This was posted 10 years 10 months 2 days ago, and might be an out-dated deal.

Related
  • expired

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
Go to Deal
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

Related Stores

ING
ING

closed Comments

  • tfb on 22/06/2013 - 07:59

    Do you really need to close your savings account too? I would have thought just close the orange account and then reopen a day later.

    • Lord Fart Bucket on 22/06/2013 - 08:17
      +14

      Seems like a big hassle… i want my bargains with minimal effort please.

      Redoing account details for direct debits and deposits…

      • illumination on 22/06/2013 - 08:52
        +6

        Did you expect them to serve it on a plate for you? To be honest the OP description complicates it a little bit. TLDR for the OP is:

        • close account
        • reopen bank account
        • done

        Good job on the un-promoted information though!

        • Lord Fart Bucket on 22/06/2013 - 13:48
          +2

          As long as they don't charge me for the plate :P

          Your clarification helps. Makes it a bit better, thanks for that.

    • user27 on 25/06/2013 - 16:29

      or get your wife to sign up

  • [Deactivated] on 22/06/2013 - 08:08
    +3

    …

  • rjb on 22/06/2013 - 08:13

    …gonna sign up today !

  • bpdoz on 22/06/2013 - 08:20

    To the infinity… :)

    • Jesmond on 22/06/2013 - 14:39
      +1

      To infinity and beyond

  • Afurotsu on 22/06/2013 - 08:34
    +1

    So if I'm on the original promo expiring at the end of this month, it'll drop to 2%? Or is that for those on the six month promo only?

    • muncan on 22/06/2013 - 09:07
      +1

      2% for those who want their bargains with minimal effort - lol
      But yes, you're a 'new customer' if you sign up without being an active customer.

      • Candour on 24/06/2013 - 06:28
        +1

        great work
        the banks really play tricks on us
        they really need these deals for all customers equally
        or no deals and just low rates or high interest

  • unity1 on 22/06/2013 - 09:20

    Have people kept running totals as to how much they have saved using their ING card with the 5% rebate.

    • spendinghacker on 22/06/2013 - 09:35
      +5

      Almost $1,500 so far in the last 9 months!

    • cashless on 22/06/2013 - 09:47
      +1

      Ran a spreadsheet on this recently (using data from ING) & found that I'm about $1200 up so far
      Long may it continue

      • krisspy on 22/06/2013 - 09:59
        +6

        So you've managed to pay-wave $24000 worth in 6 months?

        • leeroys_dad on 22/06/2013 - 10:02
          +6

          this guy is a high roller

        • SBOB on 22/06/2013 - 10:18
          +2

          240 transactions (assuming all at $100),
          40 transactions a month

          maybe he buys a lot of petrol and groceries

        • muncan on 22/06/2013 - 10:21
          +6

          New car in 240 easy payments? :-P

        • cashless on 22/06/2013 - 18:29
          +7

          Not quite, but have certainly been hammering it for about 9 months.
          Recent example HP laptop from OW @ $700 ( 7 transactions).
          Have also bought LCD TV ($750) from HN. Dishwasher (HN), ipad (BigW) were others. All paid with $99 transactions
          Having a hungry family the weekly grocery bill is usually around $250 or more. Local woollies staff now know that I only pay in $99 lots!

        • T-man on 22/06/2013 - 18:41
          +1

          HN has PayWave terminal? I did not see at my local HNs

        • thei on 25/06/2013 - 17:42

          How do you buy groceries in $99 lots?

        • stig on 27/06/2013 - 11:25
          +1

          You can nicely ask the cashier to split the payment. Some might get narky, but most are happy to (if not a bit confused about why you're paying with the same card multiple times.)

          You can also split payments at the self-serve registers too, at both Coles and Woolworths.

        • spendinghacker on 27/06/2013 - 11:41

          You are a true 'professional'! (-;

        • uccoffee on 27/06/2013 - 12:20

          none of the QLD one has paywave ~ :(

        • jasonwlh314 on 03/07/2013 - 20:34

          how did you pay the bulky bills like TV in $99 lots?

    • Cluster on 22/06/2013 - 12:14

      $402.44 saved as of yesterday. Best OzBargain found offer ever.

    • sssx on 22/06/2013 - 12:21

      I'm about $100 up in savings over about 7 months… probably not worth closing all my accounts down and reopening.

    • hamza23 on 24/06/2013 - 20:22
      +2

      I just added mine up then.

