ING Direct Vs Macquarie - Everyday Transaction and Savings - What Would You Choose and Why?

Hey everyone,

What would you choose and why? I'm pesonally leaning more towards Macquarie, but ING appears to be very popular. Why is Macquarie not as much?

The list of pros and cons I can figure out is listed below.

Macquarie Bank Transaction and Savings Account:

POSITIVES:
  • $0 ATM Fees
  • $0 International Transaction Fees
  • $0 Monthly Maintenance Fee
  • $0 Monthly deposit required
  • Pending transactions appear straight away
  • Fingerprint App support
  • Android Pay
  • Apple Pay
  • Fantastic App
  • Fantastic Website with budget tracking and lots more useful features
  • Live push notifications to phone for transactions on your account
  • Widthdraw money direct from savings (no need to organise a scheduled transfer to your transaction account 1 day before)
  • Able to change your PIN online
  • Great Facebook support
  • Savings account allows $250,000.
NEGATIVES:
  • No Bank@Post (Apparently coming soon - but negative until they change this)
  • No 24/7 Customer Service
  • Interest on savings account is lower compared to ING. (1.30% < $25000 > 2.35%)
  • $5 Overseas ATM Widthdrawl Fee.

ING Direct:

POSITIVES:
  • $0 ATM Fees
  • $0 Monthly Maintenance Fee
  • Pending transactions appear straight away
  • Android Pay
  • Apple Pay
  • Offers Bank@Post
  • Offers 24/7 Phone Support
  • Great Facebook support
  • Highest interest rate on savings at 3% (Must deposit $1000 per month)
NEGATIVES:
  • 2.5% International Transaction Fee
  • $2.50 International ATM Widthdrawl Fee
  • No live push notifications to phone for transactions
  • $1000 monthly deposit required to get 3% interest on savings. Otherwise its 1.5%
  • Savings account limited to $100,000 for interest.
  • Website not as polished and full featured compared to what Macquarie offers (must stress its still good, just not as good as Macquarie)
  • App not as polished and full featured compared to Macquarie (must stress its still good, just not as good as Macquarie)
  • No ability to change your PIN once its been set on sign up
  • No Fingerprint App Support
  • No ability to widthdraw money direct from ING Savings. Therefore forced to setup a scheduled transfer 1 day in advance to get money out. Loosing 1 days worth of interest in the process

Poll Options expired

  • 15
    Macquarie Transaction + Macquarie Savings
  • 14
    ING Direct Transaction + ING Direct Savings
  • 9
    Combination of Macquarie + ING

Comments

  • +1 vote

    Macquarie - their android app is awesome.

  •  

    Agreed. The Android App is brilliant.

  •  

    I think ING is/was previously the most popular due to the referral bonus and it used to have 5%/2% cash back on contactless.

    Macquarie is fast catching up it seems.

  •  

    I went with Macquarie after recommendations on a previous post.

  •  

    ING has alerts they are by SMS though.
    ING app supports Touch ID on iPhone for login.
    link ING savings to ING everyday for instant access to savings.

    Maquarie has serious issues from my experience.
    Twice had payments I sent go "missing"
    Money credit to my account usually takes 1-2 days longer than it should (pay day is Wednesday. Credits to ING wed morning (sometimes tues night) with maq it would arrive late Thursday.
    Customer service is unhelpful at best compared to ING who I found to be amazing.

    I switched to MAQ a while back and it took me 6 weeks to switch back.

    I use ING everyday and savings max with a Citibank account for international purchases.

  •  

    We recently moved our accounts to ING. We have an everyday access plus a number of linked saver accounts for things like things specific savings, annual bills, everyday bills.

    Pros:
    We can move money instantly between the saver accounts and the transaction accounts and withdraw that at any atm if needed. If there is an ATM fee it appears paid back in your account. The monthly deposit requirement doesn't bother us as we are using it mainly for the ease of separating out money into different buckets (saver accounts).

    I have alerts set up that sms me as soon as our pay is deposited, and I get notifications when bills I have scheduled payment for are paid.

    There are some good referral codes which give the referrer and referee $100 cash if you use them when you set up your account.

    I've needed to speak with someone a couple of times and the customer service at the time of day I have needed it was awesome - so brilliant to just reach someone almost instantly outside of business hours!

    Cons:
    The lack of fingerprint scanning access for android is quite annoying (the app allows fingerprint scanning on iphones).

  •  

    I wanted to make a similar post a few days ago, personally i recently changed from one of the big 4 to ING but heard Macquarie was also a good alternative but i ended up going with ING, so far they seem real good

  •  

    I use Mcq for transaction + ING for saving. I do make frequent purchases from international sites and travel often, so the 0% international fees saves me a lot. However, the low interest rate is a huge letdown and that is the reason why I use ING for my savings.

    it really depends on your needs.

    •  

      I guess once the NPP is rolled out in October. You can easily do instant transfers between your Macquarie Transaction account and ING Savings to get the best of both worlds. The only thing holding me back from doing that is the 1 - 2 day delay in getting your funds between the accounts.

  • -1 vote

    You can't deposit cash or cheque in Australia Post for Macquarie, which is quite annoying to me. The app alerts for ATM withdrawal and purchases are annoying too. The interest rate is not as generous as ING, so I use ING for saving. I use Macquarie for foreign currency transaction.

    •  

      I actually find the app notifications useful as they verify a recent spend and allow me to decline a paper receipt.

    •  

      The app alerts are what much of the attraction to the account is about. Instant notification that you've had a transaction occur on your account.
      However, if it bothers you, it is possible to turn it off in Settings on the Macquarie Banking app.

  •  

    ING - despite alot of negative discussion ING have the best interest rate around at the moment and offer bonuses such as the refer a friend codes (which have now gone up to $100 each apparently from the one I received this week). Plus no ATM fees is super handy, customer service has never been an issue for myself either.

  •  

    Looks like Macquarie now have 24/7 customer service for their transaction and savings accounts. So I have removed that as a negative.

    It looks like Macquarie have far more positives then negatives compared to ING.

  •  

    And I can't edit the original post… argh damn Oz Bargain restrictions…

  •  

    I have fingerprint (Touch ID) support on my ING app on iOS.

  •  

    Ive had an ING online savings and transaction account for a couple of years now. I think it's great and recommend it to everyone. Don't know anything about Macquarie so my vote is definitely for ING.

  •  

    ING dropped their interest rate to 2.80%.

    Macquarie Bank seems to be the new bank to go to.

    •  

      Why not UBank?
      2.87%, and only requires a $200 monthly deposit.
      Plus, you can "pay anyone" from your Savings account, unlike ING which only allows you to pay into your "linked account".

  •  

    Ubank has sketchy online banking system. Macquarie offers alot more like no International transaction fees. Zero ATM Fees on the account. Check out the original post. Sums it up well.

    Move to Macquarie for the online banking setup and apps alone. It does everything ING does plus a lot more.

    •  

      You do know that Ubank is just NAB right?

      •  

        I know. But it makes no difference. The issues with their online banking is widely discussed here and on Whirlpool.

        •  

          Ive never really had problems with ubank :P

          i found them alright. then again i only had an online saver, hardly ever touched the transaction account

  • -1 vote

    As a broker I can honestly say that Macquarie is substantially easier to deal with and they are very open to strong negotiating (assuming your broker is willing to cut some/all of his trail as well).

    Recent success at 70% LVR 400k owner-occupier loan . 3.59% (3.59% comparison) on the Basic with zero ongoing fees plus above mentioned account benefits :)

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