Renew ING 5% Wave & Save Rebate / Auto Reverts to 2% with $2k+ Deposit a Month after 6 Months

1720

Renew ING 5% Wave & Save Rebate / Auto Reverts to 2% with $2k+ Deposit a Month after 6 Months

muncan on 22/06/2013 - 07:51 ingdirect.com.au (4546 clicks)
Last edited 04/07/2013 - 09:14 by 2 other users

Note: there is no official confirmation yet that closing and reopening your account will reinstate your 5% wave & save rebate for another 6 months, this will become clear after July 1 when the original promotional period has ended.

Update 3 July 2013: From comments, users have reported that reopening their accounts reinstated the 5% wave & save rebate.

For those of us worried about our beloved 5% discounts coming to an end at 30 June (under the original promotion) - fear not! I'm happy to confirm… closing your account and signing up again will get you 6 more months of 5% discounts for all paywave purchases under $100.

Here's what I did:

Transfer existing funds out of ING & wait to clear
Ring ING on 133464 to close account
Next day: sign up again online, transfer some funds

I confirmed the 5% discounts on my new card, though it took 2 days for my transactions (and discounts) to appear in my transaction list.

Also, I got a call from a customer services officer… thankfully just to welcome me and explain how to use the card. She told me some un-promoted information:

After 6 months, the 5% discount will drop to 2%, providing you deposit at least $2k per month (eg. salary) … yeah, there's no need to do this for the current 5% discount
There is no end date (at this time) to sign up to receive 6 months of 5% discount
ING has a target goal of 30,000 cards for the promotion - so that's when this deal might end. How many OzBargainers we got, Scotty?

Also worthy of note is that when you close your account you'll receive an email advising that you can continue to log in to your closed account to see your statements for 2 years.

And of course, in December if the 5% promotion is still being advertised… then I suggest you close your account(s) & sign up again!

Happy spendings.

TL;DR:

close account

open new account

done

(thanks illumination)

Financial

28 Apr 2014

Related Stores

ING

closed Comments

- spendinghacker on 22/06/2013 - 10:49
  
  As the OP has clearly indicated in their original post, this is indeed the SAME deal.
  
  It's basically a 'hack' that allows people who have benefited from the original ING promotion which ran last year to benefit from this new one as well that is officially aimed at new customers only.
  
  It's a trick to become 'new' again. Talk about reincarnation…;-)
aussiedogga on 22/06/2013 - 10:41

+1

Really glad I've switched over to ING. Although they have no branches, their service over the phone is excellent, and the 5% off is awesome.
DEvok on 22/06/2013 - 10:47

So all i do Is cancel my account? Is it as simple as 1,2,3 call them up, hello, "details" please close my account so I can take up the offer for the 5% rebate? All done sir, your new card should arrive in 7-10 working days! Then that's pretty simple.
- spendinghacker on 22/06/2013 - 10:50
  
  +1
  
  I would not do BOTH the closing AND opening in the same call.
  
  They are not THAT gullible…haha
hamza23 on 22/06/2013 - 10:58

+2

Will those of us on the current 5% deal that expires June 30, move to the 2% deal after this month ends?
- muncan on 22/06/2013 - 11:00
  
  +1
  
  That's what she said. But you'd also need to deposit $2k/month.
  - angstymuffin on 22/06/2013 - 11:21
    
    As far as I can comprehend, the 2% deal is only applicable to the NEW 6 month 5% deal, not pre-existing customers. I too would like to ask the same question as hamza23, so…. Bump.
    - muncan on 22/06/2013 - 11:24
      
      +5
      
      OK - can somebody who's sticking to original paywave account, please confirm if:
      a) the 5% discount stops entirely at 30 June
      b) depositing $2k sees either a 5% or a 2% discount return to your account (and if not, you know what to do)
    - cwongtech on 22/06/2013 - 11:30
      
      Would also like to know this:
      While there is a Deposit of $2k per month, are there any withdrawals?
      Or can I just.. zip in $2000 in the account every month, and transfer it back out the next day
    - spendinghacker on 22/06/2013 - 11:45
      
      Will report back on (a).
      
