ING DIRECT Orange Everyday Transaction Account Review

Review - ING DIRECT Orange Everyday Account

Product launched 19 September 2009. Review published 19 March 2010. Please read our disclaimer.

ING DIRECT has launched an everyday transaction account with no ING DIRECT fees for everyday banking, and a unique approach to giving customers value when withdrawing cash.

Since launching Australia's first high-interest online savings account, the Savings Maximiser, more than 10 years ago, ING DIRECT has developed a reputation for price leadership and innovation. The Savings Maximiser led the way for a new breed of fee free online savings accounts that are now offered by most financial institutions, and has changed the way Australians save.

ING DIRECT has taken the same philosophy and applied it to a new transaction account, the Orange Everyday account - an everyday transaction account with no everyday banking fees, for anyone. There are no minimum requirements and no introductory period.

As a way of providing customers with free access to all of Australia’s 26,000 ATMs, ING DIRECT reimburses any ATM direct charges for withdrawals of $200 or more using the Orange Everyday Visa Debit Card. For withdrawals of less than $200, it is suggested that customers get their cash out for free when using EFTPOS. To further encourage customers to get their cash out using EFTPOS, ING DIRECT pays a 50 cent bonus when $200 or more is withdrawn using EFTPOS. The simple message is get your cash out using EFTPOS, or withdraw over $200 when using an ATM – If you can combine both, even better.

WHO DOES IT SUIT?

The account suits the ever growing number of Australians who choose to do the majority of their banking online, over the phone, on their mobiles, and generally don’t see the need or have the time to visit a traditional branch.

The lack of fees associated with the product means it is not pigeonholed to a certain demographic. Nobody pays fees for the account, not just people who have a regular income to deposit. Those with sporadic incomes who want to avoid paying a monthly account fee will appreciate the lack of minimum deposit conditions.

USEFUL LINKS

HOW DOES IT WORK?

The ING DIRECT Orange Everyday works much like most everyday transactions accounts, minus the fees, and plus the 50c bonus payment for $200+ cash withdrawals using EFTPOS. There is no monthly fee, no everyday transaction fees through BPAY, internet, EFTPOS, Australia Post, bank cheques, or dishonour fees. ATM direct charges do not apply for withdrawals of $200 or more at any Australian ATM. ING DIRECT’s approach to helping customers avoid ATM direct charges is unique. Other institutions that do not have a large ATM network to use have generally chosen to establish a partnership with another major network to tackle the issue of providing fee free access to ATMs. This only provides access to certain ATMs.

Rather than take this approach, ING DIRECT has found a way to help customers avoid fees at all 26,000 Australian ATMs. Both methods have their merits, however ING DIRECT’s innovative approach makes it the only transaction account that makes it possible to use any Australian ATM without incurring a direct charge. By keeping the minimum fee-free withdrawal to $200, customers are encouraged to minimize their trips to the ATM, or get their cash out when using EFTPOS.

Access to the account is via a chip-enabled (new cards as of end of January 2010) Orange Everyday Visa debit card. The account can be used as an offset account in combination with the ING DIRECT Orange Advantage Home Loan.

Account application is done online. Customers who are able to provide sufficient information to have their identity verified online will have their account opened immediately and be provided with their new account number. Customers whose identity cannot be verified online are required to print out a form and take it and their Identification Documents to an Australia Post Office before their account will be opened. Once opened customers can view their banking and transact online, over the phone, or through their mobile phone. Deposits can be made at Australia Post outlets, and customers can access money anywhere that Visa debit cards are accepted.

FEATURES*

No ING DIRECT everyday banking fees
No monthly fee for any customers, regardless of deposits, account balance, or relationship with ING DIRECT
Access through internet, phone, BPAY, Pay Anyone, international transfers, online bank cheques, mobile phone, ATM, Australia Post, and all Visa Debit card locations.
Overseas access
ATM direct charges paid for by ING DIRECT for withdrawals of $200 or more
50c bonus payment when $200 or more is withdrawn through EFTPOS
Chip enabled (new cards from end of January 2010) Visa Debit card

*Additional terms, conditions and qualifications apply

THINGS TO CONSIDER

ING DIRECT uses the Australia Post Bank@Post service as its branch network. Clients can have their identity verified, then once the account is opened, deposit cash and cheques (limits apply). Up to $5000 be withdrawn each day using the Orange Everyday Visa Debit Card when making purchases and $2200 for cash out at ATMs and via EFTPOS.
The ING DIRECT Orange Everyday does not pay interest. It can be linked to an ING DIRECT Savings Maximiser, Savings Accelerator or Personal term Deposit which will earn interest.
Some fees apply for “not-so-everyday” transactions – see the Orange Everyday Fees and Charges brochure for details.
Certain deposits are not accepted, eg. Travellers cheques or cash/cheques at ATMs.
A mobile phone is required to receive an SMS security code for certain transactions, such as setting up a new payee. Email is also required to setup the account.
Not all merchants will allow $200 to be withdrawn using EFTPOS. The 50c payment should be seen as a bonus available where possible, rather than expected at all EFTPOS merchants.

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