The other day, ING sent me a mass-marketing email with the subject line:
“Scott, refer a friend and you can both get $100.”
Now, given that my book recommends setting up a couple of ING accounts …
And given that my book has sold over 500,000 copies …
And given that ING has just announced they’ve achieved “a record 50% jump in customers this year” …
… why the hell am I even writing to you? Why aren’t I sipping a Bacardi in the Bahamas?
Oh that’s right — old dumbo here doesn’t accept any kickbacks.
To be serious for a second: I have no allegiance of any kind to ING. My only allegiance is to my readers, and I only recommended those ING accounts because they have zero account fees and zero ATM fees, and they pay a (relatively) high rate of interest.
Why am I telling you all this?
Because I feel a responsibility to keep these bastards honest.
And this week ING announced some changes to the accounts.
So I feel it’s appropriate to check them out:
First, they’re now offering zero ATM fees globally (speaking of the Bahamas). Coupled with the fact that ING already offers the wholesale exchange rate from Visa without a clip — which is why I’ve found I get a better rate than with cards from other banks.
Second, and more importantly, they’ve also eliminated international transaction fees on all overseas purchases — a saving of 2 per cent. Big news if you buy online (which somebody in my house seems to do quite regularly).
The fine print is that you need to deposit $1,000 a month into your account and make five transactions — in other words, make it your everyday account. And why wouldn’t you? It’s an all-in-one ripper: good for everyday banking, good for buying crap online, and good for holidays overseas.
Just be warned: do not take their upsell on their sleazy new credit card … after all, that’s what’s cross-subsidising all this fee-free generosity!
Tread Your Own Path!