      Not gonna bother with (b) cause if my 5% off stops, I will simply utilise your 'hack' (assuming it continues to work for you post July 1).
  - blitz on 23/06/2013 - 01:08
    
    +1
    
    Will those of us on the current 5% deal that expires June 30, move to the 2% deal after this month ends?
    
    That's what she said.
    
    Man I am going to the wrong bars.
ssjmark on 22/06/2013 - 10:59

trying to join now but didn't note down the application number and code =\

how do I get these for applicant 2 to use?
- spendinghacker on 22/06/2013 - 11:47
  
  I'm assuming you are trying to open a JOINT account.
  
  If so, application number and code are CRUCIAL. Without them, the second account holder won't be able to complete the process on their end.
  
  If you can't find it under "my applications", I suggest you get the second applicant to start a new joint account application on their end and give you the application number and code to complete the process on yours.
Weezle on 22/06/2013 - 11:05

Can someone explain how this works? Is this a credit card or do you use your own money like a debit Mastercard? I already have a an ING savers account, does that mean I'm not a new customer?
- illumination on 22/06/2013 - 11:18
  
  +1
  
  It's a debit Visa card so you do use your own money. It's clearly not a credit card application.
  
  Don't know if you still count as a new customer as you already have a savers account. If it's for new Orange Everyday accounts then you'll qualify.
  
  edit: http://www.ingdirect.com.au/everyday/orangeeveryday.htm
  
  Looks like you can get it even if you already have a Savings account. Saved you a couple of clicks and some brief reading lazy bugger!
shaybisc on 22/06/2013 - 11:26

+2

I'm going to miss the 5% off even though I mainly only used it at Woolies- 50km away for the next Paywave enabled shop as far as I know out here in the sticks. Didn't even get 6 months out of it as Woolies only started 2 months into my entitlement period.

Went through self-serve at Woolies yesterday with only a $30 purchase, and for some reason the Paywave option didn't come up like it should. Should have seen me battling for my $1.50 discount ha ha ha.
- cwongtech on 22/06/2013 - 11:34
  
  +1
  
  Went through self-serve at Woolies yesterday with only a $30 purchase, and for some reason the Paywave option didn't come up like it should. Should have seen me battling for my $1.50 discount ha ha ha.
  
  You tap the Credit/Debit Card option, then when it tells you to swipe the card, you hold your card up to the card-machine instead of the usual swipe.
  There is no specific "Paywave" option for anything on the screens of woolies, it depends if they have the paywave-enabled credit/debit card machine.
  - shaybisc on 22/06/2013 - 11:41
    
    At my Woolies you just choose "card" and Paywave comes up on the screen. Worked like that 99 times, didn't happen yesterday. The Woolies lady had to cancel transaction and put it through at her counter.
    - cwongtech on 22/06/2013 - 11:53
      
      +1
      
      That's very strange, glad to hear you still got your 5% ;)
    - doperst on 22/06/2013 - 12:14
      
      There is one self-checkout counter at my local Woolies that never offers Paywave option.. Though still showing "Try contactless today!" ad on the screen.
    - hashtagbargain on 22/06/2013 - 14:09
      
      +3
      
      It is becoming self aware.
    - SilentDissident on 11/07/2013 - 23:31
      
      I work as a cashier at a woolies. I can tell you the EFT terminals we use can be temperamental. Sometimes some terminals will not allow RFID transactions (paypass and paywave). When this happens, there won't be any mention of it on the screen. ie it will saw "Swipe/Insert Card" rather than "Present Card". When this happens you can ask to have your transaction saved and pay at a checkout with a working RFID terminal
dylan345 on 22/06/2013 - 11:30

Just got both my everyday account and savings account closed but still have a ING online account not connected with any banking options…..

Do i have to cut all ties with ING first (which I thought was happening but didn't) or can i just reopen the everyday account?

Once done how can I tell if I'll have the 5% off or not?
- cwongtech on 22/06/2013 - 11:35
  
  +1
  
  Once done how can I tell if I'll have the 5% off or not?
  
