ING Makes Life Difficult
Hi Scott,
Today I received an email from ING (I am sure you did too) saying that in March 2021 there would be an extra criterion to meet to get the best interest rates for the Savings Maximiser — at the end of the month your balance has to be more than what it was at the start of the month.
What annoyed me was that it was framed as a great opportunity for customers to save, even though it is clear the bank wants to make more money and pay less interest! I called ING to give my feedback and was told it is what all the banks are doing. Is that true?
Full disclosure: I am someone who will be disadvantaged by this for a time as I will be going on maternity leave. We have saved hard into our ‘Fire Extinguisher’ account to cover the period I won’t be working. We won’t be able to save more during this time, meaning we won’t qualify for the best interest rate. Maybe I am getting more worked up over this than I need to be, but I would appreciate your perspective!
Bec
Hi Bec,
This move by ING reminds me of a girl I once dated at uni.
When we began dating, things were simple, open and transparent.
Yet it got way more complicated as time went by ...
“Are you going to the pub to avoid me?”
“Don’t you dare pat my cat like that.”
And my favourite: “What do you mean when you say ‘good morning’?”
In the end, there were so many emotional hoops to jump through, it all became too freaking hard.
ING is fast becoming like my ex-girlfriend.
I was attracted to them because of the simplicity: they paid a leading interest rate, with no fees.
Unlike other offerings, they didn’t play those teaser rate and ‘bait and switch’ games.
Well, until now.
Their marketing guys have obviously decided they’ve got enough customers, so from March 1 they can afford to burn off a few, and trust the majority will stick.
So, Bec, I called up ING and spoke to them on your behalf.
They told me they plan on paying a higher rate of interest than they are now (though they wouldn’t confirm how much it would be).
They also said, “You know, Scott, technically you could transfer a single dollar and still get the interest”.
Yet that just gave me flashbacks to my uni dating days.
I mean, why make us jump through hoops? We’re already going steady!
So, Bec, what to do?
Well, many people may be better off with ING’s higher rate. But in your situation, you’re probably better off with UBank, Up, or even ME Bank, who don’t (yet) play these silly games.
Scott.
Reminder: I first wrote about this years ago and highlighted the low fees. Today there are better bank accounts on offer. How do I know? Because my readers constantly email me about them! So before you do anything, google the best accounts on offer now.