RateCity.com.au
powering smart financial decisions

ING announces it will pay customer bills up to $100 a year

ING announces it will pay customer bills up to $100 a year

It’s no secret that utilities are some of the most expensive ongoing costs households face. But one Australian bank is hoping to make things easier for its customers by offering cashback for their bills.

Recent research commissioned by ING has revealed that 7 in 10 Australian households have seen the cost of utilities like water, gas and electricity climb in the last three years.

And despite this, a quarter of respondents claimed to have never compared utilities bills, with one in five stating they’ve never changed suppliers.

In response to this, the ING has revealed its plan to help its Orange Everyday customers by providing 1% cashback on their gas, water, and electricity bills. The offer will be effective from 1 December 2021.

The cashback offer will be capped at $100 per financial year for customers, but every dollar counts when it comes to covering the cost of utilities, especially in winter.

ING's Orange Everyday Benefits will change as follows:

Existing offeringNew offering (effective 1 December 2021)

Customers who meet the eligibility criteria each month will be able to access the below in the following month

  • ATM rebates across domestic and international ATMs.
  • Unlimited rebates on the ING international transaction fee.
Customers who meet the eligibility criteria each month will be able to access the below in the following month:
  • 1% cashback on eligible utility bill payments via BPAY or direct debit (up to $100 per financial year).
  • Rebates on the ATM fees for the first 5 fee incurring ATM withdrawals (domestic and international) on the account.
  • Unlimited rebates on the ING international transaction fee (unchanged).

Managing the cost of utilities

It’s evident that the latest COVID-19 outbreak may have increased pressures on some households, particularly those in heavily restricted LGAs. The latest data from the Australian Banking Association found that over 20,000 customers are already receiving hardship assistance since 8 July 2021.

And utilities are one of those ongoing expenses that can become overwhelming when financial pressure is applied to household budgets.

In response to the latest COVID-19 lockdown in New South Wales the Berejiklian government also re-introduced a temporary measure allowing households to increase the amount they can apply for to help pay their energy bills through the Energy Accounts Payment Assistance Scheme.

Those who are eligible may apply for up to $1,600 a year for gas and electricity, an increase on the standard $1,200.

George Thompson, Head of Daily Banking at ING, said: “It’s clear from the research and from what our customers are telling us that utility bills are a pain point but shopping around for a better deal requires time, something many of us just don’t have.

“We’ve launched this cashback offer as a way to help our customer effortlessly save on their everyday living costs so they can get on with the things that matter most to them.”

“According to the research Australian households are paying an average of $5,472 a year or $456 a month on their utility bills. With the ING utilities cash back offer the average Australian household could save more than $50 a year,” he said.

This is $50 that may be better served in Aussie savings accounts, or even in a homeowner’s offset account to help reduce mortgage interest.

  • If you’re struggling and facing financial stress, it may be worth considering seeking independent advice from a financial adviser, or even a free financial counsellor via the National Debt Helpline.

Did you find this helpful? Why not share this news?

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Advertisement

RateCity
ratecity-newsletter

Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By signing up, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.

Advertisement

Learn more about bank accounts

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How to transfer money to another bank account

Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.

Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.

One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.

Transfers can be also made via internet banking and phone banking.

Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

Do you need a bank account to get a credit card?

To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

What do you need to open bank accounts?

Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.

All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.

Here’s a list of information that is generally required for applications.

  • Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
  • Tax file number (so you don’t get charged the highest tax rate)
  • Address, contact email and phone number

If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

Can I set up a bank account online?

Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.

How long does it take to open a bank account?

The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.

Online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.

In person

If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.