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No International Txn Fees + Fee Free ATM Withdrawals Worldwide for ING Orange Everyday and Orange One with $1000 Deposit/mth

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No International Txn Fees + Fee Free ATM Withdrawals Worldwide for ING Orange Everyday and Orange One with $1000 Deposit/mth
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neilpatrickharris on 10/11/2017 - 07:20 files.ozbargain.com.au (2188 clicks)
Last edited 10/11/2017 - 11:50 by 2 other users

Edit: It looks like with the changes coming up in March 2018, ATMs will no longer be free unless you make 5+ card purchase per month, in addition to depositing $1,000+ per month (Shame on you, ING - I'll be moving banks)

No ING international transaction fees when you travel or shop with overseas retailers

In addition to free ATMs in Australia, we’ll rebate the ATM fee within five business days at any ATM around the world (the Orange One cash advance fee still applies).

This is applicable when you:

Deposit your pay of $1,000 or more every month, and

From March 2018, also make 5+ card purchases every month using your Orange Everyday or Orange One (excluding ATM withdrawals, balance enquiries, cash advances, EFTPOS cash-out only transactions)

More info at http://ing.com.au/cards

Referral Links

Referral: random (588)

Until 30/6/2024, referrer and referee will each receive $75/$100/$125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $75/$100/$125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 and make at least 5 (settled) card transactions within any calendar month.

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closed Comments

  • ely on 10/11/2017 - 07:26
    +25

    From March 2018, also make 5+ card purchases every month using your Orange Everyday or Orange One (excluding ATM withdrawals, balance enquiries, cash advances, EFTPOS cash-out only transactions)

    Is this a new rule generally coming in to effect for their benefits (e.g. bonus interest rate, rebated ATM fees)? That's a pain, since they removed the cashback we've stopped using the cards almost entirely, but still use it for general banking. A move may be on the cards.

    • ely on 10/11/2017 - 07:30
      +43

      https://www.ing.com.au/rates-and-fees/savings-interest-rates…

      Highest variable rate
      For customers who also have an Orange Everyday bank account and deposit their pay of $1,000 or more (and from March 2018, also make 5+ card purchases) each month. Available on one account for balances up to $100,000 with the additional variable rate applied the following month.

      Urgh, f$ck you ING.

      • LoungeLizard on 10/11/2017 - 07:45
        +9

        Agreed. We've moved all our savings to RAMS - better interest rates up to $500K (vs $100K) and no more stupid "double transfer". Downside is you lose bonus if you withdraw.

        • hawkers8905 on 10/11/2017 - 08:42
          +2

          How have RAMS been for you so far? Looking at their saver now. Min $200 deposit per month and no withdrawals for the 3.00% sounds perfect for me.

        • muncan on 10/11/2017 - 09:03
          +4

          Open another USaver account if you want to make a withdraw without losing the bonus, and make the withdrawal on the 1st of the month.
          —> Shifty trick

        • LoungeLizard on 10/11/2017 - 09:33
          +1

          @bricabrac89:
          It's been good. Opening the account was very simple/easy, web interface is clean/easy to use. Haven't used the app. or needed customer support

        • SomeGuyOnOzB on 10/11/2017 - 10:24
          +2

          @muncan:
          I think you meant RAMS account, not UBank :P

          … unless this is an even shiftier trick :)

        • muncan on 10/11/2017 - 12:23

          @foundit: oh yes that’s what I meant…. RAMS. Pay no attention to the UBank trick please, that’s top secret.

        • markalex123 on 11/11/2017 - 08:53

          @muncan:
          Even if you withdraw on first of month don’t you still lose the full month bonus interest?

        • muncan on 11/11/2017 - 15:41

          @markalex123: Only on that account you withdrew from will lose the bonus rate for the new month.
          But you've emptied that account so 0% bonus on $0 balance = meh.

