Orange Everyday Account From ING Direct
By FutureNestEgg | September 1, 2009
ING will soon be launching a new transaction account called – Orange Everyday Account. It will be launched before the end of the year – Existing account holders and staff at ING can already use this account. This new account has been creating a bit of a buzz in the media because this new account is going to put pressure on big banks to come up with something similar….
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I just finished reviewing the product and I am going to share with you today the features of Orange Everyday Account. |
1. Orange Everyday Account is a transaction account and comes with a Visa Debit Card.
2. There is no monthly account fee.
3. The Visa Debit Card can be used at any of the ATM’s machines across Australia – no ATM charges if you use it the wrong ATM. ING’s website says there are 26,000 ATM’s across Australia and this card can be used at any of them for free. If you using the wrong ATM, ING will pay the fee and not you. This is huge plus to all account holders. ATM fees can be quite hefty and this no ATM Fee will get a huge tick from many.
4. There is of course no interest on the money you have in your account – It is a transaction account and not a savings account and so no interest. To me this is okay – not a disadvantage – because I don’t have oodles of money in my transaction account – Transaction account, like the name suggests, is only for my daily transactions – My savings money is in other accounts.
5. There is no overdraft fees – even if you exceed the limit. Not sure if there is a limit on how much you can exceed by. This account has not been launched yet and so the information available is limited. But I am pretty sure that there will be a limit to how much you can overdraw it by.
6. Orange Everyday Account comes with a VISA Debit Card – different to a regular ATM card you normally get with the usual transaction accounts – This is a Debit card and hence can be used even for your online purchases.
Now to the big question – how will ING make money with this new account – they make money on the margin between the interest rate it pays (in this case, nothing) and the return it can achieve by investing that money somewhere else.
What are your thoughts about this account…Are you going to sign up for this one….
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Topics: Product Reviews | 8 Comments »
8 Responses to “Orange Everyday Account From ING Direct”
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September 11th, 2009 at 12:04 pm
Yes, definitely. Been waiting for account like this for years.
September 17th, 2009 at 5:20 am
Already have one, and can tell you it’s great!
September 17th, 2009 at 10:19 pm
I definately want one. But i wonder how can we deposit money since they have no branches.
Obviously for most people they will have their pay deposited into the account but what if you have cash you also want to deposit?
Only option i see is maybe having a way of depositing at a post office or similar place.
September 17th, 2009 at 11:22 pm
You are correct. Deposits of cash/cheques can be made at any Australia Post Outlet that offers Bank@Post. Withdrawals can also be made by Bank@Post. Other benefits of the account include ATM fees being covered (provided you withdraw $200 or more). All cash withdrawals by eftpos are free and if you withdraw $200 or more by eftpos they will give you 50cents each time. It’s sure better than any other everyday account out in the market at the moment. Any questions, let me know.
September 18th, 2009 at 6:43 am
@Ant thank you for answering Corey’s question…
September 18th, 2009 at 11:50 pm
The account was just launched this morning. Existing customers can log in to their account and click the “Everyday” tab to find out about it. New customers can visit ‘www.orangeeveryday.com.au’
November 19th, 2009 at 11:14 pm
Existing customers will probably have ING Direct savings accounts which pay interest. The new Orange is basically an online bank account without fees, but no interest either. It does have an ATM/debit card though.
February 11th, 2010 at 12:56 am
Thanks ING another great product!
Just signed up for it (already have my homeloan with ING) – was surprised though – as an exisiting customer that I had to discover this great new account myself and that ING didn’t do a mail out to let it’s existing customers know?