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$50 Visa Gift Card for Rolling Your Super into ING Direct's New Living Super Product

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This is a new Superannuation (NOT SMSF) product from ING Direct and was judged by Money magazine as the cheapest Superannuation fund in Australia.

Complete a rollover by 30 June and they will send you a $50 Visa gift card. It can take up to 6 weeks for your old super fund to process your rollover so you need to move quickly so that the money is already with ING Direct by June 30.

Here are the nuts and bolts of this:

"To be eligible for the $50 Visa gift card you must be either:

  1. a new ING DIRECT Living Super customer that applies for and opens a Living Super account between 1 April and 30 June 2013 and also rolls over super monies from another super fund/s to your Living Super account between 1 April and 30 June 2013; or

  2. an existing ING DIRECT Living Super customer at 31 March 2013 that rolls over super monies from another super fund/s to your existing Living Super account between 1 April and 30 June 2013.The rollover must be credited to your Living Super account balance on or before 30 June 2013 and no withdrawals or rollovers out of the Living Super account can be made during the Offer period. Regular pension payments are not considered withdrawals.

Please note that super funds have 30 days to complete a rollover request and it may take longer if additional information is required. Only one gift card for each eligible customer is available in the Offer .

Universal Gift Cards are issued by Heritage Bank Limited ABN 32 087 652 024 AFSL / Australian Credit Licence 240984. Distribution of the gift card will commence no earlier than 15 July 2013 and will be sent to the mailing address registered to the Living Super account."

I have an SMSF (through esuperfund.com.au) that I manage myself but if I didn't, I would definitely take up this offer. The fee structure is excellent.

None of the above should be construed as financial product advice. I am not a licensed financial adviser and have not taken into account your personal situation or needs.

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  • +6 votes

    I really hope people don't move there super purely based on this offer. Super is a big deal, who you keep it with can make a massive difference. I'm not saying that ING isn't a good super provider but do your research people! $50 is nothing in the long run.

  •  

    Looks alright… $50 is a PLUS

  • +1 vote

    Well, I think ING is linked to a Dutch banking group… a business foundation…

    It's "branchless-banking" performance in AU - for me (& lots of others) - has be TERRIFIC… and - for some Aussie banks - even disruptive (ie, they're learning from & following ING Direct's example).

    Of course, you never see a hint of ING Direct's great performance in media bank comparisons… only 3 banks are included… :-/

    This may seem like a "bread & circus" kind of bank (eg, I'll be getting 2-for-1 cinema tickets, etc. for 12 months, & I've been enjoying 5% rewards for using "Wave & Save" terminals for months (deal ends end-of-June)…

    but ING has been hassle-free, eg, using Aussie-based call centre staff, who are easy to understand (not to mention keeping jobs on-shore)…

    WHAT's -NOT- TO LIKE ABOUT ING, unless you are / work-for the competition? ;-)

    •  

      Probably the fact that they don't have any branches, which is important to some people.

  • +1 vote

    Super is a big decision with lots of money at stake. You should research the possible returns on this compared to your current super fund. If you are with a retail fund that sucks, you might do better with this. If you are with a good industry fund, you might not do better with this. Do not be unduly rushed into a decision by a mere $50.

    Yes, sure their transaction banking product is good and I'm enjoying the rebate, but super is a different kettle of fish.

  • +3 votes

    useful if you have a small super account with $300 sitting in it that I couldn't be bothered transferring…until now.

  •  

    Super is so complicated… anybody got a crystal ball?

    My current fund charges ridiculous fees - in my case they result in about 10% of my whole account balance over a year… Most of my statements can be summarized as "Dear valued customer, we charged you some $$$ to loose some of your $$$". This is the main reason I'm considering this offer, but I guess the most important thing after 30 years will be how the investment performed over the period.

  •  

    remember everybody,

    judged by Money magazine as the cheapest Superannuation fund in Australia.

    ** Cheapest not necessarily equal to Best**

    think well and analyse, before making the move.

  •  

    That means you can roll the money over and roll it out again as soon as you get the $50?

    •  

      You sure can as ING Direct doesn't charge any exit/roll-out fees.

      So yea, you can definitely do that if you don't mind all the paperwork.

      Just one thing to keep in mind: your insurance cover with your existing fund. Will you lose some insurance benefits as a result of this 'churn'

  •  

    Im sick of the fee of my Super. Will give ing direct a go

  •  

    How does this compare with first state super, the cheapest superfund around in terms of overall fees.

    http://www.selectingsuper.com.au/Top_10_Fees_indiv_can_join....