      • zhaoweizhi on 10/11/2017 - 09:57
        +5

        why not try AMP BANK? deposit $2000+ per month, get 3.00% interest rate, you could withdraw anytime you want. I swithed from Ubank to AMP 2 months ago.

        • godzilla123 on 10/11/2017 - 10:10

          Sorry cant see any savings account with 3%…can you specify the link?

        • SomeGuyOnOzB on 10/11/2017 - 10:30
          +1

          @godzilla123:
          https://www.amp.com.au/bett3r?extcmp=bett3r-SEM-amp-savings-…

          Note It has a number of limitations
          1. Monthly deposit of $2,000.00 from outside AMP
          2. Bonus rate is only paid on the first $100,000 (1.5% standard, + 1.5% bonus)
          3. If you forget the deposit one month, you not only lose bonus interest, there's a $5 account fee

          I don't have this account, so I haven't looked into it too far and there may be a few other tricks to work with

        • zhaoweizhi on 10/11/2017 - 11:17
          +1

          @foundit: You get a debit card, monthly paper statement, bank@post & Fast local tele-communication. It is similar to Ubank only deposit ammount is higher, but interest rate is higher too. If you forget the deposit one month, there's a $5 account fee, but it would not be a big problem, if you want to earn higher interest, every bank asks you make a regular deposit.

        • godzilla123 on 10/11/2017 - 11:17
          +1

          @foundit: thanks for that

        • ginmi on 10/11/2017 - 16:10
          +1

          @foundit:

          If you forget the deposit one month, you not only lose bonus interest, there's a $5 account fee

          Yea, nah!

      • spendinghacker on 10/11/2017 - 11:45
        +8

        Here is the gist of what this change means:

        1. The Orange Everyday product becomes the best transaction account for OVERSEAS use, provided you remember to make a 1K deposit and use the debit card 5 times in the month prior to your trip.

        2. For DOMESTIC use, ME Bank remains the best deal as they offer fee rebates on any ATM in Australia with no strings attached (no minimum deposit requirements every month and no requirement to make purchases with the debit card). If you use their debit card regularly (at least once a week), you will also get the highest at-call savings rate that is available in Australia without any minimum deposit requirements or restrictions on withdrawals. Sure, their tech is a bit clunky (especially the app!) but it is definitely usable

        Bottom line:

        Use ME Bank in Australia and from March 2018, switch to using ING when going overseas instead of Citibank (just don't forget to meet the two qualification criteria in the month before your trip).

        This is what we will likely recommend to our own community members.

        Disclaimer:

        The above should not be construed as financial product advice. We are not licensed financial advisers and have not taken into account your personal situation and particular needs. Do you own research etc etc. :)

        • RemoteMan213 on 10/11/2017 - 11:57
          +3

          Good info, but I believe the ING international fee changes apply from today. The 5 purchases requirement starts in March.

        • CVonC on 10/11/2017 - 11:59
          +2

          switch to using ING when going overseas instead of Citibank

          many would disagree still.

        • ely on 10/11/2017 - 12:15
          +2

          @CVonC: Yeah, I'm not quite understanding why ING would be preferred over Citibank.

          Edit: ok, if they're actually rebating fees charged by foreign ATMs then they're definitely preferable. Thailand is an example, pretty much all ATMs sting you 150 - 250 baht withdrawal fees, which can add up very fast.

        • spendinghacker on 10/11/2017 - 12:32

          @RemoteMan213:

          ING international fee changes apply from today

          You may be right!

        • spendinghacker on 10/11/2017 - 12:36
          +1

          @elyobo:

          Exactly. ING will rebate operator fees charged by the overseas ATM. Neither Citibank nor any other bank in Australia do that at present (but this could change as other banks respond to this move by ING).

          Incidentally, there is a transaction account in America (The Schwab High Yield account) which has been doing this (rebating ANY and ALL ATM fees, either within or outside the United States) for years now and they have no fees or strings attached.

          We can only hope to see something like that down under but this attempt by ING to re-establish their "first mover" position may be a good start.

