An everyday transaction account that offers you 2% cash back on purchases under $100.
This account is the only ‘cash back’ transaction account available on the market today. This means that instead of giving you reward points or other gimmicks, it is giving you cold hard cash straight back into your account. For instance, when you spend $100 on Visa PayWave, you will get $2 cash deposited directly back into your account.
This transaction account is also fee free in multiple ways, meaning the argument of ‘there are no ING branches’ or ‘no ING ATMs’ is irrelevant as it’s easier than ever to access your money, free of charge.
What is the ING DIRECT Orange Everyday account?
An everyday banking transactional account. You know, the account that you get paid into, use for everyday purchases and generally keep your spending money.
The account is accessed via a Visa Debit card, no different to any other major bank. The card you get is a beautiful orange colour and has your name and card number embossed on the card.
About ING DIRECT Orange Everyday account
- Account name: ING DIRECT Orange Everyday
- Monthly account fee: $0
- ATM withdrawal fees: $0
- Cash back: 2% of all PayWave purchases under $100 (when you deposit over $1000 a month)
The CASH BACK offer – do you really get 2% back?
When you open your ING DIRECT Orange Everyday account, you will receive 2% cash back on PayWave transactions $100 or under.
So everytime you make a purchase for $100 using PayWave (where you tap the card to pay), you will get $2 back. Alternatively, say you made a purchase for $20, you would get $0.40 cents back.
This has the potential to help you save money, especially if you use your everyday account for multiple micro-purchases (like coffees, shopping, train tickets, etc). Nearly all merchants these days accept PayWave.
Example of how you can use this offer: We do a weekly grocery shop at Woolworths to the tune of around $200. As we are putting the items through the check out, we ask the cashier to stop and accept payment before it gets over $100. This means on our shop, we do two transactions and recieve around $4 off the total shop.
How do they pay you the cash back?
The cash is paid back into your account every two weeks (or much earlier), once the transaction itself is settled. This means if you make a transaction for $20, two weeks later you will receive $0.40 cents cash back.
It has been noted that the cash back is actually hitting the account much sooner than two weeks. This means some people are seeing the cash back on their card within a few days.
Benefits of ING DIRECT’s Orange Everyday account
- There are no monthly fees – EVER.
- Use at any ATM in Australia for FREE as long as you deposit over $1000 a month
- Access your money online or via mobile banking or via the iPhone App
- 24/7 call centre based in Australia
This is the main account that ING DIRECT offer. It is their primary transaction account which enables you to access your money from over 26,000 ATMs across Australia.
ATM fee free if you deposit over $1000 a month from an external account
The Orange Everyday account is ATM fee free as long as you deposit $1000 or more per month from an external accoun.
This is actually quite a useful feature. These days, cards are nearly almost always accepted. So the best way to navigate the risk of ATM fees is to simply transfer $1000 automatically from your payday account per pay cycle and use that as and when cash is needed, otherwise focus on using the PayWave offer to get cash back.
The 2% cash back is only valid for Visa PayWave purchases – who accepts PayWave?
Many merchants across Australia now accept tap and pay type technology. This includes retailers like Woolworths, Coles, JB Hi Fi, McDonalds and more. Most shops now have terminals that do EFTPOS, credit and tap.
Some examples on easy ways to get cash back include; buying petrol, buying lunches, top up grocery shops, clothes, shoes and other items that fall under the $100 transaction mark.
This can also be a joint account
You or your partner can sign up as joint account holders. A good idea if you want to maximise the chances of getting 2% cash back on PayWave purchases as then you will both have a card in your wallet.
You will both be issued with an ING DIRECT Orange Everyday visa debit card, this will give you access to the same account but from two different cards. You will also both have unique customer numbers, allowing you to open up other accounts and saving accounts in your own name.
Pros and cons of ING DIRECT Orange Everyday account
Here are some of the benefits and shortfalls of the Orange Everyday account.
- No account fees
- Visa debit card (can act like a credit card, except using your own money)
- 2% cashback on purchases using Paywave
- No ATM fees for $200+ cash withdrawals
- You must withdraw $200 to avoid fees.
- No branches
- 2% cash back is a promotion – could end