ING have made an everyday transaction account which is sort of interesting. Main points are:

• No monthly account keeping fees
• Free use of every ATM in Australia when you withdraw $200 or more
• A 50c bonus payment every time you use EFTPOS to make a purchase and get $200 or more cash out
• Instant access to your other linked ING DIRECT accounts.

Orange Everyday also includes all the standard features you'd expect from a transaction account – a Visa Debit Card, BPAY®, Pay Anyone and online bank cheques.

You'll get a $20 bonus when your first salary deposit is received, then a second $20 bonus when you make your first purchase with your Orange Everyday Visa Debit Card and a third $20 bonus when your first Direct Debit is withdrawn. But you need to be quick as these bonuses will only be paid until 22 December 2009.

What do you reckon?

Seems like a no-brainer to be honest, at least if you have any other loan/savings with ING. The ATM no charge is win to the max.

I wonder if you xfer from one ING account to another if it's instant?

T&C's: https://www.ingdirect.com.au/pdf/Orange_Everyday_Terms_and_Conditions.pdf

EDIT: Hmmm, can't be linked to loan account. I just applied and have message "You currently have no accounts that can be linked to your new Orange Everyday at this time."

Hmm, just the other day I was lamenting that it sucks that no banks have transaction accounts linked directly to savings accounts (as in accounts that pay interest >= cash rate).

Think I might check it out and open an account.

(I'm hoping by "Instant access to your other linked ING DIRECT accounts", it means you can have all your money in the interest bearing account, and when you make a transaction on your spending account, it deducts it from the savings account - so you don't have to transfer the money in)
EDIT: Seems by instant access, it just means you can transfer between them instantly. Ah well

last edited by Alt_F4 at 12:43:34 10/Nov/09

last edited by Alt_F4 at 12:45:25 10/Nov/09

sounds like you will get charged if you use an atm to get less than $200 out though

maybe i'lll change down the track, but i'll be sticking with my commonwealth debit credit card and ing saving account for the mean time

s***, that looks awesome.

I am going to read into it and this could be my new everyday account

Hmm, just the other day I was lamenting that it sucks that no banks have transaction accounts linked directly to savings accounts (as in accounts that pay interest >= cash rate).

I have this with a Suncorp account & sub account for savings. Transfer is instantaneous and the balance in the sub account gets an interest rate of 3.75% which is "ok". However their term deposits have 5.60% at the moment on 12mths.

id be all over this like a rash if i wasnt locked into my atm accounts wiht my homeloan;

ditto

Hmm, just the other day I was lamenting that it sucks that no banks have transaction accounts linked directly to savings accounts (as in accounts that pay interest >= cash rate).

I have this with a Suncorp account & sub account for savings. Transfer is instantaneous and the balance in the sub account gets an interest rate of 3.75% which is "ok". However their term deposits have 5.60% at the moment on 12mths.

5.6% eh.. what's the best rate on a general interest-earning savings account anyone has seen? My bank seems to be slow adjusting their savings interests to the new interest rates.

I have this with a Suncorp account & sub account for savings. Transfer is instantaneous and the balance in the sub account gets an interest rate of 3.75% which is "ok". However their term deposits have 5.60% at the moment on 12mths.

Yep, generally liquid short term saving accounts (ie all 'savings accounts' the banks have) will always pay less than longer term deposits. Mainly just due to the upward sloping yield-curve normally observed.

About the account though, do you actually get interest on the spending account as well? Because that's something I'm after. Usually I transfer my wages straight into my savings account every week, and buy stuff on credit card. If i need to use debit card or get cash out, I either have to leave some cash in there, or transfer it on my phone. Not a huge deal, but would be pretty cool to get it the way i described.

5.6% eh.. what's the best rate on a general interest-earning savings account anyone has seen? My bank seems to be slow adjusting their savings interests to the new interest rates.

ING Direct's savings accounts usually offers the best rates (usually its RBA cash rate + 0.5%). The larger 'mainstream' banks usually offer RBA cash rate + around 0.1-0.4%

last edited by Alt_F4 at 15:13:21 10/Nov/09

The missus just got one of these accounts, they are pretty good.
Only downside is that there are no branches, but I dont remember the last time I went into a branch.

You can deposit and withdraw money at the post office without being charged, there is also no charge for eftpos cash-out, so you wouldn't really need an ATM.

About the account though, do you actually get interest on the spending account as well? Because that's something I'm after. Usually I transfer my wages straight into my savings account every week, and buy stuff on credit card. If i need to use debit card or get cash out, I either have to leave some cash in there, or transfer it on my phone. Not a huge deal, but would be pretty cool to get it the way i described.

Interest is calculated on the sub account daily and I do the same you do. All our (wifeys and mine) wages go into the sub account, I spend up big on the credit card and pay it off at the end of the month. I keep about $200 in my normal account and if I need any more than that at a time in cash I get on the iPhone and transfer between the sub account and main account.

I got a letter about this a couple of weeks ago, it really does look winrar but the only reason I haven't signed up yet (which was already mentioned in this thread) is the lack of details about withdrawing less than $200 from an atm.

Edit: I have no idea

Bankwest have a similar account however it's only free ATM withdrawls at the major bank ATMs (NAB, CBA, ANZ etc) - that being said that's 80% of the ATMs around. Major plus side is that there's no minimum withdrawl, getting $200 out each time kinda sucks balls.

Best savings rate (not term deposit) is Ubank - 5.46% at the moment. INGs saving rate has been s*** for ages.

Also I will pimp Ubank even more. I've had them for about 4 months now - no issues. You can make your account online, there's no need to send documentation in etc. I've deposited money into my account, and withdrawn it with no hassles.

Go create an account now, it takes 10 minutes and you only need some basic information, drivers license, passport, medicare, TFN etc.

Who cares about the $200 minimum withdrwala?

Who seriously only takes out $40 at a time, I f***ing hate wasting time going to banks/ATM's so I grab a few hundred at a time.

Who seriously only takes out $40 at a time...

Well I sometimes take $20 out, sometimes $50, so I guess me?

sux2bu I try to go to the ATM as little as possible

yeah, put me down for that too
If I'm in a food court and I only need cash to buy lunch, that's all I'm getting out
probably be a different story if the atm on the way to the valley food court wasn't a suncorp, i guess

that $2 would add up

sux2bu if you lose said wallet and all the cash is gone

cash is so 1900's

sux2bu if you lose said wallet and all the cash is gone

sux2bu if you are the type of person who can lose a wallet

You've never lost one?

I never have. Hopefully never will. The company director was pick-pocketed on the Paris subway, that wouldn't have been much fun.

I've NEVER 'lost' one, I've had one STOLEN in Pamplona during the San Fermin festival (Running of the bulls).

So yeah I've never lost one.

Plus travel insurance sorted out any lost cash I had on me.

*bumpage*

Not sure if anyone else signed up for this account, but I did last week (Thurs or Fri) and the card has already turned up and it's ready to rock and roll!!

Bloody efficient by them, I was already a customer so I guess there wasn't any need to identify myself or sign anything.