ING Direct Orange Everyday account

ING Direct the people who brought high interest savings accounts to Australia have a new everyday bank account with some great fee savings.

It has some features that are worth noting if you are not happy with your current transaction account.

Here are some of the features:

• No monthly account fee
• No ING Direct ATM fees
• If you use another bank’s ATM then those fees are refunded if you withdraw $200 or more

The card issued is a Visa Debit card which means you will be able to use it for online purchases, withdraw from ATM’s and use EFTPOS.

If you withdraw $200 when using EFTPOS then they will pay you $0.50.

You can link it to your ING Direct Savings Maximiser and transfer funds instantly. It also acts as an offset account if you have a home loan with ING Direct.

[Edit: Please note the following Bonus Cash Offers have now expired]

But wait there’s more – Bonus Cash Offers.

There are three ways you can qualify for them to give you $20 (up to $60).

These are triggered when you:

• deposit your first salary into the account
• make your first Visa Debit card purchase
• your first Direct Debit is withdrawn

All of the bonuses are aimed at getting you to use the account as your main transaction account.

Are you happy with your current bank?

ING Direct Orange Everyday

Disclaimer: Features such as fees or bonus offers change without notice. Please check with the product provider before making any applications and if you need advice consult a financial planner.

Here is a list of monthly fee free bank accounts from the majors and second tier banks.

NAB Classic Banking account

Comes with a free debit card which you can use at NAB ATM’s fee free. They also do not charge overdrawn or dishonour penalty fees.

ANZ

ANZ had to pay for their new logo. No monthly fee free banking with them yet.

Commonwealth Bank

The Commonwealth Bank is big, probably because they charge monthly fees.

Westpac Choice

Westpac limp in with their Choice Account. If you deposit $2,000 or more per month the $5 monthly fee is waived.

Now it gets interesting.

If you withdraw more than $200 from any ATM in Australia, they will pay the ATM fee. It gets stranger. When you take out $200 cash when using EFTPOS, they’ll give you 50 cents.

They’ll also give you $20 each for the following:

1. you deposit your salary into the account,
2. when you make your first purchase using the associated debit card, and
3. when your first direct debit is withdrawn.

Another big plus is no dishonour fees.

They want you bad!

Bankwest Hero Transaction Account

Current interest rate is a massive 4.00% pa for balances up to $5,000. Whilst the 4.00% is not fantastic for a savings account, it is for a transaction account.

AMP eASYTransact

Citibank Plus Transaction Account

Unlimited free ATM withdrawals at any Westpac, St George*, Bank SA or Citibank ATM in Australia.

* Except St George ATM’s in BP service stations.

HSBC Online Savings Account

Suncorp Everyday Basics Account

Summary

If you don’t mind stepping away from the comfort of the Big Four and paying for a branch on every corner, you might want to consider the second tier bank offerings. The big winner in this round up is ING Direct Everyday Orange with it’s generous cash incentives and Bankwest’s Hero account for it’s high interest rate.

Disclaimer: Details correct at time of publication. Please check all details before taking any action.