ING Direct is the trading name of ING Bank (Australia) and is owned by the ING Group which is the third largest savings bank in the world.
ING Direct first operated a banking license in Australia in 1999, currently has a customer base of around 1.4 million and is Australia’s fifth biggest bank.
ING Direct brought the concept of branch-less banking to Australia and interact with their customers mainly via their website and Australian call centre. Operating this way they claim allows them to reduce costs and pass these savings on to customers with more competitive interest rates. They maintain just two customer service shop fronts (Sydney and Brisbane).
The launch of it’s flagship product, the Savings Maximiser which offered a very high rate of interest on all balances from the first dollar, lead to its early success. Until that time higher rates of interest were generally only available to term deposits or once your savings account balance reached a high level. The Savings Maximiser’s launch as success has spawned similar products at almost every major banking institution in Australia.
The ING Group is well known around the world for similar strategies.
ING Direct offer a suite of products including:
- Savings accounts (personal, business and SMSF)
- Term deposits (personal and business)
- Home loans, and
- Commercial loans