  Make a small purchase, wait until transaction clears (2 working days), if it's got Wave and Save rebate, then you're good :)
ezza on 22/06/2013 - 11:31

+1

Does the 5% cash back pay wave also work when your overseas using pay wave under 100%? Ultimately you'd be in front after currency conversion fees
- lolmao on 24/06/2013 - 22:44
  
  +1
  
  5% back only in australia
- spendinghacker on 25/06/2013 - 12:03
  
  Australia ONLY!
  
  "The Wave & Save 6 Month Rebate and Wave & Save 30th June Rebate (together, "Wave & Save Rebates") apply to all contactless purchases made IN AUSTRALIA by Eligible Customers during the Offer Period or Rebate Period (as applicable) on purchase amounts of up to and including AUD $99.99"
  
  The ING Direct Debit card should NOT be used overseas! Not for purchases and not for cash withdrawals as you WILL be slugged with FEES as percentage of your purchase/cash withdrawal. There are better options for both purchases and cash withdrawals if you have overseas travel plans.
  - ezza on 27/06/2013 - 18:28
    
    understand no good for me then i guess!
edgar28 on 22/06/2013 - 11:36

+4

I just call them up 2 weeks ago, the ing call center mentioned by closing the account and reopen does not give you the special. there is a cooling period of 6 months before you can open a new account. Within 6 months is just reactivate existing account without the 5% rebate…….
anyone can confirm that?
- spendinghacker on 22/06/2013 - 11:52
  
  +2
  
  YIKES!
  
  That's not good.
  
  OP, this might be EXACTLY what happened to you. Does your new OE account have a different account number than your previous one (the one you closed)?
  
  If it's the same number, then we have a definitive answer. It means they simply REACTIVATED your previous account and your 5% off WILL END in a few days.
  
  Can you check please? Thanks mate
  - muncan on 22/06/2013 - 11:57
    
    +1
    
    Different account number. My new card came with this flyer and I got a welcome phone call between making my first paywave transaction and waiting for it to appear in my transaction list.
    - spendinghacker on 22/06/2013 - 15:58
      
      That's a promising sign!
      
      Let us know if you keep getting 5% off after July 1.
      
      If you do and managed to pull this hack off, I reckon you should be nominated 'ozbargainer of the year'.
Cluster on 22/06/2013 - 12:04

"After 6 months, the 5% discount will drop to 2%, providing you deposit at least $2k per month (eg. salary) "

Even 2% would be great, as my current NAB credit card only offers 0.5% and a slight interest saving by using the interest free period (money stays offsetting the mortgage). Does it apply to people who signed up last year or only on the new 6 month period?

I won't be canceling my card and signing up again, but I would love to continue using ING after 30 June. Without the discount I see no reason at all to continue spending money on my ING debit card.
daver on 22/06/2013 - 12:10

Thanks OP, I'll certainly look forward to becoming anew in the FY anew; truly exceptional.
yasui on 22/06/2013 - 12:19

I bought three of $99 woolworths cards and one of $99 coles card, as current one is ending soon. Looks like I didn't have to do so.
BkOzican on 22/06/2013 - 13:08

Do ING Have any reps here that could offer some comments on these deals?
- simprosimple on 22/06/2013 - 13:35
  
  +4
  
  There's nothing to do.. as someone already mentioned by closing the account and reopen does not give you the special if you ask the rep. "There is a cooling period of 6 months before you can open a new account. Within 6 months is just reactivate existing account without the 5% rebate……"
  
  The OFFICIAL ANSWER is definitely NO……
  
  but it may work if they didn't check your previous account history when you re-open
  
  and credit to Calmerancer, we need to consider maybe OP's cash back will still end at the end of the month… Even OP re-open, it might not but with chances the cash back still works is due to the 6 month period hasn't ended. We will need to wait till July 2-3 and someone confirm they are still getting 5% REBATE
  - King Tightarse on 22/06/2013 - 13:55
    
    You make a lot of sense ccwwayne.
  - SaNine on 22/06/2013 - 14:19
    
    Agreed… tho if they extend tne new "2% cashback unless you deposit $2k monthly" to us old clients (after 30 June 2013) then that works fine too.
  - BkOzican on 25/06/2013 - 21:51
    