      In the 6 months I've used it, I've done 334 paywave transactions and received a total of $285.48 in cashback :) It would've been more if I used it for weekly groceries, but I use the entertainment book 5% off gift cards as it works out to 6% off with CC reward points.

      Pretty happy with that :)

      • uccoffee on 27/06/2013 - 14:05

        nice tips!

  • spendinghacker on 22/06/2013 - 09:21
    +5

    You are a BLOODY LEGEND mate!

    This is what I call OzBargainer to the core.

    To be honest, I am not overly surprised that you can get away with that. ING Direct is one the most lax banks when it comes to their definition of a "new customer".

    The 'inside info' is PRICELESS. Thanks for sharing.

    If their limit is 30,000, I suggest everyone hurry up!

    Best way to ensure success is to close any joint accounts you have and then have each person open an account in their individual names. If you already have individual accounts, do the opposite and open a joint one.

    The 2% is an interesting twist. People can start using the ING account as their primary one if they want (but please be aware that if you do, you are NOT using the ABSOLUTE BEST transaction account currently available in Australia) or just 'cycle' 2K in and out every month. Easy.

    BRILLIANT work OP!

    • muncan on 22/06/2013 - 09:24

      Thanks mate :-P

    • SBOB on 22/06/2013 - 09:41
      +2

      Which do you think is the 'best'?

      • Bargain4U on 22/06/2013 - 10:23
        +1

        Citibank Plus!

        • spendinghacker on 22/06/2013 - 10:38
          -1

          Indeed it is.

          Are you one of our subscribers by any chance? lol

        • sssx on 22/06/2013 - 12:29

          I've heard no faults about the ING account… why is Citibank Plus the best account? (I'm actually interested cos I might change if it's worth it, but…why?)

        • SBOB on 22/06/2013 - 12:31

          Well as I have a 28deg card for oseas purchases the citibank plus' s main benefit is not applicable to me.

          The free 'any' atm usage is similar to others like bankwest zero (assuming minimum monthly deposit limits arent an issue)

        • tyng on 22/06/2013 - 20:47

          I've been using Citibank Plus for 5 year + and I must say it's not as good as it used to be, due to:

          • free ATM withdrawal used to be on any ATM, now only free on Westpac, St George and Bank of Melbourne ATMs
          • Linked savings account interest rate no longer competitive, the rate is pretty much the same as the big 4s nowadays.

          Maybe I should switch to ING altogether.

        • t25 on 22/06/2013 - 23:45

          also long processing times with citibank.

          i can transfer money from bankwest > ING at 3pm, and transfer it in my ING account by 5pm, same day, minimal downtime.

          citibank requires 48 hours to deposit/withdraw funds.

          i might just start making my ING account an everyday account.

        • spendinghacker on 01/08/2013 - 09:56

          Their Savings Account is actually pretty competitive

    • jimbobaus on 14/07/2013 - 00:02

      It is the best transaction account in Australia.
      Pays you 50c when u withdraw over $200 using eftpos with a purchase.
      No fees ever
      Pays the ATM fees if u withdraw over 200 bucks.

      Processes payments same day not over night. So you get credits sent to you by 6pm not bloody 7am next day

      Best bank anywhere.

      • spendinghacker on 14/07/2013 - 12:07

        Only if you never go overseas, never use the debit card to purchase something in a currency other than Australian Dollars and never send or receive money from overseas. :-)

        I also don't like the fact you are forced to withdraw at least $200 every time or scramble to find a Woolies, Coles or AusPost outlet in order to avoid the ATM operator charges.

        Each to their own I guess but based on our EXTENSIVE research, this is not the best account. It is pretty good, I agree…but it is not the best!

        • tanoshiiki on 14/07/2013 - 13:12
          +2

          I believe in having the both accounts, to get the best of both worlds. ING Orange Everday in Australia and Citibank when overseas (and requiring bank cheques in Australia).

          I even blogged about it… http://tanoshiiki.wordpress.com/2013/07/09/banking-essential…

        • t25 on 01/08/2013 - 13:51

          Coles is annoying because you have to go to a normal checkout to be able to get cashout. Whereas with woolies, you can just get cashout from a self serve terminal without any purchase.

  • shaybisc on 22/06/2013 - 09:23

    Curious. Since the object of the exercise is to get new customers, you would not expect ING to allow this.

    • spendinghacker on 22/06/2013 - 09:38
      +2

      Correct. You would not expect to.

      However, as I said before, ING is pretty lax with enforcing the T&Cs of their promos.

