        +1

        Thanks

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