ING Bank Review 2024

Detailed review of ING Bank

ING Bank, as a division of ING Groep N.V., received a powerful technological and customer base from its parent company. For the same reason, ING can afford to provide its clients with a rich variety of services. Very few digital banks have their own exchange indices and retirement funds. On the other hand, such a large infrastructure needs permanent support. That’s why ING doesn’t have free rate plans, whereas many neobanks provide at least basic functions without subscriber fees.

ING Bank by the numbers:

• 38 million clients;

• There are branches in 40 countries;

• Subscriber fees start at 1.90 EUR;

• Up to 3.30% interest paid on savings;

• 4 proprietary exchange indices. 

It is important to note that most online transactions are free of charge. Even the 3% fee for international transfers in foreign currencies can be removed if you actively use your card or account opened at ING. That’s why, although some of the charges at this neobank are above the market average (for instance, a $20 duty for card expiration), generally, its conditions are comfortable. The basic rate plan without a discount is often more favorable than with a discount because it allows one to withdraw cash without limitations or fees.

ING’s useful functions:

• Control of finances. In the mobile app, a client follows full statistics on his ING account and linked accounts. He can assort income and expenses and set up limits and notifications.

• Savings fund. Besides savings accounts, a client can open funds into which his monetary assets will be deposited following the set conditions.

• International accounts. Such accounts have IBAN numbers. It means that their owners can interact with banks in all counties directly and without intermediaries.

• International transfers. Transfers to and from ING’s clients through the mobile app are made instantly and for free. The charges for transfers in foreign currencies can be removed if a customer uses his account actively.

• Visa cards. Debit cards are provided free. Payments with them can be made wherever Visa and Maestro cards are accepted.

• Credit cards. A user can open a credit account at low-interest rates. ING Bank will deliver a credit card linked to the account free of charge.

• Overdrafts. A client can pay for goods or services with more than he has in his account and then return the overpaid amount to the bank in several payments.

• Cashback. There is a cashback on certain transactions with ING Bank cards. The rate depends on the region but on average it’s 1%.

• Online mortgages. Through this digital bank’s mobile app, a user can apply for a home loan with a few taps on the screen.

• Private retirement funds. ING has its own retirement fund. A customer can agree on his desired terms and organize his pension savings himself.

• Smart investments. ING’s users can invest in stocks, indices, and funds directly or select one of the four indices formed by the bank’s experts.

• Additional options. ING Bank offers accounts for children and students, as well as personal loans, insurance, and notary services.

ING’s advantages:

• International bank accounts, credit accounts with cards, and free debit cards.

• Free of charge international transfers. On certain conditions, the fees for transfers in foreign currencies may be absent.

• Convenient functions for the control of finances, as well as savings funds, limits, and notifications.

• Personal loans at low-interest rates and low-interest mortgages.

• Private retirement funds with a transparent system of savings and insurance with extended features.

• The app can be highly optimized and has an intuitive interface.

• There are several options for investing, including ready-made portfolios and diversified indices.

• Tech support works without breaks or days off, and there are several ways to contact it.