Brief Look at ING Direct
ING Bank is part of ING Groep N.V., which is the largest group of banks in the Netherlands, and it has been on the list of the European systemically important banks since 2011. ING provides services to residents of the countries of the European Economic Area (EEA) and has offices in other regions as well. This company offers all features of online banking and has a proprietary mobile app through which its clients manage their finances. The services of this digital bank include savings and investment accounts, mortgaging and lending, and insurance and retirement funds. ING Bank has over 38 million clients and is a contemporary neobank with favorable conditions of cooperation.
- It takes less than 10 minutes to open a new account, which costs 1.90 EUR or more per month.
- The mobile app is free and has a full set of functions for online banking.
- All debit accounts and loans are aggregated in the app for centralized control.
- Clients can take out loans and mortgages or buy insurance via the mobile app.
- Favorable investment solutions, leasing apartments, and other options for increasing one’s capital.
- Special account types such as children’s accounts are controlled by parents.
- User accounts for businesses with free accounting packs that allow clients to automate routine transactions.
- There are no free rate plans.
- Not all regions have call centers.
- The company operates in only 40 countries.
TU Expert Verdict
Chief Analytics Officer
ING Bank offers personal and business accounts, savings and investment products, cards, and international multi-currency services with a proprietary mobile app for centralized management. Clients can open accounts within minutes, access investment in stocks, indices, and funds, and use features such as loans, insurance, retirement funds, and account analytics. User accounts include Orange, Discounted Orange, Starter, and Business, with rates from EUR 1.90 per month and free online transactions common in most regions. ING is licensed in all regions of operation, provides deposit insurance, and supports international payments, making it a leading neobank for digital banking and investing.
However, a notable drawback is that there are no free account plans, and all options carry a recurring monthly fee. Other disadvantages include limited local call center coverage and geographic availability restricted to 40 countries. ING Bank may not be suitable for those seeking free banking or full global access but is appropriate for users in supported regions who need integrated online banking, investment, and financial management.
ING Direct Summary
| 💼 Main types of accounts: | Orange, Discounted Orange, Starter, and Business |
|---|---|
| 💱 Multi-currency account: | Yes |
| 💵 Deposit terms and conditions: | For private individuals, up to 3.30% per annum depending on the region |
| 💳 Loan terms and conditions: | 4.80%-9.70% depending on the region |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Account statistics and analytics, saving funds, notifications, and cashback |
| 📋 Types of payment: | All methods of online and offline payment |
| ➕ Additional features: | Lending, online mortgages, automated investments, leasing apartments, retirement funds, and insurance |
ING digital bank is licensed in all regions where it has its branches. The clients’ funds are mandatorily insured. For example, in Turkey, under deposit insurance regulations, every deposit is insured for 100,000 Turkish liras. In other regions, the bank provides other insurance amounts in local or international (euros, dollars) currencies. Every regional branch has its official website that presents the conditions of cooperation. Unfortunately, local call centers are not available everywhere but one can always contact tech support by email or through LiveChat in the app.
ING Direct Key Parameters Evaluation
ING Direct Commissions & Fees
Fees and commissions at ING largely depend on the region in which a client opens an account. In the vast majority of regions, all online transactions are free, including international transfers. Exceptions are international transfers in foreign currencies for which the bank charges 3% of the amount.
Withdrawals of funds from regional ATMs are free but customers may be required to fulfill certain conditions. For example, in Australia, one has to deposit at least 1,000 AUD to their account and make 5 or more purchases per month. In that case, cash withdrawals will be free, otherwise, the fee will be 3 AUD or 3% of the amount. The same conditions apply to international transfers. If a client actively uses his account, there will be no charges.
