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ING unveils fee-free account for teenagers

ING unveils fee-free account for teenagers

ING has launched a new transaction account available to Australians aged 15 until their 18th birthday.

The Orange Everyday Youth account has a maximum interest rate of 2.80 per cent when linked to a Savings Maximiser account.

Key features of the Orange Everyday Youth account include:

  • No account-keeping fees
  • No ATM withdrawal fees in Australia or overseas
  • No ING transaction fees for international purchases made while overseas or on international websites
  • Can be linked to Apple Pay and Google Pay

The Orange Everyday Youth account also comes with access to ING’s Everyday Round Up tool, which helps people save their loose change.

Users can choose to save up to the nearest $1 or $5. If, for example, you choose to save to the nearest $5 and you buy a $3.80 coffee with your Orange Everyday Youth account, another $1.20 difference will immediately be transferred to your Savings Maximiser account.

ING’s head of retail banking, Melanie Evans, said research shows that teenagers understand the importance of financial security.

“Many are putting away half of what they earn and they’re saving for their future and the things that really matter to them, like further education and home deposits,” she said.

“With no account fees, a high variable interest rate and complete control over how they manage their money, Orange Everyday Youth will be designed to help Aussie teens start out right by empowering them to turn their good intentions into good financial habits.”

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

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