The Bloke

I am interested in finding out whether anyone has any experience with ING Direct for savings accounts? In the past I have not dealt with a financial institution that is entirely online.

canadaeh

I have an ING Direct account for savings, and also had their everyday account. Found them great and no different to a bank with physical branches. (I never go to a branch for my ANZ accounts anyway). ING have excellent Internet banking and service is there on the phone if you need.

The Bloke

Thanks

I take it there is no difference with transferring funds, bpay etc to normal major institutions?

Margaret3

I deal with a savings account entirely online and have had absolutely no problems (and no problems with Bpay etc)

Kiwipaul

I had an account with them a few years ago they were fine. Only problem is now they are not offering a competitive interest rate.

Best at the mo are ME Bank (12 month intro rate of 5.1%) or Ubank ongoing rate of 4.99%.

They all have some restrictions you just have to live with it as the funds are guaranteed by gov anyway.

commonwealth

ME Bank is 5.1% only if you do it by 31/3/13.

KJCherokee

We have both an ING Direct savings account and an Orange Everyday account, plus we took out a home loan with them to do some renovations. Great to deal with.

Timmo84

I have an ING account as with some of my friends and haven't had any issues. I'd be wary about what the base rate will become after the intro period of 4 months. Currently the rate reverts back to 3.25% or 4% if you meet their loyalty bonus requirements

Pomster

we have had an account with them for a while. Savings account you have to have a linked account (can be with any bank, but you must nominate) and money being moved OUT of ING can only go to this account. Guess it prevents fraud.

But if you have an Orange account that is a normal account.
All seems to work well and we found them easy to deal with from overseas.

OverRun

I've got a rather a few accounts & term deposits with them.

It took me a while to trust them with their online-only presence. Imagine how that got tested when one account disappeared briefly due to a technical hitch. It re-appeared but that was still a bit nerve-wracking.

However I now have more of my money with them than the Commonwealth Bank.

Why? By chance I know some of their senior people. Failures, they are. Bounced out of senior positions in the major banks for incompetency. Their ability to earn a good return on the bank's funds was considered poor. In the past, they completely bypassed the chance to invest in the [toxic] retail mortgage marketplace in the USA. Sort of NINJA-LESS people. Hmm, actually, my kind of money manager.

I'm pretty happy with my accounts & term deposits in ING. Interest rates are reasonable. Safety is damn good. I guess that I'll add more of my money to them as time goes by.

Petals

I have a few accounts with them and term deposits and I renew with them because they always give me a good deal when they roll over. No reason to move.

Been with ING for about 10 years now.

IvanM

They are easy to deal with.

Wol

I like the ING website: it isn't populated with fancy infantile animations and juvenile ads - just straightforward, user-friendly links.

Our self managed super fund has usually got several term deposits with ING but they are slowly losing their edge on rates.

Same comments apply to RABO.

OzTennis

FWIW, ING were forced to sell out to Barclays in the UK. We had accounts with ING with £1 in for a few years but didn't use them. However we got letters last week from Barclays to say they are running ING but retaining their name. This only affects the UK of course but ING are always trying to raise money to pay back the Dutch government for past indiscretions so who knows? FWIW I read that Investec offer the best rates to savers in Oz currently.

http://www.bbc.co.uk/news/business-19880659

http://www.investec.com.au/

RBS bit off more than it could chew in taking over another Dutch bank, ABN-AMRO, which had concealed squillions of toxic loans in the US.

Banks and bankers, who trusts them?

KJCherokee

As far as I know ING in Australia is owned by ANZ.