    I meant a Rep from ING actually posting a comment on OzBargain about the status of this deal. Not what they would say via a call centre/email/their website.
- BkOzican on 25/06/2013 - 21:04
  
  nvm delete pls
DEvok on 22/06/2013 - 13:43

Let me get this straight, to be Be able to have the 5% rebate, you need to cancel your existing account and renew a band new application and submitting the form via auspost again?
mr_asstight on 22/06/2013 - 14:03

Amazing
twinkles on 22/06/2013 - 14:08

+2

I find this bordering on dishonest/taking advantage.

I am sure most of you wont agree as its all about the $$ in your pocket.
- Cluster on 22/06/2013 - 14:11
  
  +6
  
  I would much rather see ING continue the offer with a lower discount, say 2.5% or something like that. I would use my card after 30 June then. Without the discount it's cheaper/better to use my normal credit card with interest free period.
  
  I won't be going as far as canceling and reapplying for the card as I agree it's a bit sneaky.
  - iSamurai on 22/06/2013 - 20:54
    
    I agree. A smaller discount but keep it permanent as a feature for banking with them. Otherwise there's NAB and others who also offer free everyday accounts.
    
    They should know that people would be closing and reopening their accounts. It's gonna cost them money to make the cards and send them out, and having customer service reps to call and "introduce" you to your new account. I'd rather put that resource into something smaller but permanent.
- spendinghacker on 23/06/2013 - 08:27
  
  Twinkles, with all due respect to you, you realise we are talking about A BANK here. Right?
  
  The term "dishonest/taking advantage" does not really apply IMHO when dealing with a BANK. Do you honestly think THE BANK has the term 'dishonest/taking advantage' when they are dealing with YOU?
  
  Also, do you think it's fair on the part of the bank (or any other company for that matter) to reward new customers but neglect existing ones?
  
  If anything, I believe it is dishonest ON THE PART OF THE BANK to behave in a way that forces us to even consider such 'hacks' as discussed in this post.
  
  Loyalty is dead my friend! If you want to 'win' in the modern consumer world, you must be RUTHLESS like the companies you are dealing with.
  
  And just to make it clear: I am not talking about the small 'mom and pop' local family businesses out there. They constantly live on struggle street and deserve our support. I am talking about the big corporate behemoths out there. They are 100% fair game!!
  
  http://spendinghacker.com.au/loyalty-is-dead/
  - cwongtech on 23/06/2013 - 11:20
    
    +2
    
    Twinkles, with all due respect to you, you realise we are talking about A BANK here. Right?
    
    With all due respect, you guys need to get off your high horses and jump back on the ground of reality. I hate it when people talk about "Damn Corporations and Governments!" as if it's a bad thing. They really aren't bad entities until they become corrupt. All businesses want to do one thing, make money. If they weren't out to make money, they're not a business, they're what you call "not-for-profit"/"charity".
    
    The term "dishonest/taking advantage" does not really apply IMHO when dealing with a BANK. Do you honestly think THE BANK has the term 'dishonest/taking advantage' when they are dealing with YOU?
    
    A bank will consider your current financial position and history (if you've had one). They don't really care if you're dishonest or not, only if you're able to pay the bills or not, and they will have a fallback plan in case you fail to meet your agreed obligations within a loan.
    
    Also, do you think it's fair on the part of the bank (or any other company for that matter) to reward new customers but neglect existing ones?
    
    I think their rebate scheme depends on 2 things.
    1) Visa/Mastercard surcharge is somewhere around 2.0%, 2.5% or so on a merchant. They use this money as part of the rebate.
    2) Why do businesses like "New customers?" More New Customers make them look good - in turn, make them look bigger, I believe the cost of paying out the rebate (effectively 2.5 to 3% of total transaction value) is lower than the benefits they are receiving from looking like a badass company with heaps of signups - benefits meaning when they go to financial markets, because they look so stable (with such a large customer base), they are able to borrow money at lower costs.
    Only when you're talking about having millions of dollars in the bank, then you have bargaining power with "Give me my 5% rebate or I'm walking"
    
    Loyalty is dead my friend! If you want to 'win' in the modern consumer world, you must be RUTHLESS like the companies you are dealing with.
    