      So basically, the fact that you shouldn't be able to do that, doesn't necessarily mean that you can't…:)

  • bluechan on 22/06/2013 - 09:26
    +2

    I'll probably do this once I see I'm not getting 5% back…

  • Shikha966 on 22/06/2013 - 09:35
    +5

    If u open a joint account, u get the 5% rebate even if you have existing account. Me and my husband have ing orange account and we opened another joint account 5 days ago and I checked my transaction today and found the 5% rebate there.

    • tae on 22/06/2013 - 09:38

      Do you get multiple cards for joint account?

      • muncan on 22/06/2013 - 09:39

        Yep, that's the idea

      • spendinghacker on 22/06/2013 - 09:42
        +1

        Yes you do. Each individual account holder will have their own card.

        Both cards are linked to the same joint account.

    • muncan on 22/06/2013 - 09:38
      +2

      This page is intended for those who signed up under the original offer (discount ends 30 June). After 6 months this will hopefully still be applicable for those signing up to the current offer.

      • spendinghacker on 22/06/2013 - 09:44

        Just out of curiosity muncan…why did you do this 'in-out raid' now as opposed to waiting till after June 30?

        • muncan on 22/06/2013 - 09:48
          +7

          OzBargain isn't about why. It's about WHY NOT!!?

        • spendinghacker on 22/06/2013 - 09:51

          Well said.

          Maybe you should join our team mate….:)
          I like your style.

        • kampua on 22/06/2013 - 11:47
          +1

          I wonder if this 5% still run under current promotion and might end 30 June even though it's new account but same holder? Just being skeptical.

        • ilikebargains on 22/06/2013 - 12:13

          exactly what i was thinking.

      • unco on 22/06/2013 - 10:24

        I signed up under this original offer just a few weeks ago.
        My understanding was that the sign up period was until June 30 but you would get 6 months of 5% cashback from the date you sign up.
        Is this correct or will my cashback period end on June 30 too?

        • muncan on 22/06/2013 - 10:38
          +2

          Having two similar offers has made things confusing.
          Here's an extract from the 'important info' (bottom of offer page)…

          New offer:

          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) ("Eligible Customers").

          Old offer:

          The Wave & Save 5% rebate offer ("Wave & Save 30th June Rebate") was available from 1 October 2012 to 30 June 2013 ("Offer Period') to all existing Orange Everyday customers (including joint account holders) who requested to update to a Visa payWave card during the Offer Period ("Eligible Customers").

    • spendinghacker on 22/06/2013 - 09:41

      Mmmmm…interesting!

      Maybe they are even more lax then what I expected!

      I wonder if it would work the other way around (joint account holders opening individual accounts). Has anyone tried and TESTED that and can confirm?

      Cheers

    • bigfootadelaide on 24/06/2013 - 11:40

      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

  • Shikha966 on 22/06/2013 - 09:43

    We got two cards one in my name and one on my husband's name.

    • muncan on 22/06/2013 - 09:45

      Actually, my wife signed my card by mistake… ha! Not that it should matter, as we don't sign for purchases.

      • iSamurai on 22/06/2013 - 21:03

        Just use a thicker pen like a permanent marker and sign over it.

  • sw0rdy on 22/06/2013 - 09:56

    Is it on any transactions or is it strictly the pay and wave ones?

    • [Deactivated] on 22/06/2013 - 10:15
      +2

      I believe it is strictly pay wave.

      • t25 on 22/06/2013 - 23:47

        i have been credited on swipe credit transactions, afterall, i have seen paywave terminals stop working, so maybe ING assumed that?

  • punter1 on 22/06/2013 - 09:59
    -1

    do u ve to call ING to close the a/c or it can be done online ??

    • leeroys_dad on 22/06/2013 - 10:02
      +1

      call

    • spendinghacker on 22/06/2013 - 10:45
      +2

      ING Accounts CAN be closed online by sending them a secure message via their Internet banking interface.

      http://screencast.com/t/gbMxBN8j

      Have done it many times and they usually action it within a day or two max. ING Direct customer service is nothing less than OUTSTANDING and it's 100% Australian-based.

      • illumination on 22/06/2013 - 11:17
        +1

        @ginmi I don't know bout others but I couldn't care less where it is based as long as it is good. And ING customer service has been good. So I'm happy :)

  • Splashtash on 22/06/2013 - 09:59
    +11

    U need to consider one thing….. Maybe ur cash back will still end at the end of the month….. Even u resign up, I mean it might not but I was thinking the reason ur cash back still works is coz the 6 month period hasn't ended unless the terms and conditions state otherwise. Good idea and post though!

