Aussie business depositors abandon ING Bank
Australian businesses are continuing to flee ING Bank after tolerating years of uncompetitive rates on savings and term deposit accounts.
Aussie Business Depositors Abandon ING Bank
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I'm looking to leave, where did you move to?
I don't have a business account.
Mine is also personal… But asking where you moved your personal account to?
My shortlist was:
Macquarie (cannot, as debanked by them)
Up (but no web login)
Any others?@Stevo: Yes. I was a customer, and when overseas, called them as I couldn't log in, and was advised that they had closed my account… No warning whatsoever.
@deme: They advised that in line with there terms and conditions (section 9.2), my account was closed.
When back in Aus, contacted them to understand why it was closed, and didn't get an answer.
Finally they advised to lodge an official complaint, which also didn't advise why it was closed.
They then said my only option was to lodge a complaint with AFCA, which I did. It's been a few months, and I still am pushing AFCA for a resolution - Macq said they'd reply by a certain date as required, but didn't.
It's not like the grass is greener.
In terms of customer value, ING has really slipped over the last several years. It's starting to look like they are being driven to increase margins, but are going to be losing time line revenue along the way. Will be interesting to see what that does to net profit over time.
Umm what.
Because ANZ, Westpac, NAB have great savings rates…
Some lobbyist shrill this is.why is ING being singled out? shop around
surely the business itself should be making more money than their savings deposits
ING’s uncompetitive pricing is being interpreted by some of its customers as a deliberate effort to push them out of the bank.
Considering that's their MO for consumers, why would business customers be any different?
I thought ING's Savings Maximiser has one of the best interest rate and their personal HISA rated well by OzBargainers last year. But for their business accounts, it's only 1% pa for HISA and 1.2% pa for 1 year term deposit. Looks like they aren't even interested in business customers.
Hmm so in December 2020 they had $2.67 billion and were paying out basically nothing. Now they have $1.1 Billion but still only paying around 0.6 - 1.1% interest on it
Surely it's in their interests to be only paying out 0.6-1.1% on the $1.1 Billion instead of paying 5%+ on $2.67 billion unless I am wrong
Sounds like someone at ING isn’t doing their job properly. Or they were laid off and the work didn’t get looked at by anyone else. Or they actually just don’t care about attracting business customers.
ING does business? Must be one of their smallest divisons.
Dont understand this post, possible troll 1 post!
ING Maximiser interest rate is currently 5.5%
Westpac Life is currently 5.00%
Bendigo Reward Saver 5.25%
ANZ Save 4.90%The post is clearly about their business offerings, which do offer a markedly lower interest rate compared to their personal offerings.
Thanks, but responders to this post have been mentioning personal accounts rather than business. They dont get negged . eg Cluster 5+, Movieman
They have been actively trying to push out business customers since 2022. As of 13 April 2022, unless you have more than $50K held with them, they would close your account. The rate offered was just as uncompetitive then. That would be when many business customers exited as well.
Good. I'm glad to see customers leaving a bank that offers lousy rates. I thoroughly encourage this, and hope all business customers leave ING.
Speaking as an ING customer for well over 20 years (personal, not business).