    If you want to be "efficient" you mean. Being loyal to dying companies (because of inefficiencies), you are only wasting your money and time. And theirs as well. What good is it to keep pouring money to fix a really old car that is literally unfixable? (the car being the inefficient company). Same with Australian retail, they're finally adapting to the global market and responding to the pressures of Australian Consumers being smart, and shopping from overseas.
mr_asstight on 22/06/2013 - 14:10

Awesome!
Bargainboogan on 22/06/2013 - 14:53

Nice petrol discount

i.e

60L @ $1.40 = $84 - ($0.04/l discount voucher($2.40) = $81.60)- %5 Paywave($3.78) = $77.82
Total Saving $6.18/7.35%

Purchasing a discounted gift card with paywave even better.
- Cluster on 22/06/2013 - 17:38
  
  I enjoyed stacking the 5% discount on top of the 8c fuel vouchers earlier this year when buying LPG.
  
  59.9c/L - 8c = 51.9c. Minus 5% is 49.31c/L. 17.68% discount.
johnno07 on 22/06/2013 - 16:54

You're a good human, muncan! Will be doing this next month.
Love my 5% off!
Ryk on 22/06/2013 - 17:54

$356.17 cash back for me since October.
c64 on 22/06/2013 - 18:37

@op, are you sure you are not still getting the discount because the current promotion expires on 30 june?
DEvok on 22/06/2013 - 18:48

So how many of you guys already cancel your accounts? Or gonna do it on th actual day?
T-man on 22/06/2013 - 18:49

+3

This post should be moved to discussion section as he is just giving tips.
Mirage on 22/06/2013 - 22:48

+1

Has anyone tried to talk with ING to extend their 5% offer… and if they don't we threaten to close our accounts?
- nfr on 23/06/2013 - 00:20
  
  I don't think threats would work. 5% free money is never sustainable. 6 months is already very good.
- spendinghacker on 23/06/2013 - 08:18
  
  I have tried numerous times.
  
  ING won't negotiate and won't budge.
xcx on 23/06/2013 - 05:00

I have an ING Direct Savings account from years back. To access this deal, can I simply sign up for a new everyday orange account under my existing login?

Or would I actually need to completely close my ing/savings account first?
greenie4242 on 23/06/2013 - 06:19

I haven't had an ING Orange or PayWave account before, but was just about to sign up when it asked if I am already a customer of ING. I then remembered I've had a superannuation account with them for many years.

Does anybody know if this would exclude me from the 5% discount? Terms & Conditions state "for new ING DIRECT Orange Everyday customers" I don't know if they mean 'new customers of ING' or 'any customer who creates a new Orange Everyday account.' If nobody here knows, I'll call them on Monday to clarify. I don't want to go through the hassle of signing up a new account only to be told I'm not eligible as I was already a customer of ING.

As far as I can see, there's absolutely no incentive to have an ING PayWave card, apart for the 5% discount. It pays no interest. Other banks offer fee-free accounts but also pay interest, and they have a physical presence so you can talk to somebody in person if there are issues. Fee-free ATM access from non-bank ATMs could be handy in areas where there are few big-name banks, but I can't see any other reason. Can anybody think of any other good reason?
- niknah on 23/06/2013 - 16:55
  
  +1
  
  Yes, I had the savings maximizer account before I joined and got the 5%.
  
