(A review of the ING online-only savings account)
ING Philippines introduces the country’s fully digital branchless bank!
A bit of history
ING stands for Internationale Nederlanden Groep(International Netherlands Group), a Dutch multinational and financial services corporation with headquarters in Amsterdam. With its beginnings tracing back to 1762, ING has been in the forefront of digital innovations introducing the concept of “banking without having to go to the bank” as early as 1997.
From L-R: ING Chief Information Officer for Retail Banking Ben Issa, ING Phils Country Manager Hans Sicat, BSP Deputy Governor Chuchi Fonacier, ING Philippines Head of Retail Mohamed Keraine, Finance literacy advocate Rose Fausto, Tech Blogger Abe Olandres
It started operations in the Philippines in 1990 and was the first foreign bank to upgrade to universal bank status in 1995, playing key roles in a number of the country’s mergers and acquisition deals.
Awards
ING has been awarded by Global Finance as Best Bank in the World in 2017 and Best Bank in Western Europe for four consecutive years now.
Digital is the name of the game
Unless you’ve been living under a rock, you know that we do almost everything digitally these days – we shop, read books, communicate, make friends, research, apply for jobs, stream movies and other videos, listen to music, sign documents, store documents and photos, even look for dates (some even split up) digitally!
When it comes to banking, ING is the world’s biggest fully-digital bank, present in over 40 countries with over 38 million customers worldwide.
Recently ING launched the country’s first ever online-only bank using the ING mobile app.
If you already have a great relationship with your existing brick and mortar or hybrid bank, that’s okay, as opening an ING account as your supplementary bank account promises to give you more values.
Why open an ING Account?
1. ING offers the highest savings account interest rate at the moment. Check how much your existing savings account is earning. Chances are, it will be in the range of 0.25% per annum. The ING interest rate is now 2.0% p.a. and will go up to 2.5% starting June 1, 2019. That’s 10x more! In fact, this rate is comparable to and even higher than some of the time deposits and money market placements available in the market.
2. No minimum balance. Most savings accounts have a minimum initial deposit and minimum maintaining balance. Have you ever experienced having a savings account go below the minimum balance (e.g. 2,000), then each month your account is charged penalty and before you knew it, everything’s gone? This will not happen to your ING savings account so you can relax and not worry about your money going down the drain.
3. No lock-in period. The time deposit and other money market instruments that give comparable interest rates not only have a minimum balance but also a lock-in period – e.g. 30 days, 60 days, and so on. With your ING savings account, there is no such thing, so you can take out your money anytime without penalties.
4. No lines. Because there’s no need to go to a physical branch, there’s no need to wait in long lines. In a survey done by the bank, they found out that convenienceis the most important factor customers look for in their bank. How more convenient can it get than being able to deposit your check by just taking a photo of it and sending it straight through the app?
5. No fees for money transfers. While most banks charge you for money transfers, ING does not charge any fees when you transfer funds from your ING account to any bank, using the PesoNet fund transfer service.
6. 24/7 banking. With online-only banking, it’s literally anytime anywhere. Their customer service through chat is available 24/7, all year-round including weekends and banking holidays. This may really click with the Filipinos who love to communicate online. Remember, we’re the text capital of the world.
7. Opening an account is a breeze. Sometimes opening a savings account is put off by some people because of the numerous documents, application forms and other steps to take. It only takes less than 10 minutes to open your ING savings account. Just be ready with one I.D. and one billing statement under your name. Click these links to open an account: Google Play, App Store.
Why it’s #FQApproved
I was excited when I heard about this innovation. A big number of our ordinary countrymen are intimidated to enter the banking premises. They feel it’s “pangmayaman.” Moreover, the numerous documentational requirements, the forms to be filled up, other steps to take, not to mention falling in line, and the fear of not being able to keep the minimum maintaining balance, all turn them away from opening their savings account.
Another thing that excited me about the ING savings account is the high interest rate, comparable to time deposit and other money market placements. The cost savings of not putting up brick and mortar branches manned by a certain number of manpower complement per branch allows ING to pass on a higher interest rate to its depositors.
I always remind my readers to have an Emergency Fund, equivalent to three to six months of their expenses. Most of those who follow this advice just leave their cash in their low or no interest earning accounts. I always remind them that they should still invest their emergency fund in fixed income, easy to terminate interest earning instruments but the thought of having to invest separately, minimum holding period, etc., turn them off.
With the new ING savings account, it will be an easy transfer from your payroll account to your ING account, allowing your emergency fund to earn and grow while not in use. I think it’s a great way to keep your emergency fund – it’s separate so that you can be conscious of its usage (i.e. only for real emergencies) and at the same time, there’s no minimum balance so you can start building your fund at whatever level you can, and can still easily withdraw it when emergency comes.
I think given all the above, there is nothing to lose and everything to gain if you try opening your ING savings account now. Do give me your feedback.
Cheers to high FQ!
ING LINKS:
Link to website: https://ing.com.ph/
Links to download the ING App: Google Play, App Store.
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ANNOUNCEMENTS
1. MOM AND SON PODCAST – SEASON 2 EPISODE 9 (YFU EXCHANGE PROGRAM IN KOREA)
From the bunso:
Throwback to 7 years ago when I went on an exchange-student program during the summer of my 2nd year in High School where I studied in Indeogwon, South Korea for a whole month while living with a host family. Here we discuss different challenges and lessons gained from that experience.
#MomAndSonPodcast
Stream it now!
Spotify
https://open.spotify.com/episode/3EffftTvxMMCh9jnShraIw?si=LJzyVk6iRc6NF0b7krWJtA
Apple iTunes
Buzzsprout
YouTube
2. Thanks to those who already bought the FQ Book, especially to those who took the time out to send me their feedback. Your feedback is food for my soul. To those who have not gotten their copy yet, here’s a short preview of FQ: The nth Intelligence
You may now purchase the book in major bookstores, or if you want autographed copies, please go to FQ Mom FB page (click SHOP), or FQMom.com (click BOOKS), or email us at FQMomm@gmail.com
3. Want to know where your FQ stands? Take the FQ Test Challenge now! Click link. http://rebrand.ly/FQTest
Rose Fres Fausto is a speaker and author of bestselling books Raising Pinoy Boys and The Retelling of The Richest Man in Babylon (English and Filipino versions). Click this link to read samples – Books of FQ Mom. She is a Behavioral Economist, Certified Gallup Strengths Coach and the grand prize winner of the first Sinag Financial Literacy Digital Journalism Awards. Follow her on Facebook&YouTube as FQ Mom, and Twitter&Instagram as theFQMom. Her latest book is FQ: The nth Intelligence.
ATTRIBUTIONS: Photos from ING.com.ph and the ING Philippines Launch team modified and used to help deliver the message of the article.