ING Bank Dropping 5 ATM Operator Fee Rebate Benefit from 1/8/23

[SYD]

It was good while it lasted. Fortunately cash is no longer king in many places. Maybe the occasional $3 ATM fee is not a big deal but I’ll explore options beyond others I already have. Including withdrawing USD while I’m here now!

I’ll still be keeping ING for the Savings Maximiser. Still best in class for interest earn and why I opened my account years ago - the foreign ATM rebate was icing on the cake.

 

[serfty]

https://www.ing.com.au/pdf/Orange_Everyday_Terms_and_Conditions.pdf

Oh well, as posted it's still useful for 5% interest. I'm off the the USA next month so maybe the ATM fee benefit will have it last hurrah.

 

[SYD]

https://www.ing.com.au/pdf/Orange_Everyday_Terms_and_Conditions.pdf

Oh well, as posted it's still useful for 5% interest. I'm off the the USA next month so maybe the ATM fee benefit will have it last hurrah.

I get to finish my current US trip and squeeze in a Euro trip before Aug….

 

[Pushka]

https://www.ing.com.au/pdf/Orange_Everyday_Terms_and_Conditions.pdf

Oh well, as posted it's still useful for 5% interest. I'm off the the USA next month so maybe the ATM fee benefit will have it last hurrah.

I just have the ING Everyday. Is the Savings maximiser a separate account?

 

[Lynda2475]

I just have the ING Everyday. Is the Savings maximiser a separate account?

It is a separate linked account, where you can earn up 5% interest pa (but only on the first $100k) for each month where you meet the everyday criteria but also increase (basically no withdrawals from the Maximiser) your maximiser balance.

High Interest Savings Account - Savings Maximiser | ING

Savings Maximiser is our high interest savings account, offering a competitive, ongoing variable interest rate and no ING fees.

www.ing.com.au

It was offered to me when I signed up for the everyday account. Will likely be closing both.

Pretty much all these debit cards with no foreign transaction fees offer a linked savings account, with decent interest most people park their travel money in the savings account and then just transfer a little at a time to their transaction account when travelling and they need to spend it.

But you have to jump hurdles with ING that you don't with the other banks to get that interest (and the limit on competitors is higher up to $250k with Macquarie atm who are offering 4.8%). 0.25% different in interest not really worth the trouble now that interest rates thankfully on the rise across the board. YMMV.

 

[serfty]

I just have the ING Everyday. Is the Savings maximiser a separate account?

Yes, the same hoops required to get ATM charges refunded at the same time enable a 4.45% interest rate to be added to the base 0.55% rate a total interest rate of 5% for their "Savings Maximiser" account.

If you a looking for something similar UBANK requires $200 deposited per month to get 4.6% PA on up to $250,000. (Of course, UBANK have been recently purchased by the NAB, so who knows how long that will last.)

 

[oz_mark]

Yes, the same hoops required to get ATM charges refunded at the same time enable a 4.45% interest rate to be added to the base 0.55% rate a total interest rate of 5% for their "Savings Maximiser" account.

If you a looking for something similar UBANK requires $200 deposited per month to get 4.6% PA on up to $250,000. (Of course, UBANK have been recently purchased by the NAB, so who knows how long that will last.)

Ubank has always been part of NAB.

 

[SYD]

Ubank has always been part of NAB.

Yep, the UBank accounts were NAB BSBs until they purchased and merged with 8xx_xx whatever bank. I have both ING and UBank and not complaining on the interest earn front.

Note: anyone with NAB and UBank have the one $250k Gov protection.

 

[serfty]

Ubank has always been part of NAB.

Sorry, I got confused with :86 400 which NAB purchased and tried to move those customers to UBANK.

 

[SYD]

tried to move those customers to UBANK.

Technically, they moved legacy UBank customers to 86xx_x platform. We had to change BSB/Acc #. A bit of a PITA but some had really bad experiences during the transition…

 

[serfty]

Technically, they moved legacy UBank customers to 86xx_x platform.

Fair enough - A bit like USair absorbing AA from within, but actually renaming.

 

[ADFlyMore]

Well this is annoying....effective 1st Aug and we head to Hawaii in the middle of Aug and was planning to use this. This is our everyday banking bank so was looking forward to have a hassle free time with money and not needing to transfer onto another card etc.
WELP....time to look into options. arghhh

 

[SYD]

Well this is annoying....effective 1st Aug and we head to Hawaii in the middle of Aug and was planning to use this. This is our everyday banking bank so was looking forward to have a hassle free time with money and not needing to transfer onto another card etc.
WELP....time to look into options. arghhh

ING will still allow overseas ATM withdrawals and they rebate their own $5 fee if you continue to do the monthly dance. But you will be at the mercy of local ATM fees. So, in that respect many other products will be no better off (eg I have both NAB and UBank accounts that don’t charge OS ATM withdrawal fees. They’re also int tx fee free as debit cards - same as ING).

The alternatives for no ATM fee will be limited to specific bank machines eg Citi and I believe WBC has reciprocal arrangements around the world but I haven’t researched if WPC will charge their own fee. HSBC mentioned earlier but has many exclusions.

 

[lovetravellingoz]

Well this is annoying....effective 1st Aug and we head to Hawaii in the middle of Aug and was planning to use this. This is our everyday banking bank so was looking forward to have a hassle free time with money and not needing to transfer onto another card etc.
WELP....time to look into options. arghhh

I just scrape in, land back in MEL on 26 July.

So will have time to find a new avenue for the next as yet to booked trip.

 

[serfty]

Well this is annoying....effective 1st Aug and we head to Hawaii in the middle of Aug and was planning to use this. This is our everyday banking bank so was looking forward to have a hassle free time with money and not needing to transfer onto another card etc.
WELP....time to look into options. arghhh

Are there Walgreens in Hawaii?

@SYD not sure where you are in US but in NY citibanks atms are plentiful, in addition to multiple branches in Manhattan, the atms in Walgrens and Duane Reade pharmacies where are on every other corner have citibank supplied atms, which mean fee free cash with a citibank card easily. Also citibank in Chicago. West cost oth is more problematic

...
I’d forgotten about Walgreens - they used to work fee free for NAB Gold Banking years ago. I must test that out....

 

[SYD]

Are there Walgreens in Hawaii?

Yes

 

[Lynda2475]

Not sure if citibank does atms in all Walgrens/Duane Reade or only in NYC. I k ow there is no Bank of America in Hawaii despite it being most common bank on mainland.

 

[SYD]

Probably for the broader thread but there are stores where you’ll be able to cash out fee free* when buying something using the VISA debit function. Same as you can at Coles and Woollies - although I can’t remember the last time I ever did that at home. I have a vague memory doing in LA before getting ING.

*the store may have an EFTPOS cash out limit.

 

[N860CR]

Shame. My annual savings for this FY are around $400 so it’s annoying to lose it. Saved $25 in one transaction alone in Turkey!

What’s the best one moving forward? Westpac’s travel card looks ok for limited countries. Otherwise is it back to Citi?

 

[VPS]

Shame. My annual savings for this FY are around $400 so it’s annoying to lose it. Saved $25 in one transaction alone in Turkey!

What’s the best one moving forward? Westpac’s travel card looks ok for limited countries. Otherwise is it back to Citi?

Have you looked at Wise?