  Current interest rates are less than 5% per year. Say you kept some money in the account and spent it all using paywave every month, that would be 5% earned per month.
xcx on 23/06/2013 - 06:42

Does anyone know if it is possible to add a second card/additional cardholder to the one account?
- greenie4242 on 23/06/2013 - 07:36
  
  You can make a joint account, which should give you two cards, one in each name:
  
  Copy and Paste from T&C: "The Wave & Save 5% new customer rebate ("Wave & Save 6 Month Rebate") is available for a limited time only from 1 April 2013 for six months from account opening ("Rebate Period") for new ING DIRECT Orange Everyday customers (including joint account holders)"
- c64 on 23/06/2013 - 17:45
  
  +1
  
  you can have up to two orange everyday cards. they can both be linked to the same savings maximiser account or separate accounts. i have two. both get the paywave rebate. i keep one as a backup and for untrusted online credit purchases. its balance is usually zero so that i don't get any suprise visa authorisations, even if someone has obtained my card details. the other i use for shopping, bills etc.
brownbag on 23/06/2013 - 09:08

What if you have an ING home loan? The orange account is a second account. I wonder if I close it and open it again, if I'll be treated as a new customer and get the 5%. Has anyone tried this and had any success?
- muncan on 23/06/2013 - 09:18
  
  Uhhh… probably shouldn't close that homeloan account! Are you willing to be the one that tries closing their Orange Everyday account, then signs up for a new separate account, reporting back your findings?
  - brownbag on 23/06/2013 - 09:59
    
    +1
    
    I may wait until others report back on 2-3 July. I'm also a bit half-hearted about this - the promotion is really intended for new customers and I'm a bit unsure about whether it would be right to pretend I'm a new customer to get a discount intended for new customers. I think twinkles has a point.
muncan on 23/06/2013 - 09:18

+3

Not much more to say here folks. I'll report back around July 2-3 on whether I'm still getting 5% discount on my new card. For those of you on the original ING offer who are unsure or unconvinced - wait. Also, ask yourselves what you've got got to lose? (other than your discounts, which should be coming to an end anyway)

Thank you all for the positive feedback.
Ronnnie on 23/06/2013 - 10:03

Excuse my ignorance, but how does paywave work?
- Splashtash on 23/06/2013 - 14:37
  
  paywave works for purchases of under $100 and instead of swiping it or inserting it into the machine all you have to do is hold it against the machine like a sensor and it takes your money. Thats why its more dangerous to hold one of these cards in some places as people can just walk past u with their own machine and take your money~ there are steps to prevent this behavior though such as a metal case that you put your card in so they cant scan it when walking past you.
  - c64 on 23/06/2013 - 17:43
    
    i bought a heap of $50 woolworths gift cards on separate transactions and after the initial look of horror on the checkout chick's face she checked my driver's license to make sure i wasn't doing anything dodgy
  - iSamurai on 23/06/2013 - 19:35
    
    If you have a couple of NFC enabled cards (eg go card, various debit/credit cards, student card) in your wallet, usually you'll get a read error if you touch it against the card reader.
  - doperst on 24/06/2013 - 11:20
    
    +1
    
    This is not true. Contactless payments was my job and I assure you - it's not possible to steal money from Paywave/Paypass card. Contactless payments are protected with strong cryptography and without the right security keys in the reader the only information that fraudster can scan from your card is its number and expiry date. Which is not enough even for making Internet purchases. Besides, as an additional protection, "contactless" card number may be different from the real one.
    - cwongtech on 24/06/2013 - 12:18
      
      Doperst, I got a question for you - by stacking multiple paywave/paypass cards together, does it jam a reader? :P
      i.e. Simple Protection method: Have 2 cards on top of one another in your wallet.
    - doperst on 24/06/2013 - 12:39
      
      +1
      
      Not sure, it probably depends on the reader. But there is really no need to protect contactless cards in the wallet. I think this whole myth is invented and supported by manufacturers of steel wallets :)
    - muncan on 24/06/2013 - 14:36
      
      Be careful when making paywave ninja payments
c64 on 23/06/2013 - 17:40

if existing people are getting the discount after 30 june i might consider doing it. until then i'll wait
hamza23 on 23/06/2013 - 17:43

+4

Apparently a deal for existing customers starts tomorrow, their will be an email about it and also show in the netbank system. A friend rang and they were told that (wouldn't say what it was, could be the 2% / $2k thing I guess).
- delfredo on 25/06/2013 - 15:28
  
  Has anything been communicated yet? I can't find any further information on the website today.
Wolfy on 24/06/2013 - 13:19

ING don't support Victorian Licences or Birth Certificates for the online applications, so printing stuff and trying to get to a Post Office (during business hours) makes it not likely to happen for me - at least with Citi and Me I could do it all online.
ozbargainer2013 on 24/06/2013 - 13:23 Comment score below threshold.
- unco on 24/06/2013 - 13:32
  
  +1
  
  I for one have not changed my spending habits with this card.
  I use it to pay for necessities which I'd normally have to pay for anyway, such as petrol and groceries and the 5% saving is just a nice bonus to have.
  