        • ely on 10/11/2017 - 12:51
          +2

          @spendinghacker: If only they didn't have the 5+ transaction string attached. I already transfer $1000 out and back again every month to satisfy their other requirement (salary goes directly on to my mortgage) and other spending is all on CCs, don't want to have to go run 5x $0.01 transactions at WW every month :-/

        • bamzero on 10/11/2017 - 15:04
          +5

          Are ATM's fees that important these days? I'm not a big cash user these days so if I do need to withdraw, there is usually a Woolies closer and I just use their self checkouts to get cash, no fees there. Didn't most of the big banks remove ATM fees anyway?

          For me I'm happier to hear that the banks will finally have instant EFT's as of Aus Day, funds arriving within a minute, weekend or not, rather than 1 to 3 days like they do now (little worried about the speed of cryptocurrency transfer perhaps banks?)

        • yozza on 10/11/2017 - 16:12
          +4

          good point re citibank, while offering no fees of their own for international use, they don't rebate foreign atm fees as ING is offering here.

          However, I believe you are incorrect about ME Bank "offer[ing] fee rebates on any ATM in Australia with no strings attached (no minimum deposit requirements every month and no requirement to make purchases with the debit card)"

          The link below notes you must make a weekly "Tap & go" purchase. Which is actually more burdensome than ING as it must be done in person…

          https://www.mebank.com.au/lps/osa/high-online-savings-accoun…

        • FirstWizard on 10/11/2017 - 16:55
          +1

          @yozza: My thoughts exactly. With ING you can do all 5 transactions in one day. But ME, you have to do it every week. That's a huge burden to keep track of. If you're overseas, and the country does not have tap and pay terminals you're screwed.

        • heatseeker424 on 10/11/2017 - 17:14

          @yozza: You get ATM fees back regardless of the weekly tap & go requirement. That requirement is for the bonus interest rate.

        • yozza on 10/11/2017 - 17:24

          @heatseeker424: ahh, right you are! Apologies

        • DogGunn on 10/11/2017 - 18:52
          +1

          You've completely left out Macquarie, which beats out ME for domestic use [no ATM fees, no foreign exchange fees, and no monthly minimum deposit required] and their online banking (which is by far one of the best in Australia.

          The only thing the new ING OE features beat Macquarie in is the overseas ATM fee. Otherwise, Macquarie is really the better product as they have no minimum deposit required.

        • SomeGuyOnOzB on 10/11/2017 - 20:15
          +3

          Problem with ME Bank when going overseas, is that tap and pay each week.
          I went to India for a holiday. I checked with them a week before hand and they said, nah, you can probably find somewhere to tap and pay. I went on a tour and the places we saw wanted cash or card, but not tap and pay. So I lost the bonus interest with ME for that month. :S

        • spendinghacker on 11/11/2017 - 09:40

          @DogGunn:

          We are aware of Macquarie and their transaction account product is indeed pretty good (and the tech is definitely impressive!).

          The concern we have is that the refund of ATM fees does not seem to be a standard feature of the product and can be taken away at any time and without notice.

          While it's not mentioned on the sales page of the product itself, if you dig deeper into the fees & charges section of their T&Cs document, the following paragraph comes up:

          Non-rediATM withdrawal/ balance enquiry:

          The ATM operator may charge you a fee, shown on screen before you complete the transaction.

          From time-to-time, we may offer special promotions in connection with ATM fees - check macquarie.com.au for details of any current offers.

          Also, they charge $5 for every cash withdrawal at an overseas ATM (on top of whatever ATM operator fee that is applicable).

          https://www.macquarie.com/au/personal/important-information/…

          If MacBank formally came out and said that fee rebates on any ATMs in Australia are a standard feature of the product instead of a "promotional" one, their product will indeed be superior to ME in our eyes (if you don't take into consideration their superior ongoing bonus rate on at-call savings).

