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[ING Direct] Living Super - $100 Bonus into Everyday Account When You Switch to Living Super


$100 bonus when you switch to Living Super.

To be eligible for the $100 bonus payment, you must:

  • Open a new Living Super account. You are not eligible if you had an existing Living Super account prior to 21 March 2016.

  • Contribute or rollover to your Living Super account before 31 May 30 June 2016 15 October 2016 – by rolling over from your existing fund or setting up your employer contributions.

  • Have an active Orange Everyday account – The account needs to be open and active by the end of the campaign period ie: all the account opening steps must be completed.

is available to the first 5,000 individuals who satisfy the Eligibility Criteria by 31 May 30 June 15 October 2016

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  • +2 votes

    They did this campaign before, but it did not have the requirement "Contribute or rollover to your Living Super account before 31 May 2016 – by rolling over from your existing fund or setting up your employer contributions".
    Before you could just get $100 and run without putting in any money ;-)
    Now they got smarter :-(


      I might just switch back after I receive the $100, only have a measly amount of super anyway


        you will most likely losing something by selling and buying the funds…


        Why would you do that? Tell ozbargainers which are better funds than ING?


          I would have if my existing one was better than ING just for the free $100. After doing some research it turns out ING would probably be better but after looking into it more I found out I'm locked into my current super fund until I leave my current employer anyway :(

          Turns out there also would have been fees greater than $100 anyway if I'd tried to switch back.


      I just set it up to put $1 a month in, the deposit doesnt go in until 15th May though. wish there was a way to instantly fund it.

    • +1 vote

      just get $100 and run without putting in any money ;-)

      I got a "how are you going" phone call

      I couldn't bring myself to tell them I only opened it to get the $100 :)

  • +2 votes

    I am currently with ING Super and am quite disappointed with the amount of fees being taken from my account. It has now taken 25% of the total amount of money being put in.

    Can anyone recommend a free/low fee super that I can swap to?

    I don't have a lot in there as I only started working halfway through last year but to see SO much money go is ridiculous.

    • +1 vote

      There are a few options with the ING Super and I thought the first one was completely free? Drop back to that one

    • +1 vote

      I tried to have a look for fees today when I signed up and found the insurance fees so cancelled that but couldn't find any more. I chose the 'balance' option which is supposed to have no fees.

      What type of fees are you getting charged with? Are you on the 'balance' option?


      Apologizes guys, I am hopeless at tax/finance stuff. I thought Super was tax free. It appears not!

      facepalm I will go hide under a rock now.

      Thanks for the responses though :)


    Anyone receive the $100 bonus yet? I put $1 into the account on 15 May. No bonus received yet.


      Did you only put in $1 or did you also "roll over from your existing fund or set up your employer contributions" (required).


    Before jumping on this I'd also compare the returns as well as the fees eg:


    You may get a $100 bonus plus there may be no fees with the ING Balanced fund, but their returns don't seem to have been amazing (ie 9.93% since inception 8/2012 to 6/2015 versus 12.17% industry benchmark and 13.44% with Aus Super over the same period).

    • +1 vote

      Historic returns are not a metric for future performance. TBH if you want better gains without self-managing the portfolio you need to actively select the different managed portfolios depending on risk and understand what your money is invested into.

      For people with small super balances or want to select from managed portfolios without self-managing, I can't see anything better than ING.


        Absolutely agree that historic returns are not a metric of future performance. There can of course be no guarantees as to how much a fund might return in the future. They do however provide objective information on how well the fund performed over a specific period. It also provides objective information on how a fund performed compared to other similar funds over a specific period. Will this continue over the next 6 months? Year? 5 years? No idea. Could be better, could be worse.

        I also completely agree that this might suit some people depending on their requirements and expectations. I just do know that for me personally over the past three years I would be significantly worse off with ING even after allowing for the fees I pay with my current fund.

        I am not knocking ING - all I'm saying is that people should consider the overall product, and not just concentrate on the fees, to make sure that it's right for them.


          • all I'm saying is that people should consider the overall product*

          Which is the most important part, I remember my first job with first superfund with Aus super, I was basically robbed blind with fees. I can't remember what they charged but they have a fixed rate yearly management fee, which is disproportionate to gains possible on a small super balance.


      What most people ignore, is that the reason ING Super has free fees is because they put almost half of your super in cash. You get shit interest for that, and due to current conditions in the market (super low interest rates, devaluation of currency) you are probably losing money. Is quite certain that this fund is going to underperform compared to others.


        Only 1% (min $500) of your super balance is put in the cash hub, not "half of your super".


        From: http://www.ingdirect.com.au/pdf/Living_Super_Product_Guide_1...

        "Cash, Term Deposits and a Balanced options have no administration or investment fees."
        "The Balanced option in the Smart investment category is a pre-mixed investment solution with a strategic allocation of 50% invested in shares and 50% invested in cash."

        So, wow. You appear to be right in that the Balanced fund is 50% cash. That's very surprising. Anyhow, I suspect that it's not so much fee free due to how the investment is split but rather they simply don't provide as big a return. It all balances out in the end of course but it would be nice to have a comparative rate like they do for banks.


          If you choose the ING living Super option then yes, half is in cash at the (low) RBA rate. But it's still the cheapest for low super balances.
          The RBA rate is 1.75% pa which is about 1.5% less than what you could get in the best bank savings account (though not availble in any super fund I've seen) and you get minimal interest on the 1% that must stay in the Cash Hub.

          If you have a total super balance of $10,000 then I estimate the loss in interest due to the low interest rate is about $86 pa which is cheaper than any other super fund.
          On a total super balance of $50,000 the loss in interest would be about $386 pa which is still competitive with other low-cost super funds like ANZ. With a balance over $50,000 it definitely gets better to consider ING's other super choices or another super fund.


    Some good advice above.

    I was about rollover to ING super from First State super.
    My FSS fund has an
    Investment fee of 0.43% per year +
    Administration fee of $52 per year ($4.33 per month) plus an
    asset-based administration fee of 0.15% per year.

    Whereas ING balanced has no fees.

    But then I saw this performance table

    FSS is 8.1% over 3 years
    ING is 6.6%

    Also ING is a smaller newer (2012) fund.

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