  It's just like if you have a flybuys card and purposely go to the shops to buy things that have flybuys points bonuses.. only buy it if you would normally have to do so in the first place.
  
  Use the card in the right way and you will come out on top.
- Cluster on 24/06/2013 - 13:49
  
  +3
  
  I didn't increase my spending through the ING card. I still bought the things I usually would buy through supermarkets, service stations and the local hardware store. It's all down to personal control.
  
  I once asked a friend why he has a debit card (and has problems running out of funds just when he needs to use it) when a credit card is so much more convenient and can be used absolutely cost free. He said he would run up a bill up to the credit limit and that he didn't trust himself to control himself. Fair enough.
  
  Now ING may hope that customers A) boost spending, B) keep spending on the debit card out of habit even when the 5% bonus expires, and C) put hundreds of dollars into the savings account where it earns zero interest (free money for ING). But if you play the offer right you can only win.
- tanoshiiki on 24/06/2013 - 16:02
  
  +2
  
  This comment seems similar to those OzBargainers who just buy discounted products just because they are discounted and then blame OzB for making them lose money. Only buy what you really need.
  
  ING isn't forcing you to spend. Sure it may give you an incentive to spend, but so does a credit card. I admit, I've probably gone to Macca's a few more times then I should have because of this paywave promotion, but it's my own fault, not ING's.
  
  On the topic of withdrawing cash, ING pays you 50c every time you withdraw $200 via EFTPOS (a 0.25% cashback…)
bigfootadelaide on 24/06/2013 - 15:53

Shikha966 When you created the joint account the first question asked on the the online application
Are you already an ING DIRECT customer?

What did you select Yes or No? (knowing that you have individual accounts)

Thanks for info
msmhw on 25/06/2013 - 13:12

+2

I got my card today, the account number is different than the previous one and in the letter its said as the OP I am getting 5% cash back for the next 6 months.
PissLUR on 25/06/2013 - 15:36

+2

ok. closed the account and opened a new orange account after 15 minutes.

got a new account number, used the same client id. no verification required.

will see if i get the 5% cashback for the next 6 months..

thanks op.

got info that the 2% cashback will be effective starting from 1st july
- delfredo on 25/06/2013 - 18:26
  
  So essentially the benefit we're discussing here is 3%, not 5% since existing customers will get 2% with no action required.
  - PissLUR on 25/06/2013 - 18:44
    
    you'll have to deposit min 2000 every month to get the 2% cashback.
- OzTravis on 25/06/2013 - 22:16
  
  Same thing here…. Surprised how easy/smooth closing the account was… Opening a new account was even smoother…. Now let's hope for 5% rebate :)
sakinah on 25/06/2013 - 21:15

both my husband and I have been enjoying the 5% rebate. But is there any way then closing my account? can i just open a new joint account or something? reason i ask is that its not so easy for me to close my account because all my bills are direct debited and i will have to inform more than 10 companies that my account details have changed.
- spendinghacker on 26/06/2013 - 07:56
  
  +1
  
  The federal government has made certain changes which have made the account switching process (including transfer of direct debits) a whole lot easier, cheaper and essentially painless.
  
  You can find the full details here: http://www.bankingreforms.gov.au/content/Content.aspx?doc=sw…
  
  In a nutshell, banks are now obligated by law to provide (for free) any customer who wishes to switch to another bank, with a list of all their direct debits and direct credits from the last 13 months. The customer then provides this list to their new bank, signs a single form and the new bank that will now hold your transaction account does the rest (again, for FREE). Nothing else to do on your part.
  
