ING cashback offer to pay customers for paying their electricity, gas and water bills

ING will pay customers for paying their gas, water and electricity bills with a new cashback offer launching in December. Canstar worked out how much you’d need to save to earn the same cash back in interest payments.

ING Customers with an eligible Orange Everyday account would be able to receive 1% cashback on utility bills under a new deal launching on 1 December.

Customers just need to deposit at least $1,000 from an external bank account each month, such as their paycheck, into any personal ING account in their name except for Living Super and Orange One accounts. They also need to make five card purchases in the month.

ING is launching the new deal after finding* seven in 10 Australian households noticed their water, gas and electricity bills have been getting more expensive in the last three years, yet only one in four households said they have never compared utility bills and one in five said they’ve never changed utility suppliers.

According to the research, households were paying an average of $5,472 a year or $456 a month on their utility bills.

This means with the ING utilities cashback offer the average household could save around $54 a year, according to the bank.

Canstar research analysts crunched the numbers and found how much you’d need to save in a year to earn the same $54, but in interest earned.

The data showed you’d need to save $8,882 in the average bonus savings account over the course of a year to earn $54 in interest, according to savings rates currently on our database. The average ongoing savings rate (those that don’t have any conditions attached) would see a saver need to bank a whopping $33,779 in a year to earn $54 in interest.

Cashback offers from other banks

ING isn’t the only bank offering cashback offers on transaction accounts like its Orange Everyday account. These are the other transaction accounts with cashback offers, according to those available on products listed on Canstar’s database.

Australian Military Bank

• Account: Military Rewards Account
• Cashback offer: 1% cash back on Visa payWave purchases under $100 when you deposit at least $2,000 each month (capped at $25 per month)
• Monthly account fee: $4 (waived if $2,000 deposit is made each month)

HSBC

• Account: Everyday Global Account
• Cashback offer: 2% cashback on eligible tap and pay Visa payWave, Apple Pay or Google Pay purchases under $100 when you deposit $2,000 each month (capped at $50 per month)
• Monthly account fee: $0

National Australia Bank

• Account: Classic Banking
• Cashback offer: 1% cash back per month on contactless purchases (capped at $10 per month)
• Monthly account fee: $0 (plus $10 card fee)

It might pay to check with your bank to see what cash incentives may be available.

Source: www.canstar.com.au – 23 August 2021. Based on transaction accounts on Canstar’s database with cashback offers. May not list all applicable accounts. List sorted in ascending order by Provider.

*ING research was undertaken by YouGov in July 2021. Total sample size was 1,011. The figures are representative of Australians aged 18 years and older.