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Make your own rules with new 'set and forget' saving system

Make your own rules with new 'set and forget' saving system

If you never remember to deposit money into your savings account, but always remember to Instagram your food, grab your fitbit before walking the dog, or check in your location when you’re out and about, there may be an app that can help you insert savings into your regular routine, thanks to ING and IFTTT (If This, Then That).

The fintech feature will allow ING customers to link their everyday apps with their transaction and savings accounts, and to set rules for automatically transferring funds between these accounts when app activity occurs.

According to ING, this “set-and-forget” system could be used to:

  • Put $20 towards a tropical holiday every time the temperature drops below 19 degrees
  • Put $5 towards a new pair of runners every time a daily step or exercise goal is reached
  • Make chores rewarding; put away $1 every time one is completed
  • Put $5 towards your savings every time your favourite celebrity tweets

According to IFTTT CEO, Linden Tibbets, ING customers with an Orange Everyday Account that’s linked to a Savings Maximiser account will be able to connect their everyday banking to 600 apps and devices, and set their own triggers for transferring money to their savings accounts. .

ING head of digital and innovation, Chris Barwick, said that the incidental savings for customers from this collaboration with IFTTT “can really add up.”

“While there’s no denying that saving makes you feel good, setting up a savings plan can sometimes feel like a chore. This collaboration with IFTTT is designed to make saving fun and help our customers get ahead with ease.”

“This partnership opens up new possibilities for our customers to save; it means they can save almost whenever, wherever and however they want.”

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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