    When you do a compare of fees with ING super website, it says they are cheaper, but the super ratings website says First state is more cheaper than ING direct.

    http://www.superratings.com.au/top-tens/fees

    Also I am interested in the best insurance premium from Super. And I can find ING charges heaps more than most others including First state Super

    •  

      If you stick with the default Smart Balanced option, then there are no fees. If you choose to Select the options yourself, then 0.5% Admin and 0.25% Management fees apply.

  • +1 vote

    So I open a super fund with another provider, deposit $1, then immediately roll over this account to ING, grab my $50 gift card, right?… Right???

    Also my $1 might be worth $2 at my retirement… Not

    •  

      Mmmmmm…interesting! Might give it a try myself.

      Doesn't seem like ING Direct imposes any minimum amount to roll over in order to get that. Interesting

    •  

      Not necessary correct. Most Super providers have withdrawal/exit fees to cover admin costs.
      Mine (RecruitmentSuper) charges $35 per withdrawal/rollover to another provider so not much benefit for me.

      Also 2 things to note about the no fees Smart Balanced Option (no expert so just a reminder to those who have a more substantial super balance)
      1. The Target Asset Allocation seems a bit too defensive with 50% Cash
      Most balanced option will have maybe 30% cash tops? Must be where ING makes most of their money.
      Tho this preference will depend on your life stage.
      2. No fees but there will be still a buy/sell spread. No idea how big that is so don't go changing between Cash and Balanced or others every once in a while :P

      Forgot to mention the government is introducing a Super Reform called MySuper which kicks in 1st July 2013. Supposedly a low fee default option which will be provided by many super providers. Maybe why ING wants to have you in before 30 June 2013

      •  

        Interesting point about MySuper. Didn't think about that.

        Looking at the official government site, it appears that MySuper allows providers to charge certain fees that many of them (including ING with this new product), don't actually charge at the moment.

        This is a direct quote from the government:

        "Fees a member can be charged in MySuper products will be limited to:

        administration fee;
        investment fee (including a performance-based fee, subject to the limitations outlined below);
        buy and sell spreads (limited to cost recovery);
        exit fee (limited to cost recovery); and
        switching fee (limited to cost recovery).

        Trustees will not be limited on the types of fees that can be charged in choice products."

        http://strongersuper.treasury.gov.au/content/Content.aspx?do...

        I think the above just goes to show that governments have no clue about businss and when they intervene directly, they usually make it worse.
        Sure, the government can and should REGULATE to make sure no one is doing anything illegal but it should not DIRECTLY INTERVENE in the market and tell commercial entities how to structure their products and run their business.

        I am of the opinion that nothing would ever provide better value to the average consumer other then healthy (and preferably vicious and cut throat) competition between a multitude of providers desperately fighting each other for your business.

        • +1 vote

          Have you been reading the scare campaigns or are you trying to start one? MySuper is not a government product but rather a basic product that any provider can apply to supply. They can even compete to provide it but only one such product per provider. No provider is being regulated, they can decide to supply or not a MySuper product. All it does it set a baseline for the default super, rather than let the default be nominated by the employer.

          A lot of people don't realise they can nominate their desired super fund when they commence a new job and don't have to take the employer's default, so they end up with a clutch of different supers, all eating up money in fees. This flexibility was an improvement from the past when you had to take what your employer offered, but yet not everybody realises this.

          Nobody will/can force you to take a MySuper product. You can nominate ING's product if that's what you want.

          The fees you quote are standard for super funds. If a particular fund doesn't charge one category, they are probably making it up elsewhere. Look at the bottom line.

        •  

          Fair points however I never implied that "MySuper" is a government product. All I said was that it is a government-REGULATED product which means that this product will be standardised across all providers.

          With regards to fees, I do not claim to know EVERY superannuation product in Australia right now but from those that I do know, Living Super leaves them far far behind as far as overall cost.

          The most appealing option there for me (being a self-directed investor) is the "Shares" investment category which allows you to buy directly any ASX-listed security for a management fee of $180 p.a and $20 brokerage which is about the average offered by most online brokers. This essentially means you have almost SMSF capabilities for a fraction of the cost of having one.

          For me personally it is still not good enough because I invest my Super in the US markets and also trade options with it which leaves the SMSF as the only viable option but for someone who just wants to have the flexibility to make their own buy and sell decisions on ASX instruments, this is (in my opinion) outstanding value.

        • +1 vote

          You write about regulation as if it were inherently bad. Yet few people would disagree that regulation in some aspects of civilised life is needed. Think fair trading laws for example.

