Money's 2024 Bank of the Year - Young People
By Money Team
ING Bank has been named Money's 2024 Bank of the Year - Young People as part of the Consumer Finance Awards.
Soaring living costs have hit young Australians particularly hard. Research by Finder shows seven out of 10 Gen Zs are experiencing financial strain compared to one in four Baby Boomers.
At times like the present, when we're in the midst of navigating a cost-of-living crisis, it's worth looking for a bank account that can lend a helping hand to save on regular costs.
Hats off to ING Bank, which sees back-to-back wins for this award. It's no mean feat, but ING has pulled off Bank of the Year - Young People in 2023 and 2024 with products and features that deliver exceptional value.
The thing is that you don't need to be young to benefit from the savings ING delivers.
An ING spokesperson says: "We don't charge any monthly or account-keeping fees for our Orange Everyday account or on any of our savings products. We offer some of the best ongoing savings rates in the market and we have a seamless digital experience."
When it comes to perks, the Orange Everyday account dishes up considerable benefits. Account holders can save on utility bills with a 1% cashback on eligible gas, electricity and water bill payments made from an Orange Everyday account using BPAY, direct debit or PayTo.
The maximum benefit is $100 per financial year, but every dollar saved counts. According to ING, in 2023 the bank returned an impressive $7.8 million to customers through its 1% cashback on utilities feature.
For travellers (young and old), one of the star features of ING's Orange Everyday account is unlimited international transaction fee rebates, and zero international transaction fees. It makes the Orange Everyday account a serious money saver if you're planning a trip overseas.
Orange Everyday has a round-up feature that makes it possible to save while making purchases. Round each spend to the nearest $1 or $5, and have the spare change paid into your choice of an ING Savings Maximiser, ING home loan or your favourite charity.
By teaming an Orange Everyday account with ING's Savings Maximiser, young savers can earn healthy bonus interest. Deposit at least $1000 monthly into an ING account and make at least five purchases with an ING card to earn 5.50% including bonus interest of 4.95%.
ING says the bank has "maintained one of the most competitive ongoing savings rates through our Savings Maximiser bonus rate, which has delivered approximately $650 million in bonus interest to customers".
ING also offers a range of home loans to help first home buyers get onto the property ladder.
The Mortgage Simplifier loan comes with no ongoing fees, unlimited additional repayments and free redraw. Pair it with the round-up feature of the Orange Everyday account to enjoy effortless home loan savings.
Order your copy of the Consumer Finance Awards special issue
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