          We'd love to hear the community's thoughts on this though. We don't profess to know everything and be right every time :)

        • heatseeker424 on 11/11/2017 - 12:06
          +3

          @foundit: I ran into this problem as well. I ended up giving it to a colleague and just got them to buy a coffee with it once a week. It's frustrating that there isn't an alternative.

  • Underlord on 10/11/2017 - 07:26
    +46

    That's going to be a pain if we have to use the card 5+ times a month to get the benefits. I generally put everything on my credit card to get the rewards points.

    • Mirage on 10/11/2017 - 07:34
      +56

      Yup! Too many rules for this ING card ($1k deposit and 5x spend) and benefits not weighing up especially after losing the cashback features.

      Major Bank atm do not charge fees anymore, makes ING a bit obsolete, Citibank Debit for international free atm withdrawals (no rules there) and my CBA Amex CC for international purchases(no rules there) also makes ING card nothing special to keep.

      • Autonomic on 10/11/2017 - 07:38
        +2

        Citibank only has free withdrawals with certain ATMs only. Plus ING has a better app.

        • Nuggets on 10/11/2017 - 07:50
          +12

          @Mirage: it clearly says they'll rebate the intl ATM fee. This is pretty great imo.

        • moar bargains on 10/11/2017 - 07:56
          +5

          @Mirage: I think that's the point of this post… it will be fee free ATM withdrawals overseas (from March 2018)

          In addition to free ATMs in Australia, we’ll rebate the ATM fee within five business days at any ATM around the world (the Orange One cash advance fee still applies).

        • hawkers8905 on 10/11/2017 - 08:09
          +5

          @Nuggets:

          Only if you deposit $1k and spend 5+ times the previous month

        • Mirage on 10/11/2017 - 08:57

          @therog1:

          Ah noted

        • emoticon on 11/11/2017 - 12:19

          @Mirage: stop spreading mis-information - one might mistake you for working for a competing bank.

      • Sweetnsour on 10/11/2017 - 07:43
        +20

        Agree. Too many onerous conditions. Customers will get little benefit for too much work. They need to up their value proposition

        Their other feature was "rounding up" to help you save. I thought that was the dumbest idea. Might work for students with dollarmite accounts but doesn't appeal to me.

      • jayzee on 10/11/2017 - 14:43

        Does CBA Amex CC charges foreign transaction fee?

        My Westpac Amex CC does.

        • [Deactivated] on 10/11/2017 - 15:13
          +2

          Not an issue for much longer, your Westpac Amex will soon cease to exist.

        • coldazure on 11/11/2017 - 10:12
          +2

          My CBA Diamond Awards AMEX CC doesn't charge on international transaction fees and earns 3x rewards points on any international transaction which makes it my best international use card, but the news is reporting that CBA might follow the other big 3 banks and ditch their AMEX range soon, so take that into account.

      • emoticon on 11/11/2017 - 12:34
        +3

        It looks like ING has narrowed down what sort of customer they want. The 1k deposit and 5x any transaction per month is probably to discourage people from opening an account and doing workarounds to receive benefits. Like people transferring $1000 into their ING account and transferring it back out the next day or people opening an Orange Everyday account for that 5% cashback then immediately closing their account when the promotion ended.

        These requirements are probably to push people to use ING as their main bank. Quality over quantity. Of course it’s not going to suit all but there’s still Macquarie Bank and Citibank.

        People using ING as their main bank won’t have any issues with these requirements and probably won’t have to think about it. Who doesn’t spend more than 5x a month? Petrol/train ticket, groceries, food, everyday stuff.

        Also to my knowledge ING is the only bank to offer a low income credit card with no foreign transaction fees. 28 degrees and the others including the CBA Amex are all platinum cards with higher income requirements. ING now has a very competitive credit card offer for a lot of people.