        • -1 vote

          Nope…never said REGULATION is bad. I just said INTERVENTION is bad.

          Governments should dictate what's not allowed and then come down hard on those who don't listen and (if they are doing their job right),put them in jail.
          However, the government should NOT INTERVENE in the market and tell business how to run their day to day operations and what products to offer. This is for the forces of free market and open competition to determine. A true "survival of the fittest".

          To explain it better let's use an analogy from the sporting world. The government should be like the referee. It should be on the court and make sure everyone is playing nicely and if someone is not, give them hell! However, it should not tell the teams what tactics to use in their offence and defence and which players should be on the court.

          Hope that makes it clearer.

        •  

          Where does it say that the government is going to dictate how super providers run their business? They don't have to provide this product if they don't want. Rather long draw of the bow don't you think?

        • -1 vote

          They tell them which fees they can and can't charge. That's intervention and not regulation in my book.

        •  

          Only if they opt to participate. That's not intervention, simply terms of business.

  •  

    How long can New Customer get $50 Visa card If ING get the Super transferred

    • -1 vote

      According to their website, the gift cards will be sent out "no sooner then July 15".

      Also, you can not make any withdrawals from the new superannuation account until the end of the promotion.

      So bsiacally, you need to leave the money with ING Direct until you recieve your gift card after which you are free to roll over the funds into another Superannuation provider or to an SMSF if that's what you want to do. ING Direct will charge you nothing to roll out your money to another account.

      •  

        At which point you'd be wise to do so, and close your ING super account in preparation for the next $50 promotion…

        •  

          Damn…you are hardcore mate. Love it!! (-;

          I would normally agree with you wholeheartedly but here it will depend on whether you can find another superannuation product that will offer you a better deal then this product. Looking through the details of ING's offering on this one, it will not be easy to find something that will be better value.

          If you have an SMSF (like myself) then by all means, go for your life but even then I would carefully check the terms and cost of life and TPD insurance you can get with the ING mob as opposed to what you can negotiate yourself for your SMSF. If ING gets a better deal on their insurance (very likely) then it might be worthwhile keeping some of the money in the account for the insurance cover. If you do that, just make sure that the money is kept in their cash option that has no fees whatsoever. This money will be used to pay for the insurance premiums.

  •  

    @ ginmi - very interesting, so with living super you can choose to trade in shares listed in ASX? So have you already tried it? and how cost effective is this?

    Also does it allow you to trade in any ASX listed shares?

    I have been searching for a super with this benifit for long time so I can invest my super in my preferred rish portfolio without having to open a SMSF.

    I would really appreciate your help.

    •  

      That is correct. You can trade ASX shares.
      Reading from their website, it says: "Choose from selected S&P/ASX200 shares, Exchange Traded Funds and Listed Investment Companies" so I believe that means that not the ENTIRE universe of instruments listed on the ASX is available for you to trade with this product (many of the small caps would almost certainly be excluded as they are not part of the ASX 200 index) however the option is there.

      As far as the costs, they are extremely competitive and you would be hard pressed to find another product that is able to offer a better deal.

      The cost of this option is a fixed $180 p.a plus Brokerage of $20 or 0.13% per trade (whichever is greater) and you also get access to free basic research with premium research an extra $20 a month.

      http://www.ingdirect.com.au/super_and_retirement/living_supe...

      Other then that, there is NOTHING MORE TO PAY as far as fees. This is truly remarkable!

      So I would say (without giving financial product advice as I am not licensed for that and haven't taken into account your personal financial situation or particular needs) that this could be a great option for someone like you who wants to use their super money to trade ASX securities directly and doesn't want to go through the hassle and extra costs involved in starting and maintaining an SMSF.
      The only thing you need to check before jumping in is that the breadth of ASX instruments approved by ING for trading through this product is sufficient for your needs.

      I have not used this product personally myself as I have an SMSF but I am contemplating to open an account just so that I can access their wholesale rates on Insurance. Other then that, I don't plan to use any of the investments and other features offered in this product.

  •  

    Thanks a lot, ginmi.

  •  

    Thinking of giving this a go as I have multiple super funds sitting in different funds. However I can't see the the bonus of the 50$ on the homepage or link? Is the deal still active

    •  

      You are right. It seems like the deal is over!

      I guess ING reached their allocated quote for this promotion. Will mark as expired.

  • +1 vote

    i spend 5 weeks researching Super a few months ago and this is the best deal around.
    Super from ING offers the best returns for the lowest fees (on balanced)
    I am glad i switched to them

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