  However, given both your old AND new account are with the same bank, all the above probably does not apply.
  
  In general, I always recommend to people to have a primary transaction account which is the account they ACTUALLY USE. This account needs to be chosen very very carefully and you must ensure you are selecting the ABSOLUTE BEST product that is available at the time for that.
  The ING Direct Orange Everyday account is NOT the absolute best product currently available in Australia.
  It might have a fighting chance if the rumoured 2% rebate comes about and is made PERMANENT (not 6 months or any 'limited time offer' BS) but we will assess that once ING makes their move. I also don't like the fact that ING has NO ATMs which means you are hit with a fee unless you withdraw $200 or more or start scrambling around to find the closest Woolies/Coles/AusPost store.
  
  The rest of your transaction (and also savings) accounts should be what I call: "disposable account". You open them only because you receive SOME BENEFIT for doing so (bonus interest or cold hard cash). Once the full benefit has been extracted and you have 'milked' that particular institution dry, you CLOSE the account.
  
  Things like crediting your salary or Direct Debits should be kept strictly to the PRIMARY account and never transferred to any of the 'disposable' accounts you might have at any particular point in time.
  - SBOB on 26/06/2013 - 08:30
    
    +1
    
    good points above..
    
    Im keeping my Bankwest Hero account as my salary account, which gives me a bit of interest while the $ sits in there and can handle all the direct debit stuff..
    The ING account can then be the day-to-day stuff (with the exception of small atm withdrawals) and transferring between Bankwest and was same day so its quick to move $ around.
    - spendinghacker on 26/06/2013 - 08:54
      
      +2
      
      The BankWest Hero transaction account is a good product and the ONLY transaction account in Australia that pays decent interest on the balances sitting there.
      
      However, it has 2 major drawbacks:
      
      You MUST deposit money (at least 2K) every month otherwise you get hit with a $6 fee which is on the high side. For people who have income that is less regular (students, freelancers etc.), this could be an issue.
      
      It is TERRIBLE for overseas use. You get hit with a 2.95% currency conversion fee plus $5 every time you withdraw cash at an ATM overseas or even just check your balance. Ouch!
      
      Also, you will be hit with a $10 fee every time you accidentally overdraw your account.
      
      If you are a PAYG employee and don't buy online from overseas merchants or travel overseas much, it is probably not a bad product for you.
      
      However, this is what I call a 'Vanilla' solution. You get an OK deal both as far as interest rate on your cash and as far as fees on your everyday banking. However, it is NOT the BEST!
      
      For my money, I insist to always get nothing less than the ABSOLUTE BEST deal on ANY product or service that I use, be it banking, power, broadband, health insurance…anything I need.
      
      I think most people on Ozbargain share my mindset and that's why I love hanging out here so much :)
    - SBOB on 26/06/2013 - 10:09
      
      and 'the best' is?
      
      I combine it with a 28 deg card for oseas purchases and a Bankwest Platinum zero for CC purchases (free travel insurance, extra year product insurance and also good oseas exchange rate and always paid off in full each mth) so for me there are no -ve's with the 'Hero' account
  - sakinah on 26/06/2013 - 12:04
    
    thanks for the advice. I also have my SUPER with ING direct. so not sure what to do now. I think i will get my husband to close and open a new account. Now i want a card for this too so i get 5% rebate. Should he open a joint account so we get two cards?
  - Risser on 26/06/2013 - 17:52
    
    If you have a mortgage/loan, wouldn't an off-set account be the best option?
    - SBOB on 26/06/2013 - 18:31
      
      Unless you use someone like uBank and its a ppor, so the lower rate offsets the 'offset' benefit
Syke123 on 26/06/2013 - 13:07

no luck for me
cancelled my OE a/c and signed up the next day for a new one
got the card today and it says that i signed up for my second OE card and nothing abt 5% rebate
so assuming they have caught on

This was posted 10 years 10 months 8 days ago, and might be an out-dated deal.

Renew ING 5% Wave & Save Rebate / Auto Reverts to 2% with $2k+ Deposit a Month after 6 Months

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