        • CacheHunter on 11/11/2017 - 23:55
          +1

          ING's my main bank and I'm not sure how easily I'll clock up the 5 card transactions. I use 5% off Woolworths vouchers for groceries and Opal and my other bank credit card for the points wherever there isn't a surcharge elsewhere. Instead of using cash for small transactions (withdrawing >$200 cash at a time from ING to get the 50c rebates), I may need to start using the ING card for small transactions. Last month I did 3 card transactions and it was a big month for cash outlays. Unfortunately I'm locked into ING as I'm one year into a 3 year fixed rate on part of my mortgage.

    • T-man on 10/11/2017 - 07:43
      +8

      Just remember to make 5x 1 cent transaction at Woolworths, it doesn't take too much time, and you have to shop at supermarket anyway.

      • Sweetnsour on 10/11/2017 - 07:49
        +19

        You'll need to do this monthly. How many months can someone keep this up until… Stuff this.

        • Nuggets on 10/11/2017 - 07:51
          +2

          Or you could just use it as your main card. 5 transactions is easy.

        • vetopower on 10/11/2017 - 07:54
          +36

          @Nuggets: And lose the benefits of using a credit card that earns points? No thanks. Goodbye ING.

        • Sweetnsour on 10/11/2017 - 07:54
          -2

          @Nuggets:
          You'll replace your reward points from amex/Visa with the savings from international fees if you use ING as main card.

        • 4tran on 10/11/2017 - 08:41
          +8

          @Sweetnsour: It's not like you shop with foreign currency everyday whereas the reward points is gained for every purchases, even bills.

        • goosmurf on 10/11/2017 - 09:32
          +6

          @Sweetnsour: There's little value in doing that when cards like Bankwest Zero Platinum give you fee free intl (credit) transactions anyway.

          Combine with some fee free transaction account and you have most of the benefits of ING without any of the hassle.

          I've used and loved ING since 2001 but this is a fairly lousy offering.

        • JHoliday on 10/11/2017 - 10:15
          +2

          @vetopower:

          ING have their own credit card that earns you 1% cashback on every purchase.

        • vetopower on 10/11/2017 - 10:23
          +5

          @JHoliday: I get a lot more than 1% value out of my airline points.

        • Sweetnsour on 10/11/2017 - 12:02

          @4tran:
          That's exactly right. I meant why would you sacrifice your reward points for a few fees.

        • SomeGuyOnOzB on 10/11/2017 - 20:22

          Also, since we're talking Woolworths, isn't it better to use the Everyday e-gift cards at 5% off through CashRewards?

        • Pynylopy on 11/11/2017 - 22:31

          @JHoliday: if you pay $199 annual fee, and the rebate is capped at $30 per month :(

        • deebrie on 30/11/2017 - 02:07

          @JHoliday: Yeah, and it also has an annual fee. You'd have to spend thousands to break even.

      • dingdong3000 on 10/11/2017 - 08:01
        +11

        How bout if one is overseas for a month? It's damn annoying this condition

        • nightelves on 10/11/2017 - 08:13

          Pretty sure you'll have bills waiting for you when you come back. Pay those in $1 increments when you're abroad.

        • eltito on 10/11/2017 - 08:19
          +1

          This is my issue too, Usually when I go overseas I'll go for a month or so (or close to it, for example 3.5weeks) - it will be a pain having to do 5 transactions every month along with $1k. Too inconvenient (for me anyway) considering there are just as good offers out there. Partner will be moving from ING as well - as she is currently overseas for 1.5 years - and will lose the bonus interests unless I grab her card and also do 5 transactions a month (which will be hard as from next year I'll be abroad).

          Pity, ING were actually good (love their app and customer service) but these new conditions won't suit me unfortunately =(.

          EDIT: Also for overseas transactions - I always use Citibank, their customer service is just as good- and their exchange rate is pretty much on par with Visa exchange rate - so this ING international fee free isn't too beneficial for me =(.

        • artfuldodger on 10/11/2017 - 09:25
          +4

          Exactly. Went o/s in June and had to take my ME Bank debit card to make weekly paywave transaction. Rang their customer service to see if they could wave the condition for that month but they refused saying I needed to swipe o/s and it wouldn't be a problem because it is commonplace in Europe. But, it was a problem.
          It became annoying part of my holiday searching for stores which would accept paywave. Netherlands, Portugal and Spain, I had success in LIDL supermarkets. Apart from them it was tough finding anywhere, particularly in Spain and Portugal.

        • [Deactivated] on 10/11/2017 - 15:14
          +1

          @eltito: Citibank has just changed to Mastercard actually, which has an even BETTER exchange rate!

        • SomeGuyOnOzB on 10/11/2017 - 20:27
          +2

          @artfuldodger:
          Same here. They wouldn't wave it for me. I went to India on tour. No success for paywave. Mainly we had to have cash.
          So, I now recommend against ME Bank.

      • Ryk on 10/11/2017 - 08:09
        +1

        or use it as your coffee card, or opal topup card, or some other random transaction.

    • nightelves on 10/11/2017 - 07:47
      +7

      5 x 1c split payment transactions at self service Coles or Woolies.

      • FirstWizard on 17/11/2017 - 10:21

        Or use paypal to send 5x1c to a mate who has ING, and your mate can send you back that money :D
        Far less awkward than pressing buttons at a self-serve checkout.

        I don't even mind losing 5c/mo, tbh

        • nightelves on 17/11/2017 - 10:37

          Wow didn't know you could do that. Thanks!

        • BluebirdV on 12/03/2018 - 14:36

          I'm looking in to doing this right now. I want to send 1c to my dad 5 times. In my Paypal payment preferences it says that sending money to family or friends will default to your balance or bank to save you a fee. I see no option to change this to the ING Visa card. If I can't change this I will be forced to make 5 online purchases a month on an Australian website because I am overseas.

        • FirstWizard on 12/03/2018 - 14:57

          @davelarz:
          Hmm, I just tried to send money and I get the link "Change Payment method" under "You're sending with". I can change between my cards when I click the link.

          I don't have a bank account linked to the account as I don't like to let PayPal direct debit my account for any reason whatsoever!

        • BluebirdV on 12/03/2018 - 15:03

          I just sent the 1c to my dad now using the ING Visa debit card. It had to be changed to Australian dollars since the Paypal account was setup in New Zealand. I hope it meets the terms and conditions.

        • BluebirdV on 12/03/2018 - 15:04

          I just deleted the bank account and it worked.

      • BluebirdV on 12/03/2018 - 15:05

        Paypal imposed a 1c fee to send 1c! Might be because I sent Aussie dollars to a kiwi account.

        • FirstWizard on 12/03/2018 - 16:50

          Transfers made to friends and family (even within Aus) via card attracts a processing fee

    • neilpatrickharris on 10/11/2017 - 07:48
      +17

      I've been an ING customer for more than 5 years. Their customer service is great, but all these new requirements are a pain. The fact that they got rid of their cashback on cards first, then cash rebate on mortgages, upped the mortgage annual fee etc was just too much. I'll be moving everything over to Macquarie by the end if the month. They have no international fees on their debit card with no silly requirements. They also have apple pay and their rates are cheaper.

      • nightelves on 10/11/2017 - 07:51

        What's their rates on their home loan if I may ask.

        • neilpatrickharris on 10/11/2017 - 07:55

          3.69% but I believe that's at 70% LVR.

        • nightelves on 10/11/2017 - 08:08

          @neilpatrickharris:

          Any fees?

        • neilpatrickharris on 10/11/2017 - 08:58
          +1

          @nightelves:

          Yes there are fees of $399 I believe. Have a family member who works there so I'm eligible for a staff discount of 3.49% and $199 annual fees. The discount is available for friends (0.1% discount) and family (0.2% discount) off their standard 3.69% at 70% LVR.

        • nightelves on 10/11/2017 - 09:00

          @neilpatrickharris:

          Does the friends discount also have a reduced annual fees?

        • neilpatrickharris on 10/11/2017 - 09:01

          @nightelves:

          Unfortunately I don't know the answer to that. You can try giving them a call.

      • Amumu on 10/11/2017 - 07:55
        +7

        Plus ING's 0 super fee ended up to be a trap

        • neilpatrickharris on 10/11/2017 - 07:57

          Moved away from that as well. Ended up going with my company's corporate super plan with AMP. INGs returns were mediocre, I might be paying fees with AMP now but at least my returns are a lot better.

        • nightelves on 10/11/2017 - 08:09

          @neilpatrickharris:

          Have you looked at AustralianSuper their returns is pretty good for high growth investment.

        • cashless on 10/11/2017 - 08:22

          @neilpatrickharris: I'm the same - AMP super (through employer) is far cheaper (fee-wise) than the likes of ING retail. From what I can see, returns are a lot better too

        • jezza p on 10/11/2017 - 08:33

          @neilpatrickharris: how I envy you guys can choose your super provider. I’m stuck with UniSuper. :(

        • lostincanberra on 10/11/2017 - 08:57
          +2

          @jezza p: I'd like to be 'stuck' with UniSuper… Isn't it ~17% employer contributions? Wife has to put up with that.

        • nightelves on 10/11/2017 - 09:01
          +3

          @lostincanberra:

          17% employer contribution! Why would anyone be complaining about that.

        • lostincanberra on 10/11/2017 - 09:03
          +2

          @nightelves: That's exactly what I was thinking!

        • Kontiki on 10/11/2017 - 09:22
          +2

          @jezza p:

          UniSuper is an industry fund right? I'd choose an industry fund over any retail fund (AMP, ING, etc.).

        • hhbb555 on 10/11/2017 - 09:49

          @nightelves:
          AustralianSuper balance fund has similar returns as HostPlus balance fund, but HostPlus one has lower investment/indirect fees (0.02% + 0.05%).

        • madman697 on 10/11/2017 - 10:14

          @hendyb:

          Those are the fees for the HostPlus INDEXED Balanced fund. The Balanced fund is a lot higher (1.01% + 0.44%).

          The Balanced fund is the one that is the good performer.

        • jezza p on 10/11/2017 - 10:46
          +1

          @lostincanberra: yea but the University doesn’t allow me to choose anything else, sometimes I just want to have a choice. Haha I hate how a request for something simple needs to be done by posting a form to them. Their management fee is not cheap either and not much better performance wise in comparison to ING then free option as far as I can tell.

        • jezza p on 10/11/2017 - 10:53

          @Kontiki: yea it’s for universities. oh didn’t know they are better than retail ones. I’m just working at uni part time while finishing up my study. I have always been told QSuper is really good, but it’s owned by Queensland government…I think?

        • sal_chi_cha on 10/11/2017 - 12:06
          +1

          @jezza p: AFAIK now QSuper is open to the general public.

        • lostincanberra on 10/11/2017 - 12:09
          +1

          @jezza p: I don't think that UniSuper is alone in being administratively cumbersome to deal with. My own fund is a pain to deal with too - but the above standard employer contribution rate covers for a multitude of sins.

          Enjoy the UniSuper contribution rate while you can - and if you move employers (once you cease your part-time work?) you can reconsider your options taking into account fees and investment returns. Make sure that you know what you're paying for in terms of bundled insurance as well - often not good value unless you've got close to full-time hours of work.

        • No ONE on 10/11/2017 - 17:11

          Yh, their sneaky minimum $500 or 1% transcation in itself is a fee, plus other bullshit requirement. I moved out my super finally.

        • ChickenTalon on 10/11/2017 - 19:27

          Damn ING zero fees superannuation trap. I got done by the bait and switch too. Moved all my super over to them and missed the boat in subscribing to a generous employer scheme at a bank I was working for. Can't start a new account now :/

          Looking to get my money out and moving it to something better. Thanks for reminding me!

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