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

• 

  pyramid on 09/06/2017 - 22:52

  +1

  Macquarie - their android app is awesome.

  • 

    virhlpool on 10/06/2017 - 03:08

    Even at the cost of lower interest rate?

• 

  E5TOQUE on 09/06/2017 - 23:45

  Agreed. The Android App is brilliant.

• 

  John Kimble on 10/06/2017 - 02:07

  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.

• 

  brokeunistudent on 10/06/2017 - 05:37

  I went with Macquarie after recommendations on a previous post.

  • 

    bumblebeetuna on 11/06/2017 - 23:41

    And your opinion now is?

    • 

      brokeunistudent on 12/06/2017 - 11:05

      It's better than ING. Go for it!

    • 

      tobi3421 on 09/07/2017 - 16:35

      I use both. ING for the 3% savings and Macquarie to pay for stuff.
      Something I noticed is that Macquarie card can't be used to pay for some online stuff. It'll just say declined :/

• 

  jimbobaus on 10/06/2017 - 08:06

  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.

• 

  Pungentia on 10/06/2017 - 08:13

  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).

• 

  Godric on 10/06/2017 - 10:14

  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

• 

  pancakeparty on 10/06/2017 - 10:22

  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.

  • 

    E5TOQUE on 11/06/2017 - 17:26

    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.

• 

  citygal on 10/06/2017 - 14:23

  -1

  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.

  • 

    retiredfeline on 10/06/2017 - 14:26

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

    • 

      citygal on 10/06/2017 - 14:28

      It's all about personal preferences really :)

      • 

        retiredfeline on 10/06/2017 - 15:18

        Just swipe right to dismiss it. 0.5 seconds. There may also be a way to disable it.

  • 

    DogGunn on 11/06/2017 - 17:07

    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.

    • 

      citygal on 11/06/2017 - 17:33

      I didn't know that you could turn it off! Let me try to see… Thanks

• 

  pommelhorse on 21/06/2017 - 19:04

  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.

• 

  E5TOQUE on 02/07/2017 - 16:01

  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.

• 

  E5TOQUE on 02/07/2017 - 16:02

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

• 

  TimApple on 04/07/2017 - 17:14

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

• 

  smith001122 on 11/07/2017 - 23:46

  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.

• 

  E5TOQUE on 14/07/2017 - 19:34

  ING dropped their interest rate to 2.80%.

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

  • 

    amkssg on 14/07/2017 - 19:44

    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".

    • 

      Gifwonder on 14/07/2017 - 22:00

      i went from ubank to ING, and now mebank. 3.05%

      • 

        amkssg on 14/07/2017 - 22:12

        +1

        Great choice. Honestly, I think mebank has the best offer at the moment.

• 

  E5TOQUE on 14/07/2017 - 20:37

  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.

  • 

    amkssg on 14/07/2017 - 21:40

    You do know that Ubank is just NAB right?

    • 

      E5TOQUE on 14/07/2017 - 22:54

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

      • 

        Gifwonder on 19/07/2017 - 14:14

        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

• 

  samprofs on 17/07/2017 - 17:48

  -1

  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 :)