    • carrie810 on 22/06/2013 - 10:40

      Good thought. I will wait till 30 June.

    • spendinghacker on 22/06/2013 - 10:54

      Great point! I will hold off as well.

      Can OP please report back after July 1 and confirm they are STILL getting 5% off?

      • muncan on 22/06/2013 - 10:56
        +5

        Sure ginmi… OP reporting for duty!

    • T-man on 22/06/2013 - 18:47
      +2

      I was thinking the same, so i should wait until 30/06 and see if the cashback won't show up in my bank account anymore. Then, I'll close my account and reopen.

      • Splashtash on 23/06/2013 - 14:40

        yer your right but the thing is im still waiting for my $50 roll over for my super ><"

  • concento on 22/06/2013 - 10:06
    +2

    Do you need to close other linked ING accounts too? E.g. Savings Maximiser

    • Bro-Die on 22/06/2013 - 10:09

      I came here to ask this, as a savings maximiser is all I currently have with ING

    • muncan on 22/06/2013 - 10:11

      My suggestion is yes - to sign up again, you want to be able to honestly claim you're not an existing customer. So move your savings elsewhere for a week?

      • tokyo on 22/06/2013 - 10:24

        I think its for New Orange Everyday customers. It says it on the banner here: http://www.ingdirect.com.au/everyday/orangeeveryday.htm

        I also have a Savings Maximiser only and just signed up to this deal. I didn't take advantage of the original deal so hopefully it works!

      • concento on 22/06/2013 - 10:24

        So you didn't have ANY active ING accounts when you signed up for the new orange everyday account?

  • cloudie9 on 22/06/2013 - 10:18

    So is the $100 min spent 5% rebate for each transaction or daily limit?

    • retiredfeline on 22/06/2013 - 10:18

      Transaction.

    • simprosimple on 22/06/2013 - 12:47
      +2

      I don't think there's any daily limit, as long as u have $$$ in your account… $99.99 is the max to get 5% REBATE, but I found out $99.90-$99.99 got the same REBATE. So $99.90 is better

      • SBOB on 22/06/2013 - 12:52

        You miss out on $0.0045 :)

        • simprosimple on 22/06/2013 - 13:29

          both give $5.00 REBATE after roundup/off

      • retiredfeline on 22/06/2013 - 12:52
        +6

        Wow, hardcore OzB'er, even going for the fraction of a cent rounddown. ;)

      • [Deactivated] on 22/06/2013 - 20:01

        nice

      • Splashtash on 27/06/2013 - 21:11

        i think there is a $2000 max per month u can gain back from using it…. i wont say why though :P

        • simprosimple on 02/07/2013 - 23:39

          u need to spend $40000 a month to get $2000 rebate

        • muncan on 03/07/2013 - 00:44

          Easy when you pull in $47K a day (reportedly)

  • ryudo222 on 22/06/2013 - 10:21

    i signed up and it says i have 90 days to activate my account or it might get closed, i log into my account online but dont see any activate account features, can anyone help with this?

    • tokyo on 22/06/2013 - 10:24

      You have to print out the ID form and bring it to Australia Post then send it in by mail.

      • muncan on 22/06/2013 - 10:31

        When your new card arrives, log in to your account to activate online.
        No need to post anything.

  • rjb on 22/06/2013 - 10:22

    …..how does just weigh up against a mortgage offset account, my mortgage rate is just above 5%….and if i use my credit card for all purchases and pay it before its due date, I pay no interest on credit card, save on monthly interest by virtue of the offset account(not to mention I reduce the length of my mortgage fractionally) and not have to limit myself to making payments up to a maximum of $99.99 at any card wave, only downside I see, is that I have to pay the cursed monthly account fee of $4.00 I would be interested to hear what other OZBers think ?

    • cooni on 22/06/2013 - 10:35
      +4

      On offset you'll save 5.xx% per annum.
      Have about $200-$300 in your Orange Everyday account and keep it topped up as you spend it. Put the rest in your offset account.
      For PayWave transactions you're saving 5% instantly (well in the days it takes you to spend the money).

      • cwongtech on 22/06/2013 - 11:28

        For PayWave transactions you're saving 5% instantly (well in the days it takes you to spend the money).

        Technically it takes 2 working days for the transaction to clear (and the rebate to come into effect) :)

  • unity1 on 22/06/2013 - 10:35

    It's clear what the OP is saying that you can cancel and resign again but it's still the same deal as was posted here http://www.ozbargain.com.au/node/99786. So isn't this a dupe?

Login or Join to leave a comment
Login Join