The first card is issued, serviced, and replaced for free. The second and the following cards cost $10 per year. Withdrawals of funds from ATMs outside of one’s country – or outside of the EEA for accounts that were opened in Europe – are only possible if the settings in the app are changed to “World”. Then every withdrawal costs $5.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| ING Direct | Depends on the region | Free or 3 AUD, or 3% of the amount | Free or 3% of the amount | 1.40% |
ING Bank is a contemporary digital bank that allows its clients to open international accounts and make online payments worldwide. The bank also issues its own debit and credit cards and offers investment projects, private retirement funds, and online mortgages. Based on the number of the provided features, this is certainly one of the leading neobanks. Its geographical distribution, however, is limited to only 40 countries, so accounts at ING can not be opened in all regions.
Account Types
Investment Options
ING Bank offers its clients two options for investments. In the app, there is a tab with quotations of stocks, indices, and funds. A client can compile his investment portfolio himself by investing funds in any available asset. The other option is to use the built-in services such as Simple Investing, ING Easy Investing, or ING Asset Management.
Simple Investing includes several diversified portfolios. This solution is convenient because the portfolios were compiled by the bank’s experts, and the investment process itself is automated. A fixed amount will be debited from the specified account every month and distributed among the selected portfolios.
ING Easy Investing offers a client to invest in one of the four funds created by the bank’s experts. ING Asset Management also simplifies investments by distributing funds according to the chosen strategy. There are stable, current, income, and index strategies. If a client chooses Easy Investing, he gets free 50 EUR for investments.
Overdrafts, loans, and flexes
ING Bank offers standard overdraft conditions. A client can overpay when making online or offline payments and then return the overpaid funds to the bank with a little interest. Funds can be returned in three, six, nine, or twelve payments. The overdraft amount and interest depend on the region. For instance, in Turkey, one can use overdrafts from 100 to 5,000 Turkish liras at 1.8%, and the first payment must be made within 1 month.
ING has several options for lending, and the most popular option for private individuals is an individual loan. Loan amounts for the European region are 2,500-75,000 EUR. The annual rates are 4.80%-9.70% depending on the amounts. One can apply for a loan through the mobile app with just a few taps on the screen. Loan terms can be from 6 to 120 months. These conditions are among the most favorable in all digital banks. But don’t forget that conditions may differ regionally.
Contacts
| Foundation date | 1997 |
|---|---|
| Registration address | 40 Avenue des Terroirs de France, Immeuble Lumière Paris, 75 616 France |
| Regulation | ECB (European Central Bank) |
| Official site | https://www.ingwb.com/fr/ |
| Contacts |
01 57 22 54 00
|
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:
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38 million clients;
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There are branches in 40 countries;
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Subscriber fees start at 1.90 EUR;
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Up to 3.30% interest paid on savings;
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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:
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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.
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Savings fund. Besides savings accounts, a client can open funds into which his monetary assets will be deposited following the set conditions.
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International accounts. Such accounts have IBAN numbers. It means that their owners can interact with banks in all counties directly and without intermediaries.
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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.
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Visa cards. Debit cards are provided free. Payments with them can be made wherever Visa and Maestro cards are accepted.
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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.
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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.
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Cashback. There is a cashback on certain transactions with ING Bank cards. The rate depends on the region but on average it’s 1%.
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Online mortgages. Through this digital bank’s mobile app, a user can apply for a home loan with a few taps on the screen.
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Private retirement funds. ING has its own retirement fund. A customer can agree on his desired terms and organize his pension savings himself.
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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.
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Additional options. ING Bank offers accounts for children and students, as well as personal loans, insurance, and notary services.
ING’s advantages:
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International bank accounts, credit accounts with cards, and free debit cards.
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Free of charge international transfers. On certain conditions, the fees for transfers in foreign currencies may be absent.
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Convenient functions for the control of finances, as well as savings funds, limits, and notifications.
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Personal loans at low-interest rates and low-interest mortgages.
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Private retirement funds with a transparent system of savings and insurance with extended features.
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The app can be highly optimized and has an intuitive interface.
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There are several options for investing, including ready-made portfolios and diversified indices.
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Tech support works without breaks or days off, and there are several ways to contact it.
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