powering smart financial decisions

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.”

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

Fact Checked -

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



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.


Learn more about bank accounts

Can you open another account at the same bank?

Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.

Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.

Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.

Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’

Can I open a bank account in another country?

Despite having a bad rap for facilitating tax evasion, it is possible and legal to open a bank account in another country, also known as an ‘offshore account’.

Some people choose to open a bank account in another country to invest overseas, for higher interest-earning potential or to access foreign banking services.

The process for opening an offshore bank account differs depending on the financial institution and country in which you’re opening the account.

Typically, you will need to provide identification such as a passport, a local bank statement and a signed declaration proving the source of the money being used to open your account. Usually, deposits into offshore accounts